On this page of StockholderLetter.com we present the latest annual shareholder letter from KIRBY CORP — ticker symbol KEX. Reading current and past KEX letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Financial Highlights In thousands, except per share amounts 2025 2024 2023 2022 2021 $ 1,935,305 $ 1,913,050 $ 1,721,937 $ 1,616,967 $ 1,322,918 1,428,745 1,352,826 1,369,703 1,617,787 923,742 $ 3,364,050 $ 3,265,876 $ 3,091,640 $ 2,784,754 $ 2,246,660 Net earnings (loss) attributable to Kirby 354,569 $ ( 246,954) Net earnings attributable to Kirby, excluding one-time items* 354,569 $ 318,751 1 $ 223,1162 $ 126,652 3 33,770 4 Net earnings (loss) per share attributable to Kirby (diluted) 6.33 4.91 3.72 2.03 ( 4.11) Net earnings per share attributable to Kirby, excluding one-time items* (diluted) 6.33 5.46 1 3.722 2.10 3 0.56 4 354,569 286,707 222,935 122,291 $ (246,954 ) As of or for the year ending December 31, Revenues Marine transportation Distribution and services 286,707 222,935 122,291 Adjusted EBITDA** Net earnings (loss) attributable to Kirby Interest expense Provision (benefit) for taxes on income Impairments Depreciation and amortization Adjusted EBITDA** 46,327 49,129 52,008 44,588 42,469 115,997 75,867 71,220 42,214 ( 43,830) 56,303 340,713 264,126 240,322 211,156 201,443 213,718 781,019 708,328 557,319 410,536 306,116 Property and equipment, net $ 4,098,058 $ 4,022,966 $ 3,861,105 $ 3,633,462 $ 3,678,515 Total assets $ 6,008,045 $ 5,851,952 $ 5,722,197 $ 5,554,924 $ 5,399,063 Long-term debt, including current portion 874,948 $ 1,016,595 $ 1,079,618 $ 1,163,367 Total equity $ 3,382,793 $ 3,353,248 $ 3,186,677 $ 3,045,168 $ 2,888,782 919,281 Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financial measures which exclude certain one-time items as defined in footnotes 1, 2, 3 and 4. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby s normal operating results. ** Adjusted EBITDA, defined as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairments is a non-GAAP financial measure used by Kirby because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) and noncash charges (impairments and depreciation and amortization). 1 The 2024 year included the following one-time items (after tax): $43.0 million, or $0.74 per share, one-time charge associated with impairments; and $10.9 million, or $0.19 per share, of credit associated with a change in Louisiana tax law. 2 The 2023 year included the following one-time items (after tax): $2.4 million, or $0.04 per share, strategic review and shareholder engagement expense; and $2.2 million, or $0.04 per share, of income associated with the interest on a refund from the Internal Revenue Service. 3 The 2022 year included the following one-time items (after tax): $3.7 million, or $0.06 per share, severance and early retirement expense; and $0.6 million, or $0.01 per share, of professional fees related to the Company s strategic alternatives review. 4 The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastal marine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provision related to a change in Louisiana tax law. Front cover photo: Kirby vessel navigating the Mississippi River near St. James Parish, Louisiana.
