16 unchanged sentences
The following table summarizes key operating results of the Company (in thousands, except per share amounts):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Total revenues
3 unchanged sentences
Capital expenditures
−Removed: Cash provided by operating activities for the 2025 first quarter decreased in comparison to the 2024 first quarter primarily due to unfavorable working capital changes.
−Removed: This was related to an increase in inventories in the first quarter of 2025 due to the impact of supply delays in KDS resulting in the buildup of inventory for projects, mainly due to power generation orders, that are scheduled to be delivered later in 2025, partially offset by increased net earnings.
−Removed: For the 2025 first quarter, capital expenditures of $78.7 million included $61.8 million in KMT and $16.9 million in KDS and corporate, each more fully described under Cash Flow and Capital Expenditures below.
+Added: Cash provided by operating activities for the 2025 first six months decreased in comparison to the 2024 first six months primarily due to unfavorable working capital changes driven by the timing of accounts receivable collections, accounts payable payments and federal income tax payments, as well as an increase in inventories in the first half of 2025, partially offset by increased net earnings.
+Added: The increase in inventories was due to the impact of higher business activity levels and supply delays in KDS resulting in the buildup of inventory for projects, mainly due to power generation orders, which are scheduled to be delivered later in 2025 and into 2026.
+Added: For the 2025 first six months, capital expenditures of $150.2 million included $126.3 million in KMT and $23.9 million in KDS and corporate, each more fully described under Cash Flow and Capital Expenditures below.
The Company projects that capital expenditures for 2025 will be in the $260 million to $290 million range.
1 unchanged sentence
Approximately $80 million is associated with growth capital spending in both segments.
−Removed: The Company’s debt-to-capitalization ratio increased to 24.8% at March 31, 2025 compared to 20.7% at December 31, 2024, primarily due to an increase in debt outstanding.
−Removed: Total equity at March 31, 2025 decreased as compared to December 31, 2024 primarily from treasury stock purchases of $101.5 million, partially offset by net earnings attributable to Kirby of $76.0 million.
−Removed: The Company’s debt outstanding as of March 31, 2025 and December 31, 2024 is detailed in Long-Term Financing below.
+Added: The Company’s debt-to-capitalization ratio increased to 24.8% at June 30, 2025 compared to 20.7% at December 31, 2024, primarily due to an increase in debt outstanding.
+Added: Total equity at June 30, 2025 increased as compared to December 31, 2024 primarily from net earnings attributable to Kirby of $170.3 million, partially offset by treasury stock purchases of $132.7 million.
+Added: The Company’s debt outstanding as of June 30, 2025 and December 31, 2024 is detailed in Long-Term Financing below.
Marine Transportation
−Removed: For the 2025 first quarter, KMT generated 61% of the Company’s revenues compared to 59% for the 2024 first quarter.
+Added: For the 2025 second quarter and first six months, KMT generated 58% and 59%, respectively, of the Company’s revenues compared to 59% for both the 2024 second quarter and first six months.
The segment’s customers include many of the major petrochemical and refining companies that operate in the United States.
12 unchanged sentences
Furthermore, the Company owns a two-thirds interest in Osprey Line, L.L.C., which transports project cargoes and cargo containers by barge.
−Removed: During the 2025 first quarter, the Company purchased 14 inland tank barges, chartered five inland tank barges, and retired two inland tank barges, increasing its capacity by approximately 0.4 million barrels.
−Removed: KMT revenues for the 2025 first quarter were flat and operating income increased 4% compared to the 2024 first quarter.
−Removed: Revenues were flat in the 2025 first quarter as compared to the 2024 first quarter as higher term and spot market pricing in the inland and coastal markets was offset by lower fuel rebills in both markets and increased shipyards in the coastal market as compared to the 2024 first quarter.
−Removed: The increase in operating income for the 2025 first quarter was primarily due to higher term and spot pricing in the inland and coastal markets, partially offset by higher levels of planned coastal shipyards and increased inland delay days in the 2025 first quarter.
+Added: During the 2025 first six months, the Company purchased 14 inland tank barges, chartered four inland tank barges, and retired three inland tank barges, increasing its capacity by approximately 0.3 million barrels.
+Added: KMT revenues for the 2025 second quarter and first six months increased 2% and 1%, respectively, and operating income increased 4% compared to the 2024 second quarter and first six months.
+Added: The increase in revenues in the 2025 second quarter and first six months as compared to the 2024 second quarter and first six months were due to higher term and spot market pricing in the inland and coastal markets, partially offset by lower fuel rebills in both markets.
+Added: The increase in operating income for the 2025 second quarter and first six months was primarily due to higher term and spot pricing in the inland and coastal markets.
The 2025 and 2024 first quarters were impacted by poor operating conditions including seasonal wind and fog along the Gulf Coast and various lock closures.
−Removed: For the 2025 first quarter, the inland tank barge fleet contributed 82% and the coastal fleet contributed 18% of KMT revenues.
−Removed: For the 2024 first quarter, the inland tank barge fleet contributed 81% and the coastal fleet contributed 19% of KMT revenues.
−Removed: Inland tank barge utilization levels averaged in the low to mid-90% range during both the 2025 and 2024 first quarters.
+Added: For the 2025 second quarter and first six months, the inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18% of KMT revenues, respectively.
+Added: For both the 2024 second quarter and first six months, the inland tank barge fleet contributed 81% and the coastal fleet contributed 19% of KMT revenues.
+Added: Inland tank barge utilization levels averaged in the low to mid-90% range during the 2025 and 2024 first and second quarters.
The 2025 and 2024 first quarters were impacted by high winds and heavy fog along the Gulf Coast and lock delays.
−Removed: Coastal tank barge utilization levels averaged in the mid to high 90% range during both the 2025 and 2024 first quarters.
−Removed: During the 2025 first quarter, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
−Removed: During the 2024 first quarter, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
−Removed: Inland time charters during the 2025 first quarter represented approximately 61% of inland revenues under term contracts compared with 62% in the 2024 first quarter.
−Removed: During the 2025 first quarter, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
−Removed: During the 2024 first quarter, approximately 96% of KMT coastal revenues were under term contracts and 4% were under spot contracts.
−Removed: Coastal time charters represented approximately 100% of coastal revenues under term contracts during the 2025 first quarter compared to 98% during the 2024 first quarter.
+Added: Coastal tank barge utilization levels averaged in the mid to high 90% range during the 2025 and 2024 first and second quarters.
+Added: During both the 2025 second quarter and first six months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: During both the 2024 second quarter and first six months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: Inland time charters during both the 2025 second quarter and first six months represented approximately 60% of inland revenues under term contracts compared with 59% and 60% in the 2024 second quarter and first six months, respectively.
+Added: During both the 2025 second quarter and first six months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: During the 2024 second quarter and first six months, approximately 100% and 98%, respectively, of KMT coastal revenues were under term contracts and none and 2%, respectively, were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2025 second quarter and first six months compared to 97% during both the 2024 second quarter and first six months.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
2 unchanged sentences
March 31, 2025
+Added: June 30, 2025
Inland market:
3 unchanged sentences
Term increase
−Removed: Spot increase
−Removed: (a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel capacity, vessel type, and product serviced.
+Added: (a) Term contract pricing in the coastal market is contingent on various factors including geographic location, vessel capacity, vessel type, and product serviced.
Effective January 1, 2025, annual escalators for labor and the producer price index on a number of inland multi-year contracts resulted in rate increases on those contracts in the 3% to 5% range, excluding fuel.
−Removed: KMT operating margin was 18.2% for the 2025 first quarter compared to 17.5% for the 2024 first quarter.
+Added: KMT operating margin was 20.1% and 19.2% for the 2025 second quarter and first six months, respectively, compared to 19.6% and 18.5% for the 2024 second quarter and first six months, respectively.
Distribution and Services
2 unchanged sentences
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.
−Removed: For the 2025 first quarter, KDS generated 39% of the Company’s revenues, of which 88% were generated from service and parts and 12% from manufacturing.
+Added: For the 2025 second quarter and first six months, KDS generated 42% and 41% of the Company’s revenues, respectively, of which 86% and 87%, respectively, were generated from service and parts and 14% and 13%, respectively, from manufacturing.
The results of KDS are largely influenced by the economic cycles of the oil and gas, marine, power generation, on-highway, and other related industrial markets.
−Removed: KDS revenues for the 2025 first quarter decreased 7% and operating income increased 3% compared with the 2024 first quarter.
−Removed: In the commercial and industrial market, revenues and operating income increased compared to the 2024 first quarter as higher business levels in marine repair were partially offset by lower on-highway activity.
−Removed: For the 2025 first quarter, the commercial and industrial market contributed 52% of KDS revenues.
−Removed: In the power generation market, revenues and operating income decreased compared to the 2024 first quarter as deferred deliveries of equipment due to supply delays impacted 2025 first quarter results.
−Removed: For the 2025 first quarter, the power generation market contributed 34% of KDS revenues.
−Removed: In the oil and gas market, revenues decreased and operating income increased compared to the 2024 first quarter with revenues impacted by lower levels of conventional oilfield activity which resulted in decreased demand for new transmissions and parts, partially offset by deliveries of electric fracturing equipment.
−Removed: Operating income increased in the 2025 first quarter as compared to the 2024 first quarter due to product mix and ongoing cost management initiatives.
−Removed: For the 2025 first quarter, the oil and gas market contributed 14% of KDS revenues.
−Removed: KDS operating margin was 7.3% for the 2025 first quarter compared to 6.6% for the 2024 first quarter.
+Added: KDS revenues for the 2025 second quarter increased 7% compared with the 2024 second quarter.
+Added: KDS revenues for the 2025 first six months were flat compared with the 2024 first six months.
+Added: KDS operating income for the 2025 second quarter and first six months increased 20% and 13%, respectively, compared with the 2024 second quarter and first six months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2024 second quarter and first six months due to higher business levels in marine repair.
+Added: For the 2025 second quarter and first six months, the commercial and industrial market contributed 48% and 50% of KDS revenues, respectively.
+Added: In the power generation market, revenues increased compared to the 2024 second quarter and first six months due to increased demand for backup and critical power applications, while operating income decreased due to sales mix.
+Added: For the 2025 second quarter and first six months, the power generation market contributed 39% and 36% of KDS revenues, respectively.
+Added: In the oil and gas market, revenues decreased compared to the 2024 second quarter and first six months, impacted by lower levels of conventional oilfield activity which resulted in decreased demand for new transmissions and parts, partially offset by deliveries of electric fracturing equipment.
