6 unchanged sentences
adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, pandemics, marine accidents, lock delays or closures, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company.
−Removed: For a more detailed discussion of factors that could cause actual results to differ from those presented in forward-looking statements, see Part II, Item 1A-Risk Factors and Item 1A-Risk Factors found in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025.
+Added: For a more detailed discussion of factors that could cause actual results to differ from those presented in forward-looking statements, see Part II, Item 1A-Risk Factors of this Form 10-Q and the Form 10-Q for the quarter ended March 31, 2026, and Item 1A-Risk Factors found in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025.
Forward-looking statements are based on currently available information and the Company assumes no obligation to update any such statements.
7 unchanged sentences
The following table summarizes key operating results of the Company (in thousands, except per share amounts):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Total revenues
3 unchanged sentences
Capital expenditures
−Removed: Cash provided by operating activities for the 2026 first quarter increased in comparison to the 2025 first quarter primarily due to increased net earnings and favorable working capital changes.
+Added: Cash provided by operating activities for the 2026 first six months increased in comparison to the 2025 first six months primarily due to favorable working capital changes.
The favorable working capital changes were driven by the timing of accounts payable and income tax payments, partially offset by the timing of accounts receivable collections.
−Removed: The 2025 first quarter included a $24.4 million estimated federal income tax payment as compared to none in the 2026 first quarter.
−Removed: For the 2026 first quarter, capital expenditures of $48.3 million included $34.6 million in KMT and $13.7 million in KDS and corporate, each more fully described under Cash Flow and Capital Expenditures below.
+Added: The 2025 first six months included $73.4 million of estimated federal income tax payments as compared to $35.0 million in the 2026 first six months.
+Added: For the 2026 first six months, capital expenditures of $119.8 million included $80.6 million in KMT and $39.2 million in KDS and corporate, each more fully described under Cash Flow and Capital Expenditures below.
The Company projects that capital expenditures for 2026 will be in the $220 million to $260 million range.
1 unchanged sentence
Up to approximately $65 million is associated with growth capital spending in both segments.
−Removed: The Company’s debt-to-capitalization ratio increased slightly to 22.3% at March 31, 2026 compared to 21.4% at December 31, 2025, primarily due to an increase in debt outstanding.
−Removed: Total equity at March 31, 2026 increased as compared to December 31, 2025 primarily from net earnings attributable to Kirby of $81.2 million, partially offset by treasury stock purchases of $52.7 million.
−Removed: The Company’s debt outstanding as of March 31, 2026 and December 31, 2025 is detailed in Long-Term Financing below.
+Added: The Company’s debt-to-capitalization ratio increased to 23.1% at June 30, 2026 compared to 21.4% at December 31, 2025, primarily due to an increase in debt outstanding.
+Added: Total equity at June 30, 2026 increased as compared to December 31, 2025 primarily from net earnings attributable to Kirby of $170.9 million, partially offset by treasury stock purchases of $112.4 million.
+Added: The Company’s debt outstanding as of June 30, 2026 and December 31, 2025 is detailed in Long-Term Financing below.
Marine Transportation
−Removed: For the 2026 first quarter, KMT generated 59% of the Company’s revenues compared to 61% for the 2025 first quarter.
+Added: For the 2026 and 2025 second quarter and first six months, KMT generated 58% and 59%, respectively, of the Company’s revenues.
The segment’s customers include many of the major petrochemical and refining companies that operate in the United States.
12 unchanged sentences
The Company also owns a two-thirds interest in Osprey Line, L.L.C., which transports project cargoes and cargo containers by barge on the United States inland waterway system.
−Removed: During the 2026 first quarter, the Company purchased 22 inland tank barges and retired three inland tank barges, increasing its capacity by approximately 0.5 million barrels.
−Removed: KMT revenues and operating income for the 2026 first quarter increased 4% compared to the 2025 first quarter, primarily due to higher term pricing and decreased planned shipyards in the coastal market, partially offset by lower spot pricing in the inland market as compared to the 2025 first quarter.
+Added: During the 2026 first six months, the Company purchased 28 inland tank barges, brought back into service six inland tank barges, and retired five inland tank barges, increasing its capacity by approximately 0.7 million barrels.
+Added: KMT revenues for the 2026 second quarter and first six months increased 9% and 7%, respectively, compared to the 2025 second quarter and first six months, primarily due to higher term pricing in the inland market and increased fuel rebills in the inland and coastal markets, partially offset by lower spot pricing in the inland market as compared to the 2025 second quarter and first six months.
+Added: KMT operating income for the 2026 second quarter and first six months decreased 11% and 4%, respectively, compared to the 2025 second quarter and first six months, primarily due to higher fuel costs as a result of the Iran conflict.
+Added: During the second quarter of 2026, rapidly rising fuel prices temporarily compressed operating income and operating margins in the inland market due to the inherent lag in the Company's contractual fuel escalation mechanisms.
+Added: Because fuel-related pricing adjustments under term contracts generally become effective 30 to 120 days after fuel cost increases are incurred, the Company was unable to fully recover the impact of higher fuel costs during the quarter.
+Added: The Company expects these costs to be substantially recovered in subsequent quarters as contractual fuel escalation provisions take effect.
The 2026 and 2025 first quarters were impacted by poor operating conditions including seasonal wind and fog along the Gulf Coast, ice on the Illinois and Upper Mississippi Rivers and various lock closures.
−Removed: For the 2026 first quarter, the inland tank barge fleet contributed 79% and the coastal fleet contributed 21% of KMT revenues.
−Removed: For the 2025 first quarter, the inland tank barge fleet contributed 82% and the coastal fleet contributed 18% of KMT revenues.
−Removed: Inland tank barge utilization levels averaged in the low-90% range during the 2026 first quarter and the low-to-mid-90% range during the 2025 first quarter.
+Added: For both the 2026 second quarter and first six months, the inland tank barge fleet contributed 80% and the coastal fleet contributed 20% of KMT revenues.
+Added: second quarter and first six months, the inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18%, respectively, of KMT revenues.
+Added: Inland tank barge utilization levels averaged in the low-90% range during both the 2026 first and second quarters and the low-to-mid-90% range during both the 2025 first and second quarters.
The 2026 and 2025 first quarters were impacted by high winds and heavy fog along the Gulf Coast, ice on the Illinois and Upper Mississippi Rivers and various lock delays.
−Removed: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during the 2026 and 2025 first quarters.
−Removed: During the 2026 first quarter, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
−Removed: During the 2025 first quarter, approximately 70% of KMT inland revenues were under term contracts and 30% were spot
−Removed: contract revenues.
−Removed: Inland time charters during the 2026 first quarter represented approximately 56% of inland revenues under term contracts compared with 61% in the 2025 first quarter.
−Removed: During the 2026 first quarter, approximately 92% of KMT coastal revenues were under term contracts and 8% were under spot contracts.
−Removed: During the 2025 first quarter, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
−Removed: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2026 and 2025 first quarters.
+Added: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during the 2026 first quarter and the high-90% range during the 2026 second quarter.
+Added: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during both the 2025 first and second quarters.
+Added: During both the 2026 second quarter and first six months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: During both the 2025 second quarter and first six months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: Inland time charters during both the 2026 second quarter and first six months represented approximately 57% of inland revenues under term contracts compared with 60% in the 2025 second quarter and first six months.
+Added: During the 2026 second quarter and first six months, approximately 93% and 92%, respectively, of KMT coastal revenues were under term contracts and 7% and 8%, respectively, were under spot contracts.
+Added: During both the 2025 second quarter and first six months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2026 and 2025 second quarter and first six months.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
2 unchanged sentences
March 31, 2026
+Added: June 30, 2026
Inland market:
2 unchanged sentences
Effective January 1, 2026, annual escalators for labor and the producer price index on a number of inland multi-year contracts resulted in rate increases on those contracts of approximately 3%, excluding fuel.
−Removed: KMT operating margin was 18.0% for the 2026 first quarter compared to 18.2% for the 2025 first quarter.
+Added: KMT operating margin was 16.4% and 17.2% for the 2026 second quarter and first six months, respectively, compared to 20.1% and 19.2% for the 2025 second quarter and first six months, respectively.
Distribution and Services
2 unchanged sentences
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad, and other industrial customers.
−Removed: For the 2026 first quarter, KDS generated 41% of the Company’s revenues.
+Added: For the 2026 second quarter and first six months, KDS generated 42% and 41%, respectively, of the Company’s revenues.
The results of KDS are largely influenced by cycles of the power generation, marine, on-highway, oilfield service industry and oil and gas operator and producer markets, and other industrial markets.
−Removed: KDS revenues for the 2026 first quarter increased 12% compared with the 2025 first quarter.
−Removed: KDS operating income for the 2026 first quarter increased 3% compared with the 2025 first quarter.
−Removed: In the commercial and industrial market, revenues and operating income increased compared to the 2025 first quarter due to higher business levels in marine repair.
−Removed: For the 2026 first quarter, the commercial and industrial market contributed 46% of KDS revenues.
−Removed: In the power generation market, revenues and operating income increased compared to the 2025 first quarter due to increased demand for backup, prime power and critical power applications.
−Removed: For the 2026 first quarter, the power generation market contributed 44% of KDS revenues.
−Removed: In the oil and gas market, revenues and operating income decreased compared to the 2025 first quarter, 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: For the 2026 first quarter, the oil and gas market contributed 10% of KDS revenues.
−Removed: KDS operating margin was 6.7% for the 2026 first quarter compared to 7.3% for the 2025 first quarter.
+Added: KDS revenues for the 2026 second quarter and first six months increased 6% and 9%, respectively, compared with the 2025 second quarter and first six months.
+Added: KDS operating income for the 2026 second quarter and first six months increased 8% and 6%, respectively, compared with the 2025 second quarter and first six months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2025 second quarter and first six months due to higher business levels in marine repair.
+Added: For the 2026 second quarter and first six months, the commercial and industrial market contributed 50% and 49%, respectively, of KDS revenues.
+Added: In the power generation market, revenues and operating income increased compared to the 2025 second quarter and first six months due to increased demand for backup, prime power and critical power applications.
+Added: For the 2026 second quarter and first six months, the power generation market contributed 40% and 41%, respectively, of KDS revenues.
+Added: In the oil and gas market, revenues and operating income decreased compared to the 2025 second quarter and first six months, impacted by lower levels of conventional oilfield activity which resulted in decreased demand for new transmissions and parts, partially offset by deliveries of electric fracturing equipment.
+Added: For both the 2026 second quarter and first six months, the oil and gas market contributed 10% of KDS revenues.
+Added: KDS operating margin was 9.9% and 8.4% for the 2026 second quarter and first six months, respectively, compared to 9.8% and 8.6% for the 2025 second quarter and first six months, respectively.
Overall, the Company expects to deliver improved financial results in 2026.
−Removed: In KMT, barge utilization and customer demand remain stable.
+Added: In KMT, barge utilization and customer demand remain favorable.
In KDS, growth in the power generation market is expected to offset softness in oil and gas markets, and the continuing trucking recession impacting the on-highway service and repair business.
−Removed: The Company remains mindful of the ever-changing economic landscape related to the possible impact of high interest rates, tariffs, current geopolitical tensions and possible recessionary headwinds as it moves through 2026.
+Added: The Company remains mindful of the ever-changing economic landscape related to the possible impact of high interest rates, tariffs, geopolitical tensions and possible recessionary headwinds as it moves through 2026.
In 2026, the inland marine transportation market is expected to experience positive market dynamics due to limited new barge construction.
2 unchanged sentences
These pressures, along with the increasing cost of equipment, should continue to put upward pressure on spot and term contract prices.
−Removed: The coastal marine transportation market is also expected to see very favorable market conditions in 2026.
+Added: The coastal marine transportation market is also expected to see favorable market conditions in 2026.
The coastal marine transportation market should experience steady customer demand, keeping barge utilization at high levels with improving rates as the availability of equipment remains limited across the industry.
1 unchanged sentence
The Company does expect more shipyard days in the coastal marine transportation market as compared to 2025.
−Removed: The Company does expect some near-term cost headwinds in its inland marine transportation operations during the 2026 second quarter from rising fuel costs.
+Added: The Company did experience some near-term cost headwinds in its inland marine transportation operations during the 2026 second quarter from rising fuel costs.
Term and affreightment contracts contain fuel escalation clauses or provides for the customer to pay for fuel.
1 unchanged sentence
As a result, periods of rapidly rising fuel prices may temporarily compress margins and operating income until escalation adjustments are fully realized.
−Removed: The Company expects that lag to occur during the 2026 second quarter but should be ultimately realized in subsequent quarters as there is generally a 30 to 120 day delay before term contracts are adjusted for fuel costs.
+Added: The Company did experience that lag during the 2026 second quarter but this should be ultimately realized in subsequent quarters as there is generally a 30 to 120 day delay before term contracts are adjusted for fuel costs.
Fuel escalation clauses in term contracts and their effectiveness are discussed in more detail in Liquidity below and Item 1A – Risk Factors found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
1 unchanged sentence
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.
−Removed: In power generation, the Company anticipates continued strong growth in orders as data center demand and the need for behind the meter and backup power continues to be strong.
+Added: In power generation, the Company anticipates continued strong growth in orders as data center demand and the increasing need for prime behind the meter and backup power continues to be strong.
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.
The Company anticipates extended lead times and supply delays for certain original equipment manufacturer (“OEM”) products, especially in the power generation market, to continue throughout 2026.
−Removed: The Company does expect to be impacted in the 2026 second quarter by delayed OEM engine deliveries as certain impacted projects will shift from the 2026 second quarter into the 2026 second half.
+Added: The Company was impacted in the 2026 second quarter by delayed OEM engine deliveries as certain impacted projects shifted from the 2026 second quarter into the 2026 second half.
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.
−Removed: 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.
+Added: 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.
9 unchanged sentences
The following table sets forth the Company’s KMT and KDS revenues and the percentage of each to total revenues (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Marine transportation
2 unchanged sentences
The following table sets forth KMT revenues, costs and expenses, operating income, and operating margin (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Marine transportation revenues
8 unchanged sentences
The following table shows the marine transportation markets serviced by the Company, KMT revenue distribution, products moved and the drivers of the demand for the products the Company transports:
−Removed: 2026 First Quarter
+Added: 2026 Second Quarter
+Added: 2026 Six Months
Products Moved
11 unchanged sentences
Corn, Cotton and Wheat Production, Chemical Feedstock Usage
−Removed: KMT revenues and operating income for the 2026 first quarter increased 4% compared to the 2025 first quarter, primarily due to higher term pricing and decreased planned shipyards in the coastal market, partially offset by lower spot pricing in the inland market as compared to the 2025 first quarter.
+Added: KMT revenues for the 2026 second quarter and first six months increased 9% and 7%, respectively, compared to the 2025 second quarter and first six months, primarily due to higher term pricing in the inland market and increased fuel rebills in the inland and coastal markets, partially offset by lower spot pricing in the inland market as compared to the 2025 second quarter and first six months.
+Added: KMT operating income for the 2026 second quarter and first six months decreased 11% and 4%, respectively, compared to the 2025 second quarter and first six months, primarily due to higher fuel costs as a result of the Iran conflict.
+Added: During the second quarter of 2026, rapidly rising fuel prices temporarily compressed operating income and operating margins in the inland market due to the inherent lag in the Company's contractual fuel escalation mechanisms.
+Added: Because fuel-related pricing adjustments under term contracts generally become effective 30 to 120 days after fuel cost increases are incurred, the Company was unable to fully recover the impact of higher fuel costs during the quarter.
+Added: The Company expects these costs to be substantially recovered in subsequent quarters as contractual fuel escalation provisions take effect.
The 2026 and 2025 first quarters were impacted by poor operating conditions including seasonal wind and fog along the Gulf Coast, ice on the Illinois and Upper Mississippi Rivers and various lock closures.
−Removed: For the 2026 first quarter, the inland tank barge fleet contributed 79% and the coastal fleet contributed 21% of KMT revenues.