To Our Stockholders 2025 IN REVIEW Kirby had a record year in 2025 with the strongest overall performance in our Company s history. It was a year defined by strong execution, disciplined decision-making, and continued progress on our long-term strategy, even as conditions varied across our end markets. We delivered the highest earnings per share in Kirby s history, generated strong free cash flow, returned a significant amount of capital to shareholders, while maintaining our investment grade balance sheet. Just as importantly, we did so while maintaining our focus on safety and excellent customer service. At the core of this performance were our values: Safety, People, Integrity, Excellence, and Communities. Safety remains foundational to everything we do. Our continued commitment to No Harm performance supports not only the well-being of our employees which increased delay days and challenged operations in the early part of the year. Despite these headwinds, demand remained steady, utilization stayed in the low-to-mid-90% range, pricing improved, and the business delivered margins around 20% in HUK JVTT\UP[PLZ I\[ HSZV YLSPHISL VWLYH[PVUZ HUK Z[YVUN UHUJPHS outcomes. In 2025, marine transportation ( KMT ) reduced injury rates by more than 30% year over year and achieved the lowest recordable injury rate in Kirby s history. Within distribution and services ( KDS ), our manufacturing operations also delivered an [OL YZ[ X\HY[LY (Z ^LH[OLY JVUKP[PVUZ PTWYV]LK PU [OL ZLJVUK X\HY[LY J\Z[VTLY KLTHUK YLTHPULK OLHS[O` \[PSPaH[PVU Z[H`LK strong, and pricing continued to improve. These factors drove inland operating margins into the low-20% range. In the third exceptional safety result, achieving zero recordable incidents for the year. While every year presents challenges, our focus on safe and disciplined execution remained constant throughout 2025. X\HY[LY PUSHUK THYPUL JVUKP[PVUZ L_WLYPLUJLK ULHY [LYT ZVM[ULZZ HZ TVKLYH[PUN YL ULY` KLTHUK MYVT JYHJRPUN SPNO[LY JY\KL ZSH[LZ fewer barges undergoing maintenance across the industry, and favorable weather combined to increase available capacity, which all weighed on our utility. This pressured spot pricing in the third STRONG PERFORMANCE, DISCIPLINED EXECUTION In 2025, revenues increased to approximately $3.4 billion, and X\HY[LY YLZ\S[PUN PU SV^LY THYNPUZ JVTWHYLK [V [OL YZ[ OHSM VM [OL `LHY ;OL MV\Y[O X\HY[LY YL LJ[LK PTWYV]LK THYRL[ JVUKP[PVUZ earnings per share increased to $6.33, representing the highest earnings per share in the Company s history. During the year, we YLTHPULK MVJ\ZLK VU KYP]PUN Z[YVUN JHZO V^ HUK NLULYH[LK HWWYV_PTH[LS` TPSSPVU VM JHZO V^ MYVT VWLYH[PVUZ ^OPJO was used to fund capital expenditures and return capital to stockOVSKLYZ >L NLULYH[LK TVYL [OHU TPSSPVU VM MYLL JHZO V^ THYRPUN V\Y [O JVUZLJ\[P]L WLYPVK VM WVZP[P]L MYLL JHZO V^ as utilization strengthened and spot pricing began to recover. However, demand remained below earlier-year levels and term renewals softened into the year end. Despite the second half price softness, disciplined cost management and strong execution allowed inland marine to deliver low-20% operating margins for [OL X\HY[LY generation and our second consecutive year of more than TPSSPVU VM MYLL JHZO V^ 6]LYHSS ^L YL[\YULK HWWYV_PTH[LS` $354 million of capital to stockholders through share repurchases. Coastal marine continued its improving trend and delivered strong results in 2025, supported by steady customer demand and limited availability of large-capacity vessels. Market fundamentals remained constructive throughout the year, allowing the business to 6\Y JHZO V^ WYV SL JVTIPULK ^P[O H Z[YVUN IHSHUJL