+Added: Operating income in the oil and gas market increased compared to the 2024 second quarter and first six
+Added: months due to product mix and ongoing cost management initiatives.
+Added: For the 2025 second quarter and first six months, the oil and gas market contributed 13% and 14% of KDS revenues, respectively.
+Added: KDS operating margin was 9.8% and 8.6% for the 2025 second quarter and first six months, respectively, compared to 8.7% and 7.7% for the 2024 second quarter and first six months, respectively.
Overall, the Company expects to deliver improved financial results in 2025.
In KMT, barge utilization and customer demand remain favorable and rates continue to increase.
−Removed: In KDS, growth in the power generation market is expected to mostly offset softness in oil and gas markets, and the on-highway service and repair business due to the ongoing trucking recession.
+Added: In KDS, growth in the power generation market is expected to offset softness in oil and gas markets, and the on-highway service and repair business due to the ongoing trucking recession.
The Company remains mindful of the ever-changing economic landscape related to the possible impact of high interest rates, tariffs and possible recessionary headwinds as it moves through 2025.
In the inland marine transportation market in 2025, the Company anticipates positive market dynamics due to limited new barge construction.
−Removed: The Company expects barge utilization rates to remain steady for the year with continued improvement in term contract pricing as renewals occur throughout the year.
−Removed: However, the Company continues to see inflationary pressures and there remains an acute mariner shortage in the industry which continues to drive up labor costs.
−Removed: These pressures, along with the increasing cost of equipment, should continue to put upward pressure on spot and term contract prices.
+Added: The Company expects barge utilization rates to remain steady for the remainder of the year.
+Added: Also, the Company continues to see inflationary pressures and there remains an acute mariner shortage in the industry which continues to drive up labor costs.
+Added: These pressures, along with the increasing cost of equipment, should continue to put upward pressure on term contract prices.
+Added: In the near term, however, spot market pricing could be pressured due to short-term demand softness.
In the coastal marine transportation market in 2025, market conditions remain very favorable with steady customer demand.
This is expected to keep barge utilization at high levels with improved rates as the availability of equipment is limited across the industry given there are currently no new ATBs under construction.
−Removed: The Company expects mixed results in KDS in 2025 as near-term volatility from supply issues, customers deferring maintenance, and lower overall levels of activity in the oil and gas market are partially offset by increased orders in the power generation market.
−Removed: In commercial and industrial, the demand outlook in marine repair remains steady while on-highway service and repair remains soft.
+Added: The Company expects mixed results in KDS in 2025 as near-term volatility from supply issues, customers deferring maintenance, and lower overall levels of activity in the oil and gas market to be offset by increased orders in the power generation market.
+Added: In commercial and industrial, the demand outlook in marine repair remains steady while on-highway service and repair remains soft but has shown some recent modest improvement.
In power generation, the Company anticipates continued strong growth in orders as data center demand and the need for backup power continues to be strong.
13 unchanged sentences
The following table sets forth the Company’s KMT and KDS revenues and the percentage of each to total revenues (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Marine transportation
2 unchanged sentences
The following table sets forth KMT revenues, costs and expenses, operating income, and operating margin (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Marine transportation revenues
8 unchanged sentences
The following table shows the marine transportation markets serviced by the Company, KMT revenue distribution, products moved and the drivers of the demand for the products the Company transports:
−Removed: 2025 Three Months
+Added: 2025 Second Quarter
+Added: 2025 Six Months
Products Moved
11 unchanged sentences
Corn, Cotton and Wheat Production, Chemical Feedstock Usage
−Removed: KMT revenues for the 2025 first quarter were flat and operating income increased 4% compared to the 2024 first quarter.
−Removed: Revenues were flat in the 2025 first quarter as compared to the 2024 first quarter as higher term and spot market pricing in the inland and coastal markets was offset by lower fuel rebills in both markets and increased shipyards in the coastal market as compared to the 2024 first quarter.
−Removed: The increase in operating income for the 2025 first quarter was primarily due to higher term and spot pricing in the inland and coastal markets, partially offset by higher levels of planned coastal shipyards and increased inland delay days in the 2025 first quarter.
+Added: KMT revenues for the 2025 second quarter and first six months increased 2% and 1%, respectively, and operating income increased 4% compared to the 2024 second quarter and first six months.
+Added: The increase in revenues in the 2025 second quarter and first six months as compared to the 2024 second quarter and first six months were due to higher term and spot market pricing in the inland and coastal markets, partially offset by lower fuel rebills in both markets.
+Added: The increase in operating income for the 2025 second quarter
+Added: and first six months was primarily due to higher term and spot pricing in the inland and coastal markets.
The 2025 and 2024 first quarters were impacted by poor operating conditions including seasonal wind and fog along the Gulf Coast and various lock closures.
−Removed: For the 2025 first quarter, the inland tank barge fleet contributed 82% and the coastal fleet contributed 18% of KMT revenues.
−Removed: For the 2024 first quarter, the inland tank barge fleet contributed 81% and the coastal fleet contributed 19% of KMT revenues.
−Removed: Inland tank barge utilization levels averaged in the low to mid-90% range during both the 2025 and 2024 first quarters.
+Added: For the 2025 second quarter and first six months, the inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18% of KMT revenues, respectively.
+Added: For both the 2024 second quarter and first six months, the inland tank barge fleet contributed 81% and the coastal fleet contributed 19% of KMT revenues.
