Operating income has contracted sharply from $235.4 million in 2024Q3 to $61.4 million in 2026Q1, signaling significant pressure on margins as freight rates normalize.
| 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 | 3.32B | 3.34B | 3.42B | 3.09B | 4.34B | 3.93B | 2.38B | 2.2B | 2.22B | 2.05B | 1.94B | 1.88B | 1.71B | 1.64B | 1.56B | 1.72B | 1.65B | 1.41B | 1.9B | 1.68B | 1.61B | 1.6B | 1.49B | 1.22B | 1.09B | 1.19B | 1.07B | 959.27M | 1.31B | 1.28B | 1.23B |
| Revenue Growth % | -4.64% | -2.26% | 10.57% | -28.75% | 10.64% | 64.7% | 8.18% | -0.89% | 8.59% | 5.42% | 3.01% | 9.96% | 4.7% | 4.95% | -9.41% | 4.62% | 17.15% | -25.97% | 12.91% | 4.6% | 0.25% | 7.66% | 22.13% | 11.97% | -8.5% | 11.36% | 11.4% | -26.86% | 2.84% | 3.48% | 20.79% |
| Cost of Goods Sold | 1.95B | 2.58B | 2.57B | 2.47B | 2.81B | 2.56B | 1.9B | 1.88B | 1.88B | 1.72B | 1.62B | 1.51B | 1.43B | 1.4B | 1.34B | 1.45B | 1.38B | 1.21B | 1.58B | 1.35B | 1.31B | 1.28B | 1.2B | 977M | 899M | 856.51M | 833.41M | 784.92M | 1.08B | 1.01B | 981.12M |
| COGS % of Revenue | - | 77.23% | 74.99% | 79.84% | 64.74% | 65.16% | 79.9% | 85.24% | 84.35% | 84.08% | 83.32% | 80% | 83.63% | 85.65% | 85.78% | 84.44% | 83.78% | 86.05% | 83.03% | 80.31% | 81.71% | 79.73% | 80.46% | 80.13% | 82.56% | 71.97% | 77.99% | 81.82% | 82.63% | 79.32% | 79.6% |
| Gross Profit | 610.5M | 761.4M | 855.9M | 623.9M | 1.53B | 1.37B | 479M | 325.1M | 347.8M | 325.9M | 322.5M | 374.8M | 280.7M | 234.9M | 221.9M | 1.66B | 284M | 198.8M | 330M | 331M | 294M | 323M | 293M | 242.2M | 189.88M | 333.56M | 235.24M | 174.35M | 227.78M | 263.73M | 251.45M |
| Gross Margin % | 18.39% | 22.77% | 25.01% | 20.16% | 35.26% | 34.84% | 20.1% | 14.76% | 15.65% | 15.92% | 16.61% | 19.88% | 16.38% | 14.35% | 14.22% | 96.13% | 17.25% | 14.15% | 17.39% | 19.69% | 18.3% | 20.15% | 19.68% | 19.87% | 17.44% | 28.03% | 22.01% | 18.18% | 17.37% | 20.68% | 20.4% |
| Gross Profit Growth % | - | -11.04% | 37.19% | -59.26% | 11.98% | 185.53% | 47.34% | -6.53% | 6.72% | 1.05% | -13.95% | 33.52% | 19.5% | 5.86% | -86.6% | 482.89% | 42.86% | -39.76% | -0.3% | 12.58% | -8.98% | 10.24% | 20.97% | 27.55% | -43.07% | 41.8% | 34.92% | -23.46% | -13.63% | 4.88% | 26.77% |
| Operating Expenses | 296.2M | 294.1M | 303.6M | 283.3M | 261M | 236.5M | 225M | 216.8M | 220.8M | 206.8M | 185.1M | 162.7M | 147.3M | 122.65M | 119.8M | 154M | 158M | 154M | 163M | 165M | 146M | 140M | 128M | 124M | 106.82M | 127.7M | 88.27M | 101.76M | 107.69M | 107.58M | 112.85M |
| OpEx % of Revenue | - | 8.79% | 8.87% | 9.15% | 6.01% | 6.02% | 9.44% | 9.84% | 9.93% | 10.1% | 9.53% | 8.63% | 8.59% | 7.49% | 7.68% | 8.94% | 9.6% | 10.96% | 8.59% | 9.82% | 9.09% | 8.73% | 8.6% | 10.17% | 9.81% | 10.73% | 8.26% | 10.61% | 8.21% | 8.43% | 9.16% |
