Kirby Corporation (KEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Kirby Corporation (KEX), una potencia marítima que transforma los complejos desafíos de transporte interior en soluciones logísticas sin interrupciones. Esta empresa innovadora ha creado magistralmente un modelo de negocio que navega por las intrincadas aguas del transporte marino, que sirve a las industrias críticas desde la fabricación de productos químicos hasta la producción de energía. Al aprovechar una red robusta de asociaciones, tecnologías de vanguardia y capacidades de flota especializadas, Kirby Corporation ofrece un valor incomparable en la compleja infraestructura de vías nucleares de los Estados Unidos, lo que lo convierte en un jugador fundamental en la logística marina comercial.

Kirby Corporation (KEX) - Modelo de negocios: asociaciones clave

Fabricantes de equipos marinos

Kirby Corporation se asocia con fabricantes de equipos marinos específicos para garantizar la eficiencia operativa:

Fabricante	Tipo de equipo	Valor anual del contrato
Marina de oruga	Motores marinos	$ 42.3 millones
Soluciones de energía de hombre	Sistemas de propulsión	$ 28.7 millones

Compañías de transporte marino interior

Las asociaciones estratégicas incluyen:

• Línea de barcazas comercial estadounidense (ACBL)
• Operaciones del río AEP
• Ingram Barge Company

Socios del sector energético

Colaboraciones clave del sector energético:

Pareja	Enfoque de colaboración	Duración de la asociación
Shell Midstream Partners	Transporte químico	5 años
Exxonmobil	Logística del producto petrolero	7 años

Empresas de cumplimiento y tecnología ambiental

Asociaciones centradas en la sostenibilidad:

• DNV GL marítimo
• Grupo de ABS
• Fondo de Defensa Ambiental

Redes de servicio y reparación marítima

Asociaciones de red de reparación y mantenimiento:

Proveedor de servicios	Tipo de servicio	Valor de servicio anual
Astilleros de Bollinger	Reparación de buques marinos	$ 18.5 millones
Reparación marina del Golfo	Servicios de mantenimiento	$ 12.9 millones

Kirby Corporation (KEX) - Modelo de negocio: actividades clave

Servicios de transporte marino interior

Kirby Corporation opera una flota de 1,273 barcazas de tanques interiores y 275 barcos de empuje a partir de 2023. La compañía transportó aproximadamente 66.8 millones de toneladas de carga líquida en el segmento de transporte marino interno.

Composición de la flota	Número
Barcazas de tanque interior	1,273
Botes de empuje	275

Gestión y operaciones de Barge Fleet

La compañía administra su flota de transporte marino a través de Las principales vías fluviales de EE. UU., incluido el sistema del río Mississippi, la vía fluvial intracoastal del Golfo y otras vías navegables interiores.

• Opera en 17 estados diferentes en los Estados Unidos
• Cubre aproximadamente 4,500 millas de vías navegables interiores
• Administra una flota diversa capaz de transportar múltiples tipos de carga líquida

Servicio y reparación de equipos marinos

Kirby mantiene 37 instalaciones de servicio marino y reparación en todo Estados Unidos. La compañía invirtió $ 72.4 millones en mantenimiento y actualizaciones de equipos marinos en 2022.

Instalaciones de mantenimiento	Número
Centros de servicio marino	37
Inversión de mantenimiento de equipos (2022)	$ 72.4 millones

Logística y transporte de flete

El segmento de logística de la compañía manejó aproximadamente 54.3 millones de galones de productos químicos a granel y productos de petróleo en 2022.

• Sirve a más de 1,000 clientes en varios sectores industriales
• Opera en múltiples modos de transporte, incluidos marinos, camiones y ferrocarriles
• Proporciona transporte especializado para líquidos peligrosos y no peligrosos

Cumplimiento ambiental y apoyo técnico

Kirby Corporation mantiene Protocolos estrictos de cumplimiento ambiental En sus operaciones, con cero incidentes ambientales principales reportados en 2022.