+Added: Inland tank barge utilization levels averaged in the low to mid-90% range during the 2025 and 2024 first and second quarters.
The 2025 and 2024 first quarters were impacted by high winds and heavy fog along the Gulf Coast and lock delays.
−Removed: Coastal tank barge utilization levels averaged in the mid to high 90% range during both the 2025 and 2024 first quarters.
−Removed: The petrochemical market, which is the Company’s largest market, contributed 50% of KMT revenues for the 2025 first quarter reflecting steady rates, volumes and utilization from Gulf Coast petrochemical plants as compared to the 2024 first quarter.
−Removed: The black oil market, which contributed 25% of KMT revenues for the 2025 first quarter reflected stable demand as refinery utilization and production levels of refined petroleum products and fuel oils increased.
−Removed: During the 2025 first quarter, the Company transported crude oil and natural gas condensate produced from major U.S.
+Added: Coastal tank barge utilization levels averaged in the mid to high 90% range during the 2025 and 2024 first and second quarters.
+Added: The petrochemical market, which is the Company’s largest market, contributed 49% of KMT revenues for both the 2025 second quarter and first six months reflecting steady rates, volumes and utilization from Gulf Coast petrochemical plants as compared to the 2024 second quarter and first six months.
+Added: The black oil market, which contributed 26% of KMT revenues for both the 2025 second quarter and first six months reflected stable demand as refinery utilization and production levels of refined petroleum products and fuel oils increased.
+Added: During the 2025 first six months, the Company transported crude oil and natural gas condensate produced from major U.S.
shale basins along the Gulf Intracoastal Waterway with inland vessels and in the Gulf of America with coastal equipment.
Additionally, the Company transported volumes of Utica natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast.
−Removed: The refined petroleum products market, which contributed 22% of KMT revenues for the 2025 first quarter, reflected stable volumes in the inland market with steady refinery utilization and product levels as compared to the 2024 first quarter.
−Removed: The agricultural chemical market, which contributed 3% of KMT revenues for the 2025 first quarter reflected stable demand for transportation of both domestically produced and imported products as compared to the 2024 first quarter.
−Removed: For the 2025 first quarter, inland operations incurred 4,029 delay days, 15% more than the 3,507 delay days that occurred during the 2024 first quarter.
+Added: The refined petroleum products market, which contributed 21% of KMT revenues for both the 2025 second quarter and first six months, reflected stable volumes in the inland market with steady refinery utilization and product levels as compared to the 2024 second quarter and first six months.
+Added: The agricultural chemical market, which contributed 4% of KMT revenues for both the 2025 second quarter and first six months reflected stable demand for transportation of both domestically produced and imported products as compared to the 2024 second quarter and first six months.
+Added: For the 2025 second quarter, inland operations incurred 3,320 delay days compared to 3,334 delay days that occurred during the 2024 second quarter.
+Added: For the 2025 first six months, inland operations incurred 7,349 delay days, 7% more than the 6,841 delay days that occurred during the 2024 first six months.
Delay days measure the lost time incurred by a tow (towboat and one or more tank barges) during transit when the tow is stopped due to weather, lock conditions, or other navigational factors.
Delay days reflected poor operating conditions due to heavy wind and fog along the Gulf Coast and lock delays during the 2025 and 2024 first quarters.
−Removed: During the 2025 first quarter, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
−Removed: During the 2024 first quarter, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
−Removed: Inland time charters during the 2025 first quarter represented approximately 61% of inland revenues under term contracts compared with 62% in the 2024 first quarter.
−Removed: During the 2025 first quarter, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
−Removed: During the 2024 first quarter, approximately 96% of KMT coastal revenues were under term contracts and 4% were under spot contracts.
−Removed: Coastal time charters represented approximately 100% of coastal revenues under term contracts during the 2025 first quarter compared to 98% during the 2024 first quarter.
+Added: During both the 2025 second quarter and first six months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: During both the 2024 second quarter and first six months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: Inland time charters during both the 2025 second quarter and first six months represented approximately 60% of inland revenues under term contracts compared with 59% and 60% in the 2024 second quarter and first six months, respectively.
+Added: During both the 2025 second quarter and first six months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: During the 2024 second quarter and first six months, approximately 100% and 98%, respectively, of KMT coastal revenues were under term contracts and none and 2%, respectively, were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2025 second quarter and first six months compared to 97% during both the 2024 second quarter and first six months.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
2 unchanged sentences
March 31, 2025
+Added: June 30, 2025
Inland market:
3 unchanged sentences
Term increase
−Removed: Spot increase
−Removed: (a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel capacity, vessel type, and product serviced.
+Added: (a) Term contract pricing in the coastal market is contingent on various factors including geographic location, vessel capacity, vessel type, and product serviced.
Effective January 1, 2025, annual escalators for labor and the producer price index on a number of inland multi-year contracts resulted in rate increases on those contracts in the 3% to 5% range, excluding fuel.
Marine Transportation Costs and Expenses
−Removed: Costs and expenses for both the 2025 first quarter decreased 1% compared to the 2024 first quarter.
−Removed: Costs of sales and operating expenses for the 2025 first quarter decreased 3% compared with the 2024 first quarter.
−Removed: The decrease during the 2025 first quarter was driven by lower fuel costs, partially offset by inflationary cost pressures including wage increases that went into effect in 2024.
