$KEX

KIRBY CORP

CIK:0000056047|SEC Filings

CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 922,399	$ 855,455	$ 1,766,498	$ 1,641,114
Costs and expenses:
Costs of sales and operating expenses	631,599	563,238	1,190,128	1,075,574
Selling, general and administrative	88,709	85,846	189,969	181,133
Taxes, other than on income	10,081	10,542	19,933	19,372
Depreciation and amortization	70,361	65,670	138,599	129,400
Gain on disposition of assets	(708)	(1,687)	(2,161)	(1,757)
Total costs and expenses	800,042	723,609	1,536,468	1,403,722
Operating income	122,357	131,846	230,030	237,392
Other income	7,027	4,812	14,308	10,146
Interest expense	(10,977)	(12,730)	(21,227)	(23,267)
Earnings before taxes on income	118,407	123,928	223,111	224,271
Provision for taxes on income	(28,609)	(29,550)	(51,987)	(53,623)
Net earnings	89,798	94,378	171,124	170,648
Net earnings attributable to noncontrolling interests	(69)	(101)	(198)	(385)
Net earnings attributable to Kirby	$ 89,729	$ 94,277	$ 170,926	$ 170,263
Net earnings per share attributable to Kirby common stockholders:
Basic	$ 1.68	$ 1.68	$ 3.19	$ 3.01
Diluted	$ 1.67	$ 1.67	$ 3.17	$ 2.99
Marine Transportation [Member]
Revenues:
Revenues	$ 536,974	$ 492,562	$ 1,034,157	$ 968,711
Distribution and Services [Member]
Revenues:
Revenues	$ 385,425	$ 362,893	$ 732,341	$ 672,403

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net earnings	$ 171,124	$ 170,648
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization	138,599	129,400
Provision for deferred income taxes	18,290	9,617
Amortization of share-based compensation	12,434	11,147
Amortization of major maintenance costs	12,360	14,635
Other	1,920	178
Decrease in cash flows resulting from changes in operating assets and liabilities, net	(184,811)	(205,162)
Net cash provided by operating activities	169,916	130,463
Cash flows from investing activities:
Capital expenditures	(119,764)	(150,160)
Acquisitions of businesses and marine equipment	(95,800)	(97,250)
Proceeds from disposition of assets	6,681	11,580
Other	0	(3,000)
Net cash used in investing activities	(208,883)	(238,830)
Cash flows from financing activities:
Borrowings on bank credit facilities, net	188,593	243,207
Payments on long-term debt	(70,000)	0
Payment of debt issuance costs	(1,277)	0
Proceeds from exercise of stock options	4,308	262
Payments related to tax withholding for share-based compensation	(6,681)	(5,957)
Treasury stock purchases	(112,390)	(132,673)
Other	(3,406)	(2,533)
Net cash provided by (used in) financing activities	(853)	102,306
Decrease in cash and cash equivalents	(39,820)	(6,061)
Cash and cash equivalents, beginning of year	78,775	74,444
Cash and cash equivalents, end of period	38,955	68,383
Cash paid during the period:
Interest paid	20,632	22,917
Income taxes paid, net	39,709	79,742
Operating cash outflow from operating leases	26,661	24,541
Non-cash investing activity:
Capital expenditures included in accounts payable	(3,587)	(410)
Right-of-use assets obtained in exchange for lease obligations	$ 5,042	$ 13,704

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 38,955	$ 78,775
Accounts receivable:
Trade - less allowance for doubtful accounts	641,608	473,497
Other	82,690	69,622
Inventories - net	415,941	398,026
Prepaid expenses and other current assets	60,399	57,935
Total current assets	1,239,593	1,077,855
Property and equipment	6,595,273	6,392,985
Accumulated depreciation	(2,417,817)	(2,294,927)
Property and equipment - net	4,177,456	4,098,058
Operating lease right-of-use assets	168,927	193,276
Goodwill	438,748	438,748
Other intangibles, net	26,342	30,165
Other assets	169,201	169,943
Total assets	6,220,267	6,008,045
Current liabilities:
Bank notes payable	5,950	7,357
Accounts payable	249,745	218,614
Accrued liabilities	212,121	232,623
Current portion of operating lease liabilities	38,606	45,766
Deferred revenues	229,631	202,164
Total current liabilities	736,053	706,524
Long-term debt, net - less current portion	1,031,398	911,924
Deferred income taxes	842,577	826,373
Operating lease liabilities - less current portion	151,073	169,854
Other long-term liabilities	14,172	10,577
Total long-term liabilities	2,039,220	1,918,728
Contingencies and commitments	0	0
Kirby stockholders' equity:
Common stock, $0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares	6,547	6,547
Additional paid-in capital	871,657	873,249
Accumulated other comprehensive income - net	80,674	86,342
Retained earnings	3,503,867	3,332,941
Treasury stock - at cost, 12.4 million shares at June 30, 2026 and 11.7 million at December 31, 2025	(1,020,230)	(918,567)
Total Kirby stockholders' equity	3,442,515	3,380,512
Noncontrolling interests	2,479	2,281
Total equity	3,444,994	3,382,793
Total liabilities and equity	$ 6,220,267	$ 6,008,045