ZOLL[ WYV]PKLZ UHUJPHS L_PIPSP[` HZ ^L JVU[PU\L [V L_LJ\[L VU V\Y JHWP[HS allocation priorities. The record performance achieved in 2025 positions Kirby well as we navigate evolving market conditions and execute our strategy for long-term value creation. MARINE TRANSPORTATION KMT delivered steady inland marine results in 2025, though performance varied over the course of the year. Inland revenues ^LYL LZZLU[PHSS` H[ `LHY V]LY `LHY YL LJ[PUN Z[YVUN L_LJ\[PVU PU [OL YZ[ OHSM V ZL[ I` ZVM[LY THYRL[ JVUKP[PVUZ PU [OL ZLJVUK OHSM of the year. The inland business was impacted by typical winter weather, including periods of high winds, fog, and lock delays, THPU[HPU IHYNL \[PSPaH[PVU PU [OL TPK [V OPNO YHUNL 0U [OL YZ[ X\HY[LY YLZ\S[Z ^LYL PTWHJ[LK I` LSL]H[LK ZOPW`HYK HJ[P]P[` ^OPJO weighed on margins despite strong underlying demand and pricing TVTLU[\T (Z ZOPW`HYK HJ[P]P[` TVKLYH[LK PU [OL ZLJVUK X\HY[LY pricing continued to improve on term contract renewals. This drove operating margins into the high-teens range. Positive market M\UKHTLU[HSZ JVU[PU\LK PU [OL [OPYK X\HY[LY HUK Z[YVUN L_LJ\[PVU by our coastal team supported further margin improvement, with operating margins reaching approximately 20%. In the fourth X\HY[LY KLZWP[L UVYTHS ZLHZVUHS MHJ[VYZ THYRL[ JVUKP[PVUZ remained strong, and the business maintained high utilization and solid pricing, allowing coastal marine to conclude the year with Kirby Corporation | 2025 Annual Report 1
To Our Stockholders continued REVENUES ADJUSTED EARNINGS PER SHARE1 In Millions $3,092 $6.33 $3,266 $3,364 $5.46 $2,785 3% $2,247 Increase in Revenues to 2021 2022 2023 2024 2025 3.4 Billion operating margins around 20%. We are extremely proud of the coastal team. Their focus on execution, cost discipline, and VWLYH[PVUHS YLSPHIPSP[` OHZ WVZP[PVULK [OL I\ZPULZZ ^LSS HUK YL LJ[Z [OL ZPNUP JHU[ WYVNYLZZ THKL V]LY [OL WHZ[ ZL]LYHS `LHYZ 16% $3.72 Increase in Adjusted Earnings per Share to $2.10 $0.56 2021 2022 2023 2024 2025 6.33 Oil and gas activity remained under pressure in 2025 as customers JVU[PU\LK [V TVKLYH[L JHWP[HS ZWLUKPUN VU JVU]LU[PVUHS LX\PWTLU[ +LTHUK MVY LSLJ[YPJ MYHJ[\YPUN LX\PWTLU[ WYV]PKLK TLHUPUNM\S Z\WWVY[ I\[ UV[ LUV\NO [V V ZL[ ZVM[LY HJ[P]P[` PU JVU]LU[PVUHS VPS DISTRIBUTION & SERVICES KDS made meaningful progress in 2025, led by accelerating and gas applications. Despite these market conditions, stronger execution and disciplined cost management enabled the business to deliver margins in the low double digits for 2025. momentum in power generation. Power generation includes prime, behind the meter, contingency backup, stationary and mobile Overall, KDS exited 2025 with positive momentum, led by robust power as customer demand for reliable, 24/7 power continued to grow. Power generation became an increasingly important JVU[YPI\[VY [V ZLNTLU[ WLYMVYTHUJL K\YPUN [OL `LHY YL LJ[PUN [OL continued expansion of our portfolio and the strategic focus of the business. While demand remained mixed across certain legacy activity in power generation, and is exceptionally well positioned to contribute to Kirby s long-term growth. Our teams executed ^LSS WP]V[PUN LX\PWTLU[ KLZPNU MYVT SLNHJ` VPS HUK NHZ PU[V WV^LY generation solutions. end markets, disciplined execution across KDS supported higher operating income and margin expansion for the segment. LOOKING FORWARD >L LUKLK PU H Z[YVUN UHUJPHS WVZP[PVU HUK ILSPL]L ^L HYL well positioned across all