Revenue has experienced a sustained downward trend, falling from $12.0 billion in 2023Q4 to $9.7 billion in 2026Q1, while gross margins remain constrained within a narrow 0.6% to 2.8% range.
| 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 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 37.18B | 36.93B | 42.3B | 47.91B | 58.98B | 31.3B | 20.09B | 36.56B | 39.62B | 33.74B | 26.97B | 30.12B | 43.32B | 41.54B | 38.93B | 34.62B | 19.13B | 11.29B | 18.51B | 13.73B | 10.79B | 8.73B | 5.65B | 2.66B | 1.37B | 1.53B | 1.2B | 744.2M | 801.7M | 772.6M | 642.3M |
| Revenue Growth % | -8.67% | -12.69% | -11.71% | -18.77% | 88.4% | 55.78% | -45.03% | -7.74% | 17.44% | 25.09% | -10.45% | -30.47% | 4.29% | 6.69% | 12.45% | 80.98% | 69.43% | -38.99% | 34.81% | 27.3% | 23.49% | 54.46% | 112.43% | 94.99% | -10.74% | 27.41% | 61.29% | -7.17% | 3.77% | 20.29% | 77.48% |
| Cost of Goods Sold | 36.49B | 36.39B | 41.58B | 47.12B | 58.46B | 31.24B | 19.57B | 35.99B | 39.1B | 33.25B | 26.51B | 29.69B | 42.88B | 41.1B | 38.52B | 34.22B | 18.86B | 11.05B | 18.25B | 13.58B | 10.57B | 8.63B | 5.58B | 2.56B | 1.29B | 1.46B | 1.13B | 682M | 749M | 724.1M | 600.3M |
| COGS % of Revenue | - | 98.55% | 98.31% | 98.36% | 99.11% | 99.79% | 97.4% | 98.46% | 98.67% | 98.55% | 98.3% | 98.57% | 98.98% | 98.94% | 98.93% | 98.83% | 98.57% | 97.89% | 98.61% | 98.9% | 98.02% | 98.8% | 98.74% | 96.22% | 94.42% | 95.16% | 94.45% | 91.64% | 93.43% | 93.72% | 93.46% |
| Gross Profit | 687.6M | 534.6M | 714.7M | 784.33M | 522M | 66.1M | 522.6M | 564.1M | 526.3M | 490.4M | 457.5M | 429.6M | 441.51M | 439.02M | 416.53M | 403.41M | 273.37M | 238.38M | 256.5M | 150.46M | 214.07M | 104.63M | 71.32M | 100.71M | 76.17M | 74.09M | 66.67M | 62.2M | 52.7M | 48.5M | 42M |
| Gross Margin % | 1.85% | 1.45% | 1.69% | 1.64% | 0.89% | 0.21% | 2.6% | 1.54% | 1.33% | 1.45% | 1.7% | 1.43% | 1.02% | 1.06% | 1.07% | 1.17% | 1.43% | 2.11% | 1.39% | 1.1% | 1.98% | 1.2% | 1.26% | 3.78% | 5.58% | 4.84% | 5.55% | 8.36% | 6.57% | 6.28% | 6.54% |
| Gross Profit Growth % | - | -25.2% | -8.88% | 50.25% | 689.71% | -87.35% | -7.36% | 7.18% | 7.32% | 7.19% | 6.49% | -2.7% | 0.57% | 5.4% | 3.25% | 47.57% | 14.68% | -7.06% | 70.48% | -29.71% | 104.59% | 46.71% | -29.18% | 32.21% | 2.81% | 11.12% | 7.19% | 18.03% | 8.66% | 15.48% | 43.84% |
| Operating Expenses | 423.1M | 280.6M | 297.1M | 308M | 308.7M | 247.6M | 311.1M | 322.2M | 299.6M | 306.9M | 296.8M | 249.6M | 224.63M | 200.38M | 179.06M | 162.76M | 98.82M | 84.19M | 101.36M | 62.17M | 135.88M | 48.01M | 33.35M | 73.72M | 55.88M | 54.09M | 59.76M | 44.8M | 34.3M | 32.9M | 27.1M |
| OpEx % of Revenue | - | 0.76% | 0.7% | 0.64% | 0.52% | 0.79% | 1.55% | 0.88% | 0.76% | 0.91% | 1.1% | 0.83% | 0.52% | 0.48% | 0.46% | 0.47% | 0.52% | 0.75% | 0.55% | 0.45% | 1.26% | 0.55% | 0.59% | 2.77% | 4.09% | 3.54% | 4.98% | 6.02% | 4.28% | 4.26% | 4.22% |
