Kirby has sustained structural profitability with gross margins consistently in the 25-26% range, supported by a 7.4% revenue growth rate as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.41B | 3.36B | 3.27B | 3.09B | 2.78B | 2.25B | 2.17B | 2.84B | 2.97B | 2.21B | 1.77B | 2.15B | 2.57B | 2.24B | 2.11B | 1.85B | 1.11B | 1.08B | 1.36B | 1.17B | 984.22M | 795.72M | 675.32M | 613.47M | 535.4M | 566.88M | 512.64M | 365.6M | 327.08M | 335.2M | 320.02M |
| Revenue Growth % | 2.91% | 3.01% | 5.64% | 11.02% | 23.95% | 3.47% | -23.5% | -4.45% | 34.15% | 25.06% | -17.55% | -16.32% | 14.46% | 6.13% | 14.17% | 66.77% | 2.53% | -20.44% | 15.99% | 19.14% | 23.69% | 17.83% | 10.08% | 14.58% | -5.55% | 10.58% | 40.22% | 11.78% | -2.42% | 4.74% | 0.56% |
| Cost of Goods Sold | 2.53B | 2.48B | 2.44B | 2.39B | 2.26B | 1.87B | 1.73B | 2.25B | 2.39B | 1.76B | 1.33B | 1.55B | 1.86B | 1.61B | 1.55B | 1.35B | 778.53M | 637.83M | 843.31M | 735.43M | 631.33M | 515.25M | 430.27M | 395.04M | 334.15M | 351.15M | 315.44M | 233.08M | 212.24M | 218.1M | 206.47M |
| COGS % of Revenue | - | 73.74% | 74.73% | 77.36% | 81.24% | 83.09% | 79.71% | 79.26% | 80.32% | 79.52% | 74.86% | 72.39% | 72.64% | 71.95% | 73.59% | 73.2% | 70.17% | 58.94% | 62% | 62.72% | 64.15% | 64.75% | 63.71% | 64.39% | 62.41% | 61.94% | 61.53% | 63.75% | 64.89% | 65.07% | 64.52% |
| Gross Profit | 881.95M | 883.42M | 825.2M | 700.06M | 522.37M | 379.98M | 440.67M | 588.72M | 584.78M | 453.44M | 445.09M | 592.93M | 702.12M | 628.95M | 557.85M | 495.95M | 331.02M | 444.32M | 516.84M | 437.2M | 352.88M | 280.47M | 245.05M | 218.43M | 201.26M | 215.73M | 197.21M | 132.53M | 114.84M | 117.1M | 113.55M |
| Gross Margin % | 25.86% | 26.26% | 25.27% | 22.64% | 18.76% | 16.91% | 20.29% | 20.74% | 19.68% | 20.48% | 25.14% | 27.61% | 27.36% | 28.05% | 26.41% | 26.8% | 29.83% | 41.06% | 38% | 37.28% | 35.85% | 35.25% | 36.29% | 35.61% | 37.59% | 38.06% | 38.47% | 36.25% | 35.11% | 34.93% | 35.48% |
| Gross Profit Growth % | - | 7.06% | 17.88% | 34.02% | 37.47% | -13.77% | -25.15% | 0.67% | 28.97% | 1.88% | -24.93% | -15.55% | 11.63% | 12.75% | 12.48% | 49.82% | -25.5% | -14.03% | 18.22% | 23.89% | 25.82% | 14.45% | 12.19% | 8.53% | -6.71% | 9.39% | 48.81% | 15.4% | -1.93% | 3.13% | 61.72% |
| Operating Expenses | 398.99M | 391.93M | 426.1M | 364.97M | 329.48M | 638.11M | 861.43M | 346.69M | 429.49M | 359.81M | 197.72M | 212.26M | 226.31M | 192.77M | 193.02M | 183.6M | 130.98M | 228.29M | 246.35M | 216.41M | 183.51M | 155.96M | 151.99M | 139.72M | 140.59M | 131.27M | 119.41M | 87.19M | 82.83M | 74.94M | 62.87M |
| OpEx % of Revenue | - | 11.65% | 13.05% | 11.81% | 11.83% | 28.4% | 39.67% | 12.21% | 14.46% | 16.25% | 11.17% | 9.88% | 8.82% | 8.6% | 9.14% | 9.92% | 11.8% | 21.1% | 18.11% | 18.46% | 18.65% | 19.6% | 22.51% | 22.77% | 26.26% | 23.16% | 23.29% | 23.85% | 25.33% | 22.36% | 19.65% |