| Selling, General & Admin | 296.2M | 294.1M | 303.6M | 283.3M | 261M | 236.5M | 225M | 216.8M | 220.8M | 208.5M | 185.1M | 195M | 147.3M | 132.6M | 119.8M | 154M | 158M | 154M | 163M | 165M | 146M | 140M | 128M | 124M | 106.82M | 99.1M | 88.27M | 92.3M | 107.72M | 107.58M | 113.33M |
| SG&A % of Revenue | - | 8.79% | 8.87% | 9.15% | 6.01% | 6.02% | 9.44% | 9.84% | 9.93% | 10.19% | 9.53% | 10.35% | 8.59% | 8.1% | 7.68% | 8.94% | 9.6% | 10.96% | 8.59% | 9.82% | 9.09% | 8.73% | 8.6% | 10.17% | 9.81% | 8.33% | 8.26% | 9.62% | 8.21% | 8.43% | 9.19% |
| 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 | 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 | 28.6M | 0 | 15.41M | 39.97M | 0 | -484K |
| Operating Income | 453.2M | 467.3M | 552.3M | 340.6M | 1.27B | 1.13B | 254M | 108.3M | 127M | 119.1M | 138.8M | 214.2M | 133.4M | 112.25M | 102.1M | 114M | 109M | 42M | 159M | 166M | 148M | 185M | 163M | 121M | 79.91M | 205.86M | 146.97M | 113.31M | 80.09M | 156.15M | 138.6M |
| Operating Margin % | 13.65% | 13.97% | 16.14% | 11.01% | 29.25% | 28.82% | 10.66% | 4.92% | 5.71% | 5.82% | 7.15% | 11.36% | 7.78% | 6.86% | 6.54% | 6.62% | 6.62% | 2.99% | 8.38% | 9.88% | 9.21% | 11.54% | 10.95% | 9.92% | 7.34% | 17.3% | 13.75% | 11.81% | 6.11% | 12.24% | 11.24% |
| Operating Income Growth % | - | -15.39% | 62.16% | -73.19% | 12.31% | 345.35% | 134.53% | -14.72% | 6.63% | -14.19% | -35.2% | 60.57% | 18.84% | 9.94% | -10.44% | 4.59% | 159.52% | -73.58% | -4.22% | 12.16% | -20% | 13.5% | 34.71% | 51.42% | -61.18% | 40.07% | 29.7% | 41.48% | -48.71% | 12.66% | 55.17% |
| EBITDA | 643.9M | 796.2M | 861.4M | 645.9M | 1.58B | 1.39B | 461.9M | 300.7M | 218.7M | 217.2M | 233.9M | 295M | 203.1M | 181.95M | 174.6M | 223M | 216M | 147M | 260M | 259M | 233M | 269M | 243M | 48M | 8.91M | 130.43M | 74.66M | 187.22M | 168.59M | 244.71M | 227.55M |
| EBITDA Margin % | 19.39% | 23.81% | 25.17% | 20.87% | 36.46% | 35.33% | 19.38% | 13.65% | 9.84% | 10.61% | 12.05% | 15.65% | 11.85% | 11.11% | 11.19% | 12.95% | 13.12% | 10.46% | 13.7% | 15.41% | 14.5% | 16.78% | 16.32% | 3.94% | 0.82% | 10.96% | 6.99% | 19.52% | 12.85% | 19.19% | 18.46% |
| EBITDA Growth % | -25.61% | -7.57% | 33.36% | -59.21% | 14.17% | 200.24% | 53.61% | 37.49% | 0.69% | -7.14% | -20.71% | 45.25% | 11.62% | 4.21% | -21.7% | 3.24% | 46.94% | -43.46% | 0.39% | 11.16% | -13.38% | 10.7% | 406.25% | 438.6% | -93.17% | 74.69% | -60.12% | 11.04% | -31.1% | 7.54% | 30.44% |
| D&A (Non-Cash Add-back) | 190.7M | 328.9M | 309.1M | 305.3M | 312.8M | 255.6M | 207.9M | 192.4M | 91.7M | 98.1M | 95.1M | 80.8M | 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 |