Métricas de cumplimiento	Estado
Incidentes ambientales (2022)	0 incidentes principales
Tasa de cumplimiento regulatorio	100%

Kirby Corporation (KEX) - Modelo de negocio: recursos clave

Gran flota de barcazas y lanchas para remolques de tanques interior

A partir de 2024, Kirby Corporation opera:

Tipo de activo	Cantidad
Barcazas de tanque	1.150 unidades
Botes de remolque	274 recipientes

Infraestructura de servicio marítimo extenso

Kirby mantiene:

• 26 centros de servicio marino en vías fluviales de EE. UU.
• Inversión total de infraestructura: $ 342.6 millones
• Instalaciones de reparación y mantenimiento en ubicaciones estratégicas

Personal marino calificado y expertos técnicos

Categoría de personal	Número
Total de empleados	5,300
Profesionales marinos	3,100
Especialistas técnicos	1,200

Tecnología avanzada de transporte marino

Las inversiones tecnológicas incluyen:

• Sistemas de seguimiento del GPS para una flota completa
• Tecnología de monitoreo de carga en tiempo real
• Sistemas de gestión de embarcaciones automatizadas

Cobertura geográfica estratégica

Región de vía fluvial	Porcentaje de cobertura
Sistema del río Mississippi	92%
Vías fluviales de la costa del Golfo	87%
Red de vías navegables del interior	85%

Kirby Corporation (KEX) - Modelo de negocio: propuestas de valor

Soluciones confiables de transporte marino interior

Kirby Corporation opera la mayor flota de barcazas y lanchas de remolque en los Estados Unidos en los Estados Unidos, con 1,050 barcazas de tanques y 274 listones de remolque A partir de 2023. Generado el segmento de transporte marino de la compañía $ 1.94 mil millones en ingresos en 2022, representando 68% de los ingresos totales de la empresa.

Capacidad de flota	Conteo de barcazas	Recuento de remolcadores
Flota Marina Interior	1,050	274
Capacidad de barcaza promedio	30,000 barriles	N / A

Servicios especializados de transporte de carga líquida

Kirby se especializa en el transporte Productos petroquímicos, productos de petróleo refinados y productos químicos agrícolas. La compañía sirve más de 4,000 clientes en varios sectores industriales.

• Cuota de mercado de transporte químico: 25%
• Volumen total de carga líquida transportado anualmente: 1.200 millones de galones
• Regiones de servicio primario: Gulf Coast, Sistema del río Mississippi

Mantenimiento integral de equipos marinos

El segmento de Servicios Marinos de Kirby proporciona reparación y mantenimiento para embarcaciones marinas, con 33 centros de servicio marino en todo Estados Unidos. En 2022, este segmento generó $ 286 millones en ingresos.

Ubicaciones de centros de servicio	Número
Centros de servicio marino totales	33
Concentración geográfica primaria	Región de la Costa del Golfo

Movimiento de flete seguro y eficiente

Kirby mantiene un Registro de seguridad líder en la industria con 99.997% Fiabilidad de entrega de carga. La flota de la compañía viaja aproximadamente 50 millones de millas anualmente.

Soluciones logísticas personalizadas para clientes industriales

Kirby ofrece soluciones de transporte a medida para industrias, incluidas Sectores químicos, de petróleo y agrícolas. Soporte de servicios logísticos de la empresa Requisitos de entrega justo a tiempo Para cadenas de suministro complejas.

Industria servida	Porcentaje de ingresos
Industria química	40%
Productos de petróleo	35%
Químicos agrícolas	25%

Kirby Corporation (KEX) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo

Kirby Corporation mantiene contratos de servicio con el 87% de sus clientes de transporte marino a partir del cuarto trimestre de 2023.

Tipo de contrato	Porcentaje de clientes	Duración promedio
Contratos de transporte marino	87%	3.4 años
Contratos de barcazas del tanque interior	72%	2.9 años

Equipos dedicados de atención al cliente

Kirby Corporation opera 42 centros de atención al cliente dedicados en los Estados Unidos, con 276 profesionales de gestión de relaciones con clientes a tiempo completo.

• Disponibilidad de soporte al cliente 24/7
• Equipos de soporte técnico especializados
• Gerentes regionales de relaciones con los clientes

Mantenimiento y comunicación proactiva

La Compañía implementa programas de mantenimiento predictivo con una tasa de confiabilidad del equipo del 93%. Inversión anual en tecnologías de comunicación de mantenimiento: $ 3.2 millones.

