Kirby (KEX) Q3 2026 Earnings Report
MX:KEX Q3 2026 EPS Results
- Actual EPS
- MXN 39.46
- Consensus EPS
- MXN 37.75
- Beat/Miss
- Beat by +MXN 1.72
- One Year Ago EPS
- MXN 31.16
MX:KEX Q3 2026 Revenue Results
- Actual Revenue
- MXN 18.45B
- Expected Revenue
- MXN 17.73B
- Beat/Miss
- Beat by +MXN 724.40M
- YoY Revenue Growth
- +12.17%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
Kirby's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Record EPS, double-digit Marine Transportation growth, improving inland pricing and utilization, a power-generation backlog above $1.5 billion, raised full-year guidance, strong liquidity, and favorable market fundamentals significantly outweighed the stated challenges from fuel and inflationary costs, coastal shipyard activity, elevated working capital, constrained OEM engine availability, and on-highway weakness.
Kirby narrowed its 2026 full year earnings growth guidance to 10% to 15% and currently expects results toward the upper end of that range; inland revenues are expected to grow in the low double digit range with operating margins in the high teens to low 20% range for the full year, coastal revenues are expected to increase in the mid to high single digit range with operating margins in the mid teens range, and distribution and services segment revenues are expected to increase in the high single digit range with operating margins in the high single digit range. Full year capital spending is expected to range between $220 million to $260 million, including approximately $170 million to $210 million of marine maintenance capital and approximately $65 million of growth capital spending, while cash flow from operations is expected to be $575 million to $675 million; the inland fleet is expected to be flat in the fourth quarter of 26 and Coastal marine expected to remain unchanged from the third quarter of 26. Power generation’s longer term outlook remains 10 to 20% growth, with backlog currently north of $1.5 billion, and the aftermarket opportunity is expected to be a 100 million plus dollar business in 3 to 4 years.
- Record Third-Quarter EPSKirby reported record third-quarter earnings per share of $2.09, up 27% year over year, reflecting continued momentum across both businesses and solid execution.
- Marine Transportation Revenue and Operating Income GrowthMarine Transportation revenue was $569 million and operating income was $112 million, with a 20% operating margin. Revenue increased $84 million, or 17%, year over year, while operating income increased $23 million, or 26%. Sequentially, revenue increased 6% and operating income increased 27%.
- Strong Inland Marine Utilization and PricingInland barge utilization was in the low 90% range, with spot market rates increasing in the low to mid single digit range sequentially and in the mid single digit range year over year. Term contract renewals increased in the low single digit range year over year, and inland revenue increased 21% year over year with operating margins in the 20% range.
- Constructive Inland Market FundamentalsStrong refinery operating rates, healthy petrochemical activity, limited new industry capacity, heavier refinery feed slates from increased Venezuelan crude imports, and improving chemical volumes supported inland demand. Management said industry supply remains tight, with only approximately 65 barges expected to be delivered during the year, most of which is replacement capacity.
- Favorable Inland Renewal OutlookApproximately 35% to 40% of the inland term book is expected to renew in the fourth quarter. Management said momentum is building, spot pricing remains approximately 10% to 15% above term pricing, and fourth-quarter renewals are expected to be above inflationary levels.
- High Coastal Utilization and Revenue GrowthCoastal utilization remained in the high 90% range. Coastal revenue increased 3% year over year, with operating margins in the mid teens range. The single coastal contract renewed during the quarter increased in the low double digit range year over year.
- Distribution and Services GrowthDistribution and Services revenue was $408 million, operating income was $48 million, and operating margin was 12%. Revenue increased 6% year over year and operating income increased 13%; sequentially, revenue increased 6% and operating income increased 27%.
- Power Generation Demand and Backlog ExpansionPower generation revenue increased 8% year over year, supported by strong demand for behind-the-meter and backup power solutions. The power generation backlog is now above $1.5 billion, book-to-bill is well above 1, and inquiry levels remain very high.
- Growing Behind-the-Meter MixBehind-the-meter applications represented approximately two-thirds of current power-generation orders and backlog. Management said these natural-gas systems include balance-of-plant equipment supplied by Kirby and have a higher margin profile than backup diesel systems.