| Selling, General & Admin | 362.28M | 356.31M | 337.1M | 335.21M | 302.69M | 266.91M | 258.27M | 277.39M | 304.4M | 220.45M | 174.86M | 193.24M | 210.42M | 177.77M | 178.48M | 170.39M | 117.69M | 121.4M | 142.17M | 121.95M | 107.73M | 88.65M | 82.92M | 73.15M | 66.86M | 69.72M | 60.78M | 42.83M | 39.47M | 40.3M | 40.41M |
| SG&A % of Revenue | - | 10.59% | 10.32% | 10.84% | 10.87% | 11.88% | 11.89% | 9.77% | 10.25% | 9.96% | 9.88% | 9% | 8.2% | 7.93% | 8.45% | 9.21% | 10.61% | 11.22% | 10.45% | 10.4% | 10.95% | 11.14% | 12.28% | 11.92% | 12.49% | 12.3% | 11.86% | 11.72% | 12.07% | 12.02% | 12.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 35.62M | 89.01M | 29.76M | 26.79M | 371.2M | 603.16M | 69.31M | 125.09M | 139.36M | 22.86M | 19.03M | 15.9M | 15.01M | 14.53M | 13.22M | 13.29M | 106.89M | 104.18M | 94.46M | 75.79M | 67.31M | 69.07M | 66.57M | 73.73M | 61.55M | 58.63M | 44.36M | 43.36M | 34.64M | 22.46M |
| Operating Income | 466.54M | 491.5M | 399.1M | 335.09M | 192.89M | -258.13M | -420.76M | 242.03M | 155.29M | 93.63M | 247.37M | 380.66M | 475.81M | 436.18M | 364.83M | 312.34M | 200.04M | 216.03M | 270.5M | 220.79M | 169.37M | 124.5M | 93.06M | 78.71M | 60.67M | 84.46M | 77.8M | 45.34M | 32M | 42.16M | 50.68M |
| Operating Margin % | 13.68% | 14.61% | 12.22% | 10.84% | 6.93% | -11.49% | -19.38% | 8.53% | 5.23% | 4.23% | 13.97% | 17.73% | 18.54% | 19.45% | 17.27% | 16.88% | 18.03% | 19.96% | 19.89% | 18.83% | 17.21% | 15.65% | 13.78% | 12.83% | 11.33% | 14.9% | 15.18% | 12.4% | 9.78% | 12.58% | 15.84% |
| Operating Income Growth % | - | 23.15% | 19.1% | 73.73% | 174.72% | 38.65% | -273.85% | 55.86% | 65.86% | -62.15% | -35.02% | -20% | 9.09% | 19.56% | 16.81% | 56.14% | -7.4% | -20.14% | 22.51% | 30.36% | 36.04% | 33.79% | 18.22% | 29.74% | -28.17% | 8.56% | 71.61% | 41.67% | -24.09% | -16.82% | 91.5% |
| EBITDA | 737.75M | 755.62M | 639.42M | 546.25M | 394.33M | -44.41M | -200.84M | 461.66M | 380.26M | 296.51M | 448.29M | 572.9M | 645.12M | 600.62M | 509.98M | 438.37M | 295.34M | 310M | 361.69M | 308.05M | 233.77M | 181.91M | 148.18M | 132.04M | 106.18M | 134.7M | 126.01M | 76.62M | 59.39M | 14.06M | 22.3M |
| EBITDA Margin % | 21.63% | 22.46% | 19.58% | 17.67% | 14.16% | -1.98% | -9.25% | 16.26% | 12.8% | 13.39% | 25.32% | 26.68% | 25.14% | 26.79% | 24.14% | 23.69% | 26.62% | 28.65% | 26.59% | 26.27% | 23.75% | 22.86% | 21.94% | 21.52% | 19.83% | 23.76% | 24.58% | 20.96% | 18.16% | 4.19% | 6.97% |
| EBITDA Growth % | 9.69% | 18.17% | 17.06% | 38.53% | 987.83% | 77.89% | -143.5% | 21.41% | 28.25% | -33.86% | -21.75% | -11.2% | 7.41% | 17.77% | 16.34% | 48.43% | -4.73% | -14.29% | 17.42% | 31.78% | 28.51% | 22.76% | 12.22% | 24.36% | -21.18% | 6.9% | 64.47% | 29.01% | 322.47% | -36.96% | 523.92% |
| D&A (Non-Cash Add-back) | 268.63M | 264.13M | 240.32M | 211.16M | 201.44M | 213.72M | 219.92M | 219.63M | 224.97M | 202.88M | 200.92M | 192.24M | 169.31M | 164.44M | 145.15M | 126.03M | 95.3M | 93.97M | 91.2M | 87.26M | 64.4M | 57.41M | 55.12M | 53.33M | 45.51M | 50.24M | 48.2M | 31.28M | 27.38M | -28.1M | -28.39M |