−Removed: The inland marine transportation fleet operated an average of 291 towboats during the 2025 first quarter, of which an average of 76 were chartered, compared to 286 during the 2024 first quarter, of which an average of 72 were chartered.
+Added: Costs and expenses for both the 2025 second quarter and first six months were flat compared to the 2024 second quarter and first six months.
+Added: Costs of sales and operating expenses for the 2025 second quarter and first six months were flat and decreased 2%, respectively, compared with the 2024 second quarter and first six months.
+Added: The results for the 2025 second quarter and first six months were driven by lower fuel costs, offset by inflationary cost pressures including wage increases that went into effect in 2024.
+Added: The inland marine transportation fleet operated an average of 290 towboats during the 2025 second quarter, of which an average of 75 were chartered, compared to 287 during the 2024 second quarter, of which an average of 74 were chartered.
The Company charters in or releases chartered towboats in an effort to balance horsepower needs with current requirements, taking into account variability in demand or anticipated demand, addition or removal of tank barges from the fleet, chartered towboat availability, and weather or water conditions.
The Company has historically used chartered towboats for approximately one-fourth of its horsepower requirements.
−Removed: During the 2025 first quarter, inland operations consumed 11.7 million gallons of diesel fuel compared to 11.9 million gallons consumed during the 2024 first quarter.
−Removed: The average price per gallon of diesel fuel consumed during the 2025 first quarter was $2.57 per gallon compared with $2.82 per gallon for the 2024 first quarter.
+Added: During the 2025 second quarter, inland operations consumed 12.8 million gallons of diesel fuel compared to 12.1 million gallons consumed during the 2024 second quarter.
+Added: The average price per gallon of diesel fuel consumed during the 2025 second quarter was $2.35 per gallon compared with $2.83 per gallon for the 2024 second quarter.
+Added: During the 2025 first six months, inland operations consumed 24.5 million gallons of diesel fuel compared to 24.0 million gallons consumed during the 2024 first six months.
+Added: The average price per gallon of diesel fuel consumed during the 2025 first six months was $2.45 per gallon compared with $2.83 per gallon for the 2024 first six months.
Fuel escalation and de-escalation clauses are typically included in term contracts and are designed to rebate fuel costs when prices decline and recover additional fuel costs when fuel prices rise;
1 unchanged sentence
Spot contracts do not have escalators for fuel.
−Removed: Selling, general and administrative expenses for the 2025 first quarter increased 9% compared to the 2024 first quarter.
−Removed: The increase in selling, general and administrative expenses for the 2025 first quarter as compared to the 2024 first quarter was primarily due to salary and wage increases that went into effect on July 1, 2024, continued inflationary cost pressures, and an increase in the provision for credit losses related to a certain customer.
+Added: Selling, general and administrative expenses for the 2025 second quarter and first six months increased 3% and 6%, respectively, compared to the 2024 second quarter and first six months.
+Added: The increase in selling, general and administrative expenses for the 2025 second quarter and first six months as compared to the 2024 second quarter and first six months was primarily due to salary and wage increases that went into effect on July 1, 2024 and continued inflationary cost pressures.
+Added: The 2025 first six months was also impacted by an increase in the provision for credit losses related to a certain customer during the 2025 first quarter.
+Added: Depreciation and amortization for both the 2025 second quarter and first six months increased 8% compared to the 2024 second quarter and first six months.
+Added: The increase was primarily due to capital additions during 2024 and the first six months of 2025, as well as equipment acquisitions.
Marine Transportation Operating Income and Operating Margin
−Removed: KMT operating income for the 2025 first quarter increased 4% compared with the 2024 first quarter.
−Removed: The 2025 first quarter operating margin was 18.2% compared with 17.5% for the 2024 first quarter.
−Removed: The increases in operating income and operating margin were primarily due to higher term and spot contract pricing in the inland and coastal markets, partially offset by higher levels of planned coastal shipyards and increased inland delay days in the 2025 first quarter.
+Added: KMT operating income for both the 2025 second quarter and first six months increased 4% compared with the 2024 second quarter and first six months.
+Added: The 2025 second quarter operating margin was 20.1% compared with 19.6% for the 2024 second quarter.
+Added: The 2025 first six months operating margin was 19.2% compared with 18.5% for the 2024 first six months.
+Added: The increases in operating income and operating margin were primarily due to higher term and spot contract pricing in the inland and coastal markets.
Distribution and Services
The following table sets forth KDS revenues, costs and expenses, operating income, and operating margin (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Distribution and services revenues
9 unchanged sentences
Markets Serviced
−Removed: 2025 Three Months
+Added: 2025 Second Quarter
+Added: 2025 Six Months
Commercial and Industrial
3 unchanged sentences
Oilfield Services, Oil and Gas Operators and Producers
−Removed: KDS revenues for the 2025 first quarter decreased 7% compared to the 2024 first quarter.
−Removed: In the commercial and industrial market, revenues and operating income increased compared to the 2024 first quarter as higher business levels in marine repair were partially offset by lower on-highway activity.
−Removed: In the power generation market, revenues and operating income decreased compared to the 2024 first quarter as deferred deliveries of equipment due to supply delays impacted 2025 first quarter results.
−Removed: In the oil and gas market, revenues decreased compared to the 2024 first quarter due to lower levels of conventional oilfield activity which resulted in decreased demand for new transmissions and parts, partially offset by deliveries of electric fracturing equipment.
