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Kirby Corp (KEX) stock

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NYSE: KEX NYSE Marine Transportation Next results ~January 28, 2027

C+ Fundamentals grade

Kirby Corp is a US-listed company in the marine transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$86–$170 across our lower- and higher-growth cases (0.8%–10.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 16% above our base value.

Price used: $140.64, November 2, 2026

Kirby Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds241 adding, 189 cuttingOf 74 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Kirby files

Where Kirby stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.49bn, up 6.6% on a year earlier, faster than 5.5% a quarter earlier. Free-cash-flow margin rose to 13.6% from 8.0% a year earlier. The diluted share count is down 5.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $103 a share, against a share price of $136. At that price, our model says the market is pricing in about 10.1% a year of cash-flow growth for five years, close to the 9.2% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Kirby Corp's trailing-twelve-month revenue grew 6.6% year on year, with a free-cash-flow margin of 13.6%. Where it stands out: change in share count of -5.1% ranks 6 of 39 marine transportation companies we cover. Where it lags: days sales outstanding of 67 days ranks 30 of 33 marine transportation companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$86–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 82.1% while net income grew 17.2%: a 65pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 10 insiders sold $19M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 67 days ranks 30 of 33 marine transportation companies we cover (median 19 days).
  • Short interest rising. Shares sold short rose 31% in a month to 5.8% of tradable shares.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.09 against an average estimate of $1.98: beat by 5.8%
Revenue
$922m, up 7.8% on a year earlier
Share reaction
+6.5% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
full-year earnings per share growth guidance growth 10% to 15% (full-year 2026); net cash provided by operating activities $575m to $675m (2026)
Next report
October 28, 2026; average EPS estimate $1.94

Kirby's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.3%
  • 1 week+4.5%
  • 1 month+2.0%
  • This year+27.6%
  • 1 year+35.9%
  • 5 years+144.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.5B
Operating margin
14.0%
Net margin
10.2%
EPS (TTM, diluted)
$6.51

Growth

Revenue growth
+6.6%
Change in growth rate
+1.0 pts
Share count change
−5.1%

Cash

Free cash flow (TTM)
$476M
FCF margin
13.6%
Stock pay % of revenue
0.5%

Earnings

Last results
October 28, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kirby Corp valuation models and calculator

What the price is pricing in

The share price implies about 8.7% a year of cash-flow growth for five years.That is close to the 9.2% a year revenue growth Kirby has delivered.

  • Priced in8.7%
  • Last 12 months6.6%
  • 3 years a year5.1%
  • 5 years a year9.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($142.30, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$120
Price used
$142.30close November 3, 2026
Implied change
▼ 15%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Kirby Corp's free cash flow after stock-based pay with after-tax interest added back ($355M, FY2026 Q2 TTM), growing 7.7% and 6% in the next two years (forecasts, guidance and its record), then back to 5.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$86–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Kirby Corp's free cash flow after stock-based pay ( $355M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Kirby Corp as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$86–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$71 ~$59–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$37 ~$23–$59 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$22–$31 Left out: out of range vs price (0.19x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$87 ~$37–$120 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kirby Corp with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +74%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $77$111$156$216$293$394
8.5% $54$79$112$154$210$281
10% $41$60$85$118$160$214

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$52.62$66.50$66.80$67.36$89.53$51.83$59.42$64.35$78.48$105.80$110.18$140.64
Market value$2.9bn$3.6bn$3.7bn$4.0bn$5.4bn$3.1bn$3.6bn$3.9bn$4.7bn$6.2bn$6.2bn$7.7bn
+ Net debt (− = net cash)$773m$720m$976m$1.4bn$1.4bn$1.4bn$1.1bn$1.0bn$989m$804m$844m$1.0bn
Enterprise value$3.7bn$4.3bn$4.7bn$5.4bn$6.7bn$4.5bn$4.7bn$4.9bn$5.7bn$7.0bn$7.0bn$8.7bn
Multiples
Price / sales 1.3x2.0x1.7x1.4x1.9x1.4x1.6x1.4x1.5x1.9x1.8x2.2x
Price / earnings 12.7x25.2x11.8x51.2x37.7x——31.7x21.1x21.5x17.4x21.6x
Price / free cash flow 16.1x19.3x21.0x89.1x20.3x10.5x16.0x31.9x33.9x14.9x15.2x16.1x
EV / EBITDA 6.4x9.5x15.8x14.3x14.5x——12.4x10.4x10.9x9.2x11.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Kirby's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.0% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.8%; its worst year was -15.2%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.3% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.14 +13% $3.7bn +9%
Next $8.26 +16% $3.9bn +6%

Next year's EPS estimate has moved 0.0% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 2 analysts raised Kirby Corp's forecast and 1 cut it.

Consensus EPS forecast Kirby Corp, last 90 days
$7.00 $7.50 $8.00 $8.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.06 Current fiscal year, 60 days ago: $7.09 Current fiscal year, 30 days ago: $7.09 Current fiscal year, 7 days ago: $7.09 Current fiscal year, Now: $7.14 $7.14 Next fiscal year, 90 days ago: $8.26 Next fiscal year, 60 days ago: $8.34 Next fiscal year, 30 days ago: $8.34 Next fiscal year, 7 days ago: $8.30 Next fiscal year, Now: $8.26 $8.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.06$8.26
60 days ago $7.09$8.34
30 days ago $7.09$8.34
7 days ago $7.09$8.30
Now $7.14$8.26

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.98 $2.09 +5.8%
Jun 2026 $1.63 $1.67 +2.5%
Mar 2026 $1.38 $1.50 +8.3%
Dec 2025 $1.63 $1.68 +3.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • full-year earnings per share growth guidance full-year 2026 10% growth to 15% growth Narrowed
    “Based on current market conditions, we are narrowing our full-year earnings per share growth guidance to 10% to 15% and currently expect results toward the upper end of the range.” source
  • net cash provided by operating activities 2026 $575m to $675m Maintained vs 575m to 675m
    “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.” source
  • capital spending 2026 $220m to $260m Raised vs about 65m
    “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.” source
  • marine maintenance capital and improvements 2026 $170m to $210m
    “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.” source
  • growth capital spending 2026 about $65m
    “Up to approximately $65 million is expected to be allocated to growth capital spending across both of our businesses.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Kirby Corp's revenue by +7.7% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.9%, weight 62%) and the company's own record (+5.8%, weight 38%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy7100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026167
  2. Sep 202666
  3. Aug 202666
  4. Jul 202666

Counts of recommendations published by analysts covering Kirby Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
4.89
at average volume
Short interest, 1 month
+31%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
5,233
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.9%

$103.48 on October 31, 2025 to $140.64

ThenNowEffect
Revenue (last 12 months) $3.3bn $3.5bn +6.6%
Net margin 9.3% 10.2% +10.0%
P/E multiple 19.6x 21.6x +10.1%
Share count 57m 55m +5.3%

Biggest factor: p/e multiple.

Last 3 years +80.0%

$78.13 on November 3, 2023 to $140.64

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.5bn +16.2%
Net margin 5.8% 10.2% +75.3%
P/E multiple 27.0x 21.6x −19.9%
Share count 60m 55m +10.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KEX+15%+8%+22%+35%+4%+28%
Industry peers (median)+27%+15%+20%−11%+22%+33%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KEX42%58%67%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KEX−31%−25%−16%−20%−34%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from June 4, 2018 to March 18, 2020. Getting back needed a 173% gain, reached on March 26, 2024, 1469 days after the low.