−Removed: For the 2025 first quarter, the inland tank barge fleet contributed 82% and the coastal fleet contributed 18% of KMT revenues.
−Removed: Inland tank barge utilization levels averaged in the low-90% range during the 2026 first quarter and the low-to-mid-90% range during the 2025 first quarter.
−Removed: The 2026 and 2025 first quarters were impacted by high winds and heavy fog along the Gulf Coast, ice on
−Removed: the Illinois and Upper Mississippi Rivers and various lock delays.
−Removed: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during the 2026 and 2025 first quarters.
−Removed: The petrochemical market, which is the Company’s largest market, contributed 47% of KMT revenues for the 2026 first quarter reflecting steady rates, volumes and utilization from Gulf Coast petrochemical plants as compared to the 2025 first quarter.
−Removed: The black oil market, which contributed 27% of KMT revenues for the 2026 first quarter reflected stable demand as refinery utilization and production levels of refined petroleum products and fuel oils increased.
−Removed: During the 2026 first quarter, the Company transported crude oil and natural gas condensate produced from major U.S.
+Added: For both the 2026 second quarter and first six months, the inland tank barge fleet contributed 80% and the coastal fleet contributed 20% of KMT revenues.
+Added: For the 2025 second quarter and first six months, the inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18%, respectively, of KMT revenues.
+Added: Inland tank barge utilization levels averaged in the low-90% range during both the 2026 first and second quarters and the low-to-mid-90% range during both the 2025 first and second quarters.
+Added: The 2026 and 2025 first quarters were impacted by high winds and heavy fog along the Gulf Coast, ice on the Illinois and Upper Mississippi Rivers and various lock delays.
+Added: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during the 2026 first quarter and the high-90% range during the 2026 second quarter.
+Added: Coastal tank barge utilization levels averaged in the mid-to-high-90% range during both the 2025 first and second quarters.
+Added: The petrochemical market, which is the Company’s largest market, contributed 49% and 48% of KMT revenues for the 2026 second quarter and first six months, respectively, reflecting steady rates, volumes and utilization from Gulf Coast petrochemical plants as compared to the 2025 second quarter and first six months.
+Added: The black oil market, which contributed 27% of KMT revenues for both the 2026 second quarter and first six months reflected stable demand as refinery utilization and production levels of refined petroleum products and fuel oils increased.
+Added: During the 2026 first six months, the Company transported crude oil and natural gas condensate produced from major U.S.
shale basins along the Gulf Intracoastal Waterway with inland vessels and in the Gulf of America with coastal equipment.
Additionally, the Company transported volumes of Utica natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast.
−Removed: The refined petroleum products market, which contributed 22% of KMT revenues for the 2026 first quarter reflected stable volumes in the inland market with steady refinery utilization and product levels as compared to the 2025 first quarter.
−Removed: The agricultural chemical market, which contributed 4% of KMT revenues for the 2026 first quarter reflected stable demand for transportation of both domestically produced and imported products as compared to the 2025 first quarter.
−Removed: For the 2026 first quarter, inland operations incurred 3,264 delay days, 19% fewer than the 4,029 delay days that occurred during the 2025 first quarter.
+Added: The refined petroleum products market, which contributed 21% and 22% of KMT revenues for the 2026 second quarter and first six months, respectively, reflected stable volumes in the inland market with steady refinery utilization and product levels as compared to the 2025 second quarter and first six months.
+Added: The agricultural chemical market, which contributed 3% of KMT revenues for both the 2026 second quarter and first six months reflected stable demand for transportation of both domestically produced and imported products as compared to the 2025 second quarter and first six months.
+Added: For the 2026 second quarter, inland operations incurred 2,567 delay days, 23% fewer than the 3,320 delay days that occurred during the 2025 second quarter.
+Added: For the 2026 first six months, inland operations incurred 5,831 delay days, 21% fewer than the 7,349 delay days that occurred during the 2025 first six months.
Delay days measure the lost time incurred by a tow (towboat and one or more tank barges) during transit when the tow is stopped due to weather, lock conditions, or other navigational factors.
Delay days reflected poor operating conditions due to heavy wind and fog along the Gulf Coast and lock delays during the 2026 and 2025 first quarters.
−Removed: During the 2026 first quarter, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
−Removed: During the 2025 first quarter, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
−Removed: Inland time charters during the 2026 first quarter represented approximately 56% of inland revenues under term contracts compared with 61% in the 2025 first quarter.
−Removed: During the 2026 first quarter, approximately 92% of KMT coastal revenues were under term contracts and 8% were under spot contracts.
−Removed: During the 2025 first quarter, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
−Removed: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2026 and 2025 first quarters.
+Added: During both the 2026 second quarter and first six months, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues.
+Added: During both the 2025 second quarter and first six months, approximately 70% of KMT inland revenues were under term contracts and 30% were spot contract revenues.
+Added: Inland time charters during both the 2026 second quarter and first six months represented approximately 57% of inland revenues under term contracts compared with 60% in the 2025 second quarter and first six months.
+Added: During the 2026 second quarter and first six months, approximately 93% and 92%, respectively, of KMT coastal revenues were under term contracts and 7% and 8%, respectively, were under spot contracts.
+Added: During both the 2025 second quarter and first six months, approximately 100% of KMT coastal revenues were under term contracts and none were under spot contracts.
+Added: Coastal time charters represented approximately 100% of coastal revenues under term contracts during both the 2026 and 2025 second quarter and first six months.
