Kirby Corporation (KEX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Kirby Corporation (KEX), uma potência marítima que transforma os desafios complexos do transporte interior em soluções de logística sem costura. Esta empresa inovadora criou magistralmente um modelo de negócios que navega nas águas intrincadas do transporte marinho, servindo indústrias críticas da fabricação química à produção de energia. Ao alavancar uma rede robusta de parcerias, tecnologias de ponta e capacidades de frota especializadas, a Kirby Corporation oferece valor incomparável na complexa infraestrutura de hidrovia dos Estados Unidos, tornando-o um jogador fundamental na logística marinha comercial.

Kirby Corporation (KEX) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos marítimos

A Kirby Corporation faz parceria com fabricantes específicos de equipamentos marítimos para garantir a eficiência operacional:

Fabricante	Tipo de equipamento	Valor anual do contrato
Caterpillar Marine	Motores marinhos	US $ 42,3 milhões
Man Energy Solutions	Sistemas de propulsão	US $ 28,7 milhões

Empresas de transporte marinho interior

Parcerias estratégicas incluem:

• American Commercial Barge Line (ACBL)
• Operações do Rio Aep
• Companhia Ingram Barge

Parceiros do setor de energia

Colaborações do setor de energia -chave:

Parceiro	Foco de colaboração	Duração da parceria
Shell Midstream Partners	Transporte químico	5 anos
ExxonMobil	Logística de produtos petrolíferos	7 anos

Empresas de conformidade ambiental e tecnologia

Parcerias focadas na sustentabilidade:

• DNV GL Maritime
• Grupo ABS
• Fundo de Defesa Ambiental

Redes de serviço e reparo marítimo

Parcerias de rede de reparo e manutenção:

Provedor de serviços	Tipo de serviço	Valor anual do serviço
Bollinger Shipyards	Reparo de embarcações marítimas	US $ 18,5 milhões
Reparo marítimo do Golfo	Serviços de manutenção	US $ 12,9 milhões

Kirby Corporation (KEX) - Modelo de negócios: Atividades -chave

Serviços de transporte marinho interior

A Kirby Corporation opera uma frota de 1.273 barcaças de tanques interiores e 275 barcos push a partir de 2023. A empresa transportou aproximadamente 66,8 milhões de toneladas de carga líquida no segmento de transporte marinho interior.

Composição da frota	Número
Barcaças do tanque interior	1,273
Empurre barcos	275

Gerenciamento e operações de frota de barcaças

A empresa gerencia sua frota de transporte marítimo Principais hidrovias dos EUA, incluindo o sistema do rio Mississippi, o Gulf Intracoastal Haysan e outras vias navegáveis ​​interiores.

• Opera em 17 estados diferentes nos Estados Unidos
• Cobre aproximadamente 4.500 milhas de hidrovias interiores
• Gerencia uma frota diversificada capaz de transportar vários tipos de carga líquida

Manutenção e reparo de equipamentos marinhos

Kirby mantém 37 instalações de serviço e reparo marítimo nos Estados Unidos. A empresa investiu US $ 72,4 milhões em manutenção e atualizações de equipamentos marítimos em 2022.

Instalações de manutenção	Número
Centros de serviço marítimos	37
Investimento de manutenção de equipamentos (2022)	US $ 72,4 milhões

Logística e transporte de frete

O segmento de logística da empresa lidou com aproximadamente 54,3 milhões de galões de produtos químicos a granel e produtos petrolíferos em 2022.

• Atende mais de 1.000 clientes em vários setores industriais
• Opera em vários modos de transporte, incluindo marítimo, caminhão e ferroviário
• Fornece transporte especializado para líquidos perigosos e não perigosos

Conformidade ambiental e suporte técnico

A Kirby Corporation mantém protocolos rígidos de conformidade ambiental Em suas operações, com zero grandes incidentes ambientais relatados em 2022.