| Selling, General & Admin | 287.4M | 282.4M | 297.1M | 308M | 308.7M | 247.6M | 311.1M | 322.2M | 299.6M | 306.9M | 296.8M | 249.6M | 224.63M | 200.38M | 179.06M | 162.76M | 98.82M | 84.19M | 101.36M | 62.17M | 135.88M | 48.01M | 33.35M | 38.76M | 54.88M | 54.09M | 57.33M | 42M | 31.9M | 31M | 25.4M |
| SG&A % of Revenue | - | 0.76% | 0.7% | 0.64% | 0.52% | 0.79% | 1.55% | 0.88% | 0.76% | 0.91% | 1.1% | 0.83% | 0.52% | 0.48% | 0.46% | 0.47% | 0.52% | 0.75% | 0.55% | 0.45% | 1.26% | 0.55% | 0.59% | 1.46% | 4.02% | 3.54% | 4.78% | 5.64% | 3.98% | 4.01% | 3.95% |
| 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 | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -378K | 1M | 0 | 2.43M | 2.8M | 2.4M | 1.9M | 1.7M |
| Operating Income | 271.2M | 254M | 417.6M | 476.33M | 213.3M | -181.5M | 211.5M | 241.9M | 226.7M | 183.5M | 160.7M | 180M | 216.88M | 238.64M | 237.47M | 240.65M | 174.55M | 154.19M | 155.14M | 88.29M | 78.19M | 56.62M | 37.97M | 26.99M | 21.29M | 14.15M | 1.28M | 17.4M | 18.4M | 15.6M | 14.9M |
| Operating Margin % | 0.73% | 0.69% | 0.99% | 0.99% | 0.36% | -0.58% | 1.05% | 0.66% | 0.57% | 0.54% | 0.6% | 0.6% | 0.5% | 0.57% | 0.61% | 0.7% | 0.91% | 1.37% | 0.84% | 0.64% | 0.73% | 0.65% | 0.67% | 1.01% | 1.56% | 0.93% | 0.11% | 2.34% | 2.3% | 2.02% | 2.32% |
| Operating Income Growth % | - | -39.18% | -12.33% | 123.31% | 217.52% | -185.82% | -12.57% | 6.7% | 23.54% | 14.19% | -10.72% | -17.01% | -9.12% | 0.49% | -1.32% | 37.87% | 13.2% | -0.61% | 75.72% | 12.91% | 38.1% | 49.11% | 40.69% | 26.78% | 50.43% | 1005.63% | -92.64% | -5.43% | 17.95% | 4.7% | 31.86% |
| EBITDA | 363.8M | 352.2M | 524M | 580.83M | 321.1M | -100.5M | 297.3M | 329.3M | 308.2M | 269.5M | 243M | 243.4M | 276.28M | 283.35M | 274.18M | 281.18M | 193.65M | 171.15M | 169.01M | 95.19M | 83.06M | 60.45M | 41.57M | 30.82M | 23.23M | 16.5M | 3.71M | 20.2M | 20.8M | 17.5M | 16.6M |
| EBITDA Margin % | 0.98% | 0.95% | 1.24% | 1.21% | 0.54% | -0.32% | 1.48% | 0.9% | 0.78% | 0.8% | 0.9% | 0.81% | 0.64% | 0.68% | 0.7% | 0.81% | 1.01% | 1.52% | 0.91% | 0.69% | 0.77% | 0.69% | 0.74% | 1.16% | 1.7% | 1.08% | 0.31% | 2.71% | 2.59% | 2.27% | 2.58% |
| EBITDA Growth % | -15.53% | -32.79% | -9.78% | 80.89% | 419.5% | -133.8% | -9.72% | 6.85% | 14.36% | 10.91% | -0.16% | -11.9% | -2.49% | 3.34% | -2.49% | 45.2% | 13.15% | 1.27% | 77.55% | 14.61% | 37.41% | 45.41% | 34.87% | 32.68% | 40.76% | 344.8% | -81.63% | -2.88% | 18.86% | 5.42% | 30.71% |
| D&A (Non-Cash Add-back) | 92.6M | 98.2M | 106.4M | 104.5M | 107.8M | 81M | 85.8M | 87.4M | 81.5M | 86M | 82.3M | 63.4M | 59.4M | 44.71M | 36.71M | 40.53M | 19.11M | 16.96M | 13.87M | 6.9M | 4.87M | 3.83M | 3.6M | 3.83M | 1.94M | 2.35M | 2.43M | 2.8M | 2.4M | 1.9M | 1.7M |