Term contracts have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
2 unchanged sentences
March 31, 2026
+Added: June 30, 2026
Inland market:
3 unchanged sentences
Marine Transportation Costs and Expenses
−Removed: Costs and expenses for the 2026 first quarter increased 5% compared to the 2025 first quarter.
−Removed: Costs of sales and operating expenses for the 2026 first quarter increased 3% compared with the 2025 first quarter.
−Removed: The results for the 2026 first quarter were driven by inflationary cost pressures including wage increases that went into effect on July 1, 2025.
−Removed: Fuel costs were slightly lower in the 2026 first quarter as compared to the 2025 first quarter.
−Removed: The inland marine transportation fleet operated an average of 284 towboats during the 2026 first quarter, of which an average of 79 were chartered, compared to 291 during the 2025 first quarter, of which an average of 76 were chartered.
+Added: Costs and expenses for the 2026 second quarter and first six months increased 14% and 9%, respectively, compared to the 2025 second quarter and first six months.
+Added: Costs of sales and operating expenses for the 2026 second quarter and first six months increased 17% and 10%, respectively, compared with the 2025 second quarter and first six months.
+Added: The results for the 2026 second quarter and first six months were driven by higher fuel costs and inflationary cost pressures including wage increases that went into effect on July 1, 2025.
+Added: The inland marine transportation fleet operated an average of 291 towboats during the 2026 second quarter, of which an average of 86 were chartered, compared to 290 during the 2025 second quarter, of which an average of 75 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 2026 first quarter, inland operations consumed 12.5 million gallons of diesel fuel compared to 11.7 million gallons consumed during the 2025 first quarter.
−Removed: The average price per gallon of diesel fuel consumed during the 2026 first quarter was $2.26 per gallon compared with $2.57 per gallon for the 2025 first quarter.
+Added: During the 2026 second quarter, inland operations consumed 13.0 million gallons of diesel fuel compared to 12.8 million gallons consumed during the 2025 second quarter.
+Added: The average price per gallon of diesel fuel consumed during the 2026 second quarter was $4.23 per gallon compared with $2.35 per gallon for the 2025 second quarter.
+Added: During the 2026 first six months, inland operations consumed 25.5 million gallons of diesel fuel compared to 24.5 million gallons consumed during the 2025 first six months.
+Added: The average price per gallon of diesel fuel consumed during the 2026 first six months was $3.26 per gallon compared with $2.45 per gallon for the 2025 first six months.
Fuel escalation and de-escalation clauses are typically included in term contracts and are designed to rebate fuel costs when prices decline and recover additional fuel costs when fuel prices rise;
1 unchanged sentence
Spot contracts do not have escalators for fuel.
−Removed: Selling, general and administrative expenses for the 2026 first quarter increased 8% compared to the 2025 first quarter.
−Removed: The increase in selling, general and administrative expenses for the 2026 first quarter as compared to the 2025 first quarter was primarily due to continued inflationary cost pressures, including salary and wage increases that went into effect on July 1, 2025.
−Removed: The 2025 first quarter was impacted by an increase in the provision for credit losses related to a certain customer.
−Removed: Depreciation and amortization for the 2026 first quarter increased 7% compared to the 2025 first quarter.
−Removed: The increase was primarily due to capital additions during 2025 and the first three months of 2026, as well as equipment acquisitions.
+Added: Selling, general and administrative expenses for the 2026 second quarter and first six months increased 6% and 7%, respectively, compared to the 2025 second quarter and first six months.
+Added: The increase in selling, general and administrative expenses for the 2026 second quarter and first six months as compared to the 2025 second quarter and first six months was primarily due to continued inflationary cost pressures, including salary and wage increases that went into effect on July 1, 2025.
+Added: Depreciation and amortization for the 2026 second quarter and first six months increased 8% compared to the 2025 second quarter and first six months.
+Added: The increase was primarily due to capital additions during 2025 and the first six months of 2026, as well as equipment acquisitions.
Marine Transportation Operating Income and Operating Margin
−Removed: KMT operating income for the 2026 first quarter increased 4% compared with the 2025 first quarter.
−Removed: The 2026 first quarter operating margin was 18.0% compared with 18.2% for the 2025 first quarter.
−Removed: The increase in operating income as compared to the 2025 first quarter was primarily due to higher term pricing and decreased planned shipyards in the coastal market, partially offset by lower spot pricing in the inland market.
+Added: KMT operating income for the 2026 second quarter and first six months decreased 11% and 4%, respectively, compared with the 2025 second quarter and first six months.
+Added: The 2026 second quarter operating margin was 16.4% compared with 20.1% for the 2025 second quarter.
+Added: The 2026 first six months operating margin was 17.2% compared with 19.2% for the 2025 first six months.
+Added: The decrease in operating income as compared to the 2025 second quarter and first six months was primarily due to higher fuel costs due to the Iran conflict.
+Added: During the second quarter of 2026, rapidly rising fuel prices temporarily compressed operating income and operating margins in the inland market due to the inherent lag in the Company's contractual fuel escalation mechanisms.
+Added: Because fuel-related pricing adjustments under term contracts generally become effective 30 to 120 days after fuel cost increases are incurred, the Company was unable to fully recover the impact of higher fuel costs during the quarter.
+Added: The Company expects these costs to be substantially recovered in subsequent quarters as contractual fuel escalation provisions take effect.
