$MATX

Matson, Inc.

CIK:0000003453|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenue:
Total Operating Revenue	$ 969.4	$ 830.5	$ 1,727.2	$ 1,612.5
Costs and Expenses:
Operating costs	(737.3)	(650.4)	(1,361.2)	(1,281.5)
Income from SSAT	4.8	7.3	9.8	13.9
General and administrative	(78.0)	(74.4)	(155.5)	(149.8)
Total Costs and Expenses	(810.5)	(717.5)	(1,506.9)	(1,417.4)
Operating Income	158.9	113.0	220.3	195.1
Interest income	5.0	8.0	11.1	17.4
Interest expense, net	(1.6)	(1.7)	(3.2)	(3.4)
Other income (expense), net	1.6	2.4	3.6	4.8
Income before Taxes	163.9	121.7	231.8	213.9
Income taxes	(34.5)	(27.0)	(45.8)	(46.9)
Net Income	129.4	94.7	186.0	167.0
Comprehensive Income (Loss), Net of Income Taxes:
Net Income	129.4	94.7	186.0	167.0
Other Comprehensive Income (Loss):
Net change in pension and post-retirement liabilities	(0.5)	(0.9)	(1.0)	(1.7)
Other adjustments	(1.9)	1.4	(1.9)	1.9
Total Other Comprehensive Income (Loss), Net of Income Taxes	(2.4)	0.5	(2.9)	0.2
Total Comprehensive Income	$ 127.0	$ 95.2	$ 183.1	$ 167.2
Basic Earnings Per Share (in dollars per share)	$ 4.3	$ 2.95	$ 6.16	$ 5.14
Diluted Earnings Per Share (in dollars per share)	$ 4.27	$ 2.92	$ 6.1	$ 5.09
Weighted Average Number of Shares Outstanding:
Basic (in shares)	30.1	32.1	30.2	32.5
Diluted (in shares)	30.3	32.4	30.5	32.8
Ocean Transportation
Operating Revenue:
Total Operating Revenue	$ 767.4	$ 675.6	$ 1,373.9	$ 1,313.0
Logistics
Operating Revenue:
Total Operating Revenue	$ 202.0	$ 154.9	$ 353.3	$ 299.5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 186.0	$ 167.0
Reconciling adjustments:
Depreciation and amortization	84.3	81.8
Amortization of operating lease right-of-use assets	68.8	66.9
Deferred income taxes, net	2.5	0.3
Share-based compensation expense	11.7	11.7
Income from SSAT	(9.8)	(13.9)
Other	(0.1)	(4.7)
Changes in assets and liabilities:
Accounts receivable, net	(78.6)	(19.7)
Deferred dry-docking payments	(24.6)	(23.8)
Deferred dry-docking amortization	16.1	13.6
Prepaid expenses and other assets	(9.2)	(10.6)
Accounts payable, accruals and other liabilities	50.3	(3.0)
Operating lease assets and liabilities, net	(63.6)	(67.8)
Other long-term liabilities	(2.2)	(3.2)
Net cash provided by operating activities	231.6	194.6
Cash Flows From Investing Activities:
Vessel construction expenditures	(199.8)	(104.1)
Capital expenditures (excluding vessel construction expenditures)	(55.7)	(71.4)
Proceeds from disposal of property and equipment, net	(0.1)	0.5
Cash and interest deposited into Capital Construction Fund	(9.5)	(109.1)
Withdrawals from Capital Construction Fund	197.7	100.7
Net cash used in investing activities	(67.4)	(183.4)
Cash Flows From Financing Activities:
Repayments of debt	(19.9)	(19.9)
Dividends paid	(22.0)	(22.3)
Repurchase of Matson common stock	(119.8)	(160.4)
Tax withholding related to net share settlements of restricted stock units	(25.1)	(16.3)
Net cash used in financing activities	(186.8)	(218.9)
Net Decrease Increase in Cash, Cash Equivalents	(22.6)	(207.7)
Cash, Cash Equivalents, Beginning of Period	141.9	266.8
Cash, Cash Equivalents, End of Period	119.3	59.1
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, End of Year:
Cash and Cash Equivalents	119.3
Total Cash, Cash Equivalents and Restricted Cash, End of Year	119.3	59.1
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	2.5	2.7
Income taxes paid, net of income tax refunds	31.7	40.7
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	3.8	4.0
Accrued dividends	$ 11.4	$ 11.4

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 119.3	$ 141.9
Accounts receivable, net of allowance for credit losses of $7.9 million and $8.6 million, respectively	335.3	256.8
Prepaid expenses and other assets	81.4	73.2
Total current assets	536.0	471.9
Long-term Assets:
Investment in SSAT	106.2	96.2
Property and equipment, net	2,680.3	2,499.4
Operating lease right-of-use assets	373.0	369.6
Goodwill	327.8	327.8
Intangible assets, net	140.3	146.6
Capital Construction Fund	345.8	532.7
Deferred dry-docking costs, net	109.6	94.7
Other long-term assets	94.5	96.7
Total long-term assets	4,177.5	4,163.7
Total Assets	4,713.5	4,635.6
Current Liabilities:
Current portion of debt	39.7	39.7
Accounts payable and accruals	297.9	244.9
Operating lease liabilities	132.8	128.5
Other liabilities	133.4	114.3
Total current liabilities	603.8	527.4
Long-term Liabilities:
Long-term debt, net of deferred loan fees	292.7	312.1
Long-term operating lease liabilities	251.2	246.8
Deferred income taxes, net	704.4	701.9
Other long-term liabilities	88.3	88.4
Total long-term liabilities	1,336.6	1,349.2
Commitments and Contingencies (see Note 16)
Shareholders' Equity:
Common stock	22.4	22.8
Additional paid in capital	280.0	295.2
Accumulated other comprehensive income (loss), net	(1.3)	1.6
Retained earnings	2,472.0	2,439.4
Total shareholders' equity	2,773.1	2,759.0
Total Liabilities and Shareholders' Equity	$ 4,713.5	$ 4,635.6