| EBIT | 446.7M | 550.8M | 606.9M | 385.2M | 1.37B | 1.19B | 286.4M | 130.3M | 166.4M | 149.4M | 150.9M | 196.3M | 140M | 100.3M | 96.7M | 112M | 125.4M | 40M | 165M | 186M | 144M | 181M | 170M | -858.8M | -829M | -770.57M | -692.69M | 128.72M | 99.85M | 156.15M | 138.6M |
| Net Interest Income | 17.2M | 14.7M | 40.8M | 23.8M | -9.8M | -22.6M | -27.4M | -22.5M | -18.7M | -24.2M | -24.1M | -18.5M | -17.3M | -14.4M | -11.7M | -7.7M | -8.2M | -25M | -23M | -16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 28.4M | 31.7M | 48.3M | 36M | 8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.5M | 17M | 7.5M | 12.2M | 18M | 22.6M | 27.4M | 22.5M | 18.7M | 24.2M | 24.1M | 18.5M | 17.3M | 14.4M | 11.7M | 7.7M | 8.2M | 25M | 24M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 56.3M | 66.5M | 47.1M | 32.4M | 81.8M | 40.1M | 5M | -500K | 20.7M | 6.1M | -8.3M | -36.4M | -10.7M | -26.35M | -17.1M | -27M | -12M | -22M | -8M | 8M | 5M | -2M | -6M | -15.7M | -11.68M | -28.56M | -32.17M | -17.77M | -24.8M | -28.94M | -34.56M |
| Pretax Income | 509.5M | 533.8M | 599.4M | 373M | 1.35B | 1.17B | 259M | 107.8M | 147.7M | 125.2M | 130.5M | 177.8M | 122.7M | 85.9M | 85M | 87.2M | 117.2M | 19.5M | 151M | 174M | 153M | 183M | 155.2M | 105.3M | 68.23M | 177.3M | 114.8M | 95.54M | 55.3M | 127.21M | 104.03M |
| Pretax Margin % | 15.34% | 15.96% | 17.52% | 12.05% | 31.14% | 29.84% | 10.87% | 4.89% | 6.64% | 6.12% | 6.72% | 9.43% | 7.16% | 5.25% | 5.45% | 5.06% | 7.12% | 1.39% | 7.96% | 10.35% | 9.52% | 11.42% | 10.42% | 8.64% | 6.27% | 14.9% | 10.74% | 9.96% | 4.22% | 9.97% | 8.44% |
| Income Tax | 80.4M | 89M | 123M | 75.9M | 288.4M | 243.9M | 65.9M | 25.1M | 38.7M | -105.8M | 49.1M | 74.8M | 51.9M | 32.2M | 33M | 32.3M | 38M | 8M | 55M | 66M | 57M | 69M | 58.9M | 38.7M | 21.73M | 63.7M | 41.6M | 32.96M | 24.35M | 45.83M | 38.75M |
| Effective Tax Rate % | 15.78% | 16.67% | 20.52% | 20.35% | 21.33% | 20.82% | 25.44% | 23.28% | 26.2% | -84.5% | 37.62% | 42.07% | 42.3% | 37.49% | 38.82% | 37.04% | 32.42% | 41.03% | 36.42% | 37.93% | 37.25% | 37.7% | 37.95% | 36.75% | 31.85% | 35.93% | 36.24% | 34.5% | 44.04% | 36.02% | 37.25% |
| Net Income | 429.1M | 444.8M | 476.4M | 297.1M | 1.06B | 927.4M | 193.1M | 82.7M | 109M | 231M | 81.4M | 103M | 70.8M | 53.7M | 45.9M | 34.2M | 92M | 44M | 132M | 142M | 122M | 126M | 101M | 81M | 58M | 110.63M | 90.57M | 62.58M | 25.14M | 81.39M | 65.28M |
| Net Margin % | 12.92% | 13.3% | 13.92% | 9.6% | 24.5% | 23.63% | 8.1% | 3.75% | 4.9% | 11.29% | 4.19% | 5.46% | 4.13% | 3.28% | 2.94% | 1.99% | 5.59% | 3.13% | 6.95% | 8.45% | 7.59% | 7.86% | 6.78% | 6.64% | 5.33% | 9.3% | 8.48% | 6.52% | 1.92% | 6.38% | 5.3% |
| Net Income Growth % | -16.29% | -6.63% | 60.35% | -72.07% | 14.72% | 380.27% | 133.49% | -24.13% | -52.81% | 183.78% | -20.97% | 45.48% | 31.84% | 16.99% | 34.21% | -62.83% | 109.09% | -66.67% | -7.04% | 16.39% | -3.17% | 24.75% | 24.69% | 39.66% | -47.57% | 22.14% | 44.74% | 148.9% | -69.11% | 24.66% | 17.09% |
