16 unchanged sentences
The following table summarizes key operating results of the Company (in thousands, except per share amounts):
−Removed: Three Months Ended June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Total revenues
3 unchanged sentences
Capital expenditures
−Removed: 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: Cash provided by operating activities for the 2025 first nine months decreased in comparison to the 2024 first nine 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 nine months of 2025, partially offset by increased net earnings.
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.
−Removed: 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.
+Added: For the 2025 first nine months, capital expenditures of $217.4 million included $186.5 million in KMT and $30.9 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.
Approximately $180 million to $210 million is associated with marine maintenance capital and improvements to existing inland and coastal marine equipment, and facility improvements.
−Removed: 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 June 30, 2025 compared to 20.7% at December 31, 2024, primarily due to an increase in debt outstanding.
−Removed: 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.
−Removed: The Company’s debt outstanding as of June 30, 2025 and December 31, 2024 is detailed in Long-Term Financing below.
+Added: Up to approximately $80 million is associated with growth capital spending in both segments.
+Added: The Company’s debt-to-capitalization ratio increased to 23.8% at September 30, 2025 compared to 20.7% at December 31, 2024, primarily due to an increase in debt outstanding.
+Added: Total equity at September 30, 2025 increased as compared to December 31, 2024 primarily from net earnings attributable to Kirby of $262.8 million, partially offset by treasury stock purchases of $252.6 million.
+Added: The Company’s debt outstanding as of September 30, 2025 and December 31, 2024 is detailed in Long-Term Financing below.
Marine Transportation
−Removed: 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.
+Added: For the 2025 third quarter and first nine months, KMT generated 56% and 58%, respectively, of the Company’s revenues compared to 58% and 59% for the 2024 third quarter and first nine months, respectively.
The segment’s customers include many of the major petrochemical and refining companies that operate in the United States.
2 unchanged sentences
The following table summarizes the Company’s marine transportation fleet:
+Added: September 30,
Inland tank barges:
8 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 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: During the 2025 first nine months, the Company purchased 16 inland tank barges, brought back into service three inland tank barges, and retired eight inland tank barges, increasing its capacity by approximately 0.3 million barrels.
+Added: KMT revenues for both the 2025 third quarter and first nine months were flat, and operating income decreased 11% and 1%, respectively, compared to the 2024 third quarter and first nine months.
+Added: Revenues for the 2025 first nine months were up 1% compared to the 2024 first nine months as higher spot and term pricing in the inland market over the 2025 first six months and higher term pricing in the coastal market for the 2025 first nine months were offset by lower fuel rebills in both inland and coastal markets.
+Added: Revenues for the 2025 third quarter were flat as compared to the 2024 third quarter as lower barge utilization and moderating spot market pricing seen in the 2025 third quarter in the inland market were offset by higher term pricing in the coastal market.
+Added: The decrease in operating income for the 2025 third quarter and first nine months was primarily due to lower barge utilization and moderating spot market prices in the third quarter in the inland market, partially offset by higher term pricing in the coastal market.
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 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.
−Removed: 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.
−Removed: Inland tank barge utilization levels averaged in the low to mid-90% range during the 2025 and 2024 first and second quarters.
+Added: For the 2025 third quarter and first nine months, the inland tank barge fleet contributed 78% and 80%, respectively, and the coastal fleet contributed 22% and 20% of KMT revenues, respectively.
+Added: For both the 2024 third quarter and first nine 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 mid-80% range during the 2025 third quarter, and the 90% range during the 2024 third quarter.
+Added: The 2025 third quarter experienced seasonally favorable weather and improved navigational conditions.
+Added: In addition, the 2025 third quarter was also impacted by a lighter feedstock mix for refinery and chemical customers and fewer barges undergoing maintenance across the industry.
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 the 2025 and 2024 first and second quarters.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The 2024 second and third quarters were modestly impacted by weather and lock closures.
+Added: Coastal tank barge utilization levels averaged in the mid to high 90% range during the 2025 and 2024 first, second, and third quarters.
