Operating cash flow of $229.0M in 2026Q3 produced free cash flow of $134.7M at a 12.1% margin, though CapEx volatility and buybacks of $60.3M suggest cash deployment is flexed against quarterly availability.
Matson, Inc. (MATX) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 637.5M | 545M | 767.8M | 510.5M | 1.27B | 984.1M | 429.8M | 248.8M | 305M | 224.9M | 157.8M | 245.3M | 165.7M | 195.7M | 64.1M | 86M | 150M | 115M | 275M | 124M | 106M | 278M | 173M | 136M | 56M | 150.97M | 104.28M | 109.38M | 135.27M | 181.87M | 133M |
| Operating CF Margin % | - | 16.3% | 22.44% | 16.5% | 29.29% | 25.07% | 18.03% | 11.29% | 13.72% | 10.99% | 8.13% | 13.01% | 9.67% | 11.95% | 4.11% | 4.99% | 9.11% | 8.19% | 14.49% | 7.38% | 6.6% | 17.34% | 11.62% | 11.15% | 5.14% | 12.69% | 9.76% | 11.4% | 10.31% | 14.26% | 10.79% |
| Operating CF Growth % | 69.17% | -29.02% | 50.4% | -59.86% | 29.24% | 128.97% | 72.75% | -18.43% | 35.62% | 42.52% | -35.67% | 48.04% | -15.33% | 205.3% | -25.47% | -42.67% | 30.43% | -58.18% | 121.77% | 16.98% | -61.87% | 60.69% | 27.21% | 142.86% | -62.91% | 44.77% | -4.66% | -19.14% | -25.62% | 36.74% | 85.61% |
| Net Income | 538.5M | 444.8M | 476.4M | 297.1M | 1.06B | 927.4M | 193.1M | 82.7M | 109M | 231M | 81.4M | 103M | 70.8M | 53.7M | 52M | 34M | 59M | 44M | 132M | 142M | 122M | 126M | 98M | 81M | 58.16M | 110.63M | 78.32M | 62.6M | 25.14M | 81.39M | 65.28M |
| Depreciation & Amortization | 272.2M | 299.9M | 286.8M | 284.2M | 292.2M | 239.2M | 189.7M | 159.7M | 94.4M | 101.2M | 97.1M | 83.4M | 69.7M | 69.7M | 72.5M | 109M | 107M | 105M | 101M | 93M | 85M | 84M | 80M | -73M | -71M | -75.43M | -72.3M | 73.9M | 88.5M | 88.56M | 88.95M |
| Stock-Based Compensation | 23.9M | 0 | 26.5M | 23.8M | 18.3M | 19.3M | 18.8M | 11.3M | 12.1M | 11.1M | 11.2M | 12.2M | 8.7M | 5.9M | 4M | 2.7M | 8M | 9M | 11M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9.6M | 8.2M | 20.9M | 19.6M | 90.2M | 33.2M | 52.1M | 23.6M | 29.3M | -127.9M | 39.7M | 52.4M | 2.7M | 57.5M | -8.8M | -5M | 5M | 1M | 19M | 26M | 40M | 68M | -11M | 3M | 10M | -7.39M | 17.36M | 8.46M | -8.25M | 13.17M | 10.42M |
| Other Non-Cash Items | 17.4M | -2.2M | -27.8M | -26.2M | -60.9M | -46.5M | 15.1M | -21.5M | -15.9M | -62.3M | -87.2M | -27M | -28.4M | -9M | -74.4M | -31.7M | -43M | -58M | 57M | -162M | -103M | -34M | -18M | 107M | 130.84M | 73.94M | 100.84M | -16.72M | 42.07M | -20.67M | -33.53M |
| Working Capital Changes | -204.9M | -205.7M | -15M | -88M | -131.8M | -188.5M | -39M | -7M | 76.1M | 71.8M | 15.6M | 21.3M | 42.2M | 17.9M | 18.8M | -23M | 14M | 14M | -45M | 8M | -38M | 34M | 24M | 18M | -72M | 49.22M | -19.94M | -18.87M | -12.19M | 19.42M | 1.88M |