| EBIT | 521.81M | 517.74M | 411.89M | 346.13M | 209.56M | -248.13M | -412.61M | 245.81M | 161.01M | 94.49M | 245.44M | 380.45M | 475.85M | 436.55M | 364.91M | 312.65M | 200.6M | 216.64M | 269.98M | 220.12M | 169.37M | 124.5M | 93.06M | 78.71M | 60.67M | -243.72M | -216.99M | 49.84M | 40.3M | 56.5M | -154.72M |
| Net Interest Income | -43.56M | -46.33M | -49.13M | -52.01M | -44.59M | -42.47M | -48.74M | -55.99M | -46.86M | -21.47M | -17.69M | -18.74M | -21.46M | -27.87M | -24.39M | -17.9M | -10.96M | -11.08M | -14.06M | -20.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.04M | 46.33M | 49.13M | 52.01M | 44.59M | 42.47M | 48.74M | 55.99M | 46.86M | 21.47M | 17.69M | 18.74M | 21.46M | 27.87M | 24.39M | 17.9M | 10.96M | 11.08M | 14.06M | 20.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -16.4M | -20.08M | -36.33M | -40.97M | -27.91M | -32.47M | -40.59M | -52.21M | -41.13M | -20.61M | -19.62M | -18.95M | -21.42M | -27.5M | -24.31M | -17.6M | -10.4M | -10.47M | -14.58M | -20.96M | -15.17M | -13.38M | -13.15M | -12.72M | -15.18M | -17.33M | -19.99M | -9.95M | -14.99M | -5.66M | -16.62M |
| Pretax Income | 475.77M | 471.41M | 362.76M | 294.13M | 164.97M | -290.6M | -461.35M | 189.82M | 114.16M | 73.01M | 227.75M | 361.71M | 454.39M | 408.68M | 340.53M | 294.75M | 189.64M | 205.56M | 255.92M | 200.55M | 154.2M | 111.12M | 79.91M | 66M | 45.49M | 67.13M | 57.81M | 35.39M | 17.02M | 36.5M | 34.06M |
| Pretax Margin % | 13.95% | 14.01% | 11.11% | 9.51% | 5.92% | -12.93% | -21.25% | 6.69% | 3.84% | 3.3% | 12.86% | 16.84% | 17.71% | 18.23% | 16.12% | 15.93% | 17.09% | 19% | 18.82% | 17.1% | 15.67% | 13.96% | 11.83% | 10.76% | 8.5% | 11.84% | 11.28% | 9.68% | 5.2% | 10.89% | 10.64% |
| Income Tax | 115.3M | 116M | 75.87M | 71.22M | 42.21M | -43.83M | -189.76M | 46.8M | 35.08M | -240.89M | 84.94M | 133.74M | 169.78M | 152.38M | 127.91M | 109.25M | 72.26M | 78.02M | 97.44M | 76.49M | 58.75M | 42.34M | 30.36M | 25.08M | 18.05M | 27.52M | 23.7M | 13.95M | 6.91M | 13.8M | 12.86M |
| Effective Tax Rate % | 24.23% | 24.61% | 20.91% | 24.21% | 25.59% | 15.08% | 41.13% | 24.66% | 30.73% | -329.92% | 37.3% | 36.97% | 37.36% | 37.29% | 37.56% | 37.07% | 38.1% | 37.96% | 38.08% | 38.14% | 38.1% | 38.1% | 38% | 38% | 39.67% | 41% | 40.99% | 39.42% | 40.59% | 37.81% | 37.74% |
| Net Income | 346.7M | 354.57M | 286.71M | 222.94M | 122.29M | -246.95M | -272.55M | 142.35M | 78.45M | 313.19M | 141.41M | 226.68M | 282.01M | 253.06M | 209.44M | 183.03M | 116.25M | 125.94M | 157.17M | 123.34M | 95.45M | 68.78M | 49.54M | 40.92M | 27.45M | 39.6M | 34.11M | 21.44M | 10.11M | 21.7M | 27.23M |
| Net Margin % | 10.16% | 10.54% | 8.78% | 7.21% | 4.39% | -10.99% | -12.55% | 5.01% | 2.64% | 14.14% | 7.99% | 10.56% | 10.99% | 11.29% | 9.91% | 9.89% | 10.48% | 11.64% | 11.56% | 10.52% | 9.7% | 8.64% | 7.34% | 6.67% | 5.13% | 6.99% | 6.65% | 5.86% | 3.09% | 6.47% | 8.51% |
