Kirby (NYSE:KEX) Issues Quarterly Earnings Results

Kirby (NYSE:KEX) released its quarterly earnings results on Thursday. The shipping company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.62 by $0.06, Briefing.com reports. Kirby had a return on equity of 10.05% and a net margin of 9.22%.During the same quarter last year, the firm posted $1.29 EPS. The firm’s quarterly revenue was up 6.2% on a year-over-year basis.

Here are the key takeaways from Kirby’s conference call:

• Record 2025 — Kirby generated over $400 million in free cash flow, repurchased more than $100 million of shares in Q4, paid down ~$130 million of debt and finished the year with roughly $542 million of available liquidity.
• Inland marine is improving — Q4 utilization averaged mid‑to‑high‑80% and exited near 90%, spot rates rebounded in January, and management expects 2026 average inland utilization in the low‑90s with low‑to‑mid single‑digit revenue growth and margins trending to the high‑teens/low‑20s.
• Coastal remains tight — coastal utilization is mid‑to‑high‑90% with Q4 margins around 20% and revenues +22% y/y, but a higher number of planned shipyard days in early 2026 will weigh on near‑term margins despite ongoing pricing improvement.
• Power generation is a standout — Distribution & Services saw power generation revenues up ~47% y/y, backlog materially higher (sequential +11%, y/y +30%), positioning it as the primary growth driver even though deliveries are lumpy due to OEM lead‑time constraints.
• Headwinds to watch — legacy oil & gas demand is very weak (Q4 oil & gas revenues down ~45% y/y), medical costs are rising and pressured margins in Q4, and management expects a working‑capital build in H1 2026 to support power‑gen growth.

Kirby Stock Down 5.9%

KEX traded down $7.60 during trading on Thursday, reaching $120.53. 821,917 shares of the stock traded hands, compared to its average volume of 868,743. Kirby has a fifty-two week low of $79.51 and a fifty-two week high of $132.18. The stock’s 50-day simple moving average is $116.47 and its two-hundred day simple moving average is $103.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.70 and a quick ratio of 1.08. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 1.11 and a beta of 0.88.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BTIG Research upped their target price on shares of Kirby from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Evercore ISI increased their price objective on Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Citigroup boosted their price target on Kirby from $131.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Kirby in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Kirby from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $130.50.

Insider Buying and Selling

In other Kirby news, VP Ronald A. Dragg sold 2,715 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $110.29, for a total value of $299,437.35. Following the completion of the sale, the vice president directly owned 10,325 shares of the company’s stock, valued at $1,138,744.25. This represents a 20.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Grzebinski sold 29,451 shares of Kirby stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $107.41, for a total transaction of $3,163,331.91. Following the sale, the chief executive officer owned 79,709 shares in the company, valued at approximately $8,561,543.69. This trade represents a 26.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 57,147 shares of company stock valued at $6,204,544. 0.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in KEX. Armistice Capital LLC bought a new position in Kirby during the third quarter worth about $208,000. Caxton Associates LLP acquired a new position in shares of Kirby in the 3rd quarter valued at approximately $205,000. Sender Co & Partners Inc. bought a new stake in Kirby during the 3rd quarter worth approximately $360,000. Dark Forest Capital Management LP increased its stake in Kirby by 170.4% during the 3rd quarter. Dark Forest Capital Management LP now owns 91,437 shares of the shipping company’s stock worth $7,630,000 after purchasing an additional 57,623 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in Kirby by 26.8% during the 3rd quarter. XTX Topco Ltd now owns 14,267 shares of the shipping company’s stock worth $1,191,000 after buying an additional 3,014 shares during the period. Institutional investors and hedge funds own 96.15% of the company’s stock.

Kirby Company Profile

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.