Kirby achieves record results in 2025 thanks to increased utilization inland.

Kirby Corp. has achieved record results in 2025, driven by increased earnings and revenues due to enhanced inland barge utilization and stable coastal market conditions. The company, based in Houston, reported net earnings of $91.8 million in the fourth quarter of 2025, representing a significant increase from the previous year. Additionally, Kirby reported a spike in consolidated revenues to $851.8 million from $802.3 million in the same quarter of 2024.

For the entire year of 2025, Kirby recorded net earnings of $354.6 million, a substantial jump from the previous year, with revenues totaling $3.4 billion. CEO David Grzebinski expressed satisfaction with the company’s performance, noting that it was a record year for Kirby, marked by notable growth in earnings per share and free cash flow. Kirby, known as the largest operator of inland tank barges in the U.S. and a primary provider of coastal marine transportation and marine-related services, demonstrated successful operational outcomes throughout the year.

Within the marine transportation sector, Kirby saw revenues reach $481.7 million in the fourth quarter of 2025, with improved operating income and margins. Inland barge utilization rates were steady at mid to high 80%, despite seasonal disruptions due to winter weather conditions. Meanwhile, coastal marine operations reported revenues that rose by 22% from the previous year, with barge utilization rates consistently high in the mid to high 90% range, representing 21% of the segment’s revenues.

The distribution and services segment of Kirby also showed positive growth, with revenues of $370.1 million in the fourth quarter of 2025, up from the year before. Power generation, in particular, stood out as a strong performer, with revenues soaring by 47% year-over-year. The company experienced an uptick in adjusted EBITDA to $203.1 million in the fourth quarter, compared to $172.3 million in the same period a year earlier. Kirby allocated funds for share repurchases and debt reduction during the quarter to manage its balance sheet effectively.

As the company looks ahead to 2026, Kirby remains cautiously optimistic about its earnings prospects. The strategic focus on balancing operational growth with financial stability and fleet investment will continue to guide the company’s decision-making in the future. Kirby’s commitment to excellence in the maritime industry, particularly in inland and coastal transportation, positions it as a trusted leader in the sector, setting a high standard for performance and results within the industry.