What changed in this filing

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Item 1. Financial Statements

2025-11-10 compared with 2025-08-11 · 67 added, 58 removed, 376 unchanged (25% of the section changed)

2 unchanged sentences

CONDENSED BALANCE SHEETS

September 30,

($ in thousands)

32 unchanged sentences

Retained earnings

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

Treasury stock – at cost, 10.7 million shares at September 30, 2025 and 8.2 million at December 31, 2024

Total Kirby stockholders’ equity

4 unchanged sentences

CONDENSED STATEMENTS OF EARNINGS

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

($ in thousands, except per share amounts)

13 unchanged sentences

Provision for taxes on income

Net (earnings) loss attributable to noncontrolling interests

Net earnings attributable to noncontrolling interests

Net earnings attributable to Kirby

3 unchanged sentences

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

($ in thousands)

Other comprehensive income (loss), net of taxes:

Other comprehensive loss, net of taxes:

Pension and postretirement benefits

Foreign currency translation adjustments

Total other comprehensive income (loss), net of taxes

Total other comprehensive loss, net of taxes

Total comprehensive income, net of taxes

Net (earnings) loss attributable to noncontrolling interests

Net earnings attributable to noncontrolling interests

Comprehensive income attributable to Kirby

2 unchanged sentences

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

($ in thousands)

5 unchanged sentences

Amortization of major maintenance costs

Decrease in cash flows resulting from changes in operating assets and liabilities, net

Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net

Net cash provided by operating activities

5 unchanged sentences

Cash flows from financing activities:

Borrowings on bank credit facilities, net

Borrowings (payments) on bank credit facilities, net

Payment of debt issuance costs

2 unchanged sentences

Treasury stock purchases

Net cash provided by (used in) financing activities

Net cash used in financing activities

Increase (decrease) in cash and cash equivalents

16 unchanged sentences

(in thousands)

Balance at March 31, 2025

Balance at June 30, 2025

Issuance of stock for equity awards, net of forfeitures

4 unchanged sentences

Total comprehensive income, net of taxes

Balance at June 30, 2025

Balance at September 30, 2025

Comprehensive

2 unchanged sentences

(in thousands)

Balance at March 31, 2024

Balance at June 30, 2024

Stock option exercises

5 unchanged sentences

Total comprehensive income, net of taxes

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying notes to condensed financial statements.

14 unchanged sentences

Total comprehensive income, net of taxes

Balance at June 30, 2025

Balance at September 30, 2025

Accumulated Other

11 unchanged sentences

Total comprehensive income, net of taxes

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying notes to condensed financial statements.

7 unchanged sentences

(2) Acquisitions

On August 7, 2025, the Company purchased two inland tank barges and one towboat from an undisclosed seller for $ 9.2 million in cash.

On March 27, 2025, the Company purchased 14 inland tank barges with a total capacity of 364,000 barrels, including four specialty barges, and four high horsepower towboats from an undisclosed seller for $ 97.3 million in cash.

8 unchanged sentences

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 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 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.

Revenues recognized during the nine months ended September 30, 2025 and 2024 that were included in the opening contract liability balances were $ 112.8 million and $ 101.8 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 June 30, 2025 or December 31, 2024 .

The Company did no t have any contract assets as of September 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 $ 11.3 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.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 5.6 million and $ 28.1 million for the three months and nine months ended September 30, 2025, respectively, and $ 5.0 million and $ 19.1 million for the three months and nine months ended September 30, 2024, respectively, as well as the related intersegment profit of $ 0.6 million and $ 2.8 million for the three months and nine months ended September 30, 2025, respectively, and $ 0.5 million and $ 1.9 million for the three months and nine months ended September 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 June 30,

Three Months Ended September 30,

Revenue from external customers

12 unchanged sentences

Earnings before taxes on income

Six Months Ended June 30,

Nine Months Ended September 30,

Revenue from external customers

15 unchanged sentences

KDS – inventory-related expense, warranty expense, selling expense, professional service expense, occupancy expense, and certain overhead expenses.

September 30,

Total assets:

2 unchanged sentences

The following table presents the details of “Other” total assets (in thousands):

September 30,

General corporate assets

2 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):

June 30, 2025

September 30, 2025

December 31, 2024

9 unchanged sentences

Unamortized debt discounts and issuance costs

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

(a) Variable interest rate o f 5.3 % at September 30, 2025 and 5.6 % at 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 $ 255.0 million as of June 30, 2025.

Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 325.0 million as of September 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 June 30, 2025 .

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

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

5 unchanged sentences

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):

September 30,

Total lease payments

2 unchanged sentences

The following table summarizes lease costs (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Operating lease cost

3 unchanged sentences

The following table summarizes other supplemental information about the Company’s operating leases:

September 30,

Weighted average discount rate

2 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 June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Compensation cost

Income tax benefit

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 the nine months ended September 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.

1 unchanged sentence

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,

Three Months Ended September 30,

Nine Months Ended September 30,

Earnings (loss) before taxes on income:

4 unchanged sentences

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.

The legislation included several significant U.S.

income tax provisions that will help reduce the Company’s U.S.

federal cash tax payments for the remainder of 2025 and future years.

These provisions include 100% bonus tax depreciation and domestic research and development cost expensing.

The Company incorporated these provisions effective during the quarter, and they had no material impact on the operational results for the three and nine months ended September 30, 2025.

At September 30, 2025, the Company had a federal income tax receivable of $ 39.7 million included in Accounts receivable – other on the balance sheet.

(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 June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Net earnings attributable to Kirby

11 unchanged sentences

Net earnings per share attributable to Kirby common stockholders:

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 .

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

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

(10) Inventories

The following table presents the details of inventories – net (in thousands):

September 30,

Finished goods

13 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 $ 0.5 million to the Higman pension plan during the six months ended June 30, 2025 .

The Company made contributions of $ 1.0 million to the Higman pension plan during the nine months ended September 30, 2025 .

The Company expects to make additional contributions of $ 0.2 million during the remainder of 2025.

7 unchanged sentences

Pension Plans

Three Months Ended June 30,

Three Months Ended September 30,

Components of net periodic benefit cost:

5 unchanged sentences

Pension Plans

Six Months Ended June 30,

Nine Months Ended September 30,

Components of net periodic benefit cost:

6 unchanged sentences

Postretirement Welfare Plan

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Components of net periodic benefit cost:

3 unchanged sentences

(12) Other Comprehensive Income

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

Three Months Ended June 30,

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

Three Months Ended September 30,

Income Tax Benefit

Income Tax (Provision) Benefit

Income Tax Benefit

Pension and postretirement benefits (a):

Amortization of net actuarial gain

Actuarial gains (losses)

Foreign currency translation

Six Months Ended June 30,

Nine Months Ended September 30,

Income Tax Benefit

22 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 $ 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 .

The aggregate notional value of these instruments is $ 30.5 million at September 30, 2025, including $ 11.6 million in letters of credit and $ 18.9 million in performance bonds.

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

The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur regarding these instruments.

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