Métricas de conformidade	Status
Incidentes ambientais (2022)	0 Incidentes principais
Taxa de conformidade regulatória	100%

Kirby Corporation (KEX) - Modelo de negócios: Recursos -chave

Grande frota de barcaças de tanques interiores e reboques

A partir de 2024, a Kirby Corporation opera:

Tipo de ativo	Quantidade
Barcaças do tanque	1.150 unidades
Towboats	274 navios

Extensa infraestrutura de serviço marítimo

Kirby sustenta:

• 26 centros de serviço marítimo em vias navegáveis ​​nos EUA
• Investimento total de infraestrutura: US $ 342,6 milhões
• Instalações de reparo e manutenção em locais estratégicos

Pessoal marítimo qualificado e especialistas técnicos

Categoria de pessoal	Número
Total de funcionários	5,300
Profissionais marinhos	3,100
Especialistas técnicos	1,200

Tecnologia avançada de transporte marinho

Os investimentos em tecnologia incluem:

• Sistemas de rastreamento GPS Para toda a frota
• Tecnologia de monitoramento de carga em tempo real
• Sistemas automatizados de gerenciamento de embarcações

Cobertura geográfica estratégica

Região hidroviária	Porcentagem de cobertura
Mississippi River System	92%
Vias navegáveis ​​da costa do Golfo	87%
Rede de via hidroviária interior	85%

Kirby Corporation (KEX) - Modelo de Negócios: Proposições de Valor

Soluções de transporte marítimo interno confiáveis

A Kirby Corporation opera a maior frota de barcaças de tanques interiores e reboques nos Estados Unidos, com 1.050 barcaças de tanque e 274 rebocadores a partir de 2023. O segmento de transporte marítimo da empresa gerou US $ 1,94 bilhão em receita em 2022, representando 68% da receita total da empresa.

Capacidade de frota	Contagem de barcaças	Contagem de rebocadores
Frota marinha interior	1,050	274
Capacidade média de barcaça	30.000 barris	N / D

Serviços especializados de transporte de carga líquida

Kirby é especialista em transporte Produtos petroquímicos, produtos petrolíferos refinados e produtos químicos agrícolas. A empresa serve Mais de 4.000 clientes em vários setores industriais.

• Participação de mercado de transporte químico: 25%
• Volume total de carga líquida transportada anualmente: 1,2 bilhão de galões
• Regiões de serviço primário: Costa do Golfo, Sistema do Rio Mississippi

Manutenção abrangente de equipamentos marinhos

O segmento de serviços marítimos de Kirby fornece reparo e manutenção para navios marítimos, com 33 centros de serviço marítimo nos Estados Unidos. Em 2022, este segmento gerado US $ 286 milhões em receita.

Locais do centro de serviço	Número
Total de centros de serviço marítimo	33
Concentração geográfica primária	Região da Costa do Golfo

Movimento de frete seguro e eficiente

Kirby mantém um Registro de segurança líder do setor com 99,997% de confiabilidade de entrega de carga. A frota da empresa viaja aproximadamente 50 milhões de milhas por ano.

Soluções de logística personalizadas para clientes industriais

Kirby fornece soluções de transporte personalizado para indústrias, incluindo setores químicos, petrolíferos e agrícolas. O suporte de serviços de logística da empresa Requisitos de entrega just-in-time para cadeias de suprimentos complexas.

Indústria servida	Porcentagem de receita
Indústria química	40%
Produtos de petróleo	35%
Produtos químicos agrícolas	25%

Kirby Corporation (KEX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo

A Kirby Corporation mantém contratos de serviço com 87% de seus clientes de transporte marítimo a partir do quarto trimestre 2023. A duração média do contrato é de 3,4 anos, com valores anuais de contrato que variam de US $ 1,2 milhão a US $ 4,7 milhões.

Tipo de contrato	Porcentagem de clientes	Duração média
Contratos de transporte marinho	87%	3,4 anos
Contratos de barcaça de tanques interiores	72%	2,9 anos

Equipes de suporte ao cliente dedicados

A Kirby Corporation opera 42 centros de suporte a clientes dedicados nos Estados Unidos, com 276 profissionais de gerenciamento de relacionamento com clientes em período integral.

