Kirby Corporation, founded in 1917 and headquartered in Houston, Texas, is the largest inland tank barge operator in the United States, specializing in on-hire transportation of petroleum products and chemicals. Under the leadership of CEO Kevin Reilly since 2016, the company leverages an extensive and modern fleet to serve major energy and chemical clients. With a market share of about 30% in its niche, Kirby’s combination of long-term contracts and integrated logistics solutions provides a competitive edge. The firm is actively modernizing its fleet and digital operations to support future growth amid a dynamic regulatory and economic environment.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,364,050
3,265,880
3,091,640
2,784,750
Cost of Sales
2,216,500
2,200,350
2,180,420
2,060,940
Gross Profit
1,147,550
1,065,520
911,218
723,813
Selling, General & Administrative Expenses
356,305
337,097
335,213
302,692
Depreciation & Amortization Expenses
264,126
240,322
211,156
201,443
Other Operating Expenses
40,410
93,420
39,775
43,350
Operating Profit
496,284
399,097
335,092
192,886
Interest Expense
(46,327)
(49,129)
(52,008)
(44,588)
Non-Operating Income
21,455
12,795
11,041
16,677
Total Non-Operating Income
(24,872)
(36,334)
(40,967)
(27,911)
Income Before Provision for Income Taxes
471,412
362,763
294,125
164,975
Provision for Income Taxes
115,997
75,867
71,220
42,214
Consolidated Net Income
355,415
286,896
222,905
122,761
Net Income Attributable to Minority Interests and Other
(846)
(189)
30
(470)
Net Income Attributable to Common Shareholders
354,569
286,707
222,935
122,291
Basic EPS
6.37
4.95
3.74
2.04
Diluted EPS
6.33
4.91
3.72
2.03
Basic Weighted Average Shares Outstanding
55,694
57,947
59,531
60,038
Diluted Weighted Average Shares Outstanding
56,045
58,355
59,857
60,329
Shares Outstanding
53,771
57,257
58,629
59,907
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
78,775
74,444
32,577
80,577
Total Cash and Cash Equivalents
78,775
74,444
32,577
80,577
Accounts Receivable
473,497
489,857
526,691
483,406
Other Receivables
69,622
46,888
52,025
114,556
Total Trade Receivables
543,119
536,745
578,716
597,962
Inventories
398,026
393,898
454,389
461,848
Other Current Assets
57,935
63,472
69,479
71,372
Total Current Assets
1,077,860
1,068,560
1,135,160
1,211,760
Net Property, Plant & Equipment
4,291,330
4,181,960
4,013,320
3,787,970
Net Intangible Assets
30,165
34,406
42,927
51,463
Goodwill
438,748
438,748
438,748
438,748
Long-Term Investments
3,188
2,900
2,576
2,171
Other Long-Term Assets
166,755
125,383
89,464
62,814
Total Assets
6,008,050
5,851,950
5,722,200
5,554,920
Accounts Payable
218,614
251,354
269,378
278,081
Accrued Expenses
232,623
236,813
228,946
204,752
Short-Term Debt
7,357
8,226
8,068
3,292
Current Portion of Leases
45,766
35,727
33,340
36,444
Unearned Revenue
202,164
177,216
134,577
119,305
Other Current Liabilities
—
25,417
1,486
323
Total Current Liabilities
706,524
734,753
675,795
642,197
Long-Term Debt
911,924
866,722
1,008,530
1,076,330
Leases
169,854
148,170
138,811
142,140
Other Long-Term Liabilities
836,950
749,059
712,387
649,093
Total Long-Term Liabilities
1,918,730
1,763,950
1,859,730
1,867,560
Total Liabilities
2,625,250
2,498,700
2,535,520
2,509,760
Common Stock
6,547
6,547
6,547
6,547
Treasury Stock
(918,567)
(573,061)
(411,750)
(308,598)
Additional Paid-in Capital
873,249
868,763
863,963
859,345
Accumulated Other Comprehensive Income
86,342
71,192
35,006
16,853
Retained Earnings
3,332,940
2,978,370
2,691,670
2,468,730
Total Common Shareholders' Equity
3,380,510
3,351,810
3,185,430
3,042,880
Minority Interests and Other
2,281
1,435
1,246
2,291
Total Shareholders' Equity
3,382,790
3,353,250
3,186,680
3,045,170
Total Liabilities and Shareholders' Equity
6,008,050
5,851,950
5,722,200
5,554,920
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
355,415
286,896
222,905
122,761
Depreciation & Amortization
293,624
272,894
240,122
230,474
Share-Based Compensation Expense
17,563
15,549
14,941
13,865
Other Adjustments
135,809
31,797
57,353
30,403
Changes in Trade Receivables
16,581
40,458
(50,135)
(31,550)
Changes in Inventories
3,886
12,146
7,694
(127,095)
Changes in Accounts Payable
(18,610)
(11,157)
(18,271)
75,996
Changes in Accrued Expenses
21,240
46,360
31,703
5,100
Changes in Income Taxes Payable
(50,632)
23,787
71,604
1,975
Changes in Other Operating Activities
(48,369)
(18,539)
(37,688)
(27,801)
Cash from Operating Activities
670,204
756,494
540,228
294,128
Capital Expenditure
(264,473)
(342,660)
(401,730)
(172,606)
Proceeds from Sale of Property, Plant & Equipment
31,009
20,396
26,081
36,905
Payments for Business Acquisitions
(115,716)
(77,863)
(37,500)
(3,900)
Other Investing Activities
(3,000)
—
—
—
Cash from Investing Activities
(352,180)
(400,127)
(413,149)
(139,601)
Issuance of Long-Term Debt
—
—
240,000
310,000
Repayments of Long-Term Debt
—
(100,000)
(350,000)
(395,000)
Net Issuance / (Repayments) of Long-Term Debt
—
(100,000)
(110,000)
(85,000)
Issuance of Common Shares
4,946
9,417
4,209
3,887
Repurchases of Common Shares
(360,180)
(179,972)
(116,711)
(26,309)
Net Issuance / (Repurchases) of Common Shares
(355,234)
(170,555)
(112,502)
(22,422)
Other Financing Activities
41,541
(43,945)
47,423
(1,341)
Cash from Financing Activities
(313,693)
(314,500)
(175,079)
(108,763)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash