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KEX Q1 EPS rose 12.8% to $1.50, beating estimates as revenue grew 7.4% to $844.1M.
Kirby's marine unit saw coastal growth, while its inland unit faced weather disruptions.
KEX lifted its 2026 EPS growth outlook to 5%-15% and generated $312.2M in operating cash flow.
Kirby Corporation (KEX - Free Report) reported first-quarter 2026 earnings of $1.50 per share, which beat the Zacks Consensus Estimate by 6.4% and improved 12.8% year over year. Total revenues of $844.1 million beat the Zacks Consensus Estimate of $842 million and improved 7.4% year over year.
Kirby Corporation Price, Consensus and EPS Surprise
The company operates via two segments: marine transportation and distribution and services.
Marine transportation revenues for the first quarter of 2026 were $497.2 million, up 4.4% year over year. Operating income for the first quarter rose to $89.7 million from $86.6 million in the year-ago quarter. Segment operating margin for the first quarter of 2026 was 18% compared with 18.2% for first-quarter 2025 actuals.
Inland, first-quarter barge utilization was sequentially in the low-90% range. Operating conditions were mostly unfavorable in the quarter, with a 25% sequential increase in delay days, driven by the onset of seasonal winter weather. Average spot market rates increased in the low-single-digits sequentially, and term contracts that renewed in the first quarter were flat to slightly up on average compared to a year ago. Revenues in the inland market were flat year over year, and operating margins were in the high-teens range. The inland market accounted for 79% of segment revenues in the first quarter of 2026.
In coastal markets, conditions were strong, with barge utilization in the mid-to-high-90% range. Term contracts that were renewed during the quarter increased in the 20% range on average compared to a year ago. Revenues in the coastal market were up 23% year over year and accounted for 21% of segment revenues. The coastal business operating margin was in the high-teens range, reflecting favorable utilization and pricing.
Distribution and services revenues for the first quarter of 2026 were $346.9 million, up 12.1% year over year. Operating income for the reported quarter totaled $23.3 million compared with $22.6 million in the year-ago quarter. Operating margin declined to 6.7% for the first quarter from 7.3% in the year-ago quarter.
In the power generation market, first-quarter revenues and operating income increased 45% and 39%, respectively, year over year, driven by strong underlying demand and solid execution despite ongoing OEM-related supply constraints. Order activity remained robust, supported by continued growth in sales for behind-the-meter prime power and backup solutions across data center and industrial customers. Overall, power generation revenues accounted for 44% of segment revenues. Power generation operating margins were in the mid-single-digit range.
In the commercial and industrial market, first-quarter revenues were up 1% year over year, and operating income increased 3% compared to first-quarter 2025, as higher business levels in marine repair were offset by lower activity in on-highway repair. Commercial and industrial accounted for 46% of segment revenues, and operating margins were in the high single digits.
In the oil and gas market, first-quarter revenues and operating income results declined year over year. Revenues and operating income decreased 25% and 53%, respectively, year over year compared to first-quarter 2025, due to lower levels of conventional oilfield activity, which resulted in decreased demand for new transmissions and parts, partially offset by e-frac equipment. Oil and gas revenues represented approximately 10% of segment revenues for the quarter, with operating margins in the mid-single-digit range.
Balance Sheet Highlights & Cash Flow
As of March 31, 2026, Kirby had cash and cash equivalents of $78.77 million compared with $47.02 million at the end of the prior quarter.
During the reported quarter, KEX generated $312.2 million of net cash from operating activities, and capital expenditures were $47 million.
Kirby repurchased 1,030,729 shares at an average price of $98.53 for $101.6 million.
KEX’s 2026 Outlook
For 2026, Kirby anticipates delivering consistent year-over-year earnings growth. It has increased the full-year 2026 earnings per share growth outlook to 5-15%, up from the prior guidance of 0-12%.
Kirby anticipates generating $575-$675 million of net cash provided by operating activities in 2026.
Capital spending is expected to range from $220-$260 million. Approximately $170-$210 million is expected to be allocated to marine maintenance capital and improvements to existing inland and coastal marine equipment, and facility improvements. Up to approximately $65 million is expected to be allocated to growth capital spending across both of our businesses.
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis. Revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, reflecting a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenues per load in select highway-related businesses.