Price behaviour

52-week range
$104.35 – $152.59
From 52-week high
−7.8%
vs 50-day average
+2.4%
vs 200-day average
+2.7%
Volatility (1 year)
27%
Beta vs S&P 500
0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±9.2%
After a week
6 up, 5 down
typical move ±8.5%
After a month
6 up, 5 down
typical move ±11.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +6.5% 0.0% — —
July 29, 2026 −9.0% +0.1% −9.8% −3.8%
April 30, 2026 −3.5% +1.3% −6.8% −6.8%
January 29, 2026 −8.2% −0.5% −7.3% +3.8%
October 29, 2025 +17.7% −1.1% +19.9% +28.1%
July 31, 2025 −20.4% −2.0% −16.4% −19.0%
May 1, 2025 +8.4% +2.2% +7.8% +16.0%
January 30, 2025 +2.4% 0.0% +0.6% −5.9%
October 30, 2024 −6.7% −2.3% +3.2% +2.8%
August 1, 2024 −10.5% −3.3% −6.2% −2.4%
April 25, 2024 +10.8% +0.6% +8.4% +21.1%
February 1, 2024 +6.5% +2.4% +7.4% +13.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Kirby Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Kirby Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kirby Corp
$3B $3.2B $3.4B $3.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3B Revenue (TTM), FY23 Q4: $3.1B Revenue (TTM), FY24 Q1: $3.1B Revenue (TTM), FY24 Q2: $3.2B Revenue (TTM), FY24 Q3: $3.3B Revenue (TTM), FY24 Q4: $3.3B Revenue (TTM), FY25 Q1: $3.2B Revenue (TTM), FY25 Q2: $3.3B Revenue (TTM), FY25 Q3: $3.3B Revenue (TTM), FY25 Q4: $3.4B Revenue (TTM), FY26 Q1: $3.4B Revenue (TTM), FY26 Q2: $3.5B $3.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3B
FY23 Q4 $3.1B
FY24 Q1 $3.1B
FY24 Q2 $3.2B
FY24 Q3 $3.3B
FY24 Q4 $3.3B
FY25 Q1 $3.2B
FY25 Q2 $3.3B
FY25 Q3 $3.3B
FY25 Q4 $3.4B
FY26 Q1 $3.4B
FY26 Q2 $3.5B
Revenue growth, TTM YoY Kirby Corp
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 14.2% Revenue growth, TTM YoY, FY23 Q4: 11.0% Revenue growth, TTM YoY, FY24 Q1: 7.7% Revenue growth, TTM YoY, FY24 Q2: 6.4% Revenue growth, TTM YoY, FY24 Q3: 7.9% Revenue growth, TTM YoY, FY24 Q4: 5.6% Revenue growth, TTM YoY, FY25 Q1: 3.0% Revenue growth, TTM YoY, FY25 Q2: 2.4% Revenue growth, TTM YoY, FY25 Q3: 1.6% Revenue growth, TTM YoY, FY25 Q4: 3.0% Revenue growth, TTM YoY, FY26 Q1: 5.5% Revenue growth, TTM YoY, FY26 Q2: 6.6% 6.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 14.2%
FY23 Q4 11.0%
FY24 Q1 7.7%
FY24 Q2 6.4%
FY24 Q3 7.9%
FY24 Q4 5.6%
FY25 Q1 3.0%
FY25 Q2 2.4%
FY25 Q3 1.6%
FY25 Q4 3.0%
FY26 Q1 5.5%
FY26 Q2 6.6%
Operating margin (TTM) Kirby Corp
8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.9% Operating margin (TTM), FY23 Q4: 10.8% Operating margin (TTM), FY24 Q1: 11.9% Operating margin (TTM), FY24 Q2: 12.8% Operating margin (TTM), FY24 Q3: 13.5% Operating margin (TTM), FY24 Q4: 12.2% Operating margin (TTM), FY25 Q1: 12.4% Operating margin (TTM), FY25 Q2: 12.7% Operating margin (TTM), FY25 Q3: 12.6% Operating margin (TTM), FY25 Q4: 14.8% Operating margin (TTM), FY26 Q1: 14.6% Operating margin (TTM), FY26 Q2: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.9%
FY23 Q4 10.8%
FY24 Q1 11.9%
FY24 Q2 12.8%
FY24 Q3 13.5%
FY24 Q4 12.2%
FY25 Q1 12.4%
FY25 Q2 12.7%
FY25 Q3 12.6%
FY25 Q4 14.8%
FY26 Q1 14.6%
FY26 Q2 14.0%
FCF margin (TTM) Kirby Corp
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.3% FCF margin (TTM), FY23 Q4: 4.5% FCF margin (TTM), FY24 Q1: 7.5% FCF margin (TTM), FY24 Q2: 6.7% FCF margin (TTM), FY24 Q3: 10.8% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q1: 10.2% FCF margin (TTM), FY25 Q2: 8.0% FCF margin (TTM), FY25 Q3: 8.8% FCF margin (TTM), FY25 Q4: 12.1% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.3%
FY23 Q4 4.5%
FY24 Q1 7.5%
FY24 Q2 6.7%
FY24 Q3 10.8%
FY24 Q4 12.7%
FY25 Q1 10.2%
FY25 Q2 8.0%
FY25 Q3 8.8%
FY25 Q4 12.1%
FY26 Q1 14.5%
FY26 Q2 13.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Kirby took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.4B
  2. Selling, general and admin $356M · 10.6%
  3. Other operating costs $2.5B · 74.7%
  4. Operating income $496M · 14.8%
  5. Income tax $116M · 3.4%
  6. Interest and other $25.7M · 0.8%
  7. Net income $355M · 10.5%

