Kirby Corporation Announces First Quarter 2026 Results

Kirby Corporation announced net earnings attributable to Kirby for the first quarter ending March 31, 2026, of $81.2 million, or $1.50 per share, compared with earnings of $76.0 million, or $1.33 per share, for the 2025 first quarter.

Total revenues for the 2026 first quarter were $844.1 million compared with $785.7 million reported for the 2025 first quarter. The company reported “positive market dynamics” in the inland marine sector, which delivered strong results despite a 25 percent increase in delay days on the Mississippi River. The company said it anticipates inland barge utilization rates to remain above 90 percent.

David Grzebinski, Kirby’s CEO, said, “Our first quarter results reflected improving market conditions in marine transportation where utilization and pricing strengthened as the quarter progressed, resulting in positive momentum entering the second quarter. In distribution and services, year-over-year revenue growth remained strong, driven by continued strength in power generation orders.

“While results were impacted early in the quarter by normal seasonal challenges in marine transportation and project timing dynamics in distribution and services, overall performance improved as the quarter progressed, resulting in strong year-over-year growth in earnings per share.”

“In inland marine, market fundamentals improved during the quarter as customer demand strengthened and barge availability remained limited. While operations were impacted early in the quarter by seasonal weather-related disruptions and navigational delays, conditions improved as the quarter progressed, supporting better utilization and pricing.

“Barge utilization averaged in the low-90 percent range for the quarter, spot pricing increased in the low-single-digit range sequentially, and term contract renewals were flat to slightly up when compared to the year prior. The combination of improved pricing and disciplined execution helped drive operating margins to the high-teens range.”

Oil and gas results continued to be “pressured” by lower conventional activity, he said.

Marine Transportation

Marine transportation revenues for the 2026 first quarter were $497.2 million, compared with $476.1 million for the 2025 first quarter. Operating income for the 2026 first quarter was $89.7 million compared with $86.6 million for the 2025 first quarter. Segment operating margin for the 2026 first quarter was 18.0 percent, compared with 18.2 percent for the 2025 first quarter.

In inland marine, 2026 first quarter average barge utilization was up sequentially and in the low-90 percent range. Revenues were flat year-over-year, and operating margins were in the high-teens range. Throughout the quarter, operating conditions on the inland waterways were affected by winter weather conditions, including wind and fog along the Gulf Coast, ice conditions on the Illinois River and upper Ohio River and lock delays on the Mississippi River, all of which contributed to a 25 percent sequential increase in delay days.

During the quarter, average spot market rates increased in the low-single-digits sequentially, and term contracts that renewed in the first quarter were flat to slightly up on average, compared to a year ago. Inland marine represented approximately 79% of segment revenues in the first quarter of 2026.

In coastal marine, market conditions were strong, with barge utilization in the midto-high90% range. Coastal marine revenues increased 23% yearoveryear, and operating margins were in the highteens range, reflecting favorable utilization and pricing. Term contracts that renewed during the quarter increased in the 20% range on average, compared to a year ago. Coastal marine represented approximately 21% of segment revenues in the first quarter of 2026.

Financial Highlights

In the 2026 first quarter, Kirby returned $52.7 million of capital through share repurchases at an average share price of $123.18. Additionally, the company continued to execute on its focused and disciplined acquisition strategy in the inland marine business by agreeing to acquire 23 barges and three high horsepower boats from an undisclosed seller for $95.8 million, of which $81.4 million was paid during the first quarter.

As of March 31, 2026, the company had $58.0 million of cash and cash equivalents on the balance sheet and $635.4 million of liquidity available. Total debt was $983.4 million, and the debt-to-capitalization ratio was 22.3%.

Commenting on the outlook for the remainder of 2026, Grzebinski said, “Kirby is off to a solid start to the year amid a global macro environment that has become more uncertain, driven in part by heightened geopolitical tensions and volatility across energy and industrial markets. In marine transportation, underlying activity levels remain constructive, supported by strong refinery utilization and improving conditions in the petrochemical markets amid ongoing global supply chain disruptions.

Coastal market conditions remain positive, with pricing moving in the right direction. In distribution and services, power generation continues to be a key area of strength, supported by solid backlog growth and growing customer demand, helping offset variability in other product lines.

With this improving backdrop, the company has increased the full-year 2026 earnings per share growth guidance range to 5% – 15%, up from the prior guidance of 0% – 12%.”

“In inland marine, positive market dynamics are anticipated, driven by limited new barge construction and strong demand from refining and petrochemical customers. Barge utilization rates are expected to be in the low-90% range with continued improvement in term contract pricing as renewals occur throughout the year.

“However, inflation remains a factor, particularly in labor, and the industry-wide mariner shortage continues to constrain capacity growth. Overall, inland revenues are expected to grow in the low-to-mid-single-digit range with operating margins expected to be in the high-teens to low-20% range for the full year.”

The company expects to generate net cash provided by operating activities of $575 million to $675 million in 2026, and capital spending is expected to range from $220 million to $260 million. Approximately $170 million to $210 million is expected to be allocated to marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements. Up to approximately $65 million is expected to be allocated to growth capital spending across both of the company’s businesses.

To listen to the April 30 webcast of the conference call discussing these results, visit the Investor Relations section of Kirby’s website at www.kirbycorp.com.