+Added: During both the 2025 third quarter and first nine months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: During both the 2024 third quarter and first nine months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: Inland time charters during the 2025 third quarter and first nine months represented approximately 57% and 59%, respectively, of inland revenues under term contracts compared with 62% and 61% in the 2024 third quarter and first nine months, respectively.
+Added: During both the 2025 third quarter and first nine months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: During the 2024 third quarter and first nine months, approximately 99% and 98%, respectively, of KMT coastal revenues were under term contracts and 1% and 2%, respectively, were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2025 third quarter and first nine months compared to 99% and 98% during the 2024 third quarter and first nine months, respectively.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
3 unchanged sentences
June 30, 2025
+Added: September 30, 2025
Inland market:
5 unchanged sentences
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 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.
+Added: KMT operating margin was 18.3% and 18.9% for the 2025 third quarter and first nine months, respectively, compared to 20.5% and 19.2% for the 2024 third quarter and first nine 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 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.
+Added: For the 2025 third quarter and first nine months, KDS generated 44% and 42% of the Company’s revenues, respectively, of which 79% and 84%, respectively, were generated from service and parts and 21% and 16%, 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 second quarter increased 7% compared with the 2024 second quarter.
−Removed: KDS revenues for the 2025 first six months were flat compared with the 2024 first six months.
−Removed: 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.
−Removed: 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.
−Removed: For the 2025 second quarter and first six months, the commercial and industrial market contributed 48% and 50% of KDS revenues, respectively.
−Removed: 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.
−Removed: For the 2025 second quarter and first six months, the power generation market contributed 39% and 36% of KDS revenues, respectively.
−Removed: 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.
−Removed: Operating income in the oil and gas market increased compared to the 2024 second quarter and first six
−Removed: months due to product mix and ongoing cost management initiatives.
−Removed: For the 2025 second quarter and first six months, the oil and gas market contributed 13% and 14% of KDS revenues, respectively.
−Removed: 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.
+Added: KDS revenues for the 2025 third quarter and first nine months increased 12% and 4%, respectively, compared with the 2024 third quarter and first nine months.
+Added: KDS operating income for the 2025 third quarter and first nine months increased 40% and 23%, respectively, compared with the 2024 third quarter and first nine months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2024 third quarter and first nine months due to higher business levels in marine repair.
+Added: For the 2025 third quarter and first nine months, the commercial and industrial market contributed 44% and 47% of KDS revenues, respectively.
+Added: In the power generation market, revenues and operating income increased compared to the 2024 third quarter and first nine months due to increased demand for backup and critical power applications.
+Added: For the 2025 third quarter and first nine months, the power generation market contributed 45% and 40% of KDS revenues, respectively.
+Added: In the oil and gas market, revenues decreased compared to the 2024 third quarter and first nine 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 third quarter and first nine months due to product mix and ongoing cost management initiatives.
+Added: For the 2025 third quarter and first nine months, the oil and gas market contributed 11% and 13% of KDS revenues, respectively.
+Added: KDS operating margin was 11.0% and 9.5% for the 2025 third quarter and first nine months, respectively, compared to 8.8% and 8.0% for the 2024 third quarter and first nine months, respectively.
Overall, the Company expects to deliver improved financial results in 2025.
−Removed: 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 offset softness in oil and gas markets, and the on-highway service and repair business due to the ongoing trucking recession.
−Removed: 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.
−Removed: 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 remainder of the year.
−Removed: 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.
−Removed: These pressures, along with the increasing cost of equipment, should continue to put upward pressure on term contract prices.
−Removed: In the near term, however, spot market pricing could be pressured due to short-term demand softness.
+Added: In KMT, the Company expects barge utilization rates in the 2025 fourth quarter to improve over the 2025 third quarter.
+Added: The coastal marine market conditions remain very favorable.
+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 continues to modestly improve despite the ongoing trucking recession.
+Added: 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 the 2025 fourth quarter and into 2026.