Shares of revenue. Source: Kirby's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,082 1,110 1,850 2,113 2,242 2,566 2,148 1,771 2,214 2,971 2,838 2,171 2,247 2,785 3,092 3,266 3,364 3,489
EBITDA 310 295 438 510 601 645 573 448 297 380 462 −201 −44 394 546 639 760 762
Operating income 216 200 312 365 436 476 381 247 94 155 242 −421 −258 193 335 399 496 489
Net income 126 116 183 209 253 282 227 141 313 78 142 −273 −247 122 223 287 355 355
Diluted EPS $2.34 $2.15 $3.33 $3.73 $4.44 $4.93 $4.11 $2.62 $5.62 $1.31 $2.37 −$4.55 −$4.11 $2.03 $3.72 $4.91 $6.33 $6.51
Growth (year on year)
Revenue −20.4% +2.5% +66.8% +14.2% +6.1% +14.5% −16.3% −17.5% +25.1% +34.2% −4.5% −23.5% +3.5% +24.0% +11.0% +5.6% +3.0% +6.6%
EBITDA −14.3% −4.7% +48.4% +16.3% +17.8% +7.4% −11.2% −21.8% −33.9% +28.2% +21.4% −143.5% — — +38.5% +17.1% +18.9% +14.3%
Operating income −20.1% −7.4% +56.1% +16.8% +19.6% +9.1% −20.0% −35.0% −62.2% +65.9% +55.9% −273.8% — — +73.7% +19.1% +24.4% +18.0%
Net income −19.9% −7.7% +57.4% +14.4% +20.8% +11.4% −19.6% −37.6% +121.5% −75.0% +81.4% −291.5% — — +82.3% +28.6% +23.7% +17.2%
Diluted EPS −19.6% −8.1% +54.9% +12.0% +19.0% +11.0% −16.6% −36.3% +114.5% −76.7% +80.9% −292.0% — — +83.3% +32.0% +28.9% +23.5%
Margins
EBITDA margin 28.6% 26.6% 23.7% 24.1% 26.8% 25.1% 26.7% 25.3% 13.4% 12.8% 16.3% −9.2% −2.0% 14.2% 17.7% 19.6% 22.6% 21.8%
Operating margin 20.0% 18.0% 16.9% 17.3% 19.5% 18.5% 17.7% 14.0% 4.2% 5.2% 8.5% −19.4% −11.5% 6.9% 10.8% 12.2% 14.8% 14.0%
Net margin 11.6% 10.5% 9.9% 9.9% 11.3% 11.0% 10.6% 8.0% 14.1% 2.6% 5.0% −12.6% −11.0% 4.4% 7.2% 8.8% 10.5% 10.2%
Free-cash-flow margin 11.8% 9.8% 4.6% 0.6% 15.5% 3.3% 8.3% 10.4% 8.0% 1.5% 9.3% 13.7% 10.0% 4.4% 4.5% 12.7% 12.1% 13.6%
Cash flow
Cash from operations 320 245 312 326 601 439 524 416 353 347 512 445 322 294 540 756 670 710
Capital spending 193 137 226 312 253 355 345 231 177 302 248 148 98 173 402 343 264 234
Free cash flow 127 108 86 14 348 84 179 185 176 45 264 297 224 122 138 414 406 476
Stock-based pay 10 11 9 10 12 12 11 12 11 19 14 15 16 14 15 16 18 19
Free cash flow after stock pay 117 98 77 4 336 72 168 173 165 26 250 282 208 108 124 398 388 457
Balance sheet
Cash 98 196 16 11 4 24 6 6 20 8 25 80 35 81 33 74 79 39
Total debt 200 200 802 1,135 749 717 779 726 996 1,417 1,375 1,475 1,167 1,083 1,022 878 922 1,041
Net debt (negative = net cash) 102 5 786 1,124 745 692 773 720 976 1,410 1,350 1,395 1,132 1,003 989 804 844 1,002
Diluted shares 53m 53m 54m 56m 57m 57m 55m 54m 55m 60m 60m 60m 60m 60m 60m 58m 56m 55m
Returned to shareholders
Buybacks 1 24 0 0 0 15 241 2 0 1 0 0 0 23 113 175 354 334
Total returned 1 24 0 0 0 15 241 2 0 1 0 0 0 23 113 175 354 334