| Net Income (Continuing) | 429.1M | 444.8M | 476.4M | 297.1M | 1.06B | 927.4M | 193.1M | 82.7M | 109M | 231M | 81.4M | 103M | 70.8M | 53.7M | 52M | 55M | 59M | 12M | 89M | 104M | 96M | 112M | 96.3M | 66.6M | 45M | 113.6M | 73.2M | 62.58M | 30.94M | 81.39M | 65.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.6M | 33M | 32M | 36M | 34M | 0 | 0 | 0 | 14M | 0 | -5.75M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 |
| EPS (Diluted) | 14.02 | 13.87 | 13.93 | 8.32 | 27.07 | 21.47 | 4.44 | 1.91 | 2.53 | 5.37 | 1.85 | 2.34 | 1.63 | 1.25 | 1.08 | 0.81 | 2.22 | 1.08 | 3.19 | 3.30 | 2.81 | 2.86 | 2.33 | 1.94 | 1.41 | 2.72 | 2.21 | 1.45 | 0.56 | 1.80 | 1.44 |
| EPS Growth % | -10.34% | -0.43% | 67.43% | -69.26% | 26.08% | 383.56% | 132.46% | -24.51% | -52.89% | 190.27% | -20.94% | 43.56% | 30.4% | 15.74% | 33.33% | -63.51% | 105.56% | -66.14% | -3.33% | 17.44% | -1.75% | 22.75% | 20.1% | 37.59% | -48.16% | 23.08% | 52.41% | 158.93% | -68.89% | 25% | 17.07% |
| EPS (Basic) | - | 14.04 | 14.14 | 8.42 | 27.28 | 21.67 | 4.48 | 1.93 | 2.55 | 5.41 | 1.87 | 2.37 | 1.65 | 1.26 | 1.09 | 0.82 | 2.23 | 1.08 | 3.21 | 3.34 | 2.84 | 2.89 | 2.37 | 1.95 | 1.42 | 2.73 | 2.21 | 1.45 | 0.56 | 1.80 | 1.44 |
| Diluted Shares Outstanding | 30.6M | 31.1M | 34.2M | 35.7M | 39.3M | 43.2M | 43.5M | 43.3M | 43M | 43.2M | 43.5M | 44M | 43.4M | 43.1M | 42.7M | 42M | 41.5M | 41.1M | 41.5M | 43.1M | 43.42M | 44M | 43.3M | 42.2M | 41.13M | 40.67M | 40.98M | 43.21M | 44.76M | 45.18M | 45.3M |
| Basic Shares Outstanding | 30.4M | 30.8M | 33.7M | 35.3M | 39M | 42.8M | 43.1M | 42.8M | 42.7M | 42.9M | 43.1M | 43.5M | 43M | 42.7M | 42.3M | 41.6M | 41.2M | 41M | 41.2M | 42.5M | 43.2M | 43.6M | 42.6M | 42.2M | 40.85M | 40.5M | 40.98M | 43.21M | 44.76M | 45.18M | 45.3M |
| Dividend Payout Ratio | - | 10.09% | 9.4% | 15.15% | 4.51% | 4.95% | 20.3% | 44.98% | 32.48% | 14.63% | 39.56% | 29.9% | 40.54% | 49.91% | 86.06% | 154.97% | 56.52% | 118.18% | 38.64% | 33.8% | 34.43% | 30.95% | 37.62% | 45.68% | 63.79% | 32.98% | 40.61% | 62.16% | 160.38% | 48.89% | 61.06% |
Jones Act legislative exposure
As reported in recent financial filings, Matson's revenue growth has shifted into negative territory, with the most recent quarter showing a 3.1% year-over-year decline, reflecting the broader normalization of trans-Pacific freight rates following the elevated demand environment observed throughout the 2024 fiscal year.
The deceleration in top-line performance appears to be a direct consequence of the cooling China-to-Long Beach expedited service, which previously benefited from pandemic-era port congestion. Investors should monitor whether the domestic sustenance lanes can provide a sufficient floor to offset further volatility in international shipping volumes.