+Added: In the inland marine transportation market for the remainder of 2025, the Company continues to see inflationary pressures persisting which continue to drive up operating costs.
+Added: These continuing cost pressures, along with limited new barge construction and the increasing cost of equipment, should continue to put upward pressure on prices over the long-term.
+Added: In the near term, however, term and spot market pricing could face headwinds if short-term market softness experienced in the 2025 third quarter re-emerges.
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 to be offset by increased orders in the power generation market.
+Added: The Company expects improved results in KDS in 2025 driven by increased orders in the power generation market, partially offset by near-term volatility from supply issues, customers deferring maintenance, and lower overall levels of activity in the oil and gas market.
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.
1 unchanged sentence
In oil and gas, the Company expects revenues to be down as the transition from conventional diesel hydraulic fracturing to electric hydraulic fracturing continues to take place.
−Removed: The Company anticipates extended lead times and supply delays for certain original equipment manufacturer products to continue throughout 2025.
+Added: The Company anticipates extended lead times and supply delays for certain original equipment manufacturer products to continue in the 2025 fourth quarter and into 2026.
+Added: 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.
10 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 June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 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 June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 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 Second Quarter
−Removed: 2025 Six Months
+Added: 2025 Third Quarter
+Added: 2025 Nine Months
Products Moved
11 unchanged sentences
Corn, Cotton and Wheat Production, Chemical Feedstock Usage
−Removed: 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.
−Removed: 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.
−Removed: The increase in operating income for the 2025 second quarter
−Removed: and first six months was primarily due to higher term and spot pricing in the inland and coastal markets.
+Added: KMT revenues for both the 2025 third quarter and first nine months were flat, and operating income decreased 11% and 1%, respectively, compared to the 2024 third quarter and first nine months.
+Added: Revenues for the 2025 first nine months were up 1% compared to the 2024 first nine months as higher spot and term pricing in the inland market over the 2025 first six months and higher term pricing in the coastal market for the 2025 first nine months were offset by lower fuel rebills in both inland and coastal markets.
+Added: the 2025 third quarter were flat as compared to the 2024 third quarter as lower barge utilization and moderating spot market pricing seen in the 2025 third quarter in the inland market were offset by higher term pricing in the coastal market.
+Added: The decrease in operating income for the 2025 third quarter and first nine months was primarily due to lower barge utilization and moderating spot market prices in the third quarter in the inland market, partially offset by higher term pricing in the coastal market.
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 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.
−Removed: 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.
−Removed: Inland tank barge utilization levels averaged in the low to mid-90% range during the 2025 and 2024 first and second quarters.
+Added: For the 2025 third quarter and first nine months, the inland tank barge fleet contributed 78% and 80%, respectively, and the coastal fleet contributed 22% and 20% of KMT revenues, respectively.
+Added: For both the 2024 third quarter and first nine 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 mid-80% range during the 2025 third quarter, and the 90% range during the 2024 third quarter.
+Added: The 2025 third quarter experienced seasonally favorable weather and improved navigational conditions.
+Added: In addition, the 2025 third quarter was also impacted by a lighter feedstock mix for refinery and chemical customers and fewer barges undergoing maintenance across the industry.
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 the 2025 and 2024 first and second quarters.
−Removed: 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.
−Removed: 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.
−Removed: During the 2025 first six months, the Company transported crude oil and natural gas condensate produced from major U.S.
+Added: The 2024 second and third quarters were modestly impacted by weather and lock closures.
+Added: Coastal tank barge utilization levels averaged in the mid to high 90% range during the 2025 and 2024 first, second, and third quarters.
+Added: The petrochemical market, which is the Company’s largest market, contributed 48% and 49% of KMT revenues for the 2025 third quarter and first nine months, respectively, reflecting steady rates, volumes and utilization from Gulf Coast petrochemical plants as compared to the 2024 third quarter and first nine months.
+Added: The black oil market, which contributed 25% and 26% of KMT revenues for the 2025 third quarter and first nine months, respectively, reflected stable demand as refinery utilization and production levels of refined petroleum products and fuel oils increased.