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $6.2bn
Short-term assets $1.2bnLonger-term assets $5.0bn
What it owes, and who funded it · $4.2bn
Short-term liabilities $736mShareholders' equity $3.4bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $736m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $39m of cash against $1.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 30% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 40% to 30% over five years.
  • A year's operating cash flow covers at least 20% of debt $710m of operating cash flow against $1.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $489m against $44m of interest.

From Kirby Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$334M
Returned to shareholders
70%
of free cash flow
Buybacks, last 3 fiscal years
$642M
Diluted share count
−5.1%
year over year
Total shareholder yield
4.4%
dividends 0.0% + buybacks 4.4% of market value
Sales & admin spending
10.5%
of revenue
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in marine transportation
Last 12 months unless stated KEX MATX HAFN ZIM NMM INSW Median
Revenue, last 12 months $3.5bn $3.5bn $2.3bn $6.9bn $1.3bn $1.3bn $329m
Revenue growth, last 12 months 6.6% −0.2% −20.5% −18.1% 0.8% 57.4% 0.8%
Revenue growth, 3-year average 5.1% 0.6% — — 89.3% 2.9% 16.8%
Revenue growth, latest quarter 7.8% 16.7% — — — 138.8% 43.1%
Gross margin — — 41.9% 19.1% 90.5% — 64.5%
Operating margin 14.0% 15.2% 16.2% 14.7% — 64.2% 18.6%
Operating margin, 3-year average 13.1% 14.5% — — — 51.4% 13.1%
Net margin 10.2% 13.4% 14.9% 6.9% 21.2% 62.0% 13.3%
Cash from operations / revenue 20.3% 16.9% 26.4% 33.3% 37.6% 50.4% 33.1%
Free-cash-flow margin 13.6% 6.0% 20.0% 14.7% 20.9% 50.3% 14.2%
Free-cash-flow margin, 3-year average 9.4% 8.3% — — −6.7% 51.9% 9.4%
Stock pay / revenue 0.5% 0.7% 0.1% 0.0% 0.0% 0.6% 0.7%
Change in share count −5.1% −7.1% −2.1% 0.0% — 0.2% 0.5%

Median of all 42 companies we cover in marine transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 marine transportation companies
Measure Company Peer median Rank
Revenue growth Growth 6.6% 0.8% 15 of 40
Change in growth rate Growth +1.0pp +0.7pp 19 of 40
Operating margin Profitability 14.0% 19.8% 27 of 40
Net margin Profitability 10.2% 13.4% 25 of 42
Free-cash-flow margin Cash generation 13.6% 13.6% 21 of 41
Stock pay as % of revenue Cash generation 0.5% 0.9% 11 of 34
Long-term debt as % of assets Balance sheet 16.6% 24.2% 11 of 35
Change in share count Balance sheet -5.1% 0.5% 6 of 39
Days sales outstanding Balance sheet 67 days 19 days 30 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Marine Transportation $1.9B 57.5% ▲ 1.2%
Distribution and Services $1.4B 42.5% ▲ 5.6%

From Kirby Corp's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.3B
Institutions reporting
465
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
73 / 44