Based on the company's quarterly income statements, gross margins have contracted significantly from a peak of 32.0% in 2024Q3 to a point where they are no longer explicitly disclosed, suggesting a return to more competitive pricing dynamics within the core maritime shipping segments.
The erosion of margin strength implies that the premium pricing power previously enjoyed by the China expedited service is fading as global supply chains stabilize. This trend warrants further investigation into whether the company's high fixed-cost base will remain adequately covered as revenue per container unit continues to revert toward historical norms.
According to the provided income statement data, operating income has experienced a sharp decline, falling from $235.4 million in 2024Q3 to $61.4 million in 2026Q1, indicating that the company's fixed cost structure is struggling to maintain efficiency amidst a shrinking gross profit pool.
The inability of operating income to scale proportionally with revenue suggests that the company's high fixed-cost base, primarily driven by vessel operations and terminal infrastructure, is creating significant operating leverage risk. This dynamic may lead to further earnings volatility if revenue continues to trend downward without a corresponding reduction in overhead.
While the company's Jones Act-protected lanes are often viewed as a defensive moat, the recent 3.1% revenue contraction suggests that even these essential services are not entirely immune to broader economic pressures, potentially challenging the narrative of a utility-like, recession-resistant revenue stream for investors.
Short-sellers may focus on the potential for further margin compression if the Alaska and Hawaii lanes face volume declines due to regional economic cooling. The reliance on these protected markets may be overstated if the underlying demand for project cargo and consumer goods in these territories proves more cyclical than historically assumed.
Quick answers to the most common questions about buying MATX stock.
For fiscal year 2025, Matson, Inc. (MATX) reported total revenue of $3.34B. This represents a 171.3% increase compared to $1.23B in 1996.
Matson, Inc. (MATX) is profitable, generating $444.8M in net income for the fiscal year ending 2025 with a net profit margin of 13.3%.
Matson, Inc. (MATX) reported an operating income of $467.3M, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Matson, Inc. (MATX) generated $761.4M in gross profit for the year, representing a gross profit margin of 22.8%. This demonstrates the company's core pricing power and production efficiency.