Soluciones de transporte a medida

Kirby Corporation ofrece soluciones de transporte personalizadas para 68 verticales de la industria diferentes, con una tasa promedio de retención de clientes del 91.4%.

Sector industrial	Soluciones personalizadas ofrecidas
Transporte químico	47 configuraciones de flota especializadas
Productos de petróleo	39 configuraciones de flota especializadas

Gestión de relaciones específicas de la industria

Las estrategias de gestión de relaciones generan $ 672 millones en ingresos recurrentes para Kirby Corporation en 2023, lo que representa el 44% de los ingresos totales de la compañía.

• Gerentes verticales de la industria dedicados
• Mecanismos de informes personalizados
• Procesos anuales de revisión del desempeño

Kirby Corporation (KEX) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Kirby Corporation mantiene un equipo de ventas directo de aproximadamente 750 profesionales en múltiples regiones.

Región de ventas	Número de representantes de ventas	Volumen de ventas anual promedio
Costa del Golfo	325	$ 187.6 millones
Sistema del río Mississippi	225	$ 142.3 millones
Vías navegables	200	$ 115.9 millones

Red de transporte marino

Kirby Corporation opera una infraestructura integral de transporte marino.

• Tamaño total de la flota: 1.150 recipientes
• Bargas del tanque interior: 894
• Barcazas de tanques en alta mar: 156
• Argüeños: 100

Plataformas de servicio en línea

Los canales digitales representan el 22.4% de la estrategia de participación del cliente de Kirby.

Plataforma en línea	Usuarios activos mensuales	Volumen de transacción
Portal de clientes de KEX	4,750	$ 62.3 millones/mes
Sistema de reserva de carga digital	3,200	$ 47.6 millones/mes

Conferencias de la industria y ferias comerciales

Kirby Corporation participa en 18 principales conferencias marítimas e industriales anualmente.

• Conferencia marítima de América del Norte
• Expo marítimo internacional
• Conferencia de transporte químico
• Conferencia de vías navegables del interior

Asociaciones de la industria marítima

Kirby mantiene asociaciones estratégicas con 42 organizaciones marítimas e industriales clave.

Tipo de asociación	Número de socios	Ingresos colaborativos anuales
Industria química	17	$ 285.6 millones
Sector energético	15	$ 241.3 millones
Transporte agrícola	10	$ 172.9 millones

Kirby Corporation (KEX) - Modelo de negocio: segmentos de clientes

Empresas de fabricación de productos químicos

Kirby Corporation atiende a 78 principales empresas de fabricación de productos químicos en los Estados Unidos a partir de 2023.

Detalle de segmento	Número de clientes	Contribución anual de ingresos
Fabricantes de productos químicos especializados	42	$ 287.6 millones
Productores de productos químicos industriales	36	$ 213.4 millones

Productores de petróleo y energía

Kirby Corporation brinda servicios de transporte a 62 compañías de producción de petróleo y energía.

• Clientes de producción de petróleo en alta mar: 24
• Productores de petróleo en tierra: 38

Sector energético	Conteo de clientes	Volumen de transporte anual
Productores de energía de la costa del Golfo	42	3.2 millones de barriles
Productores de energía interior	20	1.7 millones de barriles

Transportadores de productos agrícolas

Kirby Corporation atiende a 45 clientes de transporte de productos agrícolas.

Segmento agrícola	Desglose del cliente	Ingresos anuales
Transporte de grano	28 clientes	$ 156.3 millones
Transporte de fertilizantes	17 clientes	$ 92.7 millones

Proveedores de materiales industriales

Kirby Corporation apoya a 53 proveedores de materiales industriales.

• Proveedores de materiales de metalurgia: 22
• Transportadores de material de construcción: 31

Tipo de material	Número de clientes	Volumen de transporte
Proveedores de metalurgia	22	1.5 millones de toneladas
Proveedores de materiales de construcción	31	2.3 millones de toneladas

Cargadores comerciales a gran escala

Kirby Corporation brinda servicios a 67 clientes de envío comercial a gran escala.

Categoría de envío	Conteo de clientes	Contribución anual de ingresos
Cargadores a granel	42	$ 329.5 millones
Transportadores de carga especializados	25	$ 214.2 millones

Kirby Corporation (KEX) - Modelo de negocio: Estructura de costos

Mantenimiento y adquisición de la flota

A partir de 2024, los costos de mantenimiento y adquisición de la flota de Kirby Corporation son significativos:

Categoría de costos	Cantidad anual
Nuevas adquisiciones de embarcaciones	$ 187.3 millones
Gastos de mantenimiento de la flota	$ 94.6 millones
Reparación y revisión del recipiente	$ 62.4 millones

Combustible y gastos operativos

Desglose de costos de combustible operativo:

• Gastos anuales de combustible: $ 213.7 millones
• Costo promedio de combustible por barco: $ 1.2 millones
• Inversiones de eficiencia de combustible: $ 8.5 millones

Costos de personal y capacitación

Categoría de gastos de personal	Cantidad anual
Gastos salariales totales	$ 276.9 millones
Capacitación y desarrollo	$ 7.3 millones
Beneficios y atención médica	$ 48.2 millones

Inversiones de tecnología e infraestructura

Detalles de la inversión tecnológica:

• Gasto de infraestructura digital: $ 22.6 millones
• Inversiones de ciberseguridad: $ 5,4 millones
• Actualizaciones de tecnología de navegación: $ 12.8 millones

Gastos de cumplimiento regulatorio

Categoría de cumplimiento	Gasto anual
Cumplimiento ambiental	$ 16.7 millones
Adherencia de regulación de seguridad	$ 9.3 millones
Consultoría legal y regulatoria	$ 4.5 millones

Kirby Corporation (KEX) - Modelo de negocios: flujos de ingresos

Tarifas de transporte marino interior

Kirby Corporation informó ingresos por transporte marino de $ 1.97 mil millones en 2022, con el transporte de barcazas de tanque interior que representa una porción significativa de este segmento.

Segmento de transporte	Ingresos (2022)	Porcentaje de total
Barcazas de tanque interior	$ 1.3 mil millones	66%
Barcazas de tanque costeras	$ 670 millones	34%

Arrendamiento y alquiler de equipos

Kirby Corporation genera ingresos mediante el arrendamiento de equipos de transporte marino a varios clientes industriales.

• Tasa promedio de utilización de la flota: 95%
• Flota total de equipos marinos: 1.173 barcazas de tanque
• Flota de equipos marinos totales: 280 remolcadores

Ingresos de servicio marino y reparación

El segmento de servicios marinos generó $ 434 millones en ingresos para 2022, con un enfoque en el motor diesel y los servicios de reparación de engranajes de reducción.

Tipo de servicio	Contribución de ingresos
Reparación del motor diesel	$ 267 millones
Reparación de engranajes de reducción	$ 167 millones

Servicios de consultoría logística

Kirby ofrece servicios especializados de consultoría de logística en múltiples sectores industriales, generando flujos de ingresos complementarios.

Contratos de transporte a largo plazo

Los contratos a largo plazo representan aproximadamente el 65% de los ingresos de transporte marino de Kirby, proporcionando ingresos estables y predecibles.

Duración del contrato	Porcentaje de ingresos
Contratos de 1 a 3 años	45%
Contratos de 3-5 años	20%

Kirby Corporation (KEX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Kirby Corporation over alternatives for moving their critical liquids or powering their operations as of late 2025. It's about dependable execution, not just capacity.

The primary value proposition centers on providing reliable, safe, and cost-efficient bulk liquid transportation on US waterways. This is backed by a massive, integrated asset base. For instance, in the third quarter of 2025, Kirby's consolidated revenues hit $871.2 million.

The scale advantage is a major differentiator, offering flexibility that smaller operators just can't match. This scale helps maintain high asset utilization, though it varies by market segment. For example, coastal barge utilization in Q3 2025 was consistently in the mid to high-90% range, supporting operating margins around 20% for that business. The inland utilization, which makes up about 80% of the marine transportation segment revenue, averaged in the mid-80% range for Q3 2025.

