Company Overview - Kirby Corporation has appointed Tracy A. Embree as a new independent member of its Board of Directors effective February 16, 2026, with her election to be held at the annual meeting in April 2026 [1] - Kirby Corporation is the largest domestic tank barge operator in the United States, transporting bulk liquid products across various waterways and coasts [5] Leadership Experience - Tracy A. Embree has over 25 years of global leadership experience in industrial operations, manufacturing, distribution, and services [2] - She previously served as President of Otis Americas, overseeing new equipment and service businesses across North and South America [3] - Embree has held senior leadership roles at Cummins Inc. for over two decades, focusing on power generation and overseeing global manufacturing and operational functions [3] Board Contributions - Embree's extensive experience in power generation and her leadership background are expected to enhance the expertise of Kirby's Board of Directors [2][5] - She currently serves as an independent director at Lennox International, Inc. and KLA Corporation, and has previously been an independent director at Louisiana-Pacific Corporation [4] Company Operations - Kirby Corporation transports a variety of products including petrochemicals, black oil, refined petroleum products, and agricultural chemicals [5] - The company also provides equipment, aftermarket parts, and services for power generation systems, and rents equipment for various industrial markets [5]

Core Insights - Kirby Corporation reported record earnings for 2025, with strong operational and financial momentum despite seasonal challenges in the fourth quarter [4][3] - The company generated $406 million in free cash flow and returned capital to shareholders through share repurchases and debt reduction [7][3] - Kirby expects steady financial performance in 2026, with projected operating cash flow between $575 million and $675 million [19] Marine Transportation - Marine Transportation revenue for the fourth quarter was $482 million, with operating income of $100 million and operating margins in the low-20% range [1] - Inland marine market conditions improved towards the end of the quarter, with utilization nearing 90% and mixed pricing trends [7][6] - Coastal marine revenue increased by 22% year over year, supported by high utilization rates in the mid- to high-90% range [9][6] Distribution & Services - Distribution & Services revenue was $370 million in the fourth quarter, with operating income of $30 million and an operating margin of 8.1% [11] - Power generation revenue rose 47% year over year, contributing significantly to segment growth, while oil and gas revenues declined by 45% [12][13] - The segment is expected to see flat to slightly higher revenues in 2026, driven by strength in power generation [17] Financial Position - At the end of 2025, Kirby had $79 million in cash and approximately $920 million in total debt, with a debt-to-capital ratio of 21.4% [2] - The company reduced debt by roughly $130 million during the fourth quarter and had total available liquidity of about $542 million [2][7] - Capital expenditures for the fourth quarter were $47 million, with expectations of $220 million to $260 million in 2026 [19] 2026 Outlook - Kirby anticipates inland revenue growth in the low- to mid-single digits for 2026, with utilization expected to average in the low 90% range [15] - Coastal revenue growth is projected to be mid-single-digit, supported by gradual pricing improvements [16] - The company highlighted potential macro factors, such as Venezuelan oil flows and tariff developments, as sources of near-term uncertainty [14]

Core Viewpoint - Kirby Corporation will announce its 2025 fourth quarter results on January 29, 2026, at 6:00 a.m. CST, followed by a conference call at 7:30 a.m. CST [1]. Company Overview - Kirby Corporation is the largest domestic tank barge operator in the U.S., transporting bulk liquid products across the Mississippi River System, Gulf Intracoastal Waterway, and all three U.S. coasts [4]. - The company operates through two segments: marine transportation (KMT) and distribution and services (KDS) [4]. - KMT focuses on transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals, while KDS provides after-market services and genuine replacement parts for various industrial applications [4]. - Kirby also rents equipment such as generators and construction equipment, and manufactures specialized equipment for oilfield services and other industrial customers [4]. Earnings Call Participation - Listeners can participate in the earnings call by pre-registering, after which they will receive dial-in information and a PIN [2]. - The webcast can be accessed through the Investor Relations section of Kirby's website, with a replay available for one year [2][3]. Financial Information - Financial details to be discussed during the conference call will be available in the fourth quarter press release and a Form 8-K posted on Kirby's website prior to the call [3].