What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-08 · 111 added, 37 removed, 324 unchanged (31% of the section changed)

35 unchanged sentences

Retained earnings

Treasury stock – at cost, 12 million shares at March 31, 2026 and 11.7 million at December 31, 2025

Treasury stock – at cost, 12.4 million shares at June 30, 2026 and 11.7 million at December 31, 2025

Total Kirby stockholders’ equity

4 unchanged sentences

CONDENSED STATEMENTS OF EARNINGS

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands, except per share amounts)

19 unchanged sentences

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

($ in thousands)

9 unchanged sentences

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

($ in thousands)

19 unchanged sentences

Treasury stock purchases

Net cash provided by financing activities

Net cash provided by (used in) financing activities

Decrease in cash and cash equivalents

16 unchanged sentences

(in thousands)

Balance at March 31, 2026

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Balance at June 30, 2026

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at March 31, 2025

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Balance at June 30, 2025

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

Accumulated Other

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at December 31, 2025

6 unchanged sentences

Total comprehensive income, net of taxes

Balance at March 31, 2026

Balance at June 30, 2026

Accumulated Other

Comprehensive

10 unchanged sentences

Total comprehensive income, net of taxes

Balance at March 31, 2025

Balance at June 30, 2025

See accompanying notes to condensed financial statements.

8 unchanged sentences

On March 17, 2026, the Company purchased 23 inland tank barges with a total capacity of 653,000 barrels, including five specialty barges, and three high horsepower towboats from an undisclosed seller for $ 95.8 million.

The Company paid $ 81.4 million in cash in March 2026 with the remaining $ 14.4 million to be paid in the 2026 second quarter when delivery of all vessels has been completed.

The Company paid $ 81.4 million in cash in March 2026 with the remaining $ 14.4 million paid in the 2026 second quarter upon delivery of remaining vessels.

The 23 tank barges, including five specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway.

7 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Marine transportation segment:

5 unchanged sentences

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

Revenues recognized during the three months ended March 31, 2026 and 2025 that were included in the opening contract liability balances were $ 64.7 million and $ 60.2 million , respectively.

Revenues recognized during the six months ended June 30, 2026 and 2025 that were included in the opening contract liability balances were $ 89.6 million and $ 94.7 million , respectively.

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

The Company did no t have any contract assets as of March 31, 2026 or December 31, 2025 .

The Company did no t have any contract assets as of June 30, 2026 or December 31, 2025 .

(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 $ 7.9 million for the three months ended March 31, 2026, and $ 11.1 million for the three months ended March 31, 2025, as well as the related intersegment profit of $ 0.8 million for the three months ended March 31, 2026, and $ 1.1 million for the three months ended March 31, 2025, have been eliminated from the tables below.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 9.6 million and $ 17.4 million for the three months and six months ended June 30, 2026, respectively, and $ 11.3 million and $ 22.5 million for the three months and six months ended June 30, 2025, respectively, as well as the related intersegment profit of $ 1.0 million and $ 1.7 million for the three months and six months ended June 30, 2026, respectively, and $ 1.1 million and $ 2.2 million for the three months and six months ended June 30, 2025, respectively, have been eliminated from the tables below.

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

Three Months Ended March 31,

Three Months Ended June 30,

Revenue from external customers

12 unchanged sentences

Earnings before taxes on income

Six Months Ended June 30,

Revenue from external customers

Costs of sales and operating expenses

Administrative payroll expense

Taxes, other than on income

Depreciation and amortization

Other segment items (a)

Segment operating income

Reconciliation of segment operating income

Unallocated amounts:

General corporate expenses

Gain on disposition of assets

Operating income

Interest expense

Earnings before taxes on income

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

9 unchanged sentences

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

March 31, 2026

June 30, 2026

December 31, 2025

9 unchanged sentences

Unamortized debt discounts and issuance costs

(a) Variable interest rate o f 4.7 % at March 31, 2026 and 5.0 % at December 31, 2025 .

(a) Variable interest rate o f 4.6 % at June 30, 2026 and 5.0 % at December 31, 2025 .

(b) Variable interest rate o f 5.0 % at December 31, 2025.

7 unchanged sentences

The 2031 Credit Agreement contains customary provisions regarding permitted uses, events of default, and covenants substantively similar to those in the 2027 Credit Agreement, including the maintenance of an interest coverage ratio of no less than 2.5 to 1.0 and a debt to capitalization of no more than or equal to 60 percent (with all calculations based on definitions contained in the 2031 Credit Agreement).

Outstanding letters of credit under the 2031 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 570.0 million as of March 31, 2026.

