WORLD KINECT CORPWKC
WORLD KINECT CORP Segments Disclosure
15. Business Segments, Geographic Information, and Major Customers
Business Segments
We operate in three reportable segments consisting of aviation, land, and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. Our Chief Executive Officer is the CODM. The CODM uses Income from operations as the primary measure of segment profit. The CODM considers Income from operations when assessing budget to actual variances as part of the annual budgeting and forecasting process, in order to evaluate performance and make decisions about the allocation of capital and other resources to each segment.
In our aviation segment, we provide global aviation fuel supply and comprehensive service solutions to major commercial, international, and regional airlines, cargo carriers, airports, fixed-based operators, corporate fleets, and charter and fractional operators. We also supply fuel and provide services to U.S. and foreign government and military customers.
In our land segment, we sell liquid fuels, natural gas, and related products and services to commercial, industrial, and government customers, as well as retail fuel outlets under long-term contracts. As discussed in Note 16. Restructuring and Exit Activities, management has initiated actions to execute a plan to exit certain operations within the land segment, including direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, that are no longer profitable or not aligned with the Company's core business and corporate strategy.
In our marine segment, we market fuel, lubricants, and related products and services to a broad base of marine customers, including international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time-charter operators, U.S. and foreign governments, as well as other fuel suppliers.
Within each of our segments, we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs. Certain corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.
Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions):
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||
Aviation | Land | Marine | Total | ||||||||||||||||||||
| Revenue | $ | 18,993.6 | $ | 10,240.0 | $ | 7,683.1 | $ | 36,916.6 | |||||||||||||||
Segment expenses: | |||||||||||||||||||||||
| Cost of revenue | (18,467.3) | (9,941.6) | (7,560.0) | (35,968.8) | |||||||||||||||||||
Compensation and related costs | (118.2) | (144.4) | (32.4) | (294.9) | |||||||||||||||||||
| Incentive compensation | (27.1) | (10.2) | (8.8) | (46.2) | |||||||||||||||||||
Corporate allocations (1) | (37.5) | (16.2) | (21.1) | (74.8) | |||||||||||||||||||
Depreciation and amortization | (17.9) | (35.4) | (1.1) | (54.5) | |||||||||||||||||||
Provision for credit losses | (5.1) | 1.6 | (0.4) | (3.9) | |||||||||||||||||||
Goodwill and other asset impairments | 0.1 | (654.7) | (35.1) | (689.6) | |||||||||||||||||||
| Restructuring and exit costs | (6.9) | (65.8) | (1.8) | (74.5) | |||||||||||||||||||
Other segment expenses (2) | (54.5) | (66.1) | (21.4) | (142.0) | |||||||||||||||||||
Operating income - segment profit (loss) | 259.1 | (692.6) | 0.9 | (432.6) | |||||||||||||||||||
Unallocated corporate expenses (3) | (132.2) | ||||||||||||||||||||||
| Interest expense and other financing costs, net | (100.6) | ||||||||||||||||||||||
| Other income (expense), net | (74.3) | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | (739.7) | |||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||
| Aviation | Land | Marine | Total | ||||||||||||||||||||
| Revenue | $ | 20,469.1 | $ | 12,811.7 | $ | 8,887.2 | $ | 42,168.0 | |||||||||||||||
Segment expenses: | |||||||||||||||||||||||
| Cost of revenue | (19,983.6) | (12,427.2) | (8,730.8) | (41,141.6) | |||||||||||||||||||
Compensation and related costs | (114.0) | (175.6) | (32.7) | (322.3) | |||||||||||||||||||
| Incentive compensation | (26.0) | (17.9) | (12.6) | (56.6) | |||||||||||||||||||
Corporate allocations (1) | (37.2) | (17.1) | (22.1) | (76.4) | |||||||||||||||||||
Depreciation and amortization | (16.2) | (37.8) | (1.1) | (55.1) | |||||||||||||||||||
Provision for credit losses | (2.5) | (10.2) | 0.7 | (12.1) | |||||||||||||||||||
Goodwill and other asset impairments | (0.1) | (6.9) | — | (7.0) | |||||||||||||||||||
| Restructuring and exit costs | (0.1) | (3.2) | (3.3) | (6.6) | |||||||||||||||||||
Other segment expenses (2) | (49.0) | (74.6) | (20.4) | (144.0) | |||||||||||||||||||
Operating income - segment profit (loss) | 240.4 | 41.1 | 64.8 | 346.3 | |||||||||||||||||||
Unallocated corporate expenses (3) | (135.7) | ||||||||||||||||||||||
| Interest expense and other financing costs, net | (102.2) | ||||||||||||||||||||||
| Other income (expense), net | (12.9) | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 95.5 | |||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Aviation | Land | Marine | Total | ||||||||||||||||||||
| Revenue | $ | 23,275.1 | $ | 15,189.9 | $ | 9,245.6 | $ | 47,710.6 | |||||||||||||||
Segment expenses: | |||||||||||||||||||||||
| Cost of revenue | (22,789.3) | (14,790.1) | (9,073.0) | (46,652.4) | |||||||||||||||||||
Compensation and related costs | (124.7) | (176.4) | (33.1) | (334.2) | |||||||||||||||||||
| Incentive compensation | (31.5) | (29.3) | (13.2) | (74.1) | |||||||||||||||||||
Corporate allocations (1) | (40.0) | (19.9) | (23.8) | (83.7) | |||||||||||||||||||
Depreciation and amortization | (19.9) | (38.3) | (1.2) | (59.3) | |||||||||||||||||||
Provision for credit losses | (2.7) | (2.2) | 0.1 | (4.8) | |||||||||||||||||||
Goodwill and other asset impairments | (0.8) | (12.8) | — | (13.7) | |||||||||||||||||||
| Restructuring and exit costs | (1.5) | (4.0) | — | (5.5) | |||||||||||||||||||
Other segment expenses (2) | (55.9) | (76.8) | (19.1) | (151.8) | |||||||||||||||||||
Operating income - segment profit (loss) | 208.8 | 40.1 | 82.3 | 331.2 | |||||||||||||||||||
Unallocated corporate expenses (3) | (133.2) | ||||||||||||||||||||||
| Interest expense and other financing costs, net | (127.7) | ||||||||||||||||||||||
| Other income (expense), net | (3.6) | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 66.7 | |||||||||||||||||||||
(1)Includes allocations of compensation costs and general and administrative expenses.