| Net Income Growth % | 13.46% | 23.67% | 28.61% | 82.3% | 149.52% | 9.39% | -291.47% | 81.44% | -74.95% | 121.48% | -37.62% | -19.62% | 11.44% | 20.83% | 14.43% | 57.44% | -7.7% | -19.87% | 27.43% | 29.22% | 38.78% | 38.83% | 21.08% | 49.09% | -30.7% | 16.09% | 59.1% | 112.1% | -53.41% | -20.31% | 190.19% |
| Net Income (Continuing) | 360.47M | 355.42M | 286.9M | 222.91M | 122.76M | -246.77M | -271.59M | 143.02M | 79.08M | 313.9M | 142.8M | 227.97M | 284.61M | 256.3M | 212.62M | 185.49M | 117.38M | 127.54M | 158.47M | 124.06M | 96.01M | 68.78M | 49.54M | 40.92M | 28.41M | 39.6M | 34.11M | 21.44M | 10.11M | 22.7M | 21.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 2.28M | 1.44M | 1.25M | 2.29M | 2.46M | 3.25M | 2.97M | 3.11M | 3.4M | 3.55M | 10.38M | 10.88M | 11.47M | 12.09M | 11.63M | 3.04M | 3.63M | 3.5M | 2.98M | 3.02M | 3.09M | 2.84M | 2.93M | 2.69M | 2.82M | 3.31M | 3.34M | 0 | 0 | 0 |
| EPS (Diluted) | 6.42 | 6.33 | 4.91 | 3.72 | 2.03 | -4.11 | -4.55 | 2.37 | 1.31 | 5.62 | 2.62 | 4.11 | 4.93 | 4.44 | 3.73 | 3.33 | 2.15 | 2.34 | 2.91 | 2.29 | 1.79 | 1.33 | 0.99 | 0.84 | 0.56 | 0.82 | 0.70 | 0.51 | 0.23 | 0.44 | 0.53 |
| EPS Growth % | 17.44% | 28.92% | 31.99% | 83.25% | 149.39% | 9.67% | -291.98% | 80.92% | -76.69% | 114.5% | -36.25% | -16.63% | 11.04% | 19.03% | 12.01% | 54.88% | -8.12% | -19.59% | 27.07% | 27.93% | 34.59% | 34.34% | 17.86% | 50% | -31.71% | 17.14% | 37.25% | 121.74% | -47.73% | -16.98% | 211.76% |
| EPS (Basic) | - | 6.37 | 4.95 | 3.74 | 2.04 | -4.11 | -4.55 | 2.38 | 1.31 | 5.62 | 2.63 | 4.12 | 4.95 | 4.46 | 3.75 | 3.35 | 2.16 | 2.34 | 2.94 | 2.33 | 1.82 | 1.37 | 1.01 | 0.85 | 0.57 | 0.83 | 0.70 | 0.51 | 0.23 | 0.45 | 0.54 |
| Diluted Shares Outstanding | 54.01M | 56.05M | 58.35M | 59.86M | 60.33M | 60.05M | 59.91M | 59.91M | 59.69M | 55.36M | 53.51M | 54.83M | 56.87M | 56.55M | 55.67M | 54.41M | 53.47M | 53.31M | 54.02M | 53.76M | 53.32M | 51.72M | 50.3M | 49M | 48.58M | 48.59M | 49.08M | 42.46M | 43.95M | 49.32M | 51.74M |
| Basic Shares Outstanding | 53.66M | 55.69M | 57.95M | 59.53M | 60.04M | 60.05M | 59.91M | 59.75M | 59.56M | 55.31M | 53.45M | 54.73M | 56.67M | 56.35M | 55.47M | 54.19M | 53.33M | 53.19M | 53.4M | 52.98M | 52.45M | 50.21M | 49.05M | 48.42M | 48.15M | 48M | 48.73M | 42.46M | 43.95M | 48.76M | 51.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Jones Act regulatory exposure
According to recent financial filings, KEX has maintained a steady revenue growth trajectory, recording a 7.4% increase in 2026Q1, which suggests that the company is successfully navigating the current industrial environment despite broader macroeconomic headwinds that have pressured many of its peers in the marine shipping sector.
The consistent, albeit moderate, revenue growth appears to be supported by the company's ability to maintain high utilization rates within its inland tank barge fleet. Investors should monitor whether this growth is primarily driven by pricing power or volume, as the current figures suggest a stable demand environment for liquid transport services.
