卡比海运 2025年度报告

Financial Highlights Property and equipment, net$ 4,098,058$ 4,022,966$ 3,861,105$ 3,633,462$3,678,515Total assets$ 6,008,045$ 5,851,952$ 5,722,197$ 5,554,924$5,399,063Long-term debt, including current portion$919,281$874,948$ 1,016,595$ 1,079,618$1,163,367Total equity$ 3,382,793$ 3,353,248$ 3,186,677$ 3,045,168$2,888,782 *Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financialmeasures which exclude certain one-time items as defined in footnotes 1, 2, 3 and 4. Management believes that the exclusion of certain one-time items from thesefinancial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequentperiods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results. ** Adjusted EBITDA, defined as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairments is anon-GAAP financial measure used by Kirby because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) andnoncash charges (impairments and depreciation and amortization). 2The 2023 year included the following one-time items (after tax): $2.4 million, or $0.04 per share, strategic review and shareholder engagement expense; and $2.2 million,or $0.04 per share, of income associated with the interest on a refund from the Internal Revenue Service. 3The 2022 year included the following one-time items (after tax): $3.7 million, or $0.06 per share, severance and early retirement expense; and $0.6 million, or $0.01 pershare, of professional fees related to the Company’s strategic alternatives review. 4The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastalmarine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provisionrelated to a change in Louisiana tax law. 2025 IN REVIEW Kirby had a record year in 2025 with the strongest overall performance in our Company’s history.It was a year defined by strong execution, disciplined decision-making, and continued progresson our long-term strategy, even as conditions varied across our end markets. We delivered thehighest earnings per share in Kirby’s history, generated strong free cash flow, returned a significantamount of capital to shareholders, while maintaining our investment grade balance sheet. Just asimportantly, we did so while maintaining our focus on safety and excellent customer service. At the core of this performance were our values: Safety, People,Integrity, Excellence, and Communities. Safety remains foundationalto everything we do. Our continued commitment to “No Harm”performance supports not only the well-being of our employeesHUKJVTT\UP[PLZI\[HSZVYLSPHISLVWLYH[PVUZHUKZ[YVUNÄUHUJPHSoutcomes. In 2025, marine transportation (“KMT”) reduced injuryrates by more than 30% year over year and achieved the lowestrecordable injury rate in Kirby’s history. Within distribution andservices (“KDS”), our manufacturing operations also delivered anexceptional safety result, achieving zero recordable incidents forthe year. While every year presents challenges, our focus on safeand disciplined execution remained constant throughout 2025. which increased delay days and challenged operations in the earlypart of the year. Despite these headwinds, demand remainedsteady, utilization stayed in the low-to-mid-90% range, pricingimproved, and the business delivered margins around 20% in[OLÄYZ[X\HY[LY(Z^LH[OLYJVUKP[PVUZPTWYV]LKPU[OLZLJVUKX\HY[LYJ\Z[VTLYKLTHUKYLTHPULKOLHS[O`\[PSPaH[PVUZ[H`LKstrong, and pricing continued to improve. These factors droveinland operating margins into the low-20% range. In the thirdX\HY[LYPUSHUKTHYPULJVUKP[PVUZL_WLYPLUJLKULHY[LYTZVM[ULZZHZTVKLYH[PUNYLÄULY`KLTHUKMYVTJYHJRPUNSPNO[LYJY\KLZSH[LZfewer barges undergoing maintenance across the industry, andfavorable weather combined to increase available capacity, whichall weighed on our utility. This pressured spot pricing in the thirdX\HY[LYYLZ\S[PUNPUSV^LYTHYNPUZJVTWHYLK[V[OLÄYZ[OHSMVM[OL`LHY;OLMV\Y[OX\HY[LYYLÅLJ[LKPTWYV]LKTHYRL[JVUKP[PVUZas utilization strengthened and spot pricing began to recover.However, demand remained below earlier-year levels and termrenewals softened into the year end. Despite the second half pricesoftness, disciplined cost management and strong executionallowed inland marine to deliver low-20% operating margins for[OLX\HY[LY STRONG PERFORMANCE, DISCIPLINED EXECUTION In 2025, revenues increased to approximately $3.4 billion, a