Kirby (NYSE:KEX) Announces Earnings Results

Kirby (NYSE:KEX) posted its earnings results on Thursday. The shipping company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.62 by $0.06, Briefing.com reports. Kirby had a net margin of 9.22% and a return on equity of 10.05%. During the same quarter in the previous year, the company posted $1.29 EPS. The business’s revenue was up 6.2% compared to the same quarter last year.

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 Trading Down 5.7%

NYSE KEX traded down $7.28 during trading on Thursday, hitting $120.85. The company had a trading volume of 897,362 shares, compared to its average volume of 870,752. Kirby has a one year low of $79.51 and a one year high of $132.18. The company has a market cap of $6.55 billion, a price-to-earnings ratio of 22.38, a price-to-earnings-growth ratio of 1.11 and a beta of 0.88. The company’s fifty day moving average is $116.47 and its 200-day moving average is $103.56. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.31.

Insider Transactions at Kirby

In related news, CEO David W. Grzebinski sold 29,451 shares of Kirby stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $107.41, for a total transaction of $3,163,331.91. Following the completion of the transaction, the chief executive officer directly owned 79,709 shares of the company’s stock, valued at $8,561,543.69. This trade represents a 26.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Ronald A. Dragg sold 2,715 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $110.29, for a total value of $299,437.35. Following the completion of the sale, the vice president directly owned 10,325 shares in the company, valued at approximately $1,138,744.25. This represents a 20.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 57,147 shares of company stock worth $6,204,544. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Kirby

Several large investors have recently modified their holdings of the stock. Logan Capital Management Inc. grew its position in Kirby by 4.3% during the 3rd quarter. Logan Capital Management Inc. now owns 4,213 shares of the shipping company’s stock valued at $352,000 after purchasing an additional 173 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Kirby by 1.5% during the second 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 buying an additional 382 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of Kirby by 1.4% during the second 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 in the last quarter. Aristides Capital LLC raised its holdings in Kirby by 23.1% in the 3rd quarter. Aristides Capital LLC now owns 2,789 shares of the shipping company’s stock worth $233,000 after acquiring an additional 524 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Kirby by 39.3% in the 2nd quarter. Osaic Holdings Inc. now owns 4,496 shares of the shipping company’s stock worth $510,000 after acquiring an additional 1,269 shares during the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on KEX. Wall Street Zen raised Kirby from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Kirby in a research report on Thursday, January 22nd. Evercore ISI upped their target price on shares of Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Citigroup raised their price target on Kirby from $131.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $134.00 price objective on shares of Kirby in a report on Thursday, January 8th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Kirby currently has a consensus rating of “Moderate Buy” and an average target price of $129.67.

About Kirby

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.