KEX

Kirby is the dominant U.S. inland and coastal tank-barge operator (plus a distribution & services segment), and it is firmly in the favorable part of its cycle. FY2025 net income rose 23.7% to $355M and EPS jumped 28.9% to $6.33 on revenue of $3.36B (up 3.0%) — earnings growth far outpacing the top line as tight barge capacity drives pricing and margin gains. Operating income climbed 24.4% to $496M and operating margin expanded to 14.8%. The multi-year recovery is clear: from a -$247M loss in FY2021 to consistent, rising profits through FY2025.

Capital allocation is shareholder-friendly and well-timed. Kirby more than doubled buybacks to $354M (up 102.9%), shrinking the share count 6.1% and amplifying EPS growth. The balance sheet is sound — equity of $3.38B against modest long-term debt of $912M, retained earnings up 11.9% to $3.33B, and strong operating cash flow of $670M that comfortably covers a reduced $264M capex (down 22.8%, as the company harvests an underbuilt barge market rather than expanding capacity). That capital discipline is the right move when new-barge supply is constrained and existing assets command pricing power.