Kirby

2024 Annual Report

Financial Highlights
In thousands, except per share amounts
As of or for the year ending December 31,
2024
2023
2022
2021
2020
*
Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financial
measures which exclude certain one-time items as defined in footnotes 1, 2, 3, 4 and 5. Management believes that the exclusion of certain one-time items from these
financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent
periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results.
** Adjusted EBITDA, defined as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairments is a
non-GAAP financial measure used by Kirby because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) and
noncash charges (impairments and depreciation and amortization).
1
The 2024 year included the following one-time items (after tax): $43.0 million, or $0.74 per share, non-cash charge associated with inventory impairment in the
distribution and services segment; and $10.9 million, or $0.19 per share, deferred tax benefit related to a change in Louisiana tax law.
2
The 2023 year included the following one-time items (after tax): $2.4 million, or $0.04 per share, strategic review and stockholder engagement expense; and $2.2 million,
or $0.04 per share, of income associated with the interest on a refund from the Internal Revenue Service.
3
The 2022 year included the following one-time items (after tax): $3.7 million, or $0.06 per share, severance and early retirement expense; and $0.6 million, or $0.01 per
share, of professional fees related to the Company’s strategic alternatives review.
4
The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastal
marine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provision
related to a change in Louisiana tax law.
5
The 2020 year included the following one-time items (after tax): $433.3 million, or $7.24 per share, non-cash charges related to inventory write-downs, impairment of
long-lived assets, including intangible assets and property and equipment, and impairment of goodwill in the distribution and services segment; and $50.8 million, or
$0.85 per share income tax benefit related to 2018 and 2019 net operating loss carrybacks under the U.S. Coronavirus Aid, Relief, and Economic Security Act.
Revenues
Marine transportation
$ 1,913,050
$ 1,721,937
$ 1,616,967
$ 1,322,918
$ 1,404,265
Distribution and services
1,352,826
1,369,703
1,617,787
923,742
767,143
$ 3,265,876
$ 3,091,640
$ 2,784,754
$ 2,246,660
$ 2,171,408
Net earnings (loss) attributable to Kirby
$
286,707
$
222,935
$
122,291
$ (246,954)
$
(272,546)
Net earnings attributable to Kirby,
$
318,7511
$
223,1162
$
126,6523
$
33,7704
$
109,9715
excluding one-time items*
Net earnings (loss) per share attributable
$
4.91
$
3.72
$
2.03
$
(4.11)
$
(4.55)
to Kirby (diluted)
Net earnings per share attributable to Kirby,
$
5.461
$
3.722
$
2.103
$
0.564
$
1.845
excluding one-time items* (diluted)
Adjusted EBITDA**
Net earnings (loss) attributable to Kirby
$
286,707
$
222,935
$
122,291
$ (246,954)
$
(272,546)
Interest expense
49,129
52,008
44,588
42,469
48,739
Provision (benefit) for taxes on income
75,867
71,220
42,214
(43,830)
(189,759)
Impairments
56,303
—
—
340,713
553,274
Depreciation and amortization
240,322
211,156
201,443
213,718
219,921
Adjusted EBITDA**
$
708,328
$
557,319
$
410,536
$
306,116
$
359,629
Property and equipment, net
$ 4,022,966
$ 3,861,105
$ 3,633,462
$ 3,678,515
$ 3,917,070
Total assets
$ 5,851,952
$ 5,722,197
$ 5,554,924
$ 5,399,063
$ 5,924,174
Long-term debt, including current portion
$
874,948
$ 1,016,595
$ 1,079,618
$ 1,163,367
$ 1,468,586
Total equity
$ 3,353,248
$ 3,186,677
$ 3,045,168
$ 2,888,782
$ 3,087,553
2024 Annual Report | Kirby Corporation