+Added: During the 2025 first nine 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 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The refined petroleum products market, which contributed 24% and 22% of KMT revenues for the 2025 third quarter and first nine months, respectively, reflected stable volumes in the inland market with steady refinery utilization and product levels as compared to the 2024 third quarter and first nine months.
+Added: The agricultural chemical market, which contributed 3% of KMT revenues for both the 2025 third quarter and first nine months reflected stable demand for transportation of both domestically produced and imported products as compared to the 2024 third quarter and first nine months.
+Added: For the 2025 third quarter, inland operations incurred 1,442 delay days, 30% fewer than the 2,061 delay days that occurred during the 2024 third quarter.
+Added: For the 2025 first nine months, inland operations incurred 8,791 delay days, 1% fewer than the 8,902 delay days that occurred during the 2024 first nine 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.
−Removed: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Delay days reflected very favorable seasonal weather and improved navigational conditions in the 2025 third quarter, and poor operating conditions due to heavy wind and fog along the Gulf Coast and lock delays during the 2025 and 2024 first quarters.
+Added: During both the 2025 third quarter and first nine months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: During both the 2024 third quarter and first nine months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: Inland time charters during the 2025 third quarter and first nine months represented approximately 57% and 59%, respectively, of inland revenues under term contracts compared with 62% and 61% in the 2024 third quarter and first nine months, respectively.
+Added: During both the 2025 third quarter and first nine months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: During the 2024 third quarter and first nine months, approximately 99% and 98%, respectively, of KMT coastal revenues were under term contracts and 1% and 2%, respectively, were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2025 third quarter and first nine months compared to 99% and 98% during the 2024 third quarter and first nine months, respectively.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
3 unchanged sentences
June 30, 2025
+Added: September 30, 2025
Inland market:
6 unchanged sentences
Marine Transportation Costs and Expenses
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Costs and expenses for both the 2025 third quarter and first nine months increased 3% and 1%, respectively, compared to the 2024 third quarter and first nine months.
+Added: Costs of sales and operating expenses for the 2025 third quarter and first nine months were flat compared with the 2024 third quarter and first nine months.
+Added: The results for the 2025 third quarter and first nine months were driven by inflationary cost pressures including wage increases that went into effect on July 1, 2025.
+Added: Fuel costs were slightly higher in the 2025 third quarter as compared to the 2024 third quarter but lower in the 2025 first nine months as compared to the 2024 first nine months.
+Added: The inland marine transportation fleet operated an average of 270 towboats during the 2025 third quarter, of which an average of 61 were chartered, compared to 287 during the 2024 third quarter, of which an average of 71 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 second quarter, inland operations consumed 12.8 million gallons of diesel fuel compared to 12.1 million gallons consumed during the 2024 second quarter.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: During the 2025 third quarter, inland operations consumed 12.5 million gallons of diesel fuel compared to 11.3 million gallons consumed during the 2024 third quarter.
+Added: The average price per gallon of diesel fuel consumed during the 2025 third quarter was $2.46 per gallon compared with $2.65 per gallon for the 2024 third quarter.
+Added: During the 2025 first nine months, inland operations consumed 37.0 million gallons of diesel fuel compared to 35.3 million gallons consumed during the 2024 first nine months.
+Added: The average price per gallon of diesel fuel consumed during the 2025 first nine months was $2.46 per gallon compared with $2.77 per gallon for the 2024 first nine 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 second quarter and first six months increased 3% and 6%, respectively, compared to the 2024 second quarter and first six months.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The increase was primarily due to capital additions during 2024 and the first six months of 2025, as well as equipment acquisitions.
+Added: Selling, general and administrative expenses for the 2025 third quarter and first nine months increased 3% and 5%, respectively, compared to the 2024 third quarter and first nine months.
+Added: The increase in selling, general and administrative expenses for the 2025 third quarter and first nine months as compared to the 2024 third quarter and first nine months was primarily due to continued inflationary cost pressures, including higher medical costs, and salary and wage increases that went into effect on July 1, 2025.