| EBIT | -565.6M | -630.2M | 226M | 218.83M | 258.3M | 145.8M | 209.8M | 317.4M | 259.8M | 45.2M | 185.8M | 252.6M | 300.78M | 267.83M | 259.6M | 254.82M | 182.99M | 152M | 147.92M | 88.5M | 83.64M | 59.26M | 38.47M | 27.34M | 20.29M | 20.01M | 6.92M | 15.06M | 14.78M | 15.6M | 14.9M |
| Net Interest Income | -104.1M | -100.7M | -102.2M | -127.7M | -110.6M | -40.2M | -45M | -73.8M | -70.9M | -60.3M | -39.2M | -29.9M | -25.2M | -17.3M | -19.1M | -15.82M | -4.75M | -3.66M | -8.46M | 3.11M | 3.35M | -645K | -651K | 513K | 1.28M | 1.62M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.1M | 8.8M | 13.8M | 7.8M | 6.8M | 7M | 3.6M | 6.2M | 3.9M | 6M | 4.5M | 5M | 5.99M | 3.88M | 908K | 788K | 714K | 1.22M | 1.89M | 5.03M | 5.59M | 2.79M | 984K | 823K | 1.28M | 1.97M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 109.2M | 109.5M | 116M | 135.5M | 117.4M | 47.2M | 48.6M | 80M | 74.8M | 66.3M | 43.7M | 34.9M | 31.23M | 21.17M | 20M | 16.61M | 5.46M | 4.88M | 10.34M | 1.92M | 2.24M | 3.43M | 1.64M | 310K | 0 | 348K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -950.6M | -993.7M | -322.1M | -409.63M | -68.2M | 281.5M | -49.8M | -4.6M | -41.8M | -204.6M | -18.6M | 37.7M | 52.67M | 8.03M | 2.13M | -2.45M | 2.98M | -4.29M | -17.57M | -1.7M | 3.21M | -792K | -2.14M | 628K | 1.94M | 2.19M | -8K | 1.5M | -1.36M | 2.3M | 1.9M |
| Pretax Income | -679.4M | -739.7M | 95.5M | 66.7M | 145.1M | 100M | 161.7M | 237.3M | 184.9M | -21.1M | 142.1M | 219.3M | 269.55M | 246.66M | 239.59M | 238.2M | 177.53M | 149.91M | 137.57M | 86.59M | 81.4M | 55.83M | 35.53M | 27.62M | 23.23M | 16.34M | 1.27M | 18.9M | 20.8M | 17.9M | 16.8M |
| Pretax Margin % | -1.83% | -2% | 0.23% | 0.14% | 0.25% | 0.32% | 0.8% | 0.65% | 0.47% | -0.06% | 0.53% | 0.73% | 0.62% | 0.59% | 0.62% | 0.69% | 0.93% | 1.33% | 0.74% | 0.63% | 0.75% | 0.64% | 0.63% | 1.04% | 1.7% | 1.07% | 0.11% | 2.54% | 2.59% | 2.32% | 2.62% |
| Income Tax | -114.5M | -127.9M | 27.6M | 13M | 29.2M | 25.8M | 52.1M | 56.2M | 55.9M | 149.2M | 15.7M | 47.2M | 51.14M | 39.51M | 38.24M | 39M | 31.03M | 32.35M | 32.37M | 21.23M | 17.35M | 15.47M | 6.97M | 5.74M | 5.99M | 4.56M | 1.44M | 3.8M | 4.9M | 4.6M | 5.9M |
| Effective Tax Rate % | 16.85% | 17.29% | 28.9% | 19.49% | 20.12% | 25.8% | 32.22% | 23.68% | 30.23% | -707.11% | 11.05% | 21.52% | 18.97% | 16.02% | 15.96% | 16.37% | 17.48% | 21.58% | 23.53% | 24.52% | 21.32% | 27.72% | 19.62% | 20.8% | 25.79% | 27.88% | 113.52% | 20.11% | 23.56% | 25.7% | 35.12% |
| Net Income | -567.3M | -614M | 67.4M | 52.9M | 114.1M | 73.7M | 109.6M | 178.9M | 127.7M | -170.2M | 126.5M | 186.9M | 221.75M | 203.07M | 189.34M | 194.03M | 146.87M | 117.14M | 105.04M | 64.77M | 63.95M | 39.61M | 28.56M | 21.87M | 17.23M | 10.63M | 9.63M | 15.1M | 15.9M | 13.3M | 10.9M |
| Net Margin % | -1.53% | -1.66% | 0.16% | 0.11% | 0.19% | 0.24% | 0.55% | 0.49% | 0.32% | -0.5% | 0.47% | 0.62% | 0.51% | 0.49% | 0.49% | 0.56% | 0.77% | 1.04% | 0.57% | 0.47% | 0.59% | 0.45% | 0.51% | 0.82% | 1.26% | 0.7% | 0.8% | 2.03% | 1.98% | 1.72% | 1.7% |
| Net Income Growth % | -3101.59% | -1010.98% | 27.41% | -53.64% | 54.82% | -32.76% | -38.74% | 40.09% | 175.03% | -234.55% | -32.32% | -15.71% | 9.19% | 7.25% | -2.41% | 32.11% | 25.38% | 11.52% | 62.16% | 1.29% | 61.45% | 38.69% | 30.56% | 26.92% | 62.07% | 10.37% | -36.19% | -5.03% | 19.55% | 22.02% | 34.57% |
| Net Income (Continuing) | -564.9M | -611.8M | 67.9M | 53.7M | 115.9M | 74.2M | 109.6M | 181.1M | 129M | -170.3M | 126.4M | 170.5M | 218.41M | 207.16M | 201.35M | 199.2M | 146.5M | 117.56M | 105.2M | 65.35M | 64.05M | 40.35M | 28.86M | 22.16M | 17.23M | 11.79M | -172K | 13.69M | 13.58M | 13.3M | 10.9M |
| 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 | 8.1M | 8.8M | 7.2M | 6.7M | 5.9M | 4.1M | 3.6M | 3.5M | 16.1M | 16M | 15M | 10M | 9.52M | 5M | 24.45M | 13.76M | -644K | 228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.91 | -11.03 | 1.13 | 0.86 | 1.82 | 1.16 | 1.71 | 2.69 | 1.89 | -2.50 | 1.81 | 2.64 | 3.11 | 2.83 | 2.64 | 2.71 | 2.31 | 1.96 | 1.81 | 1.12 | 1.11 | 0.79 | 0.61 | 0.50 | 0.40 | 0.25 | 0.20 | 0.30 | 0.32 | 0.27 | 0.23 |
| EPS Growth % | -1124.1% | -1076.11% | 31.4% | -52.75% | 56.9% | -32.16% | -36.43% | 42.33% | 175.6% | -238.12% | -31.44% | -15.11% | 9.89% | 7.2% | -2.58% | 17.32% | 17.86% | 8.29% | 61.61% | 0.9% | 40.51% | 29.51% | 22% | 25% | 60% | 25% | -33.33% | -6.25% | 18.52% | 17.39% | 27.78% |
| EPS (Basic) | - | -11.03 | 1.14 | 0.86 | 1.83 | 1.17 | 1.72 | 2.71 | 1.89 | -2.50 | 1.82 | 2.66 | 3.13 | 2.85 | 2.66 | 2.74 | 2.36 | 1.99 | 1.83 | 1.15 | 1.17 | 0.84 | 0.65 | 0.52 | 0.41 | 0.25 | 0.20 | 0.31 | 0.33 | 0.27 | 0.23 |
| Diluted Shares Outstanding | 52M | 54.8M | 59.5M | 61.7M | 62.7M | 63.3M | 64M | 66.5M | 67.7M | 68.1M | 69.8M | 70.7M | 71.32M | 71.8M | 71.82M | 71.51M | 63.44M | 59.9M | 58.06M | 58.12M | 57.85M | 50.43M | 46.91M | 44.68M | 42.58M | 42.65M | 48.18M | 50.13M | 50.11M | 49.62M | 48.44M |
| Basic Shares Outstanding | 51.7M | 54.8M | 59M | 61.4M | 62.3M | 62.9M | 63.7M | 66.1M | 67.4M | 68.1M | 69.3M | 70.2M | 70.75M | 71.22M | 71.15M | 70.69M | 62.17M | 59M | 57.39M | 56.2M | 54.93M | 47.4M | 44.21M | 42.47M | 41.52M | 42.58M | 48.18M | 49.5M | 48.92M | 49.18M | 48.44M |
| Dividend Payout Ratio | - | - | 57.12% | 64.27% | 27.17% | 38.94% | 23.36% | 11.79% | 12.69% | - | 13.12% | 8.19% | 4.78% | 5.26% | 5.64% | 5.46% | 6.07% | 7% | 4.13% | 6.57% | 6.51% | 8.68% | 11.73% | 14.55% | 22.66% | 20.26% | 25.26% | 16.46% | 15.09% | 16.54% | 17.43% |
Thin margin volatility exposure
As indicated by the provided financial data, World Kinect Corporation has experienced a sustained period of top-line decline, with revenue falling from $12.0 billion in 2023Q4 to $9.7 billion by 2026Q1, reflecting a challenging environment for its core fuel distribution and logistics business model.
The consistent year-over-year revenue contraction suggests that the company is struggling to maintain volume in a competitive global energy market. Investors should monitor whether this trend reflects a strategic shift away from lower-margin commodity distribution or a genuine loss of market share in its core aviation and marine segments.
Based on reported income statements, the company operates with a razor-thin gross margin profile, which peaked at only 2.8% in 2026Q1 and dipped as low as 0.6% in 2024Q1, highlighting the extreme sensitivity of the business to commodity price fluctuations and credit spread volatility.
The inability to consistently expand gross margins suggests that World Kinect lacks significant pricing power, functioning primarily as a high-volume intermediary. This structural limitation implies that any disruption in global fuel demand or credit availability could rapidly erode the company's ability to cover its fixed operating costs.
According to the quarterly income statements, net income has been highly erratic, characterized by significant losses such as the $339.3 million deficit in 2025Q2, which suggests that non-operating items and potential asset impairments are frequently obscuring the underlying operational performance of the business.
The wide variance between operating income and net income warrants further investigation into the company's derivative hedging activities and potential credit loss provisions. The recurring nature of these bottom-line swings indicates that reported EPS may not be a reliable indicator of the company's core cash-generating capability.
Financial filings reveal that SG&A expenses have remained relatively stable, fluctuating between $67.3 million and $77.4 million over the last ten quarters, even as revenue experienced significant downward pressure, suggesting a disciplined approach to managing overhead costs during periods of top-line volatility.
While management appears to be maintaining expense discipline, the lack of significant cost reduction in the face of declining revenue may indicate that the company's operating structure is relatively rigid. This rigidity may limit the company's ability to protect operating margins if the current revenue contraction persists.
Quick answers to the most common questions about buying WKC stock.
For fiscal year 2025, World Kinect Corporation (WKC) reported total revenue of $36.93B. This represents a 5649.3% increase compared to $642.3M in 1995.
World Kinect Corporation (WKC) reported a net loss of $614.0M for the fiscal year ending 2025.
World Kinect Corporation (WKC) reported an operating income of $254.0M, resulting in an operating profit margin of 0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
World Kinect Corporation (WKC) generated $534.6M in gross profit for the year, representing a gross profit margin of 1.4%. This demonstrates the company's core pricing power and production efficiency.