Kirby Corporation

Houston-based Kirby Corporation is the largest domestic tank barge operator in the United States. Its marine transportation segment moves bulk liquids for oil, chemical and farm customers: petrochemicals, black oil (such as crude oil and natural gas condensate), refined petroleum products and agricultural chemicals. Its routes cover the Mississippi River System, the Gulf Intracoastal Waterway and all three US coasts. Customers pay Kirby to move their cargo, and in almost all cases Kirby does not own what it carries. As of December 31, 2025, it operated 1,105 inland tank barges out of roughly 4,000 in the industry, plus 28 coastal tank barges.

The distribution and services segment supplies, rents and repairs equipment. It provides parts and service for engines, transmissions and electric motors. It also supplies equipment for backup power and "behind the meter" systems, which make electricity on site instead of drawing it from the grid. It rents out generators, compressors and lift trucks. It also builds electric fracturing systems for oilfield service companies and electrical control equipment for data centers and railroads.

Marine transportation brought in $1.94 billion, or 57.5%, of fiscal 2025 revenue of $3.36 billion. Distribution and services supplied the other $1.43 billion, or 42.5%. All of Kirby's vessels fly the US flag and qualify under the Jones Act, which limits domestic shipping to US-built, US-owned and US-crewed vessels.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $922.4M, up 7.8% from a year earlier, and net income was $89.7M (-4.8%).
• For fiscal 2025, revenue was $3.36B (+3.0% year over year; +9.2% a year from FY2020 to FY2025) with a 10.5% net margin.

• Over FY2021–FY2025: $664.5M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -12.2% from Nov 5, 2021 to Aug 4, 2026.

Rank among 1514 US companies

Market value at each year end

Kirby’s market value went from $3.58B at the end of 2016 to $7.71B on Oct 28, 2026, about 2.2 times as much; since the end of 2025 it is up 29%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 12 sales ($12.9M).

Large shareholders (13G filings)

ETFs with the most weight in KEX

1. Aging locks and dams can halt traffic. More than half of US inland locks are over 50 years old, so repair outages may become more frequent. Weak federal funding, or a rise in the 29-cent-per-gallon waterway user tax, would add delays and costs.
2. A spill or accident could be costly. Kirby hauls petrochemicals and oil. An accident involving Kirby or another operator could close part of a waterway for a long time. Insurance has deductibles and limits that may leave some losses uncovered.
3. Finding enough licensed crew is hard. Kirby's vessels need Coast Guard-licensed captains, pilots, engineers and tankermen (cargo-transfer specialists) who spend weeks away from home. Retirements and an industry-wide shortage of mariners make hiring difficult and push up pay.
4. Heavy reliance on the Jones Act. Kirby's barge business competes mainly in markets that the Jones Act reserves for US-built, US-owned and US-crewed vessels. The company says losing its Jones Act status could have a significant negative effect.
5. Both segments follow the oil and gas cycle. Swings in oil, natural gas and petrochemical output affect barge demand. The distribution and services segment also makes fracturing equipment, so weaker energy prices or tighter fracking rules could reduce orders.
6. New barges could flood the market. If the industry builds more tank barges than customers need, the extra capacity can push down shipping rates. Higher construction costs can also make it hard for Kirby to earn an adequate return on new vessels.

• Oct 28, 2026 Quarterly results released
• Oct 8, 2026 Executive or board change
• Jul 29, 2026 Quarterly results released
• Apr 30, 2026 Quarterly results released; Executive or board change; Shareholder vote results
• Mar 30, 2026 Major agreement signed; New debt or financial obligation
• Feb 20, 2026 Executive or board change
• Jan 29, 2026 Quarterly results released
• Oct 29, 2025 Quarterly results released

Kirby does not pay a dividend and paid none from FY2021 through FY2025. The stock provides no regular cash income, so an investor who needs income from it would have to cash in shares. Instead, Kirby returns cash through share buybacks: $664 million over those five years, including $354 million in FY2025. That was most of the year's $406 million of free cash flow (cash left after capital spending). The share count fell 12.2%, from 60.1 million in November 2021 to 52.8 million in August 2026. Kirby also posted net losses in FY2020 and FY2021.

The shares have fallen sharply in downturns. They dropped 66.8% in the 2008 financial crisis and took about 32 months to recover. In the 2020 COVID crash they fell 54.1% and took about 24 months. In the 2022 bear market they fell as much as 24.8%, yet finished the market's peak-to-trough stretch up 5.8%. Like any single stock, Kirby carries more risk than a diversified fund.