−Removed: Oil and gas operating income increased compared to the 2024 first quarter due to product mix and ongoing cost management initiatives.
+Added: KDS revenues for the 2025 second quarter increased 7% compared with the 2024 second quarter.
+Added: KDS revenues for the 2025 first six months were flat compared with the 2024 first six months.
+Added: KDS operating income for the 2025 second quarter and first six months increased 20% and 13%, respectively, compared with the 2024 second quarter and first six months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2024 second quarter and first six months due to higher business levels in marine repair.
+Added: In the power generation market, revenues increased compared to the 2024 second quarter and first six months due to increased demand for backup and critical power applications, while operating income decreased due to sales mix.
+Added: In the oil and gas market, revenues decreased compared to the 2024 second quarter and first six months, impacted by lower levels of conventional oilfield activity which resulted in decreased demand for new transmissions and parts, partially offset by deliveries of electric fracturing equipment.
+Added: Operating income in the oil and gas market increased compared to the 2024 second quarter and first six months due to product mix and ongoing cost management initiatives.
Distribution and Services Costs and Expenses
−Removed: Costs and expenses for the 2025 first quarter decreased 8% compared with the 2024 first quarter.
−Removed: Costs of sales and operating expenses for the 2025 first quarter decreased 11% compared with the 2024 first quarter, reflecting lower on-highway and conventional oilfield activity as well as deferred power generation equipment shipments due to supply delays.
−Removed: Selling, general and administrative expenses for the 2025 first quarter increased 1% compared to the 2024 first quarter, reflecting salary and wage increases that went into effect July 1, 2024, partially offset by ongoing cost management initiatives.
−Removed: Depreciation and amortization for the 2025 first quarter increased 32% compared to the 2024 first quarter.
−Removed: The increase was primarily due to capital additions during 2024 and the first quarter of 2025 including additions to the equipment rental fleet.
+Added: Costs and expenses for the 2025 second quarter and first six months increased 6% and decreased 1%, respectively, compared with the 2024 second quarter and first six months.
+Added: Costs of sales and operating expenses for the 2025 second quarter and first six months increased 4% and decreased 3%, respectively, compared with the 2024 second quarter and first six months.
+Added: The increase for the 2025 second quarter reflected higher deliveries of power generation equipment, while the decrease for the 2025 first six months reflected lower on-highway and conventional oilfield activity as well as fewer power generation equipment shipments in the 2025 first quarter due to supply delays.
+Added: Selling, general and administrative expenses for the 2025 second quarter and first six months increased 9% and 5% compared to the 2024 second quarter and first six months, reflecting salary and wage increases that went into effect July 1, 2024 and higher business activity levels.
+Added: Depreciation and amortization for the 2025 second quarter and first six months increased 24% and 28%, respectively, compared to the 2024 second quarter and first six months.
+Added: The increase was primarily due to capital additions during 2024 and the first six months of 2025 including additions to the equipment rental fleet.
Distribution and Services Operating Income and Operating Margin
−Removed: KDS operating income for the 2025 first quarter increased 3% compared with the 2024 first quarter.
−Removed: The 2025 first quarter operating margin was 7.3% compared to 6.6% for the 2024 first quarter.
−Removed: The results reflect increased marine repair activity and deliveries of electric fracturing equipment, partially offset by lower on-highway and conventional oilfield activity.
+Added: KDS operating income for the 2025 second quarter and first six months increased 20% and 13%, respectively, compared with the 2024 second quarter and first six months.
+Added: The 2025 second quarter operating margin was 9.8% compared to 8.7% for the 2024 second quarter.
+Added: The 2025 first six months operating margin was 8.6% compared to 7.7% for the 2024 first six months.
+Added: The results reflect increased marine repair activity and deliveries of electric fracturing equipment, partially offset by lower conventional oilfield activity.
Gain on Disposition of Assets
−Removed: The Company reported a net gain on disposition of assets of $0.1 million for both the 2025 and 2024 first quarters.
+Added: The Company reported a net gain on disposition of assets of $1.7 million and $0.5 million for the 2025 and 2024 second quarters, respectively.
+Added: The Company reported a net gain on disposition of assets of $1.8 million and $0.6 million for the 2025 and 2024 first six months, respectively.
The net gains were primarily from sales of marine transportation equipment.
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The following table sets forth other income, noncontrolling interests, and interest expense (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Noncontrolling interests
Interest expense
−Removed: Other income for the 2025 and 2024 first quarters includes income of $4.8 million and $2.4 million, respectively, for all components of net benefit costs except the service cost component related to the Company’s defined benefit plans.
+Added: Other income for the 2025 and 2024 second quarters includes income of $4.3 million and $2.7 million, respectively, and the 2025 and 2024 first six months includes income of $9.1 million and $5.1 million, respectively, for all components of net benefit costs except the service cost component related to the Company’s defined benefit plans.
Interest Expense
The following table sets forth average debt and average interest rate (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Average interest rate
−Removed: Interest expense for the 2025 first quarter decreased 20% compared with the 2024 first quarter, primarily due to a lower average interest rate in the 2025 first quarter, as well as lower debt levels in the 2025 first quarter.
−Removed: There was no capitalized interest excluded from interest expense during the 2025 or 2024 first quarter.