Outstanding letters of credit under the 2031 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 515.0 million as of June 30, 2026.

The Company has a $ 20 million line of credit (“Credit Line”) with Bank of America, N.A.

(“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2028 .

Outstanding letters of credit under the Credit Line were $ 7.6 million and available borrowing capacity was $ 7.4 million as of March 31, 2026 .

Outstanding letters of credit under the Credit Line were $ 8.0 million and available borrowing capacity was $ 12.0 million as of June 30, 2026 .

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

9 unchanged sentences

The following table summarizes lease costs (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Operating lease cost

7 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Compensation cost

Income tax benefit

During the three months ended March 31, 2026, the Company grant ed 131,250 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan that vest ratably over five years .

During the six months ended June 30, 2026, the Company grant ed 131,971 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 2026, the Company granted 11,136 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

(8) Taxes on Income

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

Three Months Ended March 31,

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

Three Months Ended June 30,

Six Months Ended June 30,

Earnings (loss) before taxes on income:

United States

Provision for taxes on income:

Provision (benefit) for taxes on income:

State and local:

Foreign - current

The Company is currently under examination by the Internal Revenue Service ("IRS") for the 2024 tax year.

In addition, the Company's federal income tax returns for the 2022 through 2023 tax years remain open to examination under the applicable statutes of limitations.

The Company believes its tax positions are more likely than not to be sustained upon examination and has recorded liabilities for uncertain tax positions when appropriate.

However, the ultimate resolution of tax examinations and related matters could differ from amounts currently recorded and may affect the Company's effective tax rate, results of operations, and cash flows in future periods.

The Company is also subject to examination by various state and local taxing authorities.

(9) Earnings Per Share

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Net earnings attributable to Kirby

11 unchanged sentences

Net earnings per share attributable to Kirby common stockholders:

There were no antidilutive stock options as of March 31, 2026 and 2025 .

There were no antidilutive RSUs as of March 31, 2026 and 2025 .

There were no antidilutive RSUs or stock options as of June 30, 2026 and 2025 .

(10) Inventories

15 unchanged sentences

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

The Company made contributions of $ 0.2 million to the Higman pension plan during the three months ended March 31, 2026 .

The Company expects to make additional contributions of $ 1.0 million during the remainder of 2026.

The Company made contributions of $ 0.5 million to the Higman pension plan during the six months ended June 30, 2026 .

The Company does no t expect to make additional contributions during the remainder of 2026.

The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents.

6 unchanged sentences

Pension Plans

Three Months Ended March 31,

Three Months Ended June 30,

Components of net periodic benefit cost:

3 unchanged sentences

Net periodic benefit cost

Pension Benefits

Pension Plans

Six Months Ended June 30,

Components of net periodic benefit cost:

Interest cost

Expected return on plan assets

Amortization of actuarial (gain) loss

Net periodic benefit cost

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

1 unchanged sentence

Postretirement Welfare Plan

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Components of net periodic benefit cost:

4 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Income Tax Benefit

2 unchanged sentences

Amortization of net actuarial gain

Actuarial losses

Foreign currency translation

Six Months Ended June 30,

Income Tax Benefit

Pension and postretirement benefits (a):

Amortization of net actuarial gain

Actuarial losses

Foreign currency translation

(a) Actuarial gains (losses) are amortized into other income (expense).

9 unchanged sentences

On May 1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as provided under admiralty law.

The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company.

The Company is unable to estimate the potential exposure in the civil proceeding.

The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident.

The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition.

The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019.

During the second quarter of 2026, the Company entered into a settlement agreement with the Heiltsuk First Nation that resolves the claims asserted by the Heiltsuk First Nation against the Company and its affiliates arising from the incident, subject to implementation of certain settlement terms and related court approvals and orders.

Proceedings in the Federal Court of Canada remain pending to effectuate certain aspects of the settlement.

The Company maintains various insurance policies covering liabilities, including pollution, property, marine and general liability.

The Company believes its reserves and insurance recoveries related to the incident are adequate and does not expect any remaining matters associated with the incident to have a material adverse effect on its business, financial condition, or results of operations.

In addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations, or cash flows.

1 unchanged sentence

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 $ 31.0 million at March 31, 2026, including $ 12.2 million in letters of credit and $ 18.8 million in performance bonds.

The aggregate notional value of these instruments is $ 31.1 million at June 30, 2026, including $ 12.6 million in letters of credit and $ 18.5 million in performance bonds.

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

1 unchanged sentence

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

What changed 10-Q

Item 1. Financial Statements