Kirby Corporation announced results for the third quarter ended September 30, 2026, reporting net earnings attributable to Kirby of $110.8 million, or $2.09 per share. This represents an increase compared to earnings of $92.5 million, or $1.65 per share, for the same period in 2025. Total revenues for the 2026 third quarter were $977.2 million, up from $871.2 million in the prior year.
For the Marine Transportation segment, revenues reached $568.7 million, an increase from $484.9 million in 2025. Operating income for the segment was $111.9 million, with operating margins improving to 20% from 18% in the prior year. Inland marine operations saw average barge utilization in the low-90% range, while coastal marine utilization remained in the high-90% range. The Distribution and Services segment reported revenues of $408.5 million, compared to $386.2 million in 2025, with operating income of $48.4 million and margins of 12%.
Non-GAAP EBITDA for the third quarter was $229.7 million, compared to $201.4 million in the prior year. Free cash flow, defined as net cash provided by operating activities less capital expenditures, was $74.0 million. During the quarter, Kirby returned $112 million of capital to shareholders through share repurchases at an average price of $137.04.
Kirby entered into an agreement to acquire certain inland marine assets from undisclosed sellers for $115 million. The transaction includes nine inland towboats, fourteen inland tank barges, nine bow thrusters, and a fleeting operation in Rockport, Texas, and is expected to close in the fourth quarter of 2026.
Regarding the outlook for 2026, Kirby updated its full-year earnings per share growth guidance to a range of 10% to 15%. The company expects to generate net cash provided by operating activities of $575 million to $675 million for the full year, with capital spending projected between $220 million and $260 million.