+Added: The 2025 first nine 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 third quarter and first nine months increased 8% compared to the 2024 third quarter and first nine months.
+Added: The increase was primarily due to capital additions during 2024 and the first nine months of 2025, as well as equipment acquisitions.
Marine Transportation Operating Income and Operating Margin
−Removed: 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.
−Removed: The 2025 second quarter operating margin was 20.1% compared with 19.6% for the 2024 second quarter.
−Removed: The 2025 first six months operating margin was 19.2% compared with 18.5% for the 2024 first six months.
−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.
+Added: KMT operating income for the 2025 third quarter and first nine months decreased 11% and 1% compared with the 2024 third quarter and first nine months, respectively.
+Added: The 2025 third quarter operating margin was 18.3% compared with 20.5% for the 2024 third quarter.
+Added: The 2025 first nine months operating margin was 18.9% compared with 19.2% for the 2024 first nine months.
+Added: The decrease in operating income and operating margin were primarily due to lower barge utilization and moderating spot market prices in the inland market in the 2025 third quarter, partially offset by higher term pricing in the coastal market.
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 June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Distribution and services revenues
9 unchanged sentences
Markets Serviced
−Removed: 2025 Second Quarter
−Removed: 2025 Six Months
+Added: 2025 Third Quarter
+Added: 2025 Nine Months
Commercial and Industrial
3 unchanged sentences
Oilfield Services, Oil and Gas Operators and Producers
−Removed: KDS revenues for the 2025 second quarter increased 7% compared with the 2024 second quarter.
−Removed: KDS revenues for the 2025 first six months were flat compared with the 2024 first six months.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: KDS revenues for the 2025 third quarter and first nine months increased 12% and 4%, respectively, compared with the 2024 third quarter and first nine months.
+Added: KDS operating income for the 2025 third quarter and first nine months increased 40% and 23%, respectively, compared with the 2024 third quarter and first nine months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2024 third quarter and first nine months due to higher business levels in marine repair.
+Added: In the power generation market, revenues and operating income increased compared to the 2024 third quarter and first nine months due to increased demand for backup and critical power applications.
+Added: In the oil and gas market, revenues decreased compared to the 2024 third quarter and first nine 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 third quarter and first nine months due to product mix and ongoing cost management initiatives.
Distribution and Services Costs and Expenses
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The increase was primarily due to capital additions during 2024 and the first six months of 2025 including additions to the equipment rental fleet.
+Added: Costs and expenses for the 2025 third quarter and first nine months increased 9% and 2%, respectively, compared with the 2024 third quarter and first nine months.
+Added: Costs of sales and operating expenses for the 2025 third quarter and first nine months increased 9% and 1%, respectively, compared with the 2024 third quarter and first nine months.
+Added: The increase for the 2025 third quarter and first nine months reflected higher deliveries of power generation equipment, partially offset by lower on-highway and conventional oilfield activity.
+Added: Selling, general and administrative expenses for the 2025 third quarter and first nine months increased 5% compared to the 2024 third quarter and first nine months, reflecting higher business activity levels, inflationary cost pressures, including higher medical costs, and salary and wage increases that went into effect July 1, 2025.
+Added: Depreciation and amortization for the 2025 third quarter and first nine months increased 23% and 26%, respectively, compared to the 2024 third quarter and first nine months.
+Added: The increase was primarily due to capital additions during 2024 and the first nine 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 second quarter and first six months increased 20% and 13%, respectively, compared with the 2024 second quarter and first six months.
−Removed: The 2025 second quarter operating margin was 9.8% compared to 8.7% for the 2024 second quarter.
−Removed: The 2025 first six months operating margin was 8.6% compared to 7.7% for the 2024 first six months.
−Removed: The results reflect increased marine repair activity and deliveries of electric fracturing equipment, partially offset by lower conventional oilfield activity.
