Filing Flows › Kirby (KEX) › Q3 2025
Kirby (KEX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Kirby (KEX) reported revenue of $871M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +2% from the quarter before. Operating margin was 14.8%, net earnings $92.7M (10.6% of revenue).
Kirby, Q3 2025: revenue $871M (+5% year over year), operating margin 14.8%, net earnings $92.7M, operating cash flow $228M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $871M | +2% | +5% |
| Operating profit | $129M | -2% | +2% |
| Net earnings | $92.7M | -2% | +3% |
| Operating cash flow | $228M | +142% | +10% |
| Free cash flow | $160M | — | +23% |
What changed
Revenue was $871.2M in Q3 2025, up 5% year over year and up 2% from the previous quarter. Marine Transportation was the largest line at 56% of revenue. Distribution and Services added $41.1M year over year (up 12%), 103% of the total change.
Operating profit was $129.2M, a 14.8% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 15% margin then. Total costs grew 5% against revenue growth of 5%. Net earnings were $92.5M, up 3% year over year. The effective tax rate was 24.6%.
Operating cash flow was $227.5M (up 10% year over year), 245% of net earnings. Non-cash charges added back $66.9M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $64.5M. After capital expenditures ($67.2M), free cash flow as the company reports it was $160.3M.
Questions
What was Kirby's revenue in the third quarter 2025?
Kirby (KEX) reported revenue of $871M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +2% from the quarter before.
Was Kirby profitable in the third quarter 2025?
Operating profit was $129M (14.8% of revenue) and net earnings $92.7M.
Source: Kirby 10-Q on SEC EDGAR.