• Disponibilidade de suporte ao cliente 24/7
• Equipes de suporte técnico especializadas
• Gerentes regionais de relacionamento com clientes

Manutenção e comunicação proativa

A empresa implementa programas de manutenção preditiva com taxa de confiabilidade de 93% do equipamento. Investimento anual em tecnologias de comunicação de manutenção: US $ 3,2 milhões.

Soluções de transporte personalizado

A Kirby Corporation fornece soluções de transporte personalizadas para 68 diferentes verticais do setor, com uma taxa média de retenção de clientes de 91,4%.

Setor da indústria	Soluções personalizadas oferecidas
Transporte químico	47 configurações de frota especializadas
Produtos de petróleo	39 configurações de frota especializadas

Gerenciamento de relacionamento específico do setor

As estratégias de gerenciamento de relacionamento geram US $ 672 milhões em receita recorrente para a Kirby Corporation em 2023, representando 44% da receita total da empresa.

• Gerentes verticais da indústria dedicados
• Mecanismos de relatórios personalizados
• Processos anuais de revisão de desempenho

Kirby Corporation (KEX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Kirby Corporation mantém uma equipe de vendas direta de aproximadamente 750 profissionais em várias regiões.

Região de vendas	Número de representantes de vendas	Volume médio de vendas anual
Costa do Golfo	325	US $ 187,6 milhões
Mississippi River System	225	US $ 142,3 milhões
Vias navegáveis ​​interiores	200	US $ 115,9 milhões

Rede de transporte marinho

A Kirby Corporation opera uma infraestrutura abrangente de transporte marinho.

• Tamanho total da frota: 1.150 navios
• Barcaças do tanque interior: 894
• Barcaça no tanque offshore: 156
• Tugboats: 100

Plataformas de serviço online

Os canais digitais representam 22,4% da estratégia de envolvimento do cliente da Kirby.

Plataforma online	Usuários ativos mensais	Volume de transação
Portal de clientes kex	4,750	US $ 62,3 milhões/mês
Sistema de reserva de carga digital	3,200	US $ 47,6 milhões/mês

Conferências e feiras do setor

A Kirby Corporation participa de 18 principais conferências marítimas e industriais anualmente.

• Conferência Marítima da América do Norte
• Expo Marítima Internacional
• Conferência de Transporte Químico
• Conferência de Vias Águas Interior

Parcerias da indústria marítima

Kirby mantém parcerias estratégicas com 42 organizações marítimas e industriais importantes.

Tipo de parceria	Número de parceiros	Receita colaborativa anual
Indústria química	17	US $ 285,6 milhões
Setor de energia	15	US $ 241,3 milhões
Transporte agrícola	10	US $ 172,9 milhões

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

Empresas de fabricação química

A Kirby Corporation atende 78 principais empresas de fabricação química nos Estados Unidos a partir de 2023.

Detalhes do segmento	Número de clientes	Contribuição anual da receita
Fabricantes de produtos químicos especializados	42	US $ 287,6 milhões
Produtores químicos industriais	36	US $ 213,4 milhões

Produtores de petróleo e energia

A Kirby Corporation fornece serviços de transporte para 62 empresas de produção de petróleo e energia.

• Clientes offshore de produção de petróleo: 24
• Produtores de petróleo onshore: 38

Setor de energia	Contagem de clientes	Volume anual de transporte
Produtores de energia da Costa do Golfo	42	3,2 milhões de barris
Produtores de energia interior	20	1,7 milhão de barris

Transportadores de produtos agrícolas

A Kirby Corporation atende a 45 clientes de transporte de produtos agrícolas.

Segmento agrícola	Quebra de cliente	Receita anual
Transporte de grãos	28 clientes	US $ 156,3 milhões
Transporte de fertilizantes	17 clientes	US $ 92,7 milhões

Fornecedores de materiais industriais

A Kirby Corporation suporta 53 fornecedores de materiais industriais.