+Added: Interest expense for the 2025 second quarter and first six months decreased 1% and 10%, respectively, compared with the 2024 second quarter and first six months, primarily due to a lower average interest rate in the 2025 second quarter and first six months.
+Added: Interest expense excludes capitalized interest for the 2025 first six months of $0.5 million.
+Added: There was no capitalized interest excluded from interest expense during the 2024 first six months.
Financial Condition, Capital Resources and Liquidity
11 unchanged sentences
Other long-term liabilities
−Removed: Current assets as of March 31, 2025 increased 3% compared with December 31, 2024.
−Removed: Trade accounts receivable increased 3% primarily due to higher business activity levels in KMT.
−Removed: Inventories – net increased 10% primarily due to the impact of supply delays in KDS resulting in the buildup of inventory for mainly power generation projects that are scheduled to be delivered later in 2025.
−Removed: Property and equipment, net of accumulated depreciation, at March 31, 2025 increased 3% compared with December 31, 2024.
+Added: Current assets as of June 30, 2025 increased 11% compared with December 31, 2024.
+Added: Trade accounts receivable increased 15% primarily due to higher business activity levels in both KMT and KDS.
+Added: Inventories – net increased 8% primarily due to the impact of higher business activity levels and supply delays in KDS resulting in the buildup of inventory for mainly power generation projects that are scheduled to be delivered later in 2025 and into 2026.
+Added: Property and equipment, net of accumulated depreciation, at June 30, 2025 increased 3% compared with December 31, 2024.
The increase reflected $150.6 million of capital additions (including an increase in accrued capital expenditures of $0.4 million) and a $97.3 million equipment acquisition in the 2025 first quarter, partially offset by $125.1 million of depreciation expense and $10.7 million of property disposals more fully described under Cash Flow and Capital Expenditures below.
−Removed: Operating lease right-of-use assets as of March 31, 2025 decreased 1% compared with December 31, 2024, primarily due to lease amortization expense, partially offset by new leases acquired in the 2025 first quarter.
−Removed: Other intangibles, net, as of March 31, 2025 decreased 6% compared with December 31, 2024, due to amortization during the 2025 first quarter.
−Removed: Other assets as of March 31, 2025 increased 5% compared with December 31, 2024, primarily due to additional deferred major maintenance drydock expenditures incurred during the 2025 first quarter, partially offset by amortization of drydock expenditures.
−Removed: Current liabilities as of March 31, 2025 decreased 5% compared with December 31, 2024.
+Added: Operating lease right-of-use assets as of June 30, 2025 decreased 1% compared with December 31, 2024, primarily due to lease amortization expense, partially offset by new leases acquired in the 2025 first six months.
+Added: Other intangibles, net, as of June 30, 2025 decreased 4% compared with December 31, 2024, due to amortization during the 2025 first six months partially offset by a $3.0 million intellectual property intangible asset acquired in the 2025 second quarter.
+Added: Other assets as of June 30, 2025 increased 2% compared with December 31, 2024, primarily due to additional deferred major maintenance drydock expenditures incurred during the 2025 first six months, partially offset by amortization of drydock expenditures.
+Added: Current liabilities as of June 30, 2025 decreased 8% compared with December 31, 2024.
Income taxes payable decreased 97% primarily due to timing of federal income tax payments.
−Removed: Accounts payable increased 8% primarily due to timing of KDS inventory purchases and KMT shipyard payments.
−Removed: Accrued liabilities decreased 20% primarily from payment during the 2025 first quarter of employee incentive compensation accrued during 2024.
−Removed: Long-term debt, net – less current portion, as of March 31, 2025 increased 26% compared with December 31, 2024, primarily reflecting increased borrowings under the 2027 Revolving Credit Facility.
−Removed: Total equity as of March 31, 2025 decreased 1% compared with December 31, 2024.
−Removed: The decrease was primarily due to treasury stock purchases of $101.5 million and tax withholdings of $5.9 million on RSU vestings, partially offset by net earnings attributable to Kirby of $76.0 million, amortization of share-based compensation of $7.8 million, and stock option exercises of $0.3 million.
+Added: Accrued liabilities decreased 14% primarily from payment during the 2025 first six months of employee incentive compensation accrued during 2024.
+Added: Long-term debt, net – less current portion, as of June 30, 2025 increased 28% compared with December 31, 2024, primarily reflecting increased borrowings under the 2027 Revolving Credit Facility.
+Added: Total equity as of June 30, 2025 increased 1% compared with December 31, 2024.
+Added: The increase was primarily due to net earnings attributable to Kirby of $170.3 million, amortization of share-based compensation of $11.1 million, and stock option exercises of $0.3 million, partially offset by treasury stock purchases of $132.7 million and tax withholdings of $6.0 million on RSU vestings.
Long-Term Financing
9 unchanged sentences
Unamortized debt discounts and issuance costs
−Removed: (a) Variable interest rate of 5.6% at March 31, 2025 and December 31, 2024.
+Added: (a) Variable interest rate of 5.6% at June 30, 2025 and December 31, 2024.
On July 29, 2022, the Company entered into the 2027 Credit Agreement with a group of commercial banks, with JPMorgan Chase Bank, N.A.
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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.
−Removed: 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.
+Added: 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 2033 Notes with a group of institutional investors, consisting of $60 million Series A Notes and $240 million Series B Notes, each due January 19, 2033.