our business segments as we enter 2026. While market conditions evolved over the course of last year, we Power generation continued to build momentum in 2025 and became a central driver of performance within KDS. Power generation revenues increased 26% year over year, driven by strong execution on backlog, continued order growth, and multiple large project wins as customers increasingly prioritized reliable, behind-the-meter power solutions. Power generation represented approximately VM ZLNTLU[ YL]LU\LZ I` [OL MV\Y[O X\HY[LY ^P[O VWLYH[PUN margins in the high single digits, and contributed meaningfully to the segment s operating income growth. While supply-related constraints led to some delivery variability throughout the year, ongoing enhancements in operational execution over the course of the year have positioned the business for robust, sustained growth as we move into 2026. recognize that broader macroeconomic and geopolitical factors may create periods of variability. Against that backdrop, our balance ZOLL[ Z[YLUN[O KPZJPWSPULK L_LJ\[PVU HUK KP]LYZP LK WSH[MVYT WYV]PKL TLHUPUNM\S L_PIPSP[` HZ ^L UH]PNH[L [OL LU]PYVUTLU[ >L L_WLJ[ 24; [V ILUL [ MYVT MH]VYHISL SVUN [LYT Z\WWS` HUK demand dynamics, and we see KDS continuing to capitalize on strong growth in power generation. -VY 24; TVYL ZWLJP JHSS` ^L JVU[PU\L [V HU[PJPWH[L MH]VYHISL supply and demand fundamentals in inland marine, supported I` SPTP[LK UL^ IHYNL JVUZ[Y\J[PVU HUK HU HNPUN PUK\Z[Y` LL[ Commercial and industrial performance was mixed over the course of the year. Demand for marine repair services remained steady, while on-highway markets continued to face headwinds from the weak trucking environment. Despite these dynamics, disciplined 9L ULY` \[PSPaH[PVU PZ L_WLJ[LK [V YLTHPU Z[YVUN HUK J\YYLU[S`` ^LHR petrochemical customer demand is expected to improve somewhat. With these trends, we expect inland utilization to average in the low-90% range during the year, with pricing improving as the year progresses. We also expect 2026 to be a lower maintenance `LHY MVY [OL PUSHUK LL[ WYV]PKPUN NYLH[LY LX\PWTLU[ H]HPSHIPSP[` [V execution and cost control supported improved margins and WYV [HIPSP[` MVY [OL M\SS `LHY ^P[O VWLYH[PUN THYNPUZ PU [OL OPNO ZPUNSL digits for the year. support customer demand. While we remain mindful of near-term variability, including seasonal weather impacts, labor availability, HUK PU H[PVUHY` WYLZZ\YLZ ^L ILSPL]L JVUKP[PVUZ ^PSS Z\WWVY[ 1 See Financial Highlights for Adjusted Earnings Per Share reconciliation. 2 2025 Annual Report | Kirby Corporation
ADJUSTED EBITDA 2 TOTAL DEBT In Millions In Millions $781 $1,163 $708 $1,080 $1,017 $875 $577 $919 $411 Cash Flow from Operations Totaling $306 2021 2022 2023 2024 2025 670 Million 21.4% 2021 2022 2023 2024 2025 Debt-to-Capitalization Ratio improving performance over the course of the year, with inland revenues expected to increase modestly and operating margins expected to improve as the year progresses. and valuable strategic insights as we continue to execute our long-term strategy. In coastal marine, we expect another solid year as market conditions E. Stewart, who is retiring from the Kirby Board, after 18 years of dedicated service on the Kirby Board of Directors. Throughout his tenure, Mr. Stewart provided steady leadership, sound judgment, HUK KLLW UHUJPHS HUK NV]LYUHUJL L_WLY[PZL PUJS\KPUN THU` years as Chair of the Audit Committee. His contributions