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Kirby Q1 Earnings Beat Estimates, Revenues Increase Y/Y
Key Takeaways
Kirby Corporation (KEX - Free Report) reported first-quarter 2026 earnings of $1.50 per share, which beat the Zacks Consensus Estimate by 6.4% and improved 12.8% year over year. Total revenues of $844.1 million beat the Zacks Consensus Estimate of $842 million and improved 7.4% year over year.
Kirby Corporation Price, Consensus and EPS Surprise
Kirby Corporation price-consensus-eps-surprise-chart | Kirby Corporation Quote
Q1 Segmental Performance of KEX
The company operates via two segments: marine transportation and distribution and services.
Marine transportation revenues for the first quarter of 2026 were $497.2 million, up 4.4% year over year. Operating income for the first quarter rose to $89.7 million from $86.6 million in the year-ago quarter. Segment operating margin for the first quarter of 2026 was 18% compared with 18.2% for first-quarter 2025 actuals.
Inland, first-quarter barge utilization was sequentially in the low-90% range. Operating conditions were mostly unfavorable in the quarter, with a 25% sequential increase in delay days, driven by the onset of seasonal winter weather. Average spot market rates increased in the low-single-digits sequentially, and term contracts that renewed in the first quarter were flat to slightly up on average compared to a year ago. Revenues in the inland market were flat year over year, and operating margins were in the high-teens range. The inland market accounted for 79% of segment revenues in the first quarter of 2026.
In coastal markets, conditions were strong, with barge utilization in the mid-to-high-90% range. Term contracts that were renewed during the quarter increased in the 20% range on average compared to a year ago. Revenues in the coastal market were up 23% year over year and accounted for 21% of segment revenues. The coastal business operating margin was in the high-teens range, reflecting favorable utilization and pricing.
Distribution and services revenues for the first quarter of 2026 were $346.9 million, up 12.1% year over year. Operating income for the reported quarter totaled $23.3 million compared with $22.6 million in the year-ago quarter. Operating margin declined to 6.7% for the first quarter from 7.3% in the year-ago quarter.
In the power generation market, first-quarter revenues and operating income increased 45% and 39%, respectively, year over year, driven by strong underlying demand and solid execution despite ongoing OEM-related supply constraints. Order activity remained robust, supported by continued growth in sales for behind-the-meter prime power and backup solutions across data center and industrial customers. Overall, power generation revenues accounted for 44% of segment revenues. Power generation operating margins were in the mid-single-digit range.
In the commercial and industrial market, first-quarter revenues were up 1% year over year, and operating income increased 3% compared to first-quarter 2025, as higher business levels in marine repair were offset by lower activity in on-highway repair. Commercial and industrial accounted for 46% of segment revenues, and operating margins were in the high single digits.
In the oil and gas market, first-quarter revenues and operating income results declined year over year. Revenues and operating income decreased 25% and 53%, respectively, year over year compared to first-quarter 2025, due to lower levels of conventional oilfield activity, which resulted in decreased demand for new transmissions and parts, partially offset by e-frac equipment. Oil and gas revenues represented approximately 10% of segment revenues for the quarter, with operating margins in the mid-single-digit range.
Balance Sheet Highlights & Cash Flow
As of March 31, 2026, Kirby had cash and cash equivalents of $78.77 million compared with $47.02 million at the end of the prior quarter.
During the reported quarter, KEX generated $312.2 million of net cash from operating activities, and capital expenditures were $47 million.
Kirby repurchased 1,030,729 shares at an average price of $98.53 for $101.6 million.
KEX’s 2026 Outlook
For 2026, Kirby anticipates delivering consistent year-over-year earnings growth. It has increased the full-year 2026 earnings per share growth outlook to 5-15%, up from the prior guidance of 0-12%.
Kirby anticipates generating $575-$675 million of net cash provided by operating activities in 2026.
Capital spending is expected to range from $220-$260 million. Approximately $170-$210 million is expected to be allocated to marine maintenance capital and improvements to existing inland and coastal marine equipment, and facility improvements. Up to approximately $65 million is expected to be allocated to growth capital spending across both of our businesses.
Currently, Kirby carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis. Revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, reflecting a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenues per load in select highway-related businesses.