+Added: KDS operating income for the 2025 third quarter and first nine months increased 40% and 23%, respectively, compared with the 2024 third quarter and first nine months.
+Added: The 2025 third quarter operating margin was 11.0% compared to 8.8% for the 2024 third quarter.
+Added: The 2025 first nine months operating margin was 9.5% compared to 8.0% for the 2024 first nine months.
+Added: The results reflect increased demand in power generation from data centers and prime power customers and higher 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 $1.7 million and $0.5 million for the 2025 and 2024 second quarters, respectively.
−Removed: 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.
+Added: The Company reported a net gain on disposition of assets of $3.0 million and $1.6 million for the 2025 and 2024 third quarters, respectively.
+Added: The Company reported a net gain on disposition of assets of $4.8 million and $2.2 million for the 2025 and 2024 first nine months, respectively.
The net gains were primarily from sales of marine transportation equipment.
1 unchanged sentence
The following table sets forth other income, noncontrolling interests, and interest expense (dollars in thousands):
−Removed: Three Months Ended June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Noncontrolling interests
Interest expense
−Removed: 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.
+Added: Other income for the 2025 and 2024 third quarters includes income of $4.6 million and $2.6 million, respectively, and the 2025 and 2024 first nine months includes income of $13.7 million and $7.7 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 June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
Average interest rate
−Removed: 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.
−Removed: Interest expense excludes capitalized interest for the 2025 first six months of $0.5 million.
−Removed: There was no capitalized interest excluded from interest expense during the 2024 first six months.
+Added: Interest expense for the 2025 third quarter and first nine months decreased 5% and 9%, respectively, compared with the 2024 third quarter and first nine months, primarily due to a lower average interest rate in the 2025 third quarter and first nine months.
+Added: Interest expense excludes capitalized interest for the 2025 third quarter and first nine months of $0.3 million and $0.8 million, respectively.
+Added: There was no capitalized interest excluded from interest expense during the 2024 first nine months.
Financial Condition, Capital Resources and Liquidity
1 unchanged sentence
The following table sets forth the significant components of the balance sheets (dollars in thousands):
+Added: September 30,
Current assets
8 unchanged sentences
Other long-term liabilities
−Removed: Current assets as of June 30, 2025 increased 11% compared with December 31, 2024.
+Added: Current assets as of September 30, 2025 increased 9% compared with December 31, 2024.
Trade accounts receivable increased 7% primarily due to higher business activity levels in both KMT and KDS.
−Removed: 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.
−Removed: Property and equipment, net of accumulated depreciation, at June 30, 2025 increased 3% compared with December 31, 2024.
−Removed: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: Current liabilities as of June 30, 2025 decreased 8% compared with December 31, 2024.
+Added: Accounts receivable – other increased 105% due to a federal income tax receivable associated with the OBBBA.
+Added: Inventories – net increased 8% primarily due to the impact of higher business activity levels and efforts to manage supply 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 September 30, 2025 increased 2% compared with December 31, 2024.
+Added: The increase reflected $206.9 million of capital additions (net of a decrease in accrued capital expenditures of $10.6 million) and $106.5 million of equipment acquisitions in the 2025 first nine months, partially offset by $189.7 million of depreciation expense and $24.5 million of property disposals more fully described under Cash Flow and Capital Expenditures below.
+Added: Operating lease right-of-use assets as of September 30, 2025 increased 14% compared with December 31, 2024, primarily due to new leases acquired in the 2025 first nine months, partially offset by lease amortization expense.
+Added: Other intangibles, net, as of September 30, 2025 decreased 10% compared with December 31, 2024, due to amortization during the 2025 first nine months partially offset by a $3.0 million intellectual property intangible asset acquired in the 2025 second quarter.
+Added: Other assets as of September 30, 2025 increased 2% compared with December 31, 2024, primarily due to additional deferred major maintenance drydock expenditures incurred during the 2025 first nine months, partially offset by amortization of drydock expenditures.
+Added: Current liabilities as of September 30, 2025 decreased 7% compared with December 31, 2024.
