KIRBY CORP Revenue Disclosure
(3) Revenues
The following table sets forth the Company’s revenues by major source (in thousands):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Marine transportation segment: |
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Inland transportation |
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$ |
1,548,138 |
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$ |
1,553,232 |
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$ |
1,416,483 |
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Coastal transportation |
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387,167 |
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359,818 |
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|
305,454 |
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$ |
1,935,305 |
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$ |
1,913,050 |
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$ |
1,721,937 |
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Distribution and services segment: |
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Commercial and industrial |
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$ |
651,354 |
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$ |
621,991 |
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$ |
624,581 |
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Power generation |
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610,217 |
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|
|
484,972 |
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|
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403,576 |
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Oil and gas |
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167,174 |
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245,863 |
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341,546 |
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$ |
1,428,745 |
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$ |
1,352,826 |
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$ |
1,369,703 |
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The Company’s revenue is measured based on consideration specified in its contracts with its customers. The Company recognizes revenue over time as it provides services to its customers, or at the point in time that control over a part or product transfers to its customer.
Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the years ended December 31, 2025, 2024, and 2023, that were included in the opening contract liability balances were $136.3 million, $113.8 million and $84.0 million, respectively. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did not have any contract assets at December 31, 2025 or December 31, 2024. The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.