Matson, Inc.

Listed Company

MATXCIK 0000003453NYSELarge AcceleratedWater TransportationHawaiiFY ends Dec 31

Period

FY 2025

Revenue

$3.34B

Net Income

$444.80M

Total Assets

$4.64B

Equity

$2.76B

Shares Out

30.44M

Op. Cash Flow

$547.10M

Business

Matson, Inc. is a holding company that provides ocean transportation and logistics services. It offers ocean freight carriage (containership, roll-on/roll-off and barge services), expedited China–U.S. services, Japan, Guam, Micronesia, Alaska and South Pacific trades, terminal and stevedoring services, refrigerated cargo handling and inland transportation, plus logistics offerings. The company operates through two reportable segments—Ocean Transportation (Matson Navigation Company) and Logistics (Matson Logistics), and holds a 35% interest in SSAT terminal operations. Matson serves markets across the U.S. West Coast, Hawaii, Alaska, Guam, Micronesia, Asia and North America using owned and chartered vessels, terminals, intermodal and warehousing networks.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Operating Revenue	3,345	3,422	3,095	4,343	3,925
Operating costs	−2,583	−2,566	−2,471	−2,812	−2,558
Income (Loss) from SSAT	33	−1	2	83	56
General and administrative	−294	−304	−283	−261	—
Total Costs and Expenses	−2,845	−2,871	−2,752	−2,989	−2,738
Operating Income	500	551	343	1,354	1,188
Interest income	32	48	36	8	—
Interest expense, net	−7	−8	−12	−18	—
Other income (expense), net	9	7	6	9	6
Income before Taxes	534	599	373	1,352	1,171
Income taxes	−89	−123	−76	−288	−244
Net Income	445	476	297	1,064	927
Net change in pension and post-retirement liabilities	6	3	−3	24	20
Other adjustments	2	−2	1	200,000	−500,000
Total Other Comprehensive Income (Loss), Net of Income Taxes	8	2	−1	24	20
Total Comprehensive Income	453	478	296	1,088	947
Basic Earnings Per Share (in dollars per share)	13.99	14.14	8.42	27.28	21.67
Diluted Earnings Per Share (in dollars per share)	13.81	13.93	8.32	27.07	21.47
Basic (in shares)	32	34	35	39	43
Diluted (in shares)	32	34	36	39	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	142	267	134	250	282
Accounts receivable, net of allowance for credit losses of $8.6 million and $9.8 million, respectively	257	269	279	269	344
Prepaid expenses and other assets	73	74	189	241	78
Total current assets	472	610	602	760	705
Investment in SSAT	96	84	86	81	59
Property and equipment, net	2,499	2,261	2,090	1,963	1,878
Operating lease right-of-use assets	370	358	290	397	435
Goodwill	328	328	328	328	328
Intangible assets, net	147	159	176	175	181
Capital Construction Fund	533	643	599	—	—
Deferred dry-docking costs, net	95	74	57	55	69
Other long-term assets	97	80	66	54	39
Total long-term assets	4,164	3,986	3,692	3,570	2,989
Total Assets	4,636	4,595	4,295	4,330	3,693
Current portion of debt	40	40	40	77	65
Accounts payable and accruals	245	269	278	256	308
Operating lease liabilities	129	129	137	144	138
Other liabilities	114	123	108	106	101
Total current liabilities	527	560	562	582	612
Long-term debt, net of deferred loan fees	312	351	389	428	550
Long-term operating lease liabilities	247	230	159	263	307
Deferred income taxes, net	702	693	669	647	425
Other long-term liabilities	88	109	114	115	131
Total long-term liabilities	1,349	1,383	1,332	1,452	1,413
Commitments and Contingencies (see Note 17)	—	—	—	—	—
Common stock - common stock without par value; authorized, 150 million shares ($0.75 stated value per share): 30.4 million and 33.0 million shares outstanding at December 31, 2025 and 2024, respectively	23	25	26	27	31
Additional paid in capital	295	297	293	290	314
Accumulated other comprehensive loss, net	2	−7	−8	−7	−31
Retained earnings	2,439	2,337	2,090	1,986	1,354
Total shareholders' equity	2,759	2,652	2,401	2,297	1,667
Total Liabilities and Shareholders' Equity	4,636	4,595	4,295	4,330	3,693

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	445	476	297	1,064	927
Depreciation and amortization	167	153	142	139	136
Amortization of operating lease right-of-use assets	133	134	142	153	103
Deferred income taxes, net	8	21	20	90	33
(Gain) Loss on disposal of property and equipment	−4	−2	600,000	−2	−800,000
Share-based compensation expense	23	27	24	18	19
Distributions from SSAT	21	14	—	47	47
Other	−7	−10	−500,000	2	—
Accounts receivable, net	12	10	−11	75	−90
Deferred dry-docking payments	−49	−30	−24	−26	−36
Deferred dry-docking amortization	29	27	25	25	24
Prepaid expenses and other assets	−25	95	34	−45	−48
Accounts payable, accruals and other liabilities	−34	−6	11	−32	40
Operating lease assets and liabilities, net	−128	−140	−145	−154	−100
Other long-term liabilities	−11	−2	−2	−300,000	−14
Net cash provided by operating activities	547	768	511	1,272	984
Capitalized vessel construction expenditures	−244	−96	−53	−62	−15
Capital expenditures (excluding vessel construction expenditures)	−149	−215	−196	−147	−310
Proceeds from disposal of property and equipment, net	9	6	1	1	2
Payments for asset acquisitions	—	−800,000	−12	−3	—
Cash and interest deposits into Capital Construction Fund	−119	−121	−129	−583	−31
Withdrawals from Capital Construction Fund	237	90	50	65	31
Net cash used in investing activities	−266	−336	−338	−729	−323
Repayments of debt	−40	−40	−77	−112	−59
Payments of deferred loan fees	−2	—	—	—	−3
Dividends paid	−45	−45	−45	−48	−46
Repurchase of Matson common stock	−303	−199	−155	−397	−198
Tax withholding related to net share settlements of restricted stock units	−16	−18	−13	−20	−14
Net cash used in financing activities	−406	−301	−290	−577	−393
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	−125	131	−117	−34	268
Interest paid, net of capitalized interest	5	6	11	16	19
Income tax paid, net of income tax refunds (see Note 10)	86	−27	8	215	242
Capital expenditures included in accounts payable, accruals and other liabilities	2	8	11	6	—
Non-cash payments for intangible asset acquisitions	—	—	3	2	—

Filings

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