Distribution and Services
The following table sets forth KDS revenues, costs and expenses, operating income, and operating margin (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Distribution and services revenues
9 unchanged sentences
Markets Serviced
−Removed: 2026 Three Months
+Added: 2026 Second Quarter
+Added: 2026 Six Months
Commercial and Industrial
3 unchanged sentences
Oilfield Services, Oil and Gas Operators and Producers
−Removed: KDS revenues for the 2026 first quarter increased 12% compared with the 2025 first quarter.
−Removed: KDS operating income for the 2026 first quarter increased 3% compared with the 2025 first quarter.
−Removed: In the commercial and industrial market, revenues and operating income increased compared to the 2025 first quarter due to higher business levels in marine repair.
−Removed: In the power generation market, revenues and operating income increased compared to the 2025 first quarter due to increased demand for backup, prime power and critical power applications.
−Removed: In the oil and gas market, revenues and operating income decreased compared to the 2025 first quarter, 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: KDS revenues for the 2026 second quarter and first six months increased 6% and 9%, respectively, compared with the 2025 second quarter and first six months.
+Added: KDS operating income for the 2026 second quarter and first six months increased 8% and 6%, respectively, compared with the 2025 second quarter and first six months.
+Added: In the commercial and industrial market, revenues and operating income increased compared to the 2025 second quarter and first six months due to higher business levels in marine repair.
+Added: In the power generation market, revenues and operating income increased compared to the 2025 second quarter and first six months due to increased demand for backup, prime power and critical power applications.
+Added: In the oil and gas market, revenues and operating income decreased compared to the 2025 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.
Distribution and Services Costs and Expenses
−Removed: Costs and expenses for the 2026 first quarter increased 13% compared with the 2025 first quarter.
−Removed: Costs of sales and operating expenses for the 2026 first quarter increased 16% compared with the 2025 first quarter.
−Removed: The increase for the 2026 first quarter reflected higher deliveries of power generation equipment, partially offset by lower on-highway and conventional oilfield activity.
−Removed: Selling, general and administrative expenses for the 2026 first quarter increased 2% compared to the 2025 first quarter, reflecting higher business activity levels, inflationary cost pressures, including salary and wage increases that went into effect July 1, 2025.
−Removed: Depreciation and amortization for the 2026 first quarter increased 6% compared to the 2025 first quarter.
−Removed: The increase was primarily due to capital additions during 2025 and the first three months of 2026, including additions to the equipment rental fleet.
+Added: Costs and expenses for the 2026 second quarter and first six months increased 6% and 9%, respectively, compared with the 2025 second quarter and first six months.
+Added: Costs of sales and operating expenses for the 2026 second quarter and first six months increased 7% and 11%, respectively, compared with the 2025 second quarter and first six months.
+Added: The increase for the 2026 second quarter and first six 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 2026 second quarter and first six months increased 3% and 2%, respectively, compared to the 2025 second quarter and first six months, reflecting higher business activity levels and inflationary cost pressures, including salary and wage increases that went into effect July 1, 2025.
+Added: Depreciation and amortization for the 2026 first six months increased 3% compared to the 2025 first six months.
+Added: The increase was primarily due to capital additions during 2025 and the first six months of 2026, including additions to the equipment rental fleet.
Distribution and Services Operating Income and Operating Margin
−Removed: KDS operating income for the 2026 first quarter increased 3% compared with the 2025 first quarter.
−Removed: The 2026 first quarter operating margin was 6.7% compared to 7.3% for the 2025 first quarter.
+Added: KDS operating income for the 2026 second quarter and first six months increased 8% and 6%, respectively, compared with the 2025 second quarter and first six months.
+Added: The 2026 second quarter operating margin was 9.9% compared to 9.8% for the 2025 second quarter.
+Added: The 2026 first six months operating margin was 8.4% compared to 8.6% for the 2025 first six months.
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.
General Corporate Expenses
−Removed: General corporate expenses for the 2026 first quarter increased compared to the 2025 first quarter primarily due to higher insurance costs, higher professional fees and higher incentive compensation.
+Added: General corporate expenses for the 2026 first six months increased compared to the 2025 first six months, driven primarily by increases in insurance costs, professional fees, and incentive compensation.
Gain on Disposition of Assets
−Removed: The Company reported a net gain on disposition of assets of $1.5 million and $0.1 million for the 2026 and 2025 first quarter, respectively.
+Added: The Company reported a net gain on disposition of assets of $0.7 million and $1.7 million for the 2026 and 2025 second quarter, respectively.
+Added: The Company reported a net gain on disposition of assets of $2.2 million and $1.8 million for the 2026 and 2025 first six months, respectively.
The net gains were primarily from sales of marine transportation equipment and the sale of a KDS facility in the 2026 first quarter.
1 unchanged sentence
The following table sets forth other income, noncontrolling interests, and interest expense (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Noncontrolling interests
Interest expense
−Removed: Other income for the 2026 and 2025 first quarters includes income of $6.2 million and $4.8 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 2026 and 2025 second quarters includes income of $6.0 million and $4.3 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 2026 and 2025 first six months includes income of $12.2 million and $9.1 million, respectively, for all components of net benefit costs except the service cost component related to the Company’s defined benefit plans.
Interest Expense
The following table sets forth average debt and average interest rate (dollars in thousands):
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Average interest rate
−Removed: Interest expense for the 2026 first quarter decreased 3% compared with the 2025 first quarter, primarily due to lower average debt outstanding in the 2026 first quarter.
−Removed: Interest expense excludes capitalized interest for the 2026 first quarter of $0.2 million.
