Q4 2025 Kirby Corp Earnings Call Transcript
Key Points
- Kirby Corp (KEX) reported a record year in 2025, with strong operational and financial momentum.
- The company executed over $100 million in share repurchases and paid down $130 million in debt, strengthening its balance sheet.
- Barge utilization improved significantly, with inland utilization exiting the year close to 90% and coastal utilization in the mid- to high 90% range.
- The Power Generation segment saw a 47% year-over-year revenue increase, driven by strong order flow and large project wins.
- Kirby Corp (KEX) expects steady growth and solid performance in 2026, with earnings projected to strengthen year-over-year.
- Inland marine market experienced early quarter softness due to muted demand and high barge availability.
- Term renewals and spot prices in the inland segment were down in the low single digits sequentially.
- The Distribution and Services segment faced continued weakness in the conventional frac market, impacting revenues.
- Medical costs are trending higher, impacting operating margins in both segments.
- The company anticipates some margin headwinds in the coastal business due to a higher number of planned shipyards in 2026.
Good day, and thank you for standing by. Welcome to the Kirby Corporation 2025 Fourth Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker
today, Kurt Niemietz, Vice President of Investor Relations and Treasurer. Please go ahead.
Good morning, and thank you for joining the Kirby Corporation 2025 Fourth Quarter Earnings Call. With me today are David Grzebinski, Kirby's Chief Executive Officer; Christian O'Neil, Kirby's President and Chief Operating Officer; and Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer. Slide presentation for today's conference call as well as the earnings release, which was issued earlier today, can be found on our website. During this conference call, we may refer to certain non-GAAP or adjusted financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP
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