Filing Flows › Kirby (KEX) › Q4 2025
Kirby (KEX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Kirby (KEX) reported revenue of $852M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before. Operating margin was 15.2%, net earnings $92.0M (10.8% of revenue).
Kirby, Q4 2025: revenue $852M (+6% year over year), operating margin 15.2%, net earnings $92.0M, operating cash flow $312M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $852M | -2% | +6% |
| Operating profit | $130M | +0.4% | +159% |
| Net earnings | $92.0M | -0.8% | +114% |
| Operating cash flow | $312M | +37% | +26% |
| Free cash flow | $265M | — | +76% |
What changed
Revenue was $851.8M in Q4 2025, up 6% year over year and down 2% from the previous quarter. Marine Transportation was the largest line at 57% of revenue.
Operating profit was $129.7M, a 15.2% margin (up 9.0 points year over year). Of the extra revenue versus a year earlier, 161% reached operating profit, above the 6% margin then. Total costs fell 4% while revenue rose 6%. Net earnings were $91.8M, up 114% year over year. The effective tax rate was 25.9%.
Operating cash flow was $312.2M (up 26% year over year), 339% of net earnings. Non-cash charges added back $67.9M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $149.3M. After capital expenditures ($47.0M), free cash flow as the company reports it was $265.2M.
Questions
What was Kirby's revenue in the fourth quarter 2025?
Kirby (KEX) reported revenue of $852M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before.
Was Kirby profitable in the fourth quarter 2025?
Operating profit was $130M (15.2% of revenue) and net earnings $92.0M.
Source: Kirby 10-K on SEC EDGAR.