KEX NYSE Russell 1000 Earnings call
Kirby Corporation (KEX) · Q2 2026 results and valuation
Share price: $128.17 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 30 Apr 2026
Net income up 10.5% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+10.5%
Net income vs Q1 2026
Net income 89.7M vs 81.2M
Revenue +9.3%
Against the same quarter last year (Q2 2025) it is −4.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Upbeat
More upbeat than 79% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
Working capital requirements are elevated from stronger activity and collection timing, but normalization in the second half should meaningfully…
Valuation
Is Kirby Corporation undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 6.5% growth a year (3-year revenue growth), the model's fair value is $121.80 a share — the stock trades 5% above it. Today's price assumes 7.1% growth a year.
Current price
$128.17
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+7.1% for 10 yrs
Fair value / share
$121.80
Buy below
$91.35
Price vs fair value
Overvalued 5%
Price vs buy-below price
Overvalued 40%
Read between the lines
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Key theme
Distribution and services results benefited from demand growth in Power Generation and marine repair activity, supported by high utilization levels and improved inland marine pricing.
Source quote
“In distribution and services, results benefited from continued demand growth in Power Generation and strong marine repair activity. Utilization levels were strong, and inland marine pricing continued to improve. Overall, our businesses performed well during the quarter, supported by healthy end-market conditions.”
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Figure
Revenues increased 20% sequentially and operating income increased 67% sequentially, although results remain below prior year levels.
Source quote
“Revenues increased 20% sequentially, and operating income increased 67% sequentially although results remain below prior year levels, despite the modest...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 90% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Compared to the first quarter of 2026, revenues increased by $39 million or 11% and operating income increased by $15 million or 63% reflecting improved activity levels, favorable mix, and...”
“Overall, the segment delivered solid results across the portfolio, demonstrating the strength of the company's market positions and the momentum in several key growth areas.”
“Importantly, growth in behind-the-meter power applications also creates longer-term service and parts opportunities as our growing installed base begins to operate at higher utilization levels.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 922.4M | 844.1M | +9.3% | 855.5M | +7.8% |
| Operating income | 122.4M | 107.7M | +13.6% | 131.8M | −7.2% |
| Net income | 89.7M | 81.2M | +10.5% | 94.3M | −4.8% |
| EPS | 1.67 | 1.50 | +11.3% | 1.67 | ±0% |
| P/E today 21.5 | 20.9 | 20.4 | +0.5 | 21.5 | −0.6 |
Topics
Most discussed now
- Supported by strong refinery utilization, increased refined product and crude-related movements, and healthy petrochemical activity.
- Compared to the second quarter of 2025, total Marine transportation revenues increased $44 million or 9%, while operating income…
- Kirby works really hard with them on its contract escalation and...
- These factors combined with limited industry capacity additions supported barge utilization in the low 90% range.
- Kirby's results reflected solid execution across both its businesses supported by constructive marine transportation fundamentals, high…
Faded since Q1 2026
- Fading Kirby certainly have the balance sheet capacity for it.
- Fading Kirby's first quarter results reflected improving market fundamentals in marine transportation with utilization and pricing strengthening…
- Fading While results were partially impacted by weather-related disruptions and navigational delays in Kirby's inland marine transportation…
- Fading Looking at the Inland business in more detail.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Results of operations; Director or officer change; Shareholder vote results · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K