What changed in this filing

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Item 1. Financial Statements

2025-08-11 compared with 2025-05-12 · 107 added, 34 removed, 327 unchanged (30% of the section changed)

36 unchanged sentences

Retained earnings

Treasury stock – at cost, 9.1 million shares at March 31, 2025 and 8.2 million at December 31, 2024

Treasury stock – at cost, 9.4 million shares at June 30, 2025 and 8.2 million at December 31, 2024

Total Kirby stockholders’ equity

4 unchanged sentences

CONDENSED STATEMENTS OF EARNINGS

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands, except per share amounts)

19 unchanged sentences

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands)

Other comprehensive loss, net of taxes:

Other comprehensive income (loss), net of taxes:

Pension and postretirement benefits

Foreign currency translation adjustments

Total other comprehensive loss, net of taxes

Total other comprehensive income (loss), net of taxes

Total comprehensive income, net of taxes

4 unchanged sentences

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

($ in thousands)

37 unchanged sentences

(in thousands)

Balance at March 31, 2025

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Balance at June 30, 2025

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at March 31, 2024

Stock option exercises

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Balance at June 30, 2024

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

Accumulated Other

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at December 31, 2024

6 unchanged sentences

Total comprehensive income, net of taxes

Balance at March 31, 2025

Balance at June 30, 2025

Accumulated Other

Comprehensive

10 unchanged sentences

Total comprehensive income, net of taxes

Balance at March 31, 2024

Balance at June 30, 2024

See accompanying notes to condensed financial statements.

17 unchanged sentences

The following table sets forth the Company’s revenues by major source (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Marine transportation segment:

5 unchanged sentences

Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied.

Revenues recognized during the three months ended March 31, 2025 and 2024 that were included in the opening contract liability balances were $ 60.2 million and $ 54.4 million , respectively.

Revenues recognized during the six months ended June 30, 2025 and 2024 that were included in the opening contract liability balances were $ 94.7 million and $ 81.5 million , respectively.

The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets.

The Company did no t have any contract assets as of March 31, 2025 or December 31, 2024 .

The Company did no t have any contract assets as of June 30, 2025 or December 31, 2024 .

(4) Segment Data

11 unchanged sentences

The CODM also uses segment operating income to assess the performance for each segment by comparing the results and return on invested capital of each segment.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 11.1 million for the three months ended March 31, 2025 and $ 6.6 million for the three months ended March 31, 2024, as well as the related intersegment profit of $ 1.1 million for the three months ended March 31, 2025 and $ 0.7 million for the three months ended March 31, 2024, have been eliminated from the tables below.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 11.3 million and $ 22.5 million for the three months and six months ended June 30, 2025, respectively, and $ 7.5 million and $ 14.1 million for the three months and six months ended June 30, 2024, respectively, as well as the related intersegment profit of $ 1.1 million and $ 2.2 million for the three months and six months ended June 30, 2025, respectively, and $ 0.7 million and $ 1.4 million for the three months and six months ended June 30, 2024, respectively, have been eliminated from the tables below.

The following tables set forth the Company’s revenues, depreciation and amortization, and income or loss by reportable segment and total assets (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Revenue from external customers

12 unchanged sentences

Earnings before taxes on income

Six Months Ended June 30,

Revenue from external customers

Costs of sales and operating expenses

Administrative payroll expense

Taxes, other than on income

Depreciation and amortization

Other segment items (a)

Segment operating income

Reconciliation of segment operating income

Unallocated amounts:

General corporate expenses

Gain on disposition of assets

Operating income

Interest expense

Earnings before taxes on income

(a) Other segment items for each reportable segment includes:

9 unchanged sentences

The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):

March 31, 2025

June 30, 2025

December 31, 2024

9 unchanged sentences

Unamortized debt discounts and issuance costs

(a) Variable interest rate o f 5.6 % at March 31, 2025 and December 31, 2024 .

(a) Variable interest rate o f 5.6 % at June 30, 2025 and December 31, 2024 .

On July 29, 2022, the Company entered into a credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A.

4 unchanged sentences

Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity.

Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 275.0 million as of March 31, 2025.

Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 255.0 million as of June 30, 2025.