have helped guide the Company through multiple business cycles while We would also like to extend our sincere appreciation to Richard YLTHPU MH]VYHISL HUK Z\WWS` HUK KLTHUK HJYVZZ [OL PUK\Z[Y` LL[ remain well balanced. While shipyard activity will be elevated early in the year, limited vessel availability and steady customer demand continue to support utilization and pricing, and we believe the coastal business is well positioned to deliver consistent results with operating margins expected to be in the high-teens range. Within KDS, we expect mixed but overall positive results across the portfolio, led by continued strength in power generation and relative weakness in on-highway and oil and gas activity. Demand for reliable, 24/7 power remains strong across data centers, behind the meter prime power, and industrial applications, and our growing backlog and installed base, position this business well as we move through the year. We expect steady marine repair activity to continue, while oil and gas markets are likely to remain challenged as customers maintain capital discipline and activity remains soft. 6]LYHSS ^L L_WLJ[ 2+: YL]LU\LZ [V IL H[ [V ZSPNO[S` OPNOLY `LHY V]LY `LHY ^P[O Z[YLUN[O PU WV^LY NLULYH[PVU V ZL[[PUN SV^LY VPS HUK strengthening our governance framework, and we thank him for his lasting impact on Kirby. THANK YOU In conclusion, to our employees, we extend our sincere thanks for your focus on safety and execution, and your dedication and hard ^VYR [OYV\NOV\[ >L HWWYLJPH[L `V\Y L VY[Z HUK HZR [OH[ [OL` continue in the year ahead. To our Board of Directors, thank you for your guidance and counsel as we continue to navigate Kirby s future and execute our long-term strategy. And to our stockholders, we thank you for your trust and ongoing support of our Company. Respectfully submitted, gas activity resulting in operating margins averaging in the mid-tohigh single digit range. 3HZ[S` V\Y Z[YVUN JHZO V^ NLULYH[PVU PU M\Y[OLY ZVSPKP LK V\Y Z[YVUN UHUJPHS WVZP[PVU HUK ^L L_WLJ[ [OPZ [V JVU[PU\L PU >L HU[PJPWH[L HUV[OLY `LHY VM ZVSPK MYLL JHZO V^ NLULYH[PVU HUK we will maintain our disciplined capital allocation approach, with Richard J. Alario Chairman of the Board a clear focus on investing in our businesses, pursuing attractive growth opportunities, and returning capital to stockholders. We would also like to welcome Tracy A. Embree as the newest member of the Board of Directors. Ms. Embree brings a proven record of success and deep operational experience to our Board. Ms. Embree brings to Kirby extensive expertise in power generation, distribution, and services for commercial and industrial markets, 2 David W. Grzebinski *OPLM ,_LJ\[P]L 6 JLY See Financial Highlights for Adjusted EBITDA reconciliation. Kirby Corporation | 2025 Annual Report 3
 • shareholder letter icon 3/6/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/10/2023 KEX Stockholder Letter
 • stockholder letter icon 3/8/2024 KEX Stockholder Letter
 • stockholder letter icon 3/7/2025 KEX Stockholder Letter
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KEX Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Financial Highlights
In thousands, except per share amounts
2025
2024
2023
2022
2021
$ 1,935,305
$ 1,913,050
$ 1,721,937
$ 1,616,967
$ 1,322,918
1,428,745
1,352,826
1,369,703
1,617,787
923,742
$ 3,364,050
$ 3,265,876
$ 3,091,640
$ 2,784,754
$ 2,246,660
Net earnings (loss) attributable to Kirby

354,569



$ ( 246,954)
Net earnings attributable to Kirby,
excluding one-time items*

354,569
$ 318,751 1
$ 223,1162
$ 126,652 3

33,770 4
Net earnings (loss) per share attributable
to Kirby (diluted)

6.33

4.91

3.72

2.03

( 4.11)
Net earnings per share attributable to Kirby,
excluding one-time items* (diluted)

6.33

5.46 1

3.722

2.10 3

0.56 4

354,569

286,707

222,935

122,291
$ (246,954 )
As of or for the year ending December 31,
Revenues
Marine transportation
Distribution and services
286,707
222,935
122,291
Adjusted EBITDA**
Net earnings (loss) attributable to Kirby
Interest expense
Provision (benefit) for taxes on income
Impairments
Depreciation and amortization
Adjusted EBITDA**

46,327
49,129
52,008
44,588
42,469
115,997
75,867
71,220
42,214
( 43,830)

56,303


340,713
264,126
240,322
211,156
201,443
213,718
781,019

708,328

557,319

410,536

306,116
Property and equipment, net
$ 4,098,058
$ 4,022,966
$ 3,861,105
$ 3,633,462
$ 3,678,515
Total assets
$ 6,008,045
$ 5,851,952
$ 5,722,197
$ 5,554,924
$ 5,399,063
Long-term debt, including current portion


874,948
$ 1,016,595
$ 1,079,618
$ 1,163,367
Total equity
$ 3,382,793
$ 3,353,248
$ 3,186,677
$ 3,045,168
$ 2,888,782

919,281
Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financial
measures which exclude certain one-time items as defined in footnotes 1, 2, 3 and 4. Management believes that the exclusion of certain one-time items from these
financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent
periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby   s normal operating results.
** Adjusted EBITDA, defined as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairments is a
non-GAAP financial measure used by Kirby because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) and
noncash charges (impairments and depreciation and amortization).
1
The 2024 year included the following one-time items (after tax): $43.0 million, or $0.74 per share, one-time charge associated with impairments; and $10.9 million, or
$0.19 per share, of credit associated with a change in Louisiana tax law.
2
The 2023 year included the following one-time items (after tax): $2.4 million, or $0.04 per share, strategic review and shareholder engagement expense; and $2.2 million,
or $0.04 per share, of income associated with the interest on a refund from the Internal Revenue Service.
3
The 2022 year included the following one-time items (after tax): $3.7 million, or $0.06 per share, severance and early retirement expense; and $0.6 million, or $0.01 per
share, of professional fees related to the Company   s strategic alternatives review.
4
The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastal
marine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provision
related to a change in Louisiana tax law.
Front cover photo: Kirby vessel navigating the Mississippi River near St. James Parish, Louisiana.

