Kirby Corporation (NYSE: KEX) shares began Wednesday sharply lower. Today, the company announced net earnings attributable to Kirby for the second quarter ended June 30, 2026, of $89.7 million, or $1.67 per share, compared with earnings of $94.3 million, or $1.67 per share, for the 2025 second quarter. Total revenues for the 2026 second quarter were $922.4 million compared with $855.5 million for the 2025 second quarter.
CEO David Grzebinski, "Our second-quarter results reflected strong execution across both businesses, driving an 11% sequential increase in earnings per share. In marine transportation, the inland market continued to strengthen, supported by steady customer demand, healthy barge utilization, and pricing improvements across both term contract renewals and spot market activity.
“While marine transportation margins were impacted by previously disclosed fuel cost headwinds in inland marine and elevated shipyard activity in coastal marine, customer demand remained healthy and overall marine transportation conditions were constructive during the quarter.”
Also, for the 2026 second quarter, EBITDA (non-GAAP) was $199.7 million compared with $202.2 million for the 2025 second quarter. During the quarter, net cash provided by operating activities was $72.2 million, and capital expenditures were $71.5 million, resulting in free cash flow (non-GAAP) of $0.7 million.
KEX shares sank $6.63, or 4.6%, to $138.72.
