WORLD KINECT CORPWKC
WORLD KINECT CORP Revenue Disclosure
13. Revenue from Contracts with Customers
The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months.
We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price.
Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered.
Our contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month).
We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip support services, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services.
Disaggregated Revenue
The following table presents our revenues from contracts with customers disaggregated by major geographic areas, based on the country of incorporation of the relevant subsidiary (in millions):
| For the Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Aviation | $ | 1,021.7 | $ | 1,106.8 | $ | 1,151.9 | ||||||||||||||
| Land | 68.4 | 113.5 | 153.9 | |||||||||||||||||
| Marine | 3,512.0 | 4,181.0 | 4,235.6 | |||||||||||||||||
| Asia Pacific | 4,602.0 | 5,401.3 | 5,541.5 | |||||||||||||||||
| Aviation | 4,375.1 | 4,641.7 | 4,320.6 | |||||||||||||||||
| Land | 1,560.2 | 2,798.2 | 3,224.8 | |||||||||||||||||
| Marine | 1,973.5 | 2,213.6 | 2,475.9 | |||||||||||||||||
| EMEA | 7,908.7 | 9,653.5 | 10,021.2 | |||||||||||||||||
| Aviation | 3,720.1 | 3,785.7 | 4,167.4 | |||||||||||||||||
| Land | 0.1 | 918.1 | 1,010.4 | |||||||||||||||||
| Marine | 700.6 | 771.7 | 806.0 | |||||||||||||||||
| LATAM | 4,420.8 | 5,475.5 | 5,983.8 | |||||||||||||||||
| Aviation | 9,846.7 | 10,913.1 | 13,625.0 | |||||||||||||||||
| Land | 8,625.0 | 9,108.6 | 10,993.5 | |||||||||||||||||
| Marine | 1,493.9 | 1,720.9 | 1,728.7 | |||||||||||||||||
| North America | 19,965.7 | 21,742.5 | 26,347.3 | |||||||||||||||||
Other revenues (excluded from ASC 606) (1) | 19.4 | (104.7) | (183.2) | |||||||||||||||||
| Total revenue | $ | 36,916.6 | $ | 42,168.0 | $ | 47,710.6 | ||||||||||||||
(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.
Accounts Receivable, Contract Assets, and Contract Liabilities
The nature of the receivables related to revenue from contracts with customers and other types of contracts (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., sale of fuel and storage that meet the definition of a lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Consolidated Balance Sheets. Furthermore, as of December 31, 2025 and 2024, the contract assets and contracts liabilities recognized by the Company were not material.
Other Contract Balances
Outside of contract assets and liabilities recognized by the Company, we have consideration paid to customers and receivable from vendors. The following table presents these balances and their locations on the Consolidated Balance Sheets (in millions):
| As of December 31, | ||||||||||||||||||||
Balance | Consolidated Balance Sheets location | 2025 | 2024 | |||||||||||||||||
Consideration paid to customers - current | Other current assets | $ | 61.0 | $ | 55.1 | |||||||||||||||
Consideration paid to customers - noncurrent | Other non-current assets | 407.9 | 371.4 | |||||||||||||||||
Consideration received from vendors - current | Accrued expenses and other current liabilities | 27.3 | 25.8 | |||||||||||||||||
Consideration received from vendors - noncurrent | Other long-term liabilities | 239.5 | 207.6 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 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.