Kirby (KEX) Cash Flow: Operating & Free Cash Flow

Kirby Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Kirby Corporation (KEX) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	355.42	286.90	222.91	122.76	-246.77	-271.59	143.02	79.08	310.97
Depreciation & Amortization	293.62	240.32	211.16	201.44	213.72	219.92	219.63	224.97	202.88
Deferred Income Tax	82.46	31.39	65.30	37.78	-44.42	25.16	46.84	34.88	-256.26
Stock Based Compensation	17.56	15.55	14.94	13.87	15.71	14.72	13.61	19.10	11.46
Change in Working Capital	-75.90	93.06	4.91	-103.38	15.95	-138.27	36.57	-117.39	-51.95
Change in Accounts Receivable	16.58	40.46	-50.14	-31.55	29.13	-124.94	43.08	-484.03	-569.16
Change in Inventory	3.89	12.15	7.69	-127.10	-19.25	47.08	122.77	-144.69	19.67
Change in Accounts Payable	-18.61	12.63	53.33	77.97	15.95	-39.80	-57.41	22.62	20.76
Change in Other Working Capital	-48.37	32.98	25.63	28.75	-9.88	-20.61	-71.88	488.71	476.78
Other Operating Activities	135.81	32.98	25.63	28.75	367.39	595.00	52.15	106.35	136.28
Net Cash from Operating Activities	670.20	756.49	540.23	294.13	321.58	444.94	511.81	347.00	353.38
Investing Activities
Capital Expenditures	-264.47	-342.66	-401.73	-172.61	-98.02	-148.19	-248.16	-301.86	-177.22
Acquisitions	-115.72	-77.86	-37.50	-3.90	-9.12	-354.97	-262.49	-533.90	-470.10
Other Investing Activities	-3.00	20.40	26.08	36.91	51.34	17.31	57.66	53.14	54.23
Net Cash from Investing Activities	-352.18	-400.13	-413.15	-139.60	-55.79	-485.85	-453.00	-782.62	-593.09
Financing Activities
Debt Repayment	44.13	-143.84	-350.00	-395.00	-308.11	100.02	-42.38	420.84	256.14
Common Stock Issued	4.95	9.42	4.21	3.89	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-360.18	-174.57	-112.80	-22.90	0.00	-3.19	0.00	-0.78	-2.88
Other Financing Activities	-2.59	-5.50	-5.26	-6.11	-3.21	-0.32	0.50	3.25	-1.95
Net Cash from Financing Activities	-313.69	-314.50	-175.08	-108.76	-311.31	96.51	-41.88	423.32	254.18
Summary
Net Change in Cash	4.33	41.87	-48.00	45.76	-45.53	55.60	16.94	-12.30	14.47
Cash at Beginning of Period	74.44	32.58	80.58	34.81	80.34	24.74	7.80	20.10	5.63
Cash at End of Period	78.78	74.44	32.58	80.58	34.81	80.34	24.74	7.80	20.10
Free Cash Flow	405.73	413.83	138.50	121.52	223.56	296.76	263.65	45.14	176.16
Supplemental Disclosures
Interest Paid	46.27	49.06	49.32	42.82	40.88	-	-	-	-
Income Taxes Paid	84.00	19.57	-65.79	2.55	-116.65	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Kirby Cash Flow

What is Kirby's free cash flow?

Kirby generated free cash flow of $405.73M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $670.20M minus $264.47M of capital expenditures. That was down 2.0% from $413.83M a year earlier. Free cash flow equaled 12.1% of revenue.

How much does Kirby spend on capital expenditures?

Kirby spent $264.47M on capital expenditures in fiscal 2025, compared with $342.66M a year earlier. That equals 39.5% of operating cash flow.

Does Kirby pay dividends or buy back shares?

Yes. In fiscal 2025 Kirby returned $360.18M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition