Filing Flows › Kirby (KEX) › Q2 2025
Kirby (KEX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Kirby (KEX) reported revenue of $855M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +9% from the quarter before. Operating margin was 15.4%, net earnings $94.4M (11.0% of revenue).
Kirby, Q2 2025: revenue $855M (+4% year over year), operating margin 15.4%, net earnings $94.4M, operating cash flow $93.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $855M | +9% | +4% |
| Operating profit | $132M | +25% | +9% |
| Net earnings | $94.4M | +24% | +12% |
| Operating cash flow | $93.9M | +157% | -48% |
| Free cash flow | $22.4M | — | -75% |
What changed
Revenue was $855.5M in Q2 2025, up 4% year over year and up 9% from the previous quarter. Marine Transportation was the largest line at 58% of revenue. Distribution and Services added $23.3M year over year (up 7%), 75% of the total change.
Operating profit was $131.8M, a 15.4% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, above the 15% margin then. Total costs grew 3% against revenue growth of 4%. Net earnings were $94.3M, up 12% year over year. The effective tax rate was 23.8%.
Operating cash flow was $93.9M (down 48% year over year), 100% of net earnings. Non-cash charges added back $65.7M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $69.4M. After capital expenditures ($71.5M), free cash flow as the company reports it was $22.4M.
Questions
What was Kirby's revenue in the second quarter 2025?
Kirby (KEX) reported revenue of $855M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +9% from the quarter before.
Was Kirby profitable in the second quarter 2025?
Operating profit was $132M (15.4% of revenue) and net earnings $94.4M.
Source: Kirby 10-Q on SEC EDGAR.