Kirby Corp

kirbycorp.com

What Do They Do?

Transports bulk liquids by tank barge for petrochemical and refining companies and other shippers. Sells and services power-generation and industrial equipment, including electrical systems, for utilities, data centers and other industrial customers.

How Do They Make Money?

Marine customers pay a set rate to move cargo or a daily rate under a charter; invoices are issued as transport takes place. Distribution customers pay for parts and equipment when shipped, services as provided, and rentals over the rental period; larger manufacturing jobs may involve deposits or progress payments.

revenue

Segment	Share	Revenue	How money arrives
Marine Transportation Recurring	58% FY2022: 58%		Recurring
Distribution and Services Mix	42% FY2022: 42%		Mix

Who Are Their Customers?

Petrochemical and refining companies contract for cargo transport under term or spot arrangements. Utilities, data centers and other commercial and industrial users buy equipment, parts, repair work and rentals through the company’s branch network.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

15% of revenue

▲ +24% vs FY2024 ($399.1M, 12%)

Net income, FY2025

11% of revenue

▲ +24% vs FY2024 ($286.7M, 9%)

Free cash flow, FY2025

12% of revenue

▼ −2% vs FY2024 ($413.8M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $855.5M in Q2 FY2025
Net income: ▼ −5%; vs $94.3M in Q2 FY2025

Marine Transportation share of revenue vs 57.6% in Q2 FY2025

Jul 29, 2026 Expects full-year earnings growth toward the top of its guidance range Management expects results to trend toward the upper end of its full-year earnings-per-share growth guidance of 5% - 15%.
Apr 30, 2026 Raised full-year earnings growth guidance The earnings-per-share growth range rose to 5% - 15% from 0% - 12%.

Growing. Revenue grew 50% in 4 years, from $2.2B in FY2021 to $3.4B in FY2025, about 11% a year.

More power systems for data centers The older report described power-generation equipment for oilfield-service customers. The latest report also describes behind-the-meter and emergency-backup systems, plus specialized electrical distribution and control equipment for data centers.

Revenue over time

Marine Transportation Distribution and Services

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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