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Matson (MATX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Matson (MATX) Q3 2026 earnings results →
Q3 2026 Revenue up 26% year over year to $1.1B · 19¢ of every $1 of revenue kept as net profit · operating margin 22.9%
Matson made $1.1B in Q3 2026 (+26% Y/Y): Ocean Transportation $891M, Logistics $222M. Operating margin 22.9%, net earnings $209M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 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 $1.1B in Q3 2026, up 27% year over year and up 15% from the previous quarter. Ocean Transportation was the largest line at 80% of revenue. Ocean Transportation added $0.17B year over year (up 24%), 74% of the total change.
Operating profit was $0.26B, a 22.9% margin (up 4.6 points year over year). Of the extra revenue versus Q3 2025, 40% reached operating profit, above the 18% margin then. Total costs grew 19% against revenue growth of 27%. The fastest-growing cost line was General & admin (+22%). Net earnings were $0.21B, up 55% year over year. The effective tax rate was 20.5%.
Operating cash flow was $0.23B (up 30% year over year), 109% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $0.01B. Capital expenditures of $0.05B left free cash flow of $0.18B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $1.1B | +26% | 22.9% | $209M | $229M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $969M | +17% | 16.4% | $129M | $138M |
| Q1 2026 | 10-Q | May 5, 2026 | $758M | -3% | 8.1% | $56.6M | $94.0M |
| Q4 2025 | 10-K | Feb 27, 2026 | $852M | -4% | 16.9% | $143M | $177M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $880M | -8% | 18.3% | $135M | $176M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $830M | -2% | 13.6% | $94.7M | $106M |
| Q1 2025 | 10-Q | May 6, 2025 | $782M | +8% | 10.5% | $72.3M | $89.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 Matson
Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics. Ocean Transportation: Matson’s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia.
In its own words, from its 10-K, filed Feb 27, 2026.
Matson against its Water Transportation peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +12%. Operating margin: 22.9% against the peers' median 22.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MATX Matson | Q3 2026 | $1.1B | +26% | 22.9% |
| 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% |
| KEX Kirby | Q3 2026 | $977M | +12% | 15.4% |
| 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: Matson 10-Q on SEC EDGAR · CIK 3453 · Water Transportation
Guidance and outlook
13F: who owns MATX and who is buying
More on MATX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results