2 unchanged sentences
The Company has a $15 million Credit Line with Bank of America for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2026.
−Removed: 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.
−Removed: As of March 31, 2025, the Company was in compliance with all covenants under its debt instruments.
+Added: 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.
+Added: As of June 30, 2025, the Company was in compliance with all covenants under its debt instruments.
For additional information about the Company’s debt instruments, see Note 5, Long-Term Debt, of the Notes to Condensed Financial Statements (Unaudited) as well as Note 5, Long-Term Debt, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Cash Flow and Capital Expenditures
−Removed: The Company generated positive operating cash flows during the 2025 first quarter with net cash provided by operating activities of $36.5 million compared with $123.3 million for the 2024 first quarter, a 70% decrease.
−Removed: The decline in operating cash flows was mainly due to unfavorable changes in inventories in 2025 due to the impact of supply delays in KDS resulting in the buildup of inventory for mainly power generation projects that are scheduled to be delivered later in 2025, partially offset by higher operating income in KMT.
−Removed: The increase in KMT operating income was driven by higher term and spot contract pricing, partially offset by higher levels of planned coastal shipyards and increased inland delay days in the 2025 first quarter.
−Removed: During the 2025 and 2024 first quarter, the Company generated cash of $0.1 million and $2.4 million, respectively, from proceeds from the disposition of assets, and $0.3 million and $1.5 million, respectively, from proceeds from the exercise of stock options.
−Removed: For the 2025 first quarter, cash generated was used for capital expenditures of $78.7 million, including $64.6 million associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements, as well as $14.1 million for growth spending in both segments.
+Added: The Company generated positive operating cash flows during the 2025 first six months with net cash provided by operating activities of $130.5 million compared with $302.6 million for the 2024 first six months, a 57% decrease.
+Added: The decline in operating cash flows was mainly due to the timing of accounts receivable collections, accounts payable payments and federal income tax payments, as well as an increase in inventories in 2025, partially offset by increased net earnings.
+Added: The increase in inventories was due to the impact of higher business activity levels and supply delays in KDS resulting in the buildup of inventory for projects, mainly due to power generation orders, which are scheduled to be delivered later in 2025 and into 2026.
+Added: The increase in net earnings was driven by higher term and spot contract pricing in KMT and improved KDS business activity levels in the commercial and industrial market.
+Added: During the 2025 and 2024 first six months, the Company generated cash of $11.6 million and $9.1 million, respectively, from proceeds from the disposition of assets, and $0.3 million and $4.1 million, respectively, from proceeds from the exercise of stock options.
+Added: For the 2025 first six months, cash generated was used for capital expenditures of $150.2 million, including $130.1 million associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements, as well as $20.1 million for growth spending in both segments.
The growth spending is related to inland equipment construction and equipment for use in a variety of KDS markets including electric fracturing equipment, generators, and other related equipment.
−Removed: In addition, the Company used cash of $97.3 million for an equipment acquisition in the 2025 first quarter.
+Added: In addition, the Company used cash of $97.3 million for an equipment acquisition in the 2025 first six months.
Treasury Stock Purchases
−Removed: During the 2025 first quarter, the Company purchased 1.0 million shares of its common stock for $101.5 million, at an average price of $101.19 per share.
−Removed: Subsequent to March 31, 2025 and through May 9, 2025, the Company purchased an additional 0.3 million shares of its common stock for $26.9 million, at an average price of $92.14 per share.
−Removed: As of May 9, 2025, the Company had approximately 1.6 million shares available under its existing purchase authorizations.
+Added: During the 2025 first six months, the Company purchased 1.3 million shares of its common stock for $132.7 million, at an average price of $99.41 per share.
+Added: Subsequent to June 30, 2025 and through August 8, 2025, the Company purchased an additional 0.2 million shares of its common stock for $24.5 million, at an average price of $99.78 per share.
+Added: As of August 8, 2025, the Company had approximately 1.3 million shares available under its existing purchase authorizations.
Historically, treasury stock purchases have been financed through operating cash flows and borrowings under the Company’s Revolving Credit Facility.
2 unchanged sentences
Shares purchased may be used for reissuance upon the exercise of stock options or the granting of other forms of incentive compensation, in future acquisitions for stock, or for other appropriate corporate purposes.
−Removed: For more information about stock purchases in the 2025 first quarter, see Part II, Item 2.
+Added: For more information about stock purchases in the 2025 second quarter, see Part II, Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
Funds generated from operations are available for acquisitions, capital expenditure projects, common stock purchases, repayments of borrowings, and for other corporate and operating requirements.
−Removed: In addition to net cash flows provided by operating activities, as of May 9, 2025 the Company also had cash and cash equivalents of $49.5 million, availability of $220 million under its 2027 Revolving Credit Facility, and $8.2 million available under its Credit Line.
+Added: In addition to net cash flows provided by operating activities, as of August 8, 2025 the Company also had cash and cash equivalents of $41 million, availability of $360 million under its 2027 Revolving Credit Facility, and $8.2 million available under its Credit Line.
Neither the Company, nor any of its subsidiaries, is obligated on any debt instrument, swap agreement, or any other financial instrument or commercial contract which has a rating trigger, except for the pricing grid on its 2027 Credit Agreement.
9 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.
−Removed: 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.
+Added: 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.
15 unchanged sentences
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.