Kirby Corp., Houston, reported higher earnings and revenues for both the fourth quarter and full year 2025, driven by improved inland barge utilization and steady coastal market conditions.
Net earnings attributable to Kirby for the fourth quarter ended Dec. 31, 2025, were $91.8 million, or $1.68 per share, up from $42.8 million, or $0.74 per share, in the fourth quarter of 2024, according to an earnings report published by the marine transportation and industrial services company on Thursday. Fourth-quarter consolidated revenues rose to $851.8 million from $802.3 million a year earlier.
For the full year, Kirby reported net earnings of $354.6 million, or $6.33 per share, compared with $286.7 million, or $4.91 per share, in 2024. Full-year revenues increased to $3.4 billion from $3.3 billion.
“2025 was a record year for Kirby capped off by a solid final quarter,” CEO David Grzebinski said. “Earnings per share and free cash flow grew meaningfully, and we closed the year with strong momentum.”
Kirby is the largest operator of inland tank barges in the United States and a leading provider of coastal marine transportation and marine-related services.
The company reported that its marine transportation revenues in the fourth quarter totaled $481.7 million, up from $466.8 million in the prior-year period. Operating income for the segment increased to $100.3 million from $86 million, with operating margin improving to 20.8%.
In the inland market, average barge utilization during the quarter was in the mid to high-80% range. Kirby said operating conditions were affected by seasonal winter weather, which drove an 82% sequential increase in delay days. Inland revenues declined 1% year over year, and operating margins were in the low 20% range. Inland operations accounted for 79% of marine transportation segment revenues.
The inland performance reflects continued sensitivity to seasonal disruptions, even as utilization trends improved toward the end of the quarter and into early 2026.
In coastal marine, barge utilization remained in the mid to high-90% range. Revenues in the coastal market increased 22% compared with the fourth quarter of 2024 and represented 21% of segment revenues. Coastal operating margin was around 20% for the quarter.
“In our coastal marine business, fundamentals remained solid and barge utilization averaged in the mid to high-90% range,” Grzebinski said. “Customer demand was steady throughout the quarter, supported by a continued shortage of large‑capacity equipment.”
Kirby's distribution and services segment reported fourth-quarter revenues of $370.1 million, up from $335.5 million a year earlier. Operating income increased to $30.1 million from $26.8 million, with an operating margin of 8.1%.
Power generation continued to be the strongest performer within the segment, the company said. Fourth-quarter power generation revenues increased 47% year over year, and operating income rose 41%. Power generation represented approximately 52% of segment revenues.
“Power generation continued to deliver robust growth, with revenues up 10% sequentially and 47% year-over-year,” Grzebinski said.
Growth in power generation helped offset weaker results in oil and gas-related businesses, where revenues declined sharply amid softer activity.
Kirby generated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $203.1 million in the fourth quarter, compared with $172.3 million in the same period last year. Net cash provided by operating activities totaled $312.2 million. During the quarter, the company repurchased 1,030,729 shares for $101.6 million and reduced debt balances by $130 million. Total debt at year-end was $919.3 million, with a debt-to-capitalization ratio of 21.4%.
The combination of share repurchases and debt reduction reflects a continued emphasis on balance sheet management alongside capital investment in the fleet.
Looking ahead, Kirby said it expects 2026 earnings per share to be flat to up 12% year over year. In inland marine, the company expects barge utilization rates to be in the low 90% range for the year, supported by limited new barge construction and solid refinery utilization. Coastal market conditions are expected to remain favorable, with utilization in the mid-90% range.
“Overall, we expect to deliver consistent, year-over-year earnings growth in 2026, supported by stable operations, improving market fundamentals, and strong execution across the company,” Grzebinski said.
