At a glance
World Kinect Corporation is worth $1.87B. Revenue fell 12.5% to $36.92B in fiscal 2025, at a loss; over 5 years it has grown 12.6% a year. It pays a 2.35% dividend yield, raised every year for at least 7 years, and returned $517.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +46.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
World Kinect, formerly World Fuel Services, is a Miami-based fuel reseller. It buys fuel from suppliers worldwide and resells it to airlines, shipping companies and businesses on land, often on credit. It adds services such as fuel management, price-hedging tools and quality control. Profit depends on how much fuel it moves and the thin margin it earns on each unit. In fiscal 2025 (ended December 31, 2025), revenue was $36.9 billion. Gross margin, what remains after paying for the fuel and other direct costs, was just 2.6%.
Aviation is the largest segment, at 51.5% of fiscal 2025 revenue. It serves commercial and cargo airlines, airports, fixed-based operators (companies that fuel and service private planes), corporate fleets, charter operators, and government and military customers. Land, at 27.7%, sells liquid fuels and natural gas to commercial, industrial and government customers and to retail fuel outlets, mainly in North America. Marine, at 20.8%, supplies container, bulk and tanker fleets and cruise lines, mostly through one-off spot sales. In some marine deals it acts as a broker and earns a commission.
North America accounted for 54.1% of revenue. In its annual report filed February 24, 2026, the company said it was exiting several land businesses, including direct fuel transportation, lubricants, heating oil and power. It plans to focus on retail fuel, natural gas and its cardlock network, which is card-operated fueling sites for commercial fleets.
Price history
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WKC +46.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Aviation | $18.99B | 51.5% |
| Land | $10.24B | 27.7% |
| Marine | $7.68B | 20.8% |
By geography
| North America | $19.97B | 54.1% |
| Americas, excluding United States | $5.13B | 13.9% |
| Singapore | $4.50B | 12.2% |
| LATAM | $4.42B | 12% |
| U.K. | $3.10B | 8.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $13.27B, up 41.3% from a year earlier, and net income was $38.0M (+47.9%).
- For fiscal 2025, revenue was $36.92B (-12.5% year over year; +12.6% a year from FY2020 to FY2025) with a -1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.6% good |
|---|---|
| Operating margin | -1.5% weak |
| Free cash flow margin | 0.6% watch |
| Return on equity (FY2025) | -47.3% weak |
| Return on assets (FY2025) | -10.5% weak |
| Net cash (cash minus debt) | $-475.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $20.36B | $109.6M | $552.8M |
| FY2021 | $31.34B | $73.7M | $134.0M |
| FY2022 | $59.04B | $114.1M | $59.9M |
| FY2023 | $47.71B | $52.9M | $183.7M |
| FY2024 | $42.17B | $67.4M | $191.7M |
| FY2025 | $36.92B | $-614.4M | $227.3M |
Valuation snapshot
| Market value | $1.87B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.35% |
Rank among 1514 US companies
Market value at each year end
World Kinect’s market value went from $1.37B at the end of 2023 to $1.87B on Oct 28, 2026, up 37%; since the end of 2025 it is up 44%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.87B | +43.9% |
| 2025 | $1.30B | -18.5% |
| 2024 | $1.60B | +16.5% |
| 2023 | $1.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WKC price data to Oct 28, 2026 | +59.7% | +46.4% | +29.9% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +59.7% |
| 2025 | -12.3% |
| 2024 | +23.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 17 sales ($6.4M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Paul H Stebbins Director | sell | $1.3M |
| Jul 10, 2026 | Michael J Kasbar Executive Chairman, Director | sell (plan) | $876K |
| Jun 8, 2026 | Michael J Kasbar Executive Chairman, Director | sell (plan) | $582K |
| May 5, 2026 | Paul H Stebbins Director | sell | $577K |
| Jul 29, 2026 | John L Manley Director | sell | $399K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Sep 30, 2026 |
| BRANDES INVESTMENT PARTNERS, LP | 8.4% | Mar 31, 2026 |
| Vanguard Portfolio Management | 7.7% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.16% | Mar 31, 2026 |
| Invesco Ltd. | 4.6% | Mar 31, 2025 |
ETFs with the most weight in WKC
| PSCE Invesco S&P SmallCap Energy ETF | 3.08% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 3.01% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 1.93% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.71% |
| BUSA Brandes U.S. Value ETF | 1.02% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.99% |
| VAMO Cambria Value & Momentum ETF | 0.71% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.7% |
What could go wrong
- Customers may not pay their fuel bills. World Kinect often sells fuel on credit, without collateral, to win customers. Its credit risk is concentrated in transportation, so a shock to airlines, shipping or land transport could push bad debts above past levels.
- Fuel price swings cut both ways. High prices strain customers' credit and the company's own credit with suppliers. Long stretches of low, calm prices shrink demand for its hedging products and invite rivals. Market disruption hurt aviation results in early 2022.
- Hedging and trading can backfire. The company uses derivatives, which are contracts tied to fuel prices, with customers, suppliers, merchants and banks. These expose it to price swings and to the risk that the other side fails to pay.
- Tied to travel, shipping and freight cycles. Demand depends on the health of airlines, shipping lines and land transport customers. Events that cut travel or slow trade reduce fuel volumes and can weaken customers' finances at the same time.
- Business exits and deals may not pay off. The company plans to exit several land businesses and has made acquisitions. If the expected benefits fall short, or it must write down goodwill (the premium paid for past purchases), earnings could suffer.
- Climate rules could shrink fossil fuel demand. Rules aimed at greenhouse gas emissions, such as the E.U.'s sustainable aviation fuel mandate, could raise costs, change what customers buy and reduce demand for the fuels the company sells.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
Through fiscal 2025, World Kinect had raised its regular dividend 7 years in a row. Dividends per share grew from $0.40 in fiscal 2020 to $0.77 in fiscal 2025, about 14% a year. In fiscal 2025 the company posted a net loss of $614.4 million, so earnings did not cover the dividend. Even so, dividends used only about 18% of free cash flow (cash left after capital spending). The yield was 2.35% as of October 28, 2026. Buybacks have been bigger than dividends: $344.3 million versus $173.5 million over fiscal 2021–2025. The share count fell about 19% between July 2021 and July 2026.
The share-price history shown here covers about 3.4 years. It does not show how WKC fared in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. In the three years to October 28, 2026, its deepest peak-to-trough fall was about 25%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does World Kinect make money?
World Kinect makes money by buying fuel from suppliers and reselling it at a small markup. It also earns fees for related services such as fuel management and flight planning. Aviation brought in 51.5% of fiscal 2025 revenue, land 27.7% and marine 20.8%. Margins are thin. Revenue was $36.9 billion in fiscal 2025, but gross margin, what remains after paying for the fuel and other direct costs, was 2.6%. In some marine deals it acts as a broker and earns a commission.
Does World Kinect raise its dividend every year?
Yes. Through fiscal 2025, World Kinect had raised its regular dividend 7 years in a row. Dividends per share rose from $0.40 in fiscal 2020 to $0.77 in fiscal 2025, about 14% a year. The dividend yield was 2.35% as of October 28, 2026. Dividends took about 18% of fiscal 2025 free cash flow, but the company reported a net loss that year, so earnings did not cover the payout.
Is World Kinect profitable?
Not in fiscal 2025. That year World Kinect lost $614.4 million, or $10.99 per share, and revenue fell 12.5% to $36.9 billion. It had made a profit in every year from fiscal 2020 through fiscal 2024. Free cash flow stayed positive in fiscal 2025, at $227.3 million. In the quarter ended June 30, 2026, it reported net income of $48.4 million on revenue of $13.6 billion, up 50.3% from a year earlier.
Is World Kinect the same company as World Fuel Services?
Yes. World Kinect Corporation was formerly called World Fuel Services Corp, and before that International Recovery Corp. It was incorporated in Florida in July 1984, is based in Miami, and trades on the New York Stock Exchange under the ticker WKC. The business still centers on supplying fuel and related services to aviation, marine and land transportation customers. It also sells natural gas and sustainability-related products.
How has World Kinect stock performed?
WKC shares gained 46.4% in the year to October 28, 2026, and 59.7% in 2026 through that date. Over three years the cumulative gain was 119%, or about 29.9% a year. The gains were uneven. The stock rose 23.8% in 2024 and fell 12.3% in 2025. In the 12 months to October 28, 2026, it dropped as much as 19.5% from a peak. These figures are based on share-price changes.