• Fornecedores de Material de Metalworking: 22
• Transportadores de material de construção: 31

Tipo de material	Número de clientes	Volume de transporte
Fornecedores de trabalho em metal	22	1,5 milhão de toneladas
Fornecedores de materiais de construção	31	2,3 milhões de toneladas

Retipadores comerciais em larga escala

A Kirby Corporation fornece serviços a 67 clientes de remessas comerciais em larga escala.

Categoria de envio	Contagem de clientes	Contribuição anual da receita
Retregadores de carga a granel	42	US $ 329,5 milhões
Transportadores de carga especializados	25	US $ 214,2 milhões

Kirby Corporation (KEX) - Modelo de negócios: estrutura de custos

Manutenção e aquisição da frota

A partir de 2024, os custos de manutenção e aquisição da Kirby Corporation são significativos:

Categoria de custo	Valor anual
Novas aquisições de embarcações	US $ 187,3 milhões
Despesas de manutenção da frota	US $ 94,6 milhões
Reparo e revisão de embarcações	US $ 62,4 milhões

Despesas operacionais e de combustível

Remutação de custos de combustível operacional:

• Despesas anuais de combustível: US $ 213,7 milhões
• Custo médio de combustível por embarcação: US $ 1,2 milhão
• Investimentos de eficiência de combustível: US $ 8,5 milhões

Custos de pessoal e treinamento

Categoria de despesa de pessoal	Valor anual
Despesas de salário total	US $ 276,9 milhões
Treinamento e desenvolvimento	US $ 7,3 milhões
Benefícios e saúde	US $ 48,2 milhões

Investimentos de tecnologia e infraestrutura

Detalhes de investimento em tecnologia:

• Gastos de infraestrutura digital: US $ 22,6 milhões
• Investimentos de segurança cibernética: US $ 5,4 milhões
• Atualizações de tecnologia de navegação: US $ 12,8 milhões

Despesas de conformidade regulatória

Categoria de conformidade	Despesas anuais
Conformidade ambiental	US $ 16,7 milhões
Adesão à regulamentação de segurança	US $ 9,3 milhões
Consultoria legal e regulatória	US $ 4,5 milhões

Kirby Corporation (KEX) - Modelo de negócios: fluxos de receita

Taxas de transporte marítimo interior

A Kirby Corporation registrou receitas de transporte marítimo de US $ 1,97 bilhão em 2022, com o transporte de barcaça de tanques interiores representando uma parcela significativa desse segmento.

Segmento de transporte	Receita (2022)	Porcentagem de total
Barcaças do tanque interior	US $ 1,3 bilhão	66%
Barcaças de tanques costeiras	US $ 670 milhões	34%

Leasing e aluguel de equipamentos

A Kirby Corporation gera receita através de equipamentos de transporte marítimo de leasing para vários clientes industriais.

• Taxa média de utilização da frota: 95%
• Frota total de equipamentos marítimos: 1.173 barcaças de tanques
• Frota total de equipamentos marítimos: 280 rebocadores

Serviço marítimo e receita de reparo

O segmento de serviços marítimos gerou US $ 434 milhões em receita para 2022, com foco no motor a diesel e nos serviços de reparo de equipamentos de redução.

Tipo de serviço	Contribuição da receita
Reparo do motor a diesel	US $ 267 milhões
REPARO DE REPARAÇÃO DE REDUÇÃO	US $ 167 milhões

Serviços de consultoria de logística

A Kirby fornece serviços especializados de consultoria de logística em vários setores industriais, gerando fluxos de receita suplementares.

Contratos de transporte de longo prazo

Os contratos de longo prazo representam aproximadamente 65% da receita de transporte marítimo de Kirby, fornecendo renda estável e previsível.

Duração do contrato	Porcentagem de receita
Contratos de 1-3 anos	45%
Contratos de 3-5 anos	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.