To Our Stockholders
2025 IN REVIEW
Kirby had a record year in 2025 with the strongest overall performance in our Company   s history.
It was a year defined by strong execution, disciplined decision-making, and continued progress
on our long-term strategy, even as conditions varied across our end markets. We delivered the
highest earnings per share in Kirby   s history, generated strong free cash flow, returned a significant
amount of capital to shareholders, while maintaining our investment grade balance sheet. Just as
importantly, we did so while maintaining our focus on safety and excellent customer service.
At the core of this performance were our values: Safety, People,
Integrity, Excellence, and Communities. Safety remains foundational
to everything we do. Our continued commitment to    No Harm   
performance supports not only the well-being of our employees
which increased delay days and challenged operations in the early
part of the year. Despite these headwinds, demand remained
steady, utilization stayed in the low-to-mid-90% range, pricing
improved, and the business delivered margins around 20% in
HUK JVTT\UP[PLZ  I\[ HSZV YLSPHISL VWLYH[PVUZ HUK Z[YVUN   UHUJPHS
outcomes. In 2025, marine transportation (   KMT   ) reduced injury
rates by more than 30% year over year and achieved the lowest
recordable injury rate in Kirby   s history. Within distribution and
services (   KDS   ), our manufacturing operations also delivered an
[OL   YZ[ X\HY[LY  (Z ^LH[OLY JVUKP[PVUZ PTWYV]LK PU [OL ZLJVUK
X\HY[LY  J\Z[VTLY KLTHUK YLTHPULK OLHS[O`  \[PSPaH[PVU Z[H`LK
strong, and pricing continued to improve. These factors drove
inland operating margins into the low-20% range. In the third
exceptional safety result, achieving zero recordable incidents for
the year. While every year presents challenges, our focus on safe
and disciplined execution remained constant throughout 2025.
X\HY[LY  PUSHUK THYPUL JVUKP[PVUZ L_WLYPLUJLK ULHY [LYT ZVM[ULZZ 
HZ TVKLYH[PUN YL  ULY` KLTHUK MYVT JYHJRPUN SPNO[LY JY\KL ZSH[LZ  
fewer barges undergoing maintenance across the industry, and
favorable weather combined to increase available capacity, which
all weighed on our utility. This pressured spot pricing in the third
STRONG PERFORMANCE, DISCIPLINED EXECUTION
In 2025, revenues increased to approximately $3.4 billion, and
X\HY[LY  YLZ\S[PUN PU SV^LY THYNPUZ JVTWHYLK [V [OL   YZ[ OHSM VM 
[OL `LHY  ;OL MV\Y[O X\HY[LY YL  LJ[LK PTWYV]LK THYRL[ JVUKP[PVUZ
earnings per share increased to $6.33, representing the highest
earnings per share in the Company   s history. During the year, we
YLTHPULK MVJ\ZLK VU KYP]PUN Z[YVUN JHZO   V^ HUK NLULYH[LK
HWWYV_PTH[LS`      TPSSPVU VM JHZO   V^ MYVT VWLYH[PVUZ  ^OPJO
was used to fund capital expenditures and return capital to stockOVSKLYZ  >L NLULYH[LK TVYL [OHU      TPSSPVU VM MYLL JHZO   V^  
THYRPUN V\Y   [O JVUZLJ\[P]L WLYPVK VM WVZP[P]L MYLL JHZO   V^ 
as utilization strengthened and spot pricing began to recover.
However, demand remained below earlier-year levels and term
renewals softened into the year end. Despite the second half price
softness, disciplined cost management and strong execution
allowed inland marine to deliver low-20% operating margins for
[OL X\HY[LY 
generation and our second consecutive year of more than
    TPSSPVU VM MYLL JHZO   V^  6]LYHSS  ^L YL[\YULK HWWYV_PTH[LS` 
$354 million of capital to stockholders through share repurchases.
Coastal marine continued its improving trend and delivered strong
results in 2025, supported by steady customer demand and
limited availability of large-capacity vessels. Market fundamentals
remained constructive throughout the year, allowing the business to
6\Y JHZO   V^ WYV  SL  JVTIPULK ^P[O H Z[YVUN IHSHUJL ZOLL[ 
WYV]PKLZ   UHUJPHS   L_PIPSP[` HZ ^L JVU[PU\L [V L_LJ\[L VU V\Y JHWP[HS 
allocation priorities. The record performance achieved in 2025
positions Kirby well as we navigate evolving market conditions and
execute our strategy for long-term value creation.
MARINE TRANSPORTATION
KMT delivered steady inland marine results in 2025, though
performance varied over the course of the year. Inland revenues
^LYL LZZLU[PHSS`   H[ `LHY V]LY `LHY  YL  LJ[PUN Z[YVUN L_LJ\[PVU PU
[OL   YZ[ OHSM V  ZL[ I` ZVM[LY THYRL[ JVUKP[PVUZ PU [OL ZLJVUK OHSM 
of the year. The inland business was impacted by typical winter
weather, including periods of high winds, fog, and lock delays,
THPU[HPU IHYNL \[PSPaH[PVU PU [OL TPK [V OPNO     YHUNL  0U [OL   YZ[
X\HY[LY  YLZ\S[Z ^LYL PTWHJ[LK I` LSL]H[LK ZOPW`HYK HJ[P]P[`  ^OPJO 
weighed on margins despite strong underlying demand and pricing
TVTLU[\T  (Z ZOPW`HYK HJ[P]P[` TVKLYH[LK PU [OL ZLJVUK X\HY[LY 
pricing continued to improve on term contract renewals. This drove
operating margins into the high-teens range. Positive market
M\UKHTLU[HSZ JVU[PU\LK PU [OL [OPYK X\HY[LY  HUK Z[YVUN L_LJ\[PVU
by our coastal team supported further margin improvement, with
operating margins reaching approximately 20%. In the fourth
X\HY[LY  KLZWP[L UVYTHS ZLHZVUHS MHJ[VYZ  THYRL[ JVUKP[PVUZ 
remained strong, and the business maintained high utilization and
solid pricing, allowing coastal marine to conclude the year with
Kirby Corporation
| 2025 Annual Report
1