−Removed: There was no capitalized interest excluded from interest expense during the 2025 first quarter.
+Added: Interest expense for the 2026 second quarter and first six months decreased 14% and 9%, respectively, compared with the 2025 second quarter and first six months, primarily due to lower average debt outstanding and a lower average interest rate in the 2026 second quarter and first six months.
+Added: Interest expense excludes capitalized interest for the 2026 second quarter and first six months of $0.2 million and $0.4 million, respectively.
+Added: Interest expense excludes capitalized interest for both the 2025 second quarter and first six months of $0.5 million.
Financial Condition, Capital Resources and Liquidity
11 unchanged sentences
Other long-term liabilities
−Removed: Current assets as of March 31, 2026 increased 6% compared with December 31, 2025.
+Added: Current assets as of June 30, 2026 increased 15% compared with December 31, 2025.
Trade accounts receivable increased 36% primarily due to higher business activity levels in both KMT and KDS.
−Removed: Inventories – net increased 5% primarily due to the impact of higher business activity levels and the impact of supply delays in KDS resulting in the buildup of inventory for mainly power generation projects that are scheduled to be delivered later in 2026.
+Added: Inventories – net increased 5% 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 2026 and into 2027.
Prepaid expenses and other current assets increased 4% primarily due to higher prepaid fuel as a result of an increase in the price of diesel fuel.
−Removed: Property and equipment, net of accumulated depreciation, at March 31, 2026 increased 2% compared with December 31, 2025.
−Removed: The increase reflected $50.5 million of capital additions (including an increase in accrued capital expenditures of $2.3 million) and $81.4 million of equipment acquisitions in the 2026 first three months, partially offset by $66.0 million of depreciation expense and $1.1 million of property disposals more fully described under Cash Flow and Capital Expenditures below.
−Removed: Operating lease right-of-use assets as of March 31, 2026 decreased 7% compared with December 31, 2025, primarily due to lease amortization expense, partially offset by new leases acquired in the 2026 first three months.
−Removed: Other intangibles, net, as of March 31, 2026 decreased 7% compared with December 31, 2025, due to amortization during the 2026 first quarter.
−Removed: Other assets as of March 31, 2026 decreased 1% compared with December 31, 2025, primarily due to amortization of drydock expenditures.
−Removed: Current liabilities as of March 31, 2026 increased 2% compared with December 31, 2025.
+Added: Property and equipment, net of accumulated depreciation, at June 30, 2026 increased 2% compared with December 31, 2025.
+Added: The increase reflected $123.4 million of capital additions (including an increase in accrued capital expenditures of $3.6 million) and $95.8 million of equipment acquisitions in the 2026 first six months, partially offset by $134.7 million of depreciation expense and $5.1 million of property disposals more fully described under Cash Flow and Capital Expenditures below.
+Added: Operating lease right-of-use assets as of June 30, 2026 decreased 13% compared with December 31, 2025, primarily due to lease amortization expense, partially offset by new leases acquired in the 2026 first six months.
+Added: Other intangibles, net, as of June 30, 2026 decreased 13% compared with December 31, 2025, due to amortization during the 2026 first six months.
+Added: Current liabilities as of June 30, 2026 increased 4% compared with December 31, 2025.
Accounts payable increased 14% primarily due to higher business activity levels and the timing of inventory purchases and shipyard payments.
−Removed: Accrued liabilities decreased 14% primarily from payment during the 2026 first three months of employee incentive compensation accrued during 2025.
−Removed: Long-term debt, net – less current portion, as of March 31, 2026 increased 7% compared with December 31, 2025, primarily reflecting increased borrowings under the 2031 Revolving Credit Facility.
−Removed: Operating lease liabilities – less current portion, as of March 31, 2026 decreased 6% compared with December 31, 2025, primarily due to lease payments made, partially offset by new leases acquired and liability accretion.
−Removed: Total equity as of March 31, 2026 increased 1% compared with December 31, 2025.
+Added: Accrued liabilities decreased 9% primarily from payment during the 2026 first six months of employee incentive compensation accrued during 2025.
+Added: Deferred revenues increased 14%, primarily due to deposits on equipment expected to be shipped later in 2026 and into 2027 in KDS.
+Added: Long-term debt, net – less current portion, as of June 30, 2026 increased 13% compared with December 31, 2025, primarily reflecting increased borrowings under the 2031 Revolving Credit Facility.
+Added: Operating lease liabilities – less current portion, as of June 30, 2026 decreased 11% compared with December 31, 2025, primarily due to lease payments made, partially offset by new leases acquired and liability accretion.
+Added: Total equity as of June 30, 2026 increased 2% compared with December 31, 2025.
Net earnings attributable to Kirby of $170.9 million, amortization of share-based compensation of $12.4 million, and stock option exercises of $4.3 million were partially offset by treasury stock purchases of $112.4 million and tax withholdings of $6.7 million on RSU vestings.
10 unchanged sentences
Unamortized debt discounts and issuance costs
−Removed: (a) Variable interest rate of 4.7% at March 31, 2026 and 5.0% at December 31, 2025.
+Added: (a) Variable interest rate of 4.6% at June 30, 2026 and 5.0% at December 31, 2025.
(b) Variable interest rate of 5.0% at December 31, 2025.
6 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).
−Removed: 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.
+Added: 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 Credit Line with Bank of America for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2028.
−Removed: 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.
−Removed: As of March 31, 2026, the Company was in compliance with all covenants under its debt instruments.