| Change in Receivables | -89.5M | 12.3M | 9.8M | -10.9M | 74.6M | -90.3M | -48M | 17.8M | -29.1M | -5.1M | 14.4M | 13.5M | -15.3M | -7.6M | -7M | -17M | 8M | -21M | 27M | -9M | 5M | 5M | -21M | 3M | -23.38M | 2.25M | -4.16M | -6M | 7.9M | -5.5M | -5.2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -60.9M | 0 | -3.4M | 10.3M | 0 | 0 | 22.9M | 1.3M | 10.4M | -6M | 6M | -6M | -6M | -3M | -1M | -4M | 1M | -1M | 1.33M | 857K | -1.22M | -1.33M | 4.61M | 24.28M | -16.62M |
| Change in Payables | 63.9M | -33.8M | -5.6M | 10.9M | -31.7M | 39.6M | 44.8M | -13.9M | 64.5M | 20.4M | 2.1M | -9.4M | 13.5M | 2.2M | -7.9M | 14M | 9M | 20M | -37M | 19M | -28M | 39M | 26M | 7M | -24.79M | 62.2M | 9.3M | 10.4M | 5.3M | -700K | 7.1M |
| Cash from Investing | -141.1M | -265.6M | -336.1M | -338.2M | -729.3M | -323.4M | -177M | -306.9M | -260.3M | -276.9M | -320.7M | -63.8M | -50.5M | -40M | -25.1M | -71M | -150M | -31M | -149M | -145M | -124M | -305M | -21M | -174M | -83.77M | 33.17M | -83.08M | -88.5M | -11.51M | -10.25M | -41.62M |
| Capital Expenditures | -421.1M | -393.4M | -310.9M | -248.4M | -1.8M | -325.3M | -192.3M | -310.3M | -401.2M | -307.2M | -179.4M | -67.8M | -27.9M | -35.2M | -38.1M | -67M | -95M | -31M | -109M | -122M | -281M | -231M | -151M | -214M | -44.61M | -99.18M | -84.2M | -82.17M | -131.54M | -49.2M | -198.62M |
| CapEx % of Revenue | 11.4% | 11.76% | 9.09% | 8.03% | 0.04% | 8.29% | 8.07% | 14.08% | 18.05% | 15.01% | 9.24% | 3.6% | 1.63% | 2.15% | 2.44% | 3.89% | 5.77% | 2.21% | 5.74% | 7.26% | 17.49% | 14.41% | 10.14% | 17.55% | 4.1% | 8.33% | 7.88% | 8.57% | 10.03% | 3.86% | 16.11% |
| Acquisitions | 0 | 9.1M | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112.6M | -29M | 0 | -9.3M | 0 | 0 | 0 | 10M | -27M | 0 | 0 | 0 | 0 | 0 | 20.56M | 0 | 0 | 3.7M | 14.94M | 700K | 10.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 111.1M | 0 | 0 | -11.2M | -209.3M | 1.9M | 15.3M | 3.4M | 136.3M | 0 | 2.5M | 5.5M | -22.6M | 4.5M | 17.4M | 19.6M | 34M | 32M | 27M | -12M | 61M | 25M | 22M | 4M | -53.66M | 141.91M | 3.88M | 3.69M | 108.46M | 728K | 10.9M |
| Cash from Financing | -367.2M | -404.3M | -301.2M | -289.7M | -576.6M | -392.7M | -261.5M | 62M | -40M | 57.9M | 151.3M | -449.4M | 63.7M | -61.1M | -40.6M | -7M | -2M | -87M | -124M | -7M | 6M | 42M | -116M | 43M | 9.38M | -168.3M | -21.08M | -116.66M | -58.57M | -173.82M | -99.71M |
| Debt Issued (Net) | -39.7M | -39.7M | -39.7M | -76.9M | -111.5M | -131.1M | -198.3M | 102M | -700K | 118.2M | 225.9M | 53M | 87.5M | -36.6M | 121.6M | 33.3M | -28.4M | -34M | -16M | 66M | 217M | 97M | -102M | 60M | 30M | -134.1M | 61M | -43.03M | 1.01M | -119.58M | -59.89M |
| Equity Issued (Net) | -282.7M | -303.3M | -199.1M | -155.2M | -397M | -198.3M | 100K | 300K | 700K | -17.4M | -36.8M | -2.7M | 5.8M | 1.7M | 25.2M | 10.1M | 6.6M | -1M | -57M | -25M | -67M | 11M | 24M | 20M | 16M | 2.29M | -45.3M | -34.72M | -19.26M | -14.45M | 41K |