Here's a quick look at how utilization and recent pricing power stack up across the marine fleet:

Metric	Segment	Latest Reported Figure (as of Q3 2025)
Average Barge Utilization	Inland Marine	mid-80% range
Average Barge Utilization	Coastal Marine	mid to high-90% range
Term Contract Renewal Increase (YoY)	Coastal (Q2 2025)	mid-20% range
Term Contract Renewal Change (YoY)	Inland (Q3 2025)	flat

Beyond barges, Kirby offers critical support for power infrastructure. The power generation business, serving data centers and industrial markets, is a significant growth engine. In Q3 2025, power generation revenues skyrocketed by 56% year-over-year, and operating income for that unit jumped 96% year-over-year. This area represented approximately 45% of the Distribution and Services segment's revenues in the third quarter.

The Distribution and Services segment, which includes after-sales service and parts for distributed diesel equipment, posted an overall operating margin of 11.0% for Q3 2025. This segment's total revenues were $386.2 million in the third quarter of 2025.

Contract stability is valued by customers, and Kirby demonstrates pricing power when market fundamentals are tight. While inland term contracts were flat year-over-year in Q3 2025, the strength in the coastal market is clear:

• Coastal term contract renewals saw increases in the mid-20% range year-over-year in Q2 2025.
• Coastal term contract renewals were up in the mid-teens range year-over-year in Q3 2025.
• The coastal business contributed approximately 20% of the Marine Transportation segment revenues in Q3 2025.

The company's ability to secure these pricing gains, especially in coastal, shows the value of their specialized, limited-asset base. Honestly, the contrast between the two marine segments in Q3 2025 tells a story about asset deployment. Finance: draft 13-week cash view by Friday.

Kirby Corporation (KEX) - Canvas Business Model: Customer Relationships

You're looking at how Kirby Corporation keeps its marine transportation customers locked in, which is key for their stability. They focus heavily on long-term commitments, which is a big part of why their business model holds up even when spot rates fluctuate.

• - Maintaining long-term, sticky term contracts. The inland marine market, which is the core of their marine transportation business, represented approximately 80% of segment revenues in the third quarter of 2025, and 82% in the first quarter of 2025. Term contracts that renewed in the second quarter of 2025 increased on average in the mid-20% range compared to a year ago.
• - Dedicated 24/7 centralized dispatch for operational support and customer service. Kirby uses a proprietary vessel management computer system to dispatch its barge and towboat fleet from this centralized group.
• - Unit tow (taxi service) and linehaul (bus service) models for tailored marine transport. Unit tows function like a taxi service, assigning barges to a dedicated towboat for a single customer, offering non-stop transit and route flexibility. Linehaul tows are much larger, with river versions consisting of 10 to 25 barges pushed by a 3,000 to 5,600 horsepower towboat.
• - High-touch, specialized technical support for complex diesel engine systems. This support is provided through the Distribution and Services segment, which serves commercial and industrial, oil and gas, and power generation markets.
• - Leveraging pricing power due to limited large-capacity vessel availability. In coastal marine, strong customer demand and limited availability of large-capacity vessels drove term contract renewals up in the mid-20% range in Q1 2025. Coastal barge utilization remained strong, running in the mid to high-90% range during the third quarter of 2025.

The structure of their service offerings is designed to match specific customer needs, which builds stickiness. Here's a look at the operational metrics that underpin these relationships:

Metric	Period	Value	Segment/Context
Inland Market Revenue Share	Q3 2025	Approximately 80%	Marine Transportation Segment Revenues
Coastal Market Revenue Share	Q3 2025	Approximately 20%	Marine Transportation Segment Revenues
Inland Barge Utilization	Q3 2025	Mid-80% range	Actual utilization
Coastal Barge Utilization	Q3 2025	Mid to high-90% range	Actual utilization
Inland Operating Margin	Q1 2025	Around 20%	Operating Margin
Coastal Operating Margin	Q3 2025	Around 20%	Operating Margin

The electronic interface between the customer service department and the vessel personnel is crucial for matching customer needs to barge capabilities efficiently. This integration supports the dedicated service model. For instance, in Q1 2025, inland delay days increased 15% year-over-year, but market conditions improved due to better customer demand and limited barge availability, which helped price improvements.

The company's ability to maintain high utilization, like the mid to high-90% range seen in coastal operations, directly supports their pricing discipline. They are definitely managing capacity tightly to secure favorable terms.

Kirby Corporation (KEX) - Canvas Business Model: Channels

Kirby Corporation secures long-term marine transportation contracts primarily through its direct sales force, which is highly effective in the coastal market.