+Added: 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.
+Added: As of June 30, 2026, 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, 2025.
Cash Flow and Capital Expenditures
−Removed: The Company generated positive operating cash flows during the 2026 first quarter with net cash provided by operating activities of $97.7 million compared with $36.5 million for the 2025 first quarter, a 167% increase.
−Removed: The increase in operating cash flows was mainly due to increased net earnings and the timing of accounts payable payments and a decrease in inventories in 2026, partially offset by the timing of accounts receivable collections.
−Removed: The increase in net earnings was driven by higher term contract pricing in the KMT coastal market and improved KDS business activity levels in the commercial and industrial and power generation markets.
−Removed: During the 2026 and 2025 first quarter, the Company generated cash of $2.7 million and $0.1 million, respectively, from proceeds from the disposition of assets, and $4.3 million and $0.3 million, respectively, from proceeds from the exercise of stock options.
−Removed: For the 2026 first quarter, cash generated was used for capital expenditures of $48.3 million, including $39.5 million associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements, as well as $8.8 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, power generators, and other related equipment.
−Removed: In addition, the Company used cash of $81.4 million for a marine equipment acquisition in the 2026 first quarter.
+Added: The Company generated positive operating cash flows during the 2026 first six months with net cash provided by operating activities of $169.9 million compared with $130.5 million for the 2025 first six months, a 30% increase.
+Added: The increase in operating cash flows was mainly due to the timing of accounts payable and income tax payments, partially offset by the timing of accounts receivable collections.
+Added: During the 2026 and 2025 first six months, the Company generated cash of $6.7 million and $11.6 million, respectively, from proceeds from the disposition of assets, and $4.3 million and $0.3 million, respectively, from proceeds from the exercise of stock options.
+Added: For the 2026 first six months, cash generated was used for capital expenditures of $119.8 million, including $104.2 million associated with marine maintenance capital and improvements to existing inland and coastal marine equipment and facility improvements, as well as $15.6 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 power generation, electric fracturing operations, and other industrial applications.
+Added: In addition, the Company used cash of $95.8 million for marine equipment acquisitions in the 2026 first six months.
Treasury Stock Purchases
−Removed: During the 2026 first quarter, the Company purchased 0.4 million shares of its common stock for $52.7 million, at an average price of $123.18 per share.
−Removed: Subsequent to March 31, 2026 and through May 7, 2026, the Company purchased an additional 45,000 shares of its common stock for $6.5 million, at an average price of $143.76 per share.
−Removed: As of May 7, 2026, the Company had approximately 6.7 million shares available under its existing purchase authorizations.
+Added: During the 2026 first six months, the Company purchased 0.8 million shares of its common stock for $112.4 million, at an average price of $132.69 per share.
+Added: Subsequent to June 30, 2026 and through August 4, 2026, the Company purchased an additional 0.3 million shares of its common stock for $38.6 million, at an average price of $138.27 per share.
+Added: As of August 4, 2026, the Company had approximately 6.1 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 2026 first quarter, see Part II, Item 2.
+Added: For more information about stock purchases in the 2026 second quarter, see Part II, Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
Funds generated from operations are available for acquisitions, capital expenditure projects, common stock purchases, repayments of borrowings, and for other corporate and operating requirements.
−Removed: In addition to net cash flows provided by operating activities, as of May 7, 2026 the Company also had cash and cash equivalents of $54.5 million, availability of $530 million under its 2031 Revolving Credit Facility, and $7.4 million available under its Credit Line.
+Added: In addition to net cash flows provided by operating activities, as of August 4, 2026 the Company also had cash and cash equivalents of $46.5 million, availability of $540.0 million under its 2031 Revolving Credit Facility, and $12.0 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 2031 Credit Agreement.
The Company expects to continue to be able to fund expenditures for acquisitions, capital construction projects, common stock purchases, repayment of borrowings, and for other operating requirements both in the short term and in the long term from a combination of available cash and cash equivalents, funds generated from operating activities, and available financing arrangements.
−Removed: The 2031 Revolving Credit Facility’s commitment is in the amount of $750 million and matures March 26, 2031, with $180 million currently outstanding at March 31, 2026.
+Added: The 2031 Revolving Credit Facility’s commitment is in the amount of $750 million and matures March 26, 2031, with $235.0 million currently outstanding at June 30, 2026.
The $500 million 4.2% senior unsecured notes do not mature until March 1, 2028 and require no prepayments.
1 unchanged sentence
There are numerous factors that may negatively impact the Company’s cash flows in 2026.
−Removed: For a list of significant risks and uncertainties that could impact cash flows, see Note 13, Contingencies and Commitments, of the Notes to Condensed Financial Statements (Unaudited), Part II, Item 1A-Risk Factors, and Item 1A-Risk Factors and Note 14, Contingencies and Commitments, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
+Added: For a list of significant risks and uncertainties that could impact cash flows, see Note 13, Contingencies and Commitments, of the Notes to Condensed Financial Statements (Unaudited), Part II, Item 1A-Risk Factors of this Form 10-Q and the Form 10-Q for the quarter ended March 31, 2026, and Item 1A-Risk Factors and Note 14, Contingencies and Commitments, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Amounts available under the Company’s existing financial arrangements are subject to the Company continuing to meet the covenants of the credit facilities as described in 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, 2025.
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 $31.0 million at March 31, 2026, including $12.2 million in letters of credit and $18.8 million in performance bonds.
+Added: 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.
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.