- Long-Term Aftermarket OpportunityManagement expects the aftermarket maintenance cycle for the growing behind-the-meter installed base to begin becoming visible in approximately 3 to 4 years. The company said the aftermarket opportunity could exceed the original product value and is being scoped and budgeted as a $100 million-plus business.
- Commercial and Industrial PerformanceCommercial and Industrial revenue increased 8% year over year and operating income increased 23%, supported by strong marine repair activity. The business represented approximately 44% of Distribution and Services revenue and generated operating margins in the low double digit range.
- Improved Oil and Gas ProfitabilityOil and Gas activity remained stable, with revenue flat sequentially and operating income increasing 54% sequentially due to higher-margin parts and service activity and ongoing cost management. Oil and Gas represented approximately 10% of Distribution and Services revenue.
- Chemical Market and 10,000-Barrel Barge MomentumManagement said chemical volumes and pricing are improving due to global capacity rationalization, stronger Gulf Coast competitiveness, and Middle East infrastructure disruptions. Utilization of 10,000-barrel barges reached near-record levels, the barges were nearly fully deployed, and Kirby added new contracts.
- Raised and Narrowed Full-Year Earnings OutlookKirby narrowed 2026 full-year earnings growth guidance to 10% to 15% and currently expects results toward the upper end of that range. The outlook is supported by inland pricing momentum, expected recovery of fuel-cost timing impacts, healthy marine utilization, and execution on the power-generation backlog.
- Full-Year Segment OutlookFor the full year, inland revenue is expected to grow in the low double digit range with operating margins in the high teens to low 20% range. Coastal revenue is expected to increase in the mid to high single digit range with margins in the mid teens range. Distribution and Services revenue is expected to increase in the high single digit range with operating margins in the high single digit range.
- Strong Liquidity and Cash Flow GenerationKirby ended the quarter with $38 million of cash, $1.07 billion of total debt, a 23.7% debt-to-capitalization ratio, and $530 million of available liquidity. Operating cash flow was $143.5 million, capital expenditures were $69.5 million, and free cash flow was $74 million.
- Acquisition of Inland Marine AssetsKirby agreed to acquire inland marine assets for approximately $115 million, including 9 inland towboats, 14 inland tank barges, 9 valve thrusters, and a Rockport, Texas, fleeting operation. Management said the acquisition will enhance the South Texas network and provide strategic fleeting, fueling, repair, and operational capabilities.
- Share Repurchases and Capital AllocationKirby returned $112 million to shareholders through share repurchases during the quarter at an average price of $137 per share. Management said it remains focused on balancing disciplined investment in the businesses with consistent shareholder returns while evaluating additional acquisitions.
- Expanded Power-Generation CapacityKirby completed a new generator assembly building that increased capacity and is hiring approximately 200 to 300 people. Management maintained its longer-term power-generation revenue growth outlook of 10% to 20%.
MX:KEX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 37.29- | 31.72 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 37.7539.46 | 31.16 | 26.67% (+8.31) | |
| Jul 29, 2026 | 2026 (Q2) | 30.7631.53 | 31.53 | 0.00% (+0.00) | |
| Apr 30, 2026 | 2026 (Q1) | 26.2728.32 | 25.11 | 12.78% (+3.21) | |
| Jan 29, 2026 | 2025 (Q4) | 30.7631.72 | 24.36 | 30.23% (+7.36) | |
| Oct 29, 2025 | 2025 (Q3) | 30.7031.16 | 29.27 | 6.45% (+1.89) | |
| Jul 31, 2025 | 2025 (Q2) | 31.2931.53 | 27 | 16.78% (+4.53) | |
| May 01, 2025 | 2025 (Q1) | 24.2425.11 | 22.47 | 11.76% (+2.64) | |
| Jan 30, 2025 | 2024 (Q4) | 24.2324.36 | 19.64 | 24.04% (+4.72) | |
| Oct 30, 2024 | 2024 (Q3) | 27.5929.27 | 19.83 | 47.62% (+9.44) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.