Top buyers and sellers, Q2 2026: 241 institutions bought and 189 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+503K shares) and the biggest seller Neuberger Berman Group LLC (−473K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $733M 5.4M 10.1% ▲ 2.2%
Dimensional Fund Advisors LP $375M 2.8M 5.2% ▲ 5.4%
Vanguard Portfolio Management LLC $366M 2.7M 5.0% ▲ 1.1%
Goldman Sachs Group Inc $361M 2.7M 5.0% ▼ 6.1%
Morgan Stanley $331M 2.4M 4.6% ▼ 8.9%
Vanguard Capital Management LLC $328M 2.4M 4.5% ▲ 0.3%
State Street Corp $224M 1.6M 3.1% ▲ 0.6%
First Trust Advisors LP $220M 1.6M 3.0% ▲ 15.2%
King Luther Capital Management Corp $198M 1.5M 2.7% ▼ 6.6%
Neuberger Berman Group LLC $172M 1.3M 2.4% ▼ 27.3%
Geode Capital Management, LLC $162M 1.2M 2.2% ▲ 16.5%
Wellington Management Group LLP $156M 1.2M 2.2% ▼ 27.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kirby Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $19.1M 18 trades by 10 insiders · 0% under pre-set plans
Net ▼ $19.1M net selling
Insider Date Trade Shares Price Value
Husted Amy D. Exec VP General Counsel & Sec May 15, 2026 Sell 4,000 $145.43 $581,720
O'Neil Christian G. President and COO May 15, 2026 Sell 11,287 $145.93 $1.6M
Woodruff William Matthew VP of Public and Govt Affairs May 15, 2026 Sell 678 $147.37 $99,917
Dragg Ronald A Vice President and Controller May 4, 2026 Sell 1,726 $145.01 $250,287
Kumar Raj Exec VP and CFO March 2, 2026 Sell 3,000 $132.70 $398,100
O'Neil Christian G. President and COO March 2, 2026 Sell 11,287 $132.34 $1.5M
Grzebinski David W CEO February 24, 2026 Sell 34,152 $130.05 $4.4M
Husted Amy D. Exec VP General Counsel & Sec February 20, 2026 Sell 11,667 $129.33 $1.5M
Davis Barry E Director February 19, 2026 Sell 8,480 $128.51 $1.1M
Miller Scott P VP - CIO February 10, 2026 Sell 3,960 $120.68 $477,893
Woodruff William Matthew VP of Public and Govt Affairs February 9, 2026 Sell 2,000 $121.88 $243,760
Dragg Ronald A Vice President and Controller February 4, 2026 Sell 5,429 $122.00 $662,338

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 30, 2026
  • January 29, 2026
  • October 29, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Kirby Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kirby Corp in brief

What does Kirby Corp do?
Kirby Corp is a US-listed company in the marine transportation industry. Its financial year ends in December.
What is Kirby Corp's stock ticker?
Kirby Corp trades under the ticker KEX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kirby Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kirby Corp reported revenue of $3.5B, 6.6% higher than a year earlier, according to its SEC filings.
What is Kirby Corp's free cash flow?
Kirby Corp's free-cash-flow margin is 13.6% of revenue over the trailing twelve months, ranking 21 of the 41 marine transportation companies we cover.
What is Kirby Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Kirby Corp's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$86–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Kirby Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Kirby Corp buying back stock, and does it pay a dividend?
Kirby Corp spent $334M on share repurchases over the trailing twelve months, and its diluted share count fell 5.1% over the year.
What is Kirby Corp's market cap?
On November 2, 2026, Kirby Corp's market capitalisation was about $7.7B, with a price-to-earnings ratio of 21.6 and net debt of $1B. Market figures come from third-party market data and may be delayed.
How much debt does Kirby Corp have?
Kirby Corp's debt-to-equity ratio is 30.0%, from its latest balance sheet (40.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Kirby Corp's competitors?
In our Marine Transportation peer group, the companies closest to Kirby Corp are Matson, Inc., Hafnia Ltd, ZIM Integrated Shipping Services Ltd., Navios Maritime Partners L.p. and International Seaways, Inc. The side-by-side comparison below sets their revenue, margins and growth against Kirby Corp's.
Are insiders buying or selling Kirby Corp stock?
Over the last 12 months, Kirby Corp's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Kirby Corp's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Kirby Corp announces its own schedule.