Kirby (NYSE:KEX) Posts Earnings Results, Beats Expectations By $0.06 EPS

Kirby (NYSE:KEX) announced its quarterly earnings results on Thursday. The shipping company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.06, Briefing.com reports. The firm had revenue of $851.78 million during the quarter, compared to analyst estimates of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.55%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.29 earnings per share.

Here are the key takeaways from Kirby’s conference call:

• Record 2025 — Kirby generated over $400 million in free cash flow, repurchased more than $100 million of shares in Q4, paid down ~$130 million of debt and finished the year with roughly $542 million of available liquidity.
• Inland marine is improving — Q4 utilization averaged mid‑to‑high‑80% and exited near 90%, spot rates rebounded in January, and management expects 2026 average inland utilization in the low‑90s with low‑to‑mid single‑digit revenue growth and margins trending to the high‑teens/low‑20s.
• Coastal remains tight — coastal utilization is mid‑to‑high‑90% with Q4 margins around 20% and revenues +22% y/y, but a higher number of planned shipyard days in early 2026 will weigh on near‑term margins despite ongoing pricing improvement.
• Power generation is a standout — Distribution & Services saw power generation revenues up ~47% y/y, backlog materially higher (sequential +11%, y/y +30%), positioning it as the primary growth driver even though deliveries are lumpy due to OEM lead‑time constraints.
• Headwinds to watch — legacy oil & gas demand is very weak (Q4 oil & gas revenues down ~45% y/y), medical costs are rising and pressured margins in Q4, and management expects a working‑capital build in H1 2026 to support power‑gen growth.

Kirby Price Performance

NYSE KEX opened at $117.41 on Friday. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.08 and a beta of 0.88. Kirby has a 12 month low of $79.51 and a 12 month high of $132.18. The company’s 50 day moving average is $117.00 and its two-hundred day moving average is $103.69. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.31.

Wall Street Analysts Forecast Growth

KEX has been the subject of a number of research reports. Wall Street Zen upgraded shares of Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Wolfe Research reissued an “outperform” rating and issued a $136.00 target price on shares of Kirby in a report on Friday. BTIG Research dropped their target price on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday. Citigroup upped their price target on shares of Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a research report on Friday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Kirby in a report on Thursday, January 22nd. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $129.40.

Kirby News Summary

Here are the key news stories impacting Kirby this week:

• Positive Sentiment: Q4 EPS beat expectations — Kirby reported $1.68 EPS vs. $1.62 consensus, confirming improved profitability (net margin ~9.2%). Article Title
• Positive Sentiment: Company reported a record year: utilization improvement in inland marine, stronger coastal margins and a sequential +10% jump in power‑generation revenue; management also repurchased ~1.03M shares and paid down ~$130M of debt. Article Title
• Positive Sentiment: Power‑generation segment strength and marine pricing dynamics are driving the outlook, supporting upside if large project wins continue. Article Title
• Positive Sentiment: Analyst support: Citigroup raised its price target to $147 with a Buy rating, signaling continued upside from some institutional analysts. Article Title
• Positive Sentiment: Recent inflows reported into KEX suggest fund buying helped bid the stock higher earlier in the week. Article Title
• Neutral Sentiment: BTIG trimmed its target to $135 but kept a Buy rating — still implying upside, though slightly less optimistic than peers. Article Title
• Neutral Sentiment: Full earnings materials and call transcripts are available (useful for modeling forward margins and backlog; see transcripts/slide deck). Article Title
• Negative Sentiment: Revenue slightly missed estimates ($851.8M vs. ~$857.8M expected), which may temper enthusiasm given the stretched valuation after a recent run. Article Title
• Negative Sentiment: Valuation scrutiny — pieces asking whether KEX is “expensive for a reason” highlight investor concern that strong fundamentals must outpace a higher multiple to justify the price. Article Title

Insider Activity

In other news, COO Christian G. O’neil sold 11,145 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $111.68, for a total transaction of $1,244,673.60. Following the sale, the chief operating officer directly owned 14,835 shares in the company, valued at $1,656,772.80. This trade represents a 42.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy D. Husted sold 10,413 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $107.42, for a total transaction of $1,118,564.46. Following the completion of the transaction, the vice president directly owned 11,760 shares of the company’s stock, valued at $1,263,259.20. This represents a 46.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 57,147 shares of company stock worth $6,204,544. 0.90% of the stock is currently owned by insiders.

Institutional Trading of Kirby

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Logan Capital Management Inc. boosted its stake in Kirby by 4.3% in the 3rd quarter. Logan Capital Management Inc. now owns 4,213 shares of the shipping company’s stock worth $352,000 after purchasing an additional 173 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Kirby by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 26,440 shares of the shipping company’s stock valued at $2,999,000 after purchasing an additional 382 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Kirby by 1.4% during the 2nd quarter. Corient Private Wealth LLC now owns 31,660 shares of the shipping company’s stock valued at $3,591,000 after acquiring an additional 434 shares during the period. Aristides Capital LLC increased its stake in shares of Kirby by 23.1% during the third quarter. Aristides Capital LLC now owns 2,789 shares of the shipping company’s stock valued at $233,000 after buying an additional 524 shares during the period. Finally, Osaic Holdings Inc. grew its stake in Kirby by 39.3% in the second quarter. Osaic Holdings Inc. now owns 4,496 shares of the shipping company’s stock valued at $510,000 after purchasing an additional 1,269 shares during the last quarter. Institutional investors own 96.15% of the company’s stock.

Kirby Company Profile

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.