Kirby Corp
NYSE:KEX
Kirby Corp
Kirby Corporation began its journey in Houston, establishing itself as a dominant player in the niche industry of marine transportation and diesel engine services. This Houston-based company operates on a model that combines core marine and diesel engine operations, making it a pivotal component of the logistics and energy sectors across America's inland waterways and along its coasts. With a fleet of hundreds of inland tank barges and towboats, Kirby facilitates the safe and efficient movement of bulk liquid cargo – anything from petrochemicals to refined products. These operations are not just about moving cargo; they are a testament to Kirby's commitment to logistics excellence, optimizing routes, and maintaining strong relationships with key industrial customers. By capitalizing on its logistical expertise and engineering know-how, Kirby ensures its vessels are always ready to serve those fueling America's industries.
Parallel to its marine business, Kirby also runs a robust diesel engine services segment. This side of the business is predicated on providing critical support and maintenance services to the marine, offshore oil, power generation, and industrial markets. What sets Kirby apart is its dual capability to conduct repairs, rebuild engines, and offer a diversified range of products for virtually any industrial application needing reliable diesel engines. This diversification not only fortifies the company's revenue streams but also situates it as a key player in industries reliant on dependable machinery and uninterrupted operations. Through these diligent strategies and forward-looking investments in both segments, Kirby Corporation remains resilient, reinforcing its position as a linchpin in the energy and logistics chain.
Kirby Corporation began its journey in Houston, establishing itself as a dominant player in the niche industry of marine transportation and diesel engine services. This Houston-based company operates on a model that combines core marine and diesel engine operations, making it a pivotal component of the logistics and energy sectors across America's inland waterways and along its coasts. With a fleet of hundreds of inland tank barges and towboats, Kirby facilitates the safe and efficient movement of bulk liquid cargo – anything from petrochemicals to refined products. These operations are not just about moving cargo; they are a testament to Kirby's commitment to logistics excellence, optimizing routes, and maintaining strong relationships with key industrial customers. By capitalizing on its logistical expertise and engineering know-how, Kirby ensures its vessels are always ready to serve those fueling America's industries.
Parallel to its marine business, Kirby also runs a robust diesel engine services segment. This side of the business is predicated on providing critical support and maintenance services to the marine, offshore oil, power generation, and industrial markets. What sets Kirby apart is its dual capability to conduct repairs, rebuild engines, and offer a diversified range of products for virtually any industrial application needing reliable diesel engines. This diversification not only fortifies the company's revenue streams but also situates it as a key player in industries reliant on dependable machinery and uninterrupted operations. Through these diligent strategies and forward-looking investments in both segments, Kirby Corporation remains resilient, reinforcing its position as a linchpin in the energy and logistics chain.
Record Year: Kirby delivered record earnings in 2025 with strong Q4 execution and more than $400 million in free cash flow for the year.
Marine Transportation: Marine revenues were up 3% year-over-year in Q4, with coastal revenues showing particular strength (up 22% YoY). Inland barge utilization exited the year near 90%, and coastal utilization stayed in the mid- to high 90% range.
Distribution & Services: Power generation was a major growth driver, with revenue up 47% year-over-year in Q4, offsetting ongoing weakness in oil and gas.
Cost Management: The company aggressively controlled costs and improved margins despite inflation and increased medical costs, with most expense increases offset by lower claims losses.
Capital Returns: Over $100 million was used for share repurchases in 2025, and $130 million of debt was paid down, strengthening the balance sheet.
2026 Outlook: Management expects steady growth and improved earnings in 2026, with continued strong demand in power generation and a constructive marine market environment.
Guidance: Free cash flow in 2026 is projected at $575–675 million, and CapEx guidance is $220–260 million. Marine and D&S segment revenues are expected to be flat to up, driven by power generation.