Based on reported figures, Kirby Corporation has sustained gross margins in the 25-26% range over the last several quarters, reflecting the company's ability to leverage its specialized asset base and maintain pricing discipline despite the inherent volatility of the energy-linked distribution and services segment of the business.
The stability of these margins suggests that the company's contractual structure effectively mitigates fuel price volatility, allowing for predictable profitability. However, the slight compression observed in 2026Q1 warrants further investigation into whether rising maintenance costs or competitive pricing pressures are beginning to impact the bottom line.
As reported in financial statements, Kirby has demonstrated improved operating leverage, with operating income scaling effectively against gross profit, reaching a 15.0% margin in 2025Q4, which indicates that management is successfully controlling overhead costs even as the company navigates complex industrial service cycles and equipment maintenance requirements.
The ability to expand operating margins while maintaining a relatively flat SG&A profile suggests disciplined cost management. This operational efficiency appears to be a key driver of the company's ability to generate consistent earnings growth despite the capital-intensive nature of its marine transportation operations.
Based on an analysis of recent income statements, Kirby's net income appears to be of high quality, characterized by minimal stock-based compensation and a lack of significant non-operating distortions, which provides a clearer view of the company's core operational performance compared to more levered industrial peers.
The absence of large, recurring non-operating charges suggests that the reported EPS is a reliable indicator of underlying business health. Investors should continue to monitor the impact of periodic dry-docking and maintenance capital expenditures on net income to ensure that accounting treatments remain consistent with long-term cash flow generation.
Quick answers to the most common questions about buying KEX stock.
For fiscal year 2025, Kirby Corporation (KEX) reported total revenue of $3.36B. This represents a 951.2% increase compared to $320.0M in 1996.
Kirby Corporation (KEX) is profitable, generating $354.6M in net income for the fiscal year ending 2025 with a net profit margin of 10.5%.
Kirby Corporation (KEX) reported an operating income of $491.5M, resulting in an operating profit margin of 14.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Kirby Corporation (KEX) generated $883.4M in gross profit for the year, representing a gross profit margin of 26.3%. This demonstrates the company's core pricing power and production efficiency.