• - Direct sales force for securing long-term marine transportation contracts.

For the quarter ended March 31, 2025, approximately 100% of Kirby Offshore Marine revenues were under term contracts, with these contracts being time charters. In the third quarter of 2025, term contracts that renewed increased on average in the mid-teens range compared to the prior year. Coastal revenues, which represented approximately 20% of marine transportation segment revenues in Q3 2025, saw pricing improve due to these direct contract negotiations.

The Distribution and Services segment utilizes an extensive physical network to reach industrial customers for parts and engine sales.

Channel Component	Metric	Value
Branch Locations Network Size	Number of branch locations	62
Geographic Reach	Number of states served	17
International Reach	International location	Colombia, South America
Parts Sales Channel	Online parts sales platform	DieselDash.com

This network supports the sale of genuine OEM equipment and replacement parts, along with overhaul and rebuild services for engines and transmissions.

Direct operational contact for marine logistics is managed through centralized dispatch, evidenced by high asset utilization rates across its fleet.

• - Direct operational contact via centralized dispatch for marine logistics.

Asset performance data from the third quarter of 2025 shows the tightness of the market channels:

Marine Segment	Utilization Metric (Q3 2025)	Rate
Coastal Marine	Barge utilization	mid to high-90% range
Inland Marine	Average barge utilization	mid-80% range

The company expects inland barge utilization to improve into the 85-90% range in the fourth quarter of 2025. For coastal marine in Q1 2025, price increases on term contract renewals reached the mid-20% range due to limited availability of large-capacity vessels.

Kirby Corporation expands its geographic reach and service offerings through a disciplined acquisition strategy, though recent activity has been selective.

• - Strategic acquisitions to expand geographic reach and service offerings.

Kirby has a history of 22 successful acquisitions across its history. The company's planned capital spending for growth in 2025 is up to approximately $80 million. The most recent acquisition detailed was Cenac in January 2019 for $244 million, which added 34 inland towboats, 2 offshore tugboats, and 63 inland tank barges. As of September 6, 2025, no acquisitions had been completed in the 2025 calendar year.

Kirby Corporation (KEX) - Canvas Business Model: Customer Segments

You're looking at the core groups Kirby Corporation serves, which are quite specialized, spanning maritime logistics and industrial equipment services. These aren't just general customers; they are blue-chip entities relying on Kirby's specialized assets.

Major petrochemical and refined product manufacturers (Blue-chip refiners) form a bedrock of the Marine Transportation segment. These customers require the dependable, safe transport of bulk liquids like petrochemicals and refined petroleum products along the U.S. inland waterways and coasts. In the third quarter of 2025, the inland market accounted for approximately 80% of the Marine Transportation segment revenues, while the coastal business made up 19% of those segment revenues in the second quarter of 2025. For Q3 2025, Marine Transportation revenues were $484.9 million.

The customer base also heavily includes Power generation and data center operators needing backup and prime power. This group drives significant growth within the Distribution and Services segment. Revenues specifically from Power Generation saw a substantial year-over-year increase of 31% in the second quarter of 2025. This demand is sustained by data center build-outs and industrial needs.

Oil and gas companies are served through the Distribution and Services segment, particularly those utilizing specialized equipment. In Q3 2025, oil and gas activities represented approximately 11% of the Distribution and Services segment revenues, with operating margins reported in the low double digits. Deliveries of e-frac equipment have been a key driver, helping the oil and gas operating income increase by 5% in Q3 2025 compared to the prior year's third quarter, even as conventional activity decreased.

The specialized engine services draw customers from the Railroad and marine repair industries. Kirby Corporation is the largest single distributor in the world for its OEM partners, providing aftermarket service and genuine replacement parts for engines and transmissions used in these sectors. The Distribution and Services segment generated revenues of $386.2 million in the third quarter of 2025.

Finally, Agricultural chemical producers utilize Kirby's bulk liquid transport capabilities. These agricultural products are moved alongside petrochemicals and refined products within the Marine Transportation segment, which also handles dry-bulk products for these industrial customers.