| Dividends Paid | -44.6M | -44.9M | -44.8M | -45M | -48M | -45.9M | -39.2M | -37.2M | -35.4M | -33.8M | -32.2M | -30.8M | -28.7M | -26.8M | -39.5M | -53M | -52M | -52M | -51M | -48M | -42M | -39M | -38M | -37M | -37M | -36.49M | -36.78M | -38.9M | -40.32M | -39.79M | -39.86M |
| Share Repurchases | -282.7M | -303.3M | -199.1M | -155.2M | -397M | -198.3M | 0 | 0 | 0 | -19.3M | -38M | -4.9M | 0 | 0 | 0 | 0 | 0 | 0 | -59M | -33M | -72M | 0 | -2M | 0 | 0 | -2.27M | -48.26M | -34.82M | -20.84M | -16.59M | -1.25M |
| Other Financing | -200K | -16.4M | -17.6M | -12.6M | -20.1M | -17.4M | -24.1M | -3.1M | -4.6M | -9.1M | -5.6M | -468.9M | -900K | 600K | -147.9M | 2.6M | 71.8M | 0 | 0 | 0 | -102M | -27M | 0 | 0 | 382K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 129.2M | -124.9M | 130.5M | -117.4M | -34M | 268M | -8.7M | 3.9M | 4.7M | 5.9M | -11.6M | -267.9M | 178.9M | 94.6M | -1.6M | 8M | -2M | -3M | 2M | -28M | -12M | 15M | 36M | 5M | -18.73M | 15.84M | 118K | -83.48M | 65.19M | -2.2M | -8.33M |
| Free Cash Flow | 168.1M | 153.7M | 457.7M | 262.1M | 1.06B | 658.8M | 237.5M | -61.5M | -96.2M | -82.3M | -21.6M | 177.5M | 137.8M | 160.5M | 26M | 19M | 55M | 84M | 166M | 2M | -175M | 47M | 22M | -78M | 11.04M | 51.78M | -86.82M | 39.49M | -80.06M | 132.67M | -65.62M |
| FCF Margin % | 4.55% | 4.6% | 13.38% | 8.47% | 24.47% | 16.78% | 9.97% | -2.79% | -4.33% | -4.02% | -1.11% | 9.42% | 8.04% | 9.8% | 1.67% | 1.1% | 3.34% | 5.98% | 8.75% | 0.12% | -10.89% | 2.93% | 1.48% | -6.4% | 1.01% | 4.35% | -8.12% | 4.12% | -6.1% | 10.4% | -5.32% |
| FCF Growth % | -49.7% | -66.42% | 74.63% | -75.33% | 61.29% | 177.39% | 486.18% | 36.07% | -16.89% | -281.02% | -112.17% | 28.81% | -14.14% | 517.31% | 36.84% | -65.45% | -34.52% | -49.4% | 8200% | 101.14% | -472.34% | 113.64% | 128.21% | -806.46% | -78.68% | 159.64% | -319.84% | 149.33% | -160.35% | 302.19% | 83.19% |
| FCF per Share | 5.58 | 4.94 | 13.38 | 7.34 | 27.04 | 15.25 | 5.46 | -1.42 | -2.24 | -1.91 | -0.50 | 4.03 | 3.18 | 3.72 | 0.61 | 0.45 | 1.33 | 2.04 | 4.00 | 0.05 | -4.03 | 1.07 | 0.51 | -1.85 | 0.27 | 1.27 | -2.12 | 0.91 | -1.79 | 2.94 | -1.45 |
| FCF Conversion (FCF/Net Income) | 0.31x | 1.23x | 1.61x | 1.72x | 1.20x | 1.06x | 2.23x | 3.01x | 2.80x | 0.97x | 1.94x | 2.38x | 2.34x | 3.64x | 1.40x | 2.51x | 1.63x | 2.61x | 2.08x | 0.87x | 0.87x | 2.21x | 1.71x | 1.68x | 0.97x | 1.36x | 1.15x | 1.75x | 5.38x | 2.23x | 2.04x |
| Interest Paid | 4.1M | 0 | 0 | 11.1M | 16.2M | 19.3M | 0 | 22M | 18.3M | 23.9M | 21.6M | 17.7M | 15.2M | 0 | 11.3M | 7.8M | 8.3M | 24M | 25M | 25M | 20M | 17M | 14M | 11M | 12M | 19.55M | 24.66M | 17.77M | 26.89M | 31M | 36.5M |
| Taxes Paid | 83.8M | 0 | 0 | 7.5M | 215.2M | 241.6M | 0 | 0 | 5.2M | 2.6M | 15.6M | 40M | 30.2M | 0 | 42.7M | 600K | 42.1M | 38M | 63M | 55M | 49M | 3M | 61M | 45M | 52M | 20.96M | 31.81M | 34.21M | 34.67M | 29.8M | 26.4M |
Quick answers to the most common questions about buying MATX stock.