(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.
(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments in non-core businesses.
Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
Aviation | Land | Marine | Segment Total | Corporate - Unallocated | Consolidated | ||||||||||||||||||||||||||||||
Depreciation and amortization (1) | $ | 31.1 | $ | 57.1 | $ | 2.9 | $ | 91.2 | $ | 7.0 | $ | 98.2 | |||||||||||||||||||||||
Capital expenditures | 31.8 | 19.8 | 5.4 | 57.1 | 8.5 | 65.6 | |||||||||||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
Aviation | Land | Marine | Segment Total | Corporate - Unallocated | Consolidated | ||||||||||||||||||||||||||||||
Depreciation and amortization (1) | $ | 28.1 | $ | 67.0 | $ | 3.6 | $ | 98.7 | $ | 7.7 | $ | 106.4 | |||||||||||||||||||||||
Capital expenditures | 34.1 | 21.5 | 7.4 | 63.0 | 5.2 | 68.2 | |||||||||||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Aviation | Land | Marine | Segment Total | Corporate - Unallocated | Consolidated | ||||||||||||||||||||||||||||||
Depreciation and amortization (1) | $ | 32.0 | $ | 61.3 | $ | 3.6 | $ | 96.8 | $ | 7.7 | $ | 104.5 | |||||||||||||||||||||||
Capital expenditures | 25.3 | 42.5 | 8.7 | 76.4 | 11.1 | 87.6 | |||||||||||||||||||||||||||||
(1)Total depreciation and amortization as presented includes charges classified within Cost of revenue and Operating expenses in our Consolidated Statements of Income and Comprehensive Income.
Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Accounts receivable, net: | |||||||||||
| Aviation segment | $ | 1,119.7 | $ | 1,166.2 | |||||||
| Land segment | 592.5 | 651.1 | |||||||||
| Marine segment | 496.2 | 615.3 | |||||||||
| Total accounts receivable, net | $ | 2,208.5 | $ | 2,432.6 | |||||||
| Total assets: | |||||||||||
| Aviation segment | $ | 2,588.7 | $ | 2,548.2 | |||||||
| Land segment | 2,131.3 | 2,970.6 | |||||||||
| Marine segment | 701.4 | 929.6 | |||||||||
| Total reportable segment assets | 5,421.4 | 6,448.5 | |||||||||
| Corporate and other | 442.5 | 283.3 | |||||||||
| Total assets | $ | 5,863.9 | $ | 6,731.8 | |||||||
Geographic Information
Information concerning our revenue and property and equipment, net, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions):
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||
| United States | $ | 19,280.0 | $ | 20,905.1 | $ | 25,403.7 | |||||||||||
EMEA (1) | 7,941.6 | 9,672.9 | 10,003.2 | ||||||||||||||
Asia Pacific (2) | 4,568.4 | 5,366.0 | 5,430.7 | ||||||||||||||
| Americas, excluding United States | 5,126.6 | 6,224.0 | 6,873.0 | ||||||||||||||
Total (3) | $ | 36,916.6 | $ | 42,168.0 | $ | 47,710.6 | |||||||||||
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Property and equipment, net: | |||||||||||
| United States | $ | 226.4 | $ | 325.2 | |||||||
| EMEA | 76.4 | 141.4 | |||||||||
| Asia Pacific | 11.7 | 10.3 | |||||||||
| Americas, excluding United States | 33.8 | 36.4 | |||||||||
| Total | $ | 348.4 | $ | 513.3 | |||||||
(1)Includes revenue related to the U.K. of $3.1 billion, $4.8 billion and $5.3 billion for 2025, 2024 and 2023, respectively.
(2)Includes revenue related to Singapore of $4.5 billion, $5.3 billion and $5.3 billion for 2025, 2024 and 2023, respectively.
(3)Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 13. Revenue from Contracts with Customers.
Major Customers
For the years ended December 31, 2025, 2024, and 2023, none of our customers accounted for more than 10% of total consolidated revenue.
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 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 16, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.