To Our Stockholders continued
REVENUES
ADJUSTED EARNINGS
PER SHARE1
In Millions
$3,092
$6.33
$3,266 $3,364
$5.46
$2,785
3%
$2,247
Increase in
Revenues to

2021
2022
2023
2024
2025
3.4
Billion
operating margins around 20%. We are extremely proud of the
coastal team. Their focus on execution, cost discipline, and
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16%
$3.72
Increase in
Adjusted Earnings
per Share to
$2.10
$0.56
2021
2022
2023
2024
2025

6.33
Oil and gas activity remained under pressure in 2025 as customers
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DISTRIBUTION & SERVICES
KDS made meaningful progress in 2025, led by accelerating
and gas applications. Despite these market conditions, stronger
execution and disciplined cost management enabled the business
to deliver margins in the low double digits for 2025.
momentum in power generation. Power generation includes prime,
behind the meter, contingency backup, stationary and mobile
Overall, KDS exited 2025 with positive momentum, led by robust
power as customer demand for reliable, 24/7 power continued
to grow. Power generation became an increasingly important
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continued expansion of our portfolio and the strategic focus of the
business. While demand remained mixed across certain legacy
activity in power generation, and is exceptionally well positioned
to contribute to Kirby   s long-term growth. Our teams executed
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generation solutions.
end markets, disciplined execution across KDS supported higher
operating income and margin expansion for the segment.
LOOKING FORWARD
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well positioned across all our business segments as we enter 2026.
While market conditions evolved over the course of last year, we
Power generation continued to build momentum in 2025 and became a central driver of performance within KDS. Power generation
revenues increased 26% year over year, driven by strong execution
on backlog, continued order growth, and multiple large project wins
as customers increasingly prioritized reliable, behind-the-meter
power solutions. Power generation represented approximately
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margins in the high single digits, and contributed meaningfully
to the segment   s operating income growth. While supply-related
constraints led to some delivery variability throughout the year,
ongoing enhancements in operational execution over the course of
the year have positioned the business for robust, sustained growth
as we move into 2026.
recognize that broader macroeconomic and geopolitical factors
may create periods of variability. Against that backdrop, our balance
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demand dynamics, and we see KDS continuing to capitalize on
strong growth in power generation.
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supply and demand fundamentals in inland marine, supported
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Commercial and industrial performance was mixed over the course
of the year. Demand for marine repair services remained steady,
while on-highway markets continued to face headwinds from the
weak trucking environment. Despite these dynamics, disciplined
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petrochemical customer demand is expected to improve somewhat. With these trends, we expect inland utilization to average in
the low-90% range during the year, with pricing improving as the
year progresses. We also expect 2026 to be a lower maintenance
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execution and cost control supported improved margins and
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digits for the year.
support customer demand. While we remain mindful of near-term
variability, including seasonal weather impacts, labor availability,
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1
See Financial Highlights for Adjusted Earnings Per Share reconciliation.
2
2025 Annual Report
| Kirby Corporation

ADJUSTED EBITDA 2
TOTAL DEBT
In Millions
In Millions
$781
$1,163
$708
$1,080
$1,017
$875
$577
$919
$411
Cash Flow from
Operations Totaling
$306

2021
2022
2023
2024
2025
670
Million
21.4%
2021
2022
2023
2024
2025
Debt-to-Capitalization
Ratio
improving performance over the course of the year, with inland
revenues expected to increase modestly and operating margins
expected to improve as the year progresses.
and valuable strategic insights as we continue to execute our
long-term strategy.
In coastal marine, we expect another solid year as market conditions
E. Stewart, who is retiring from the Kirby Board, after 18 years of
dedicated service on the Kirby Board of Directors. Throughout his
tenure, Mr. Stewart provided steady leadership, sound judgment,
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years as Chair of the Audit Committee. His contributions have
helped guide the Company through multiple business cycles while
We would also like to extend our sincere appreciation to Richard
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remain well balanced. While shipyard activity will be elevated early
in the year, limited vessel availability and steady customer demand
continue to support utilization and pricing, and we believe the
coastal business is well positioned to deliver consistent results with
operating margins expected to be in the high-teens range.
Within KDS, we expect mixed but overall positive results across
the portfolio, led by continued strength in power generation and
relative weakness in on-highway and oil and gas activity. Demand
for reliable, 24/7 power remains strong across data centers, behind
the meter prime power, and industrial applications, and our growing
backlog and installed base, position this business well as we
move through the year. We expect steady marine repair activity to
continue, while oil and gas markets are likely to remain challenged
as customers maintain capital discipline and activity remains soft.
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strengthening our governance framework, and we thank him for his
lasting impact on Kirby.
THANK YOU
In conclusion, to our employees, we extend our sincere thanks for
your focus on safety and execution, and your dedication and hard
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continue in the year ahead. To our Board of Directors, thank you
for your guidance and counsel as we continue to navigate Kirby   s
future and execute our long-term strategy. And to our stockholders,
we thank you for your trust and ongoing support of our Company.
Respectfully submitted,
gas activity resulting in operating margins averaging in the mid-tohigh single digit range.
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we will maintain our disciplined capital allocation approach, with
Richard J. Alario
Chairman of the Board
a clear focus on investing in our businesses, pursuing attractive
growth opportunities, and returning capital to stockholders.
We would also like to welcome Tracy A. Embree as the newest
member of the Board of Directors. Ms. Embree brings a proven
record of success and deep operational experience to our Board.
Ms. Embree brings to Kirby extensive expertise in power generation,
distribution, and services for commercial and industrial markets,
2
David W. Grzebinski
*OPLM ,_LJ\[P]L 6  JLY
See Financial Highlights for Adjusted EBITDA reconciliation.
Kirby Corporation
| 2025 Annual Report
3


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