KIRBY CORP KEX

Kirby Corporation closed its March 2026 quarter with 844.1 million dollars of revenue and 81.2 million dollars of net income attributable to the parent, figures drawn straight from the 10-Q covering the period ending 31 March 2026. The same filing records that the company paid 81.4 million dollars in cash in March 2026 for vessels, with a further 14.4 million dollars due in the second quarter once delivery of all vessels has been completed. That single sentence tells you what kind of business this is: capital goes into physical hulls, and the final payment waits on physical delivery.

Kirby moves liquid cargo on inland waterways and operates a distribution and services arm, a business built on steel rather than software. The vessel commitment in the 10-Q, and the conflict minerals disclosure filed on 28 May 2026 stating the company sources products in accordance with the law and expects the same of suppliers, both point at an operation defined by hardware, fleet and supply chain rather than recurring digital revenue. Operating income for the quarter was 107.7 million dollars, and the company reported diluted earnings per share of 1.50 dollars across 54.0 million weighted average diluted shares.

The balance sheet, per the 10-Q for the period ending 31 March 2026, carries 6.12 billion dollars of assets and 3.41 billion dollars of stockholders' equity attributable to the parent, with cash and equivalents of 58.0 million dollars. Net cash provided by operating activities reached 97.7 million dollars in the quarter, and inventory stood at 418.1 million dollars; a separate 10-K line for the period ending 31 December 2025 shows inventories decreasing by 3.9 million dollars. The 10-Q also notes that revenues recognised in the three months to 31 March 2026 from opening contract liability balances were 64.7 million dollars, against 60.2 million dollars a year earlier.

The source rail here is SEC EDGAR, not a chart route, so this file carries no price levels or technical lines. The mechanism worth understanding is financing cost: the 8-K filed 30 March 2026 states the commitment fee on the unused available credit ranges from 7 to 20 basis points, scaled to Kirby's credit rating. A stronger rating lowers the standing charge on undrawn borrowing capacity, which matters for a capital-heavy operator that keeps cash thin and deploys it into vessels.

What changed recently is mostly procedural and disclosure-led. The 8-K filed 30 April 2026 confirms a first quarter press release announcing results, including an EBITDA to net earnings reconciliation and non-GAAP measures excluding one-time items; those adjusted figures and the segment detail have not been parsed into this evidence rail, so the headline-versus-adjusted gap remains unquantified here. Three Form 4 filings on 18 May 2026 and Form 144 proposed-sale notices on 15 and 18 May 2026 record insider activity without disclosing size or intent in this pack.

What would deepen the file is concrete: the parsed non-GAAP reconciliation from the April press release, segment revenue and margin splits, any forward guidance, and the dollar amounts behind the Form 144 notices. Until those arrive, the proven story is a profitable, asset-heavy marine and distribution business funding new vessels from operating cash while paying lenders a rating-linked fee to keep a credit line in reserve.