Matson, Inc. (MATX) generated $545.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Matson, Inc. (MATX) generated $153.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Matson, Inc. (MATX) spent $393.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Matson, Inc. (MATX) returned $44.9M to shareholders via cash dividends and spent $303.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Normalizing China service spread
Metrics are mathematically derived from official filings.
Operating Cash Exceeds Reported Earnings
Based on Matson's reported figures, operating cash flow ran at 1.09 times net income in 2026Q3 and between 1.06 and 1.66 times in the prior quarters, suggesting earnings are being backed by cash rather than accruals. Investors should still monitor working capital outflows that have absorbed much of the gap each quarter.
Operating cash flow consistently exceeding net income indicates that non-cash charges such as depreciation of roughly $42M to $77M per quarter are contributing materially to cash generation. However, working capital changes of -$28M to -$67M in recent quarters are consuming a substantial share of that cash, which suggests the conversion quality is real but partly dependent on timing of receivables and payables. The 2026Q1 ratio of 1.66 appears to reflect a working capital release relative to earnings, so the more representative conversion ratio may sit closer to 1.1 to 1.2.
Free Cash Flow Volatility Driven by CapEx
Free cash flow swung from $194.8M in 2025Q2 to negative $99.9M in 2026Q2 as reported capital expenditures moved between near zero and $237.5M, indicating that fleet investment timing rather than operating performance is driving the trajectory.
FCF margins have ranged from negative 10.3% to positive 28.1% over the ten-quarter window, which signals that the metric is highly sensitive to lumpy vessel spending. The most recent quarter's 12.1% FCF margin appears to reflect a return to a moderate CapEx cadence following the heavy 2026Q2 outlay. Investors should treat single-quarter FCF with caution and look at multi-quarter averages to judge underlying cash generation.
Fleet Renewal Pressures Capital Intensity
As reported in financial statements, CapEx equaled 24.5% of revenue in 2026Q2 and 14.1% in 2024Q4, well above the 6.3% to 10.7% range seen in quieter quarters, suggesting that vessel replacement programs carry a meaningful and uneven burden.
The spikes in capital intensity appear consistent with the Aloha Class program and Alaska fleet renewal, where U.S. shipyard costs are elevated relative to foreign alternatives. Maintenance-level spending is harder to isolate from the reported data, but the quarters with near-zero CapEx suggest deferral that may not be sustainable over a full fleet cycle. This warrants further investigation into how much of the spending is growth versus replacement.
Shareholder Returns Track Cash Generation Lumpily
Based on Matson's reported figures, buybacks ranged from $31.7M to $93.5M per quarter while dividends held steady near $11M, indicating that repurchases are being flexed against cash availability rather than maintained at a fixed pace.
The steady dividend contrasts with variable buybacks, which suggests management treats repurchases as the discretionary lever for returning excess cash. Buybacks have consistently exceeded dividends by a wide margin, and in several quarters total deployment appears to have approached or exceeded free cash flow, which may be sustainable given the low leverage but depends on continued cash generation. Acquisition spending has been negligible in the reported period, indicating capital is directed toward fleet and shareholder returns rather than M&A.
Cash Quality Masked by Deferred Taxes
Based on reported figures, the Capital Construction Fund structure may lower cash taxes relative to book taxes, meaning reported operating cash flow could overstate the cash available for distribution over time if the deferred liabilities eventually unwind.
The CCF mechanism allows deferral of tax on earnings reinvested in U.S. vessels, which supports current operating cash flow but creates a future obligation tied to fleet disposition or non-qualifying use. Depreciation schedules may also understate the escalating replacement cost of Jones Act-compliant vessels, which would mean reported D&A add-backs flatter cash conversion relative to true maintenance needs. Investors should monitor whether CapEx consistently falls short of depreciation over multiple years, as that pattern would suggest the cash flow profile is supported by underinvestment.