WORLD KINECT CORP

Listed Company

WKCCIK 0000789460NYSELarge AcceleratedWholesale-Petroleum & Petroleum Products (No Bulk Stations)FloridaFY ends Dec 31

Period

FY 2025

Revenue

$36.92B

Net Income

$-614.40M

Total Assets

$5.86B

Equity

$1.30B

Shares Out

51.36M

Op. Cash Flow

$292.90M

Business

WORLD KINECT CORP is a global energy management company offering fuel supply, procurement and related services to transportation and other customers. It supplies aviation, marine and land fuels, lubricants, renewable lower‑carbon fuels, natural gas and power, and offers fuel management, logistics and sustainability services. Operations are organized into three segments—aviation, land and marine—providing resale, contract and spot sales and ancillary services. The company operates in the U.S. and international jurisdictions, serving airlines, shipping fleets, commercial, industrial, residential and government customers via on‑airport fueling, storage terminals, cardlock networks and third‑party distribution.

Summary from filing dated 2025-02-25

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
Revenue	36,917	42,168	47,711	59,043	31,337
Cost of revenue	35,969	41,142	46,652	57,954	30,549
Gross profit	948	1,026	1,058	1,089	788
Compensation and employee benefits	437	483	512	507	387
General and administrative	283	297	308	309	248
Goodwill and other asset impairments	690	29	33	600,000	5
Restructuring and Exit Activities Charges	103	7	7	−800,000	7
Total operating expenses	1,513	816	860	816	646
Income (loss) from operations	−565	211	198	273	143
Interest expense and other financing costs, net	−101	−102	−128	−111	—
Other income (expense), net	−74	−13	−4	−18	−2
Total non-operating income (expense), net	−175	−115	−131	−128	−43
Income (loss) before income taxes	−740	96	67	145	100
Income tax expense (benefit)	−128	28	13	29	26
Net income (loss) including noncontrolling interest	−612	68	54	116	74
Net income (loss) attributable to noncontrolling interest	3	500,000	800,000	2	500,000
Net income (loss) attributable to World Kinect	−614	67	53	114	74
Basic earnings (loss) per common share (in dollars per share)	−10.99	1.14	0.86	1.83	1.17
Basic weighted average common shares (in shares)	56	59	61	62	63
Diluted earnings (loss) per common share (in dollars per share)	−10.99	1.13	0.86	1.82	1.16
Diluted weighted average common shares (in shares)	56	60	62	63	63
Foreign currency translation adjustments	75	67	20	−46	−14
Cash flow hedges, net of income tax expense (benefit) of ($0.3), ($3.5), and ($2.7) for 2025, 2024, and 2023, respectively	−900,000	−10	−8	22	10
Total other comprehensive income (loss)	74	58	12	−24	−4
Comprehensive income (loss) including noncontrolling interest	−538	126	66	92	70
Comprehensive income (loss) attributable to noncontrolling interest	3	500,000	800,000	2	500,000
Comprehensive income (loss) attributable to World Kinect	−541	125	65	90	70

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	194	383	304	—	—
Accounts receivable, net of allowance for credit losses of $15.6 million and $22.5 million as of December 31, 2025 and 2024, respectively	2,200	2,400	2,700	3,300	2,400
Inventories	454	514	665	780	478
Prepaid expenses	87	71	78	84	59
Short-term derivative assets, net	101	177	275	302	169
Other current assets	457	382	446	480	306
Total current assets	3,501	3,959	4,504	5,238	4,020
Property and equipment, net	348	513	515	484	349
Goodwill	738	1,182	1,238	1,233	862
Identifiable intangible assets, net	312	261	300	336	189
Other non-current assets	966	816	819	—	—
Total assets	5,864	6,732	7,375	8,165	5,942
Current maturities of long-term debt	12	84	79	16	31
Accounts payable	2,587	2,727	3,098	3,530	2,400
Short-term derivative liabilities, net	53	92	128	325	168
Accrued expenses and other current liabilities	659	536	745	738	293
Total current liabilities	3,310	3,438	4,050	4,609	3,097
Long-term debt	685	797	809	830	478
Other long-term liabilities	560	541	567	735	237
Total liabilities	4,556	4,776	5,426	6,174	4,026
Commitments and contingencies	—	—	—	—	—
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0	0	0	0	0
Common stock, $0.01 par value; 100.0 shares authorized, 54.1 and 56.7 issued and outstanding as of December 31, 2025 and 2024, respectively	500,000	600,000	600,000	600,000	600,000
Capital in excess of par value	0	30	110	182	168
Retained earnings	1,316	2,009	1,982	1,963	1,881
Accumulated other comprehensive income (loss)	−17	−91	−149	−161	−137
Total World Kinect shareholders' equity	1,299	1,949	1,943	1,985	1,913
Noncontrolling interest	9	7	7	6	4
Total equity	1,308	1,956	1,950	1,991	1,917
Total liabilities and equity	5,864	6,732	7,375	8,165	5,942

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
Unrealized (gain) loss on derivatives	28	25	−268	180	15
(Gain) loss on sale of business	82	15	−2	8	—
Depreciation and amortization	98	106	105	108	—
Noncash operating lease expense	37	36	35	35	—
Provision for credit losses	4	12	5	8	6
Share-based payment award compensation costs	26	28	24	18	20
Deferred income tax expense (benefit)	−176	−15	−31	−19	—
Unrealized foreign currency (gains) losses, net	14	31	−17	22	−3
Other	45	17	25	23	14
Accounts receivable, net	106	259	569	−871	−1,133
Inventories	1	133	187	−252	−135
Prepaid expenses	−19	−2	7	−25	−11
Other current assets	−27	21	−31	−124	−33
Cash collateral with counterparties	45	105	169	−253	23
Other non-current assets	−92	−118	−88	−12	−35
Change in derivative assets and liabilities, net	8	−3	−5	3	17
Accounts payable	−33	−356	−442	1,108	1,189
Accrued expenses and other current liabilities	45	−164	−48	148	—
Other long-term liabilities	22	34	−10	−81	—
Net cash provided by (used in) operating activities	293	260	271	139	173
Acquisition of business, net of cash acquired	−154	−40	−14	−644	−37
Proceeds from sale of business, net of divested cash	23	209	9	0	—
Capital expenditures	−66	−68	−88	−79	−39
Other investing activities, net	26	−36	−9	−3	−7
Net cash provided by (used in) investing activities	−170	65	−101	−725	−58
Borrowings of debt	3,602	3,844	5,922	6,945	300,000
Repayments of debt	−3,774	−3,876	−6,224	−6,611	−24
Issuance of Convertible Notes	0	0	350	0	0
Dividends paid on common stock	−41	−39	−34	−31	−29
Repurchases of common stock	−85	−100	−60	−49	−51
Purchase of convertible note hedges	0	0	−71	0	0
Sale of warrants	0	0	40	0	0
Payments of deferred consideration for acquisitions	−7	−52	−63	−12	—
Other financing activities, net	−10	−8	−12	−5	−800,000
Net cash provided by (used in) financing activities	−315	−231	−152	237	−114
Cash and cash equivalents	−600,000	0	0	—	—
Effect of exchange rate changes on cash and cash equivalents	3	−15	−12	—	—
Net increase (decrease) in cash and cash equivalents	−189	79	6	−354	−7

Filings

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