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Kirby (KEX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Kirby (KEX) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $977M · 11¢ of every $1 of revenue kept as net profit · operating margin 15.4%
Kirby made $977M in Q3 2026 (+12% Y/Y): Marine Transportation $569M, Distribution and Services $408M. Operating margin 15.4%, net earnings $111M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $977.2M in Q3 2026, up 12% year over year and up 6% from the previous quarter. Marine Transportation was the largest line at 58% of revenue. Marine Transportation added $83.8M year over year (up 17%), 79% of the total change.
Operating profit was $150.9M, a 15.4% margin (up 0.6 points year over year). Of the extra revenue versus Q3 2025, 20% reached operating profit, above the 15% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $110.8M, up 20% year over year. The effective tax rate was 24.5%.
Operating cash flow was $143.5M (down 37% year over year), 129% of net earnings. Non-cash charges added back $71.6M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $41.5M. After capital expenditures ($69.5M), free cash flow as the company reports it was $74.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $977M | +12% | 15.4% | $111M | $143M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $922M | +8% | 13.3% | $89.8M | $72.3M |
| Q1 2026 | 10-Q | May 8, 2026 | $844M | +7% | 12.8% | $81.3M | $97.7M |
| Q4 2025 | 10-K | Feb 17, 2026 | $852M | +6% | 15.2% | $92.0M | $312M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $871M | +5% | 14.8% | $92.7M | $228M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $855M | +4% | 15.4% | $94.4M | $93.9M |
| Q1 2025 | 10-Q | May 12, 2025 | $786M | -3% | 13.4% | $76.3M | $36.5M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Kirby
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. Kirby transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade.
In its own words, from its 8-K, filed Jul 29, 2026.
Kirby against its Water Transportation peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: 15.4% against the peers' median 22.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KEX Kirby | Q3 2026 | $977M | +12% | 15.4% |
| CCL Carnival | Q3 FY26 | $8.4B | +4% | 26.3% |
| RCL Royal Caribbean Cruises | Q3 2026 | $5.6B | +9% | 33.5% |
| NCLH Norwegian Cruise Line Holdings | Q3 2026 | $2.9B | +0.3% | 21.2% |
| MATX Matson | Q3 2026 | $1.1B | +26% | 22.9% |
| INSW International Seaways | Q3 2026 | $483M | +146% | 72.7% |
| TDW Tidewater | Q2 2026 | $342M | +0.3% | 18.3% |
| OMEX Odyssey Marine Exploration | Q3 2026 | $109K | +79% | n/m |
Source: Kirby 10-Q on SEC EDGAR · CIK 56047 · Water Transportation
Guidance and outlook
13F: who owns KEX and who is buying
More on KEX
- How Kirby makes money: revenue by segment
- Kirby next earnings date and what analysts expect
- Kirby stock forecast, price target and fair value
- Who owns Kirby stock: holders, funds and Congress trades
- Kirby guidance and outlook
- Is Kirby a takeover target? LBO and rumors
- Kirby recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results