Income taxes payable decreased 98% primarily due to timing of federal income tax payments.
−Removed: Accrued liabilities decreased 14% primarily from payment during the 2025 first six months of employee incentive compensation accrued during 2024.
−Removed: 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.
−Removed: Total equity as of June 30, 2025 increased 1% compared with December 31, 2024.
−Removed: 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.
+Added: Accrued liabilities decreased 7% primarily from payment during the 2025 first nine months of employee incentive compensation accrued during 2024.
+Added: Long-term debt, net – less current portion, as of September 30, 2025 increased 20% compared with December 31, 2024, primarily reflecting increased borrowings under the 2027 Revolving Credit Facility.
+Added: Total equity as of September 30, 2025 was flat compared with December 31, 2024.
+Added: Net earnings attributable to Kirby of $262.8 million, amortization of share-based compensation of $14.6 million, and stock option exercises of $0.3 million were partially offset by treasury stock purchases of $252.6 million and tax withholdings of $6.0 million on RSU vestings.
Long-Term Financing
The following table summarizes the Company’s outstanding debt (in thousands):
+Added: September 30,
Long-term debt, including current portion:
7 unchanged sentences
Unamortized debt discounts and issuance costs
−Removed: (a) Variable interest rate of 5.6% at June 30, 2025 and December 31, 2024.
+Added: (a) Variable interest rate of 5.3% at September 30, 2025 and 5.6% at 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.
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.
−Removed: 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.
+Added: 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 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 June 30, 2025.
−Removed: As of June 30, 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 September 30, 2025.
+Added: As of September 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 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 Company generated positive operating cash flows during the 2025 first nine months with net cash provided by operating activities of $358.0 million compared with $509.1 million for the 2024 first nine months, a 30% decrease.
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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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 six months.
+Added: The increase in inventories was due to the impact of higher business activity levels and efforts to manage supply 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 contract pricing in the KMT coastal market, higher spot and term pricing in the KMT inland market during the 2025 first six months, and improved KDS business activity levels in the commercial and industrial and power generation markets, partially offset by lower spot market pricing and barge utilization in the 2025 third quarter in the KMT inland market.
+Added: During the 2025 and 2024 first nine months, the Company generated cash of $28.3 million and $13.8 million, respectively, from proceeds from the disposition of assets, and $0.3 million and $8.4 million, respectively, from proceeds from the exercise of stock options.
+Added: For the 2025 first nine months, cash generated was used for capital expenditures of $217.4 million, including $187.1 million associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements, as well as $30.3 million for growth spending in both segments.
+Added: The growth spending is related to inland equipment construction and equipment for use in a variety of KDS markets including electric fracturing equipment, power generators, and other related equipment.
+Added: In addition, the Company used cash of $106.5 million for equipment acquisitions in the 2025 first nine months.
Treasury Stock Purchases
−Removed: 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.
−Removed: 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.
−Removed: As of August 8, 2025, the Company had approximately 1.3 million shares available under its existing purchase authorizations.
+Added: During the 2025 first nine months, the Company purchased 2.6 million shares of its common stock for $252.6 million, at an average price of $95.38 per share.
+Added: Subsequent to September 30, 2025 and through November 7, 2025, the Company purchased an additional 0.5 million shares of its common stock for $43.6 million, at an average price of $87.10 per share.
+Added: On September 8, 2025, the Board approved an eight million share increase in the Company’s purchase authorization.
+Added: As of November 7, 2025, the Company had approximately 7.7 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 second quarter, see Part II, Item 2.
+Added: For more information about stock purchases in the 2025 third 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 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.
+Added: In addition to net cash flows provided by operating activities, as of November 7, 2025 the Company also had cash and cash equivalents of $70 million, availability of $345 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 $27.4 million at June 30, 2025, including $11.6 million in letters of credit and $15.8 million in performance bonds.
−Removed: All of these instruments have an expiration date within two years.
+Added: 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.
+Added: 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 in connection with these instruments.
14 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.