On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $ 300 million of unsecured senior notes with a group of institutional investors, consisting of $ 60 million of 3.46 % series A notes (“Series A Notes”) and $ 240 million of 3.51 % series B notes (“Series B Notes ”), each due January 19, 2033 (collectively, the “2033 Notes”).

3 unchanged sentences

(“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2026 .

Outstanding letters of credit under the Credit Line were $ 6.8 million and available borrowing capacity was $ 8.2 million as of March 31, 2025 .

Outstanding letters of credit under the Credit Line were $ 6.8 million and available borrowing capacity was $ 8.2 million as of June 30, 2025 .

The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases.

9 unchanged sentences

The following table summarizes lease costs (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Operating lease cost

7 unchanged sentences

The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Compensation cost

Income tax benefit

During the three months ended March 31, 2025, the Company grant ed 131,170 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan that vest ratably over five years .

During the six months ended June 30, 2025, the Company grant ed 131,190 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan that vest ratably over five years .

During May 2025, the Company granted 15,384 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

(8) Taxes on Income

Earnings (loss) before taxes on income and details of the provision for taxes on income were as follows (in thousands):

Three Months Ended March 31,

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Earnings (loss) before taxes on income:

United States

Provision for taxes on income:

Provision (benefit) for taxes on income:

State and local:

Foreign - current

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law.

This legislation includes changes to U.S.

federal tax law, which may be subject to further clarification and the issuance of interpretive guidance.

The Company is assessing the legislation and its effect on its consolidated financial statements, which it expects to begin reflecting in the three months ended September 30, 2025.

(9) Earnings Per Share

The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Net earnings attributable to Kirby

11 unchanged sentences

Net earnings per share attributable to Kirby common stockholders:

Certain outstanding options to purchase approximately 23,000 shares of common stock were excluded in the computation of diluted earnings per share as of March 31, 2024 , as such stock options would have been antidilutive.

There were no antidilutive stock options as of March 31, 2025 .

There were no antidilutive RSUs as of March 31, 2025 and 2024 .

There were no antidilutive stock options as of June 30, 2025 and 2024 .

There were no antidilutive RSUs as of June 30, 2025 and 2024 .

(10) Inventories

15 unchanged sentences

On March 27, 2018, the Company amended the Higman pension plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants.

The Company made contributions of $ 0.3 million to the Higman pension plan during the three months ended March 31, 2025 .

The Company made contributions of $ 0.5 million to the Higman pension plan during the six months ended June 30, 2025 .

The Company expects to make additional contributions of $ 0.7 million during the remainder of 2025.

7 unchanged sentences

Pension Plans

Three Months Ended March 31,

Three Months Ended June 30,

Components of net periodic benefit cost:

3 unchanged sentences

Net periodic benefit cost

Pension Benefits

Pension Plans

Six Months Ended June 30,

Components of net periodic benefit cost:

Interest cost

Expected return on plan assets

Amortization of actuarial (gain) loss

Net periodic benefit cost

The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands):

1 unchanged sentence

Postretirement Welfare Plan

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Components of net periodic benefit cost:

3 unchanged sentences

(12) Other Comprehensive Income

The Company’s changes in other comprehensive loss were as follows (in thousands):

Three Months Ended March 31,

The Company’s changes in other comprehensive income (loss) were as follows (in thousands):

Three Months Ended June 30,

Income Tax Benefit

Income Tax (Provision) Benefit

Pension and postretirement benefits (a):

Amortization of net actuarial gain

Actuarial gains (losses)

Foreign currency translation

Six Months Ended June 30,

Income Tax Benefit

Income Tax (Provision) Benefit

Pension and postretirement benefits (a):

Amortization of net actuarial gain

Actuarial gains (losses)

Foreign currency translation

17 unchanged sentences

The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business.

The aggregate notional value of these instruments is $ 32.8 million at March 31, 2025, including $ 11.6 million in letters of credit and $ 21.1 million in performance bonds.

The aggregate notional value of these instruments is $ 27.4 million at June 30, 2025, including $ 11.6 million in letters of credit and $ 15.8 million in performance bonds.

All of these instruments have an expiration date within two years .

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements