Matson Inc
matson.comWhat Do They Do?
Carries ocean freight for shippers serving Hawaii, Alaska, Guam and other Pacific islands, and provides freight brokerage, forwarding and warehousing services to businesses across North America and Asia.
10-K for FY2025, filed Feb 27, 2026
How Do They Make Money?
Ocean Transportation accounts for 82% of revenue, with money from cargo carriage coming in as each voyage progresses; Matson also provides brokerage, forwarding, warehousing and supply-chain services.
10-K for FY2025, filed Feb 27, 2026
$3.3B
-
10-K for FY2025, filed Feb 27, 2026
$3.3B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Ocean Transportation
|
82%
FY2022: 82%
|
Ocean Transportation, FY2025
$2.7B Sources
|
|
Logistics
|
18%
FY2022: 18%
|
Logistics, FY2025
$609M Sources
|
Who Are Their Customers?
Cargo shippers use Matson's ocean routes to Hawaii, Alaska, Guam and other island markets. Logistics customers use its freight brokerage, forwarding, warehousing and supply-chain services across North America and Asia.
10-K for FY2025, filed Feb 27, 2026Hawaii Service: Matson’s Hawaii service provides ocean carriage (lift-on/lift-off, roll-on/roll-off and conventional services) between the…View ↗
Guam Service: Matson’s Guam service provides weekly carriage between the U.S. West Coast and Guam, as part of its CLX service. Matson also…View ↗
Micronesia Service: Matson’s Micronesia service provides carriage between the U.S. West Coast and the islands of Kwajalein, Ebeye and…View ↗
Logistics: Matson’s Logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$129.4MView ↗
- ▲ +37%
- vs $94.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
-
Aug 3, 2026
Matson raises its full-year outlook
It expects Ocean Transportation and Logistics operating income to exceed their 2025 levels.
Sources
8-K, filed Aug 3, 2026
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be…View ↗
Shrinking. Revenue fell 15% in 4 years, from $3.9B in FY2021 to $3.3B in FY2025, about 4% a year.
Alaska export origins
The earlier report described Alaska-to-Asia exports from Dutch Harbor; the later report describes seafood carriage from Kodiak and Dutch Harbor, adding Kodiak as an origin.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 27, 2026Ocean Transportation: Matson’s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a…View ↗
Matson’s Alaska-Asia Express (“AAX”) service provides carriage of seafood primarily from Kodiak and Dutch Harbor, Alaska to many locations…View ↗
Who Do They Compete With?
Competes with Pasha, Aloha Marine Lines, ONE, CMA CGM, Totem Ocean Trailer Express, Alaska Marine Lines, Samson Tug & Barge, Zim, Hede, Cosco, and APL
10-K for FY2025, filed Feb 27, 2026Hawaii Service: Matson’s Hawaii service has one primary U.S. flagged Jones Act competitor, Pasha, which operates container and…View ↗
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