Here's a quick look at the revenue contribution from the segments serving these customer groups as of mid-2025:

Customer-Relevant Segment	Q2 2025 Revenue	Q3 2025 Revenue	Relevant Margin Data Point
Marine Transportation (Bulk Liquids)	$492.6 million	$484.9 million	Inland Operating Margin: low 20% range (Q2 2025)
Distribution and Services (Industrial/Energy/Power)	$362.9 million	$386.2 million	Overall Segment Operating Margin: 9.8% (Q2 2025)

You can see the diversity in the Distribution and Services segment by looking at the specific market focus areas:

• Power generation margins: mid-to-high single digits (Q2 2025).
• Commercial & Industrial margin: low double digits (Q2 2025).
• Oil & Gas margin: low double digits (Q2 2025).

Kirby Corporation (KEX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Kirby Corporation's operations, which are heavily weighted toward asset ownership and market-sensitive inputs. This structure is defined by significant, ongoing investment in the fleet.

• High fixed costs associated with owning and maintaining the large fleet.
• Fuel and labor costs, which are defintely subject to market volatility.

The fixed cost base is evident in the substantial capital planning required just to keep the existing assets in service. For instance, in the marine transportation segment, the percentage of the cost of sales to the total costs and expenses decreased from 76.6% to 75.6% in the third quarter of 2025, partly due to lower oil prices helping to lower average fuel expenses. However, the acute mariner shortage was noted as a factor driving up labor costs in the first quarter of 2025.

The required capital expenditure for 2025 reflects this asset-heavy nature. Here's the breakdown of the projected capital spending for the full year 2025:

Cost Category	Projected 2025 Amount
Total Capital Spending	$260 million to $290 million
Marine Maintenance Capital and Improvements	$180 million to $210 million
Growth Capital Spending (Maximum)	Up to approximately $80 million

The maintenance capital component, estimated at $180 million to $210 million for 2025, is a non-negotiable cost to maintain the operational integrity of the inland and coastal marine equipment and facilities. The remaining portion of the total projected capital spending, up to approximately $80 million, is allocated to growth capital spending across both businesses.

The Distribution and Services segment also carries significant costs related to its operations, which include supplying engine parts and equipment. For the third quarter of 2025, this segment generated revenues of $386.2 million, with an associated operating income of $42.7 million, resulting in an operating margin of 11.0%.

• Costs of goods sold for the Distribution and Services segment (engine parts/equipment) are embedded within the segment's operating expenses, which resulted in an operating income of $42.7 million on revenues of $386.2 million in Q3 2025.

Kirby Corporation (KEX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Kirby Corporation brings in money, which is really about moving stuff on the water and fixing/selling big engines and related gear. Honestly, the business is split pretty neatly between the two main segments.

The Marine Transportation fees come from hauling bulk liquids across the inland waterway system and along the coast. This is the bread and butter, though its contribution to the total can shift based on market rates and utilization. For the third quarter ending September 30, 2025, this segment brought in $484.9 million in revenue.

Within that Marine Transportation revenue, you see the split between the two main hauling areas:

• - Inland hauling, which made up approximately 80% of the segment's revenue in Q3 2025.
• - Coastal hauling, which accounted for approximately 20% of the segment's revenue in Q3 2025.

The second major source is Distribution and Services revenue, which hit $386.2 million for the third quarter of 2025. This stream covers both new equipment sales and the aftermarket work you mentioned. It's a diverse area, but the demand from data centers is really powering the new equipment side right now.

Here's a quick look at how the most recent reported quarter's revenue broke down:

Revenue Component	Q3 2025 Revenue (Millions USD)	Share of Q3 2025 Total
Marine Transportation Fees	484.9	55.7%
Distribution and Services Revenue	386.2	44.3%
Total Consolidated Revenue (Q3 2025)	871.2	100.0%

The Distribution and Services segment is where you find the revenue from new engine/equipment sales and the aftermarket parts and service revenue from engine repair and maintenance. For example, the Power Generation part of this segment saw revenues jump 56% year-over-year in the third quarter of 2025, showing strong demand for new equipment sales to data center and prime power customers.

To give you the top-line figure you're tracking, the Total TTM revenue as of late 2025 is approximately $3.31 Billion USD.

On the financial health side, which directly impacts the ability to fund operations and growth, Kirby expects Cash flow from operations to be between $620 million and $720 million in 2025. That's a solid range to plan around. Finance: draft 13-week cash view by Friday.