📈 Price History

Ratio Health

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— Good

— Average

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By Category

📊 Sector Averages

About

Kirby Corporation operates domestic tank barges in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding KEX

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	16.9K	$2.2M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Cautious

Management acknowledges strong Q2 performance and underlying market strengths but repeatedly flags macro uncertainty, trade policy risks, and early signs of demand softening, leading to guidance at the lower end of the prior range. Language like 'macro environment has become more complex', 'we could finish the year closer to the lower end', and 'spot market pricing may come under pressure' signals a guarded stance despite positive results.

Q3 2025

Confident Specific

Management uses specific numbers (EPS $1.65, coastal margins ~20%, power gen revenue +56%) and states 2025 will be a record earnings year, while acknowledging near-term inland headwinds with concrete utilization and pricing data.

Q4 2025

Confident Specific

Management used specific numbers (e.g., 'utilization 94%', 'spot rates up low to mid single digits', 'revenue guidance low to mid single digits') and gave detailed full-year 2026 guidance with ranges. They acknowledged Q4 softness but emphasized improving conditions and record year, projecting steady growth.

Q1 2026 latest

Confident Specific

Management used precise figures (EPS $1.50, 13% YoY growth, utilization low 90% inland, mid-high 90% coastal, term renewals up 20% coastal) and raised full-year guidance from flat-to-12% to 5%-15%. They described the underlying demand as 'strong' and used terms like 'momentum building', 'constructive outlook', 'solid start', reflecting conviction in the recovery.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management raised EPS guidance on the back of improving inland marine pricing and sustained power gen demand, reinforcing the structural tailwinds from limited barge supply and behind-the-meter data center growth. Near-term headwinds (fuel lag, OEM delays) are modest and transitory. The key change is the raised confidence in 2027-2028 as new barge construction remains uneconomical and power gen service revenue kicks in. Watch next quarter for: inland spot pricing trends, coastal shipyard duration, power gen engine catch-up, and any Jones Act waiver extension beyond 90 days.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Kirby Q1 EPS $1.50 (+13% YoY) with strong marine and power gen demand

Revenue & Profitability

First quarter 2026 earnings per share were $1.50, a 13% year-over-year increase from $1.33. Marine Transportation revenues increased $21 million or 4% year-over-year to $497 million, and operating income increased $3 million or 4% to $90 million. Distribution and Services revenues increased $37 million or 12% year-over-year to $347 million, with operating income increasing $1 million or 3% to $23 million. Free cash flow was $49.4 million.

Outlook

Management expects improving market fundamentals in marine transportation driven by strong refining and petrochemical demand, limited new barge supply, and supportive geopolitical factors. In Distribution and Services, power generation demand remains strong but is constrained by OEM engine availability. Headwinds include near-term fuel cost increases that will lag contract escalators, causing an estimated $0.05-$0.10 EPS impact in Q2, and delayed engine deliveries causing a $0.10-$0.15 EPS impact in Q2.

Growth Drivers

Marine transportation growth is driven by limited new barge construction, strong refinery utilization, improving petrochemical activity, and increased volumes from Venezuelan crude and Middle East supply disruptions. In Distribution and Services, power generation is a key growth driver, with a 45% year-over-year revenue increase in Q1, particularly in behind-the-meter prime power solutions for data centers. Commercial and industrial marine repair activity also supports growth.

Balance Sheet & CapEx

Capital expenditure guidance for the full year is $220 million to $260 million, with $170 million to $210 million for marine maintenance and improvements and $65 million for growth. The company recently agreed to acquire 23 barges and three high-horsepower boats for $95.8 million, of which $81.4 million was paid in Q1. In Q1, Kirby also repurchased $52.7 million of shares at an average price of $123.18.

Margins

Marine Transportation segment operating margin was 18% in Q1, with Inland margins in the high-teens and Coastal margins also in the high-teens. For the full year, inland margins are expected to average in the high-teens to low 20% range, and coastal margins in the high-teens. Distribution and Services segment operating margin was 6.7% in Q1, with power generation margins in the mid single-digits, commercial and industrial in the high single-digits, and oil and gas in the mid single-digits. Behind-the-meter power generation margins are expected to be in the low double-digits.

Key Risks

Risks include weather-related disruptions and navigational delays in inland marine operations, OEM engine availability constraints in power generation, near-term fuel cost headwinds, and the potential impact of the Jones Act waiver if extended beyond a year. Geopolitical uncertainties (Iran, Venezuela) also create near-term variability.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Second quarter results showed strong revenue growth in both marine transportation and Distribution & Services, with robust demand, high utilization, and improving pricing. Management reaffirmed full-year EPS growth guidance, expecting results toward the upper end, supported by a record power generation backlog and continued pricing momentum.

Q1 2026 Q1 2026 2026-04-30

First quarter 2026 delivered 13% EPS growth, strong marine utilization, and robust power generation demand, prompting a raised EPS guidance for the year. Capital discipline, high spot rates, and favorable supply-demand dynamics support continued momentum.

Q4 2025 Q4 2025 2026-01-29

Record 2025 earnings were driven by strong marine and power generation performance, robust free cash flow, and disciplined capital allocation. 2026 guidance calls for steady earnings growth, with marine utilization and pricing improving and power generation continuing as a key growth engine.

Q3 2025 Q3 2025 2025-10-29

Third quarter EPS rose 6% year-over-year, led by strong power generation and coastal marine results, while inland marine faced near-term softness. Power generation backlog hit record levels, and free cash flow and share repurchases remained robust. Utilization and pricing trends are improving into Q4.

Q2 2025 Q2 2025 2025-07-31

Second quarter 2025 saw 17% EPS growth year-over-year, with strong results in both marine and distribution segments. Power generation demand offset oil and gas softness, and full-year guidance remains positive but cautious due to macro uncertainty. Free cash flow and share repurchases are prioritized.

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