2024 in Review
2024 was a record year for Kirby. Strong execution and steady demand across 
both of our business segments resulted in record high revenue, earnings and 
cash flow. We used our cash flow to reinvest in our businesses and returned 
$175 million to stockholders via share repurchases. We remained focused 
on our strategy of being the premier marine transportation company known 
for its dependability and safety performance and also continued to adapt to 
the changing and exciting industry dynamics in the Distribution and Services 
(“KDS”) segment with a strong and growing product portfolio in power  
generation. A simple example and a testament to this shift was seen in one 
of our product areas, natural gas power generation systems, with deliveries 
approaching a Company record one gigawatt of power. 
Achieving this record year started with the foundation of our core values of Safety, People, 
Community, Integrity and Excellence. Our commitment to these values and to “No Harm”  
performance continued to be at the forefront of what we do. As you would expect, strong 
ZHML[`WLYMVYTHUJLPZOPNOS`JVYYLSH[LK^P[OZ[YVUNÄUHUJPHSWLYMVYTHUJLHUK[OPZ`LHY 
was no exception. We achieved record safety performance with our lowest Total Recordable 
Incident Rate ever.
That said, no year is ever perfect, and the Company did experience challenges along the  
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deliveries. However, strong market conditions in marine transportation and our strategic pivot 
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Strong Financial Performance
2024 revenues increased 6% to $3.3 billion, and adjusted earnings per share increased  
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HUKWYVK\JLKTPSSPVUVMJHZOÅV^MYVTVWLYH[PVUZ^OPJO^HZ\ZLK[VM\UKJHWP[HS 
expenditures, pay down debt, buy back shares, and fund acquisitions. We generated  
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MYLLJHZOÅV^NLULYH[PVU6]LYHSS^LYLWHPKTPSSPVUPUKLI[PTWYV]LKV\YKLI[[V 
capitalization ratio to 20.7%, and returned capital to stockholders by buying back $175 million 
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WVZP[PVULK2PYI`[VKLSP]LYZPNUPÄJHU[]HS\LMVYV\YZ[VJROVSKLYZHUK^LILSPL]L 
will build on this strong performance. 
To Our Stockholders
Revenues
In Millions
$3,266
$3,092
$2,785
$2,247
2024
2023
2022
2021
Adjusted Earnings Per Share1
$5.46
$3.72
$2.10
$0.56
2024
2023
2022
2021
Adjusted EBITDA2
In Millions
$708
$557
$411
$306
2024
2023
2022
2021
Total Debt
In Millions
$875
$1,017
$1,080
$1,163
2024
2023
2022
2021
1  See Financial Highlights for Adjusted Earnings  
Per Share reconciliation.
2  See Financial Highlights for Adjusted EBITDA 
reconciliation.
1
Kirby Corporation  | 2024 Annual Report

Marine Transportation Group
Kirby Marine Transportation (“KMT”) had a remarkable year with revenues increasing  
11% to a record $1.9 billion in 2024. The strong growth was primarily due to a 10% increase in 
inland marine revenues driven by increased term and spot contract pricing, steady demand, 
and strong barge utilization. Early in 2024, the inland marine business was impacted by normal 
^PU[LY^LH[OLYJVUKP[PVUZPUJS\KPUNZPNUPÄJHU[^PUKHUKOLH]`MVNHSVUN[OL.\SM*VHZ[[OH[
drove an increase in delay days and impacted our operations. However, weather conditions 
improved in the second quarter, and strong customer demand and high barge utilization drove 
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strong market conditions continued with higher spot market prices and higher term contract 
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X\HY[LY^HZJOHSSLUNLKI`HWH\ZLPUYLÄUPUNHJ[P]P[`I\[V\Y[LHTYLTHPULKMVJ\ZLKVU 
execution and kept utilization steady. Even with the decrease in activity, inland marine was 
able to conclude the year with operating margins right at 20%. 
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THYRL[K`UHTPJZKYP]LUI`Z[YVUNJ\Z[VTLYKLTHUKHUKSPTP[LKH]HPSHIPSP[`VM]LZZLSZ;OL 
YLZ\S[^HZHUPTWYLZZP]L`LHYPUIV[OVWLYH[PUNHUKÄUHUJPHSWLYMVYTHUJL;OYV\NOV\[
consistent customer demand helped maintain barge utilization in the mid to high 90% range. 
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MYVTULHYIYLHRL]LU[V[OLOPNOZPUNSL[VSV^KV\ISLKPNP[YHUNL)`[OLZLJVUKX\HY[LY 
pricing momentum persisted driven by continued strong customer demand and the limited 
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MV\Y[OX\HY[LYKLZWP[LZVTLWSHUULKZOPW`HYKTHPU[LUHUJLTHYRL[JVUKP[PVUZYLTHPULKZ[YVUN
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[OL`LHYZPZILNPUUPUN[VWH`Vќ
Distribution & Services 
The KDS segment has proactively responded to industry changes and executed well on the 
transition to power generation. Despite revenues decreasing 1% year over year in 2024, we 
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*VTWHUPLZIPNHUKZTHSSHYLPUJYLHZPUNS`YLJVNUPaPUN[OLPYULLKMVYWV^LYHUK^L 
HYLWSLHZLK[VWSH`HYVSLPUWYV]PKPUNT\S[PWSLZVS\[PVUZMVYV\YJ\Z[VTLYIHZL6\YWV^LY
generation business saw robust growth throughout the year securing several major projects  
in data centers, backup power and other industrial applications. Our power generation  
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PU[OLOPNOZPUNSLKPNP[Z>LHYLWYV\KVM[OL^H`V\Y[LHTZOH]LJVU[PU\LK[VWP]V[HUK 
embrace new opportunities. We plan to continue growing this business in the years to come. 
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WYVK\J[ZHUKZLY]PJLZPUTHYPULYLWHPY^LHSZVL_WLYPLUJLKZVM[ULZZPUVUOPNO^H`THYRL[Z
due to the ongoing trucking recession. Throughout the year, despite challenging industry and 
market dynamics, strength in marine repair and solid execution delivered higher operating 
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0UVPSHUKNHZV\YSLNHJ`I\ZPULZZJVU[PU\LK[VILJOHSSLUNLKHZJ\Z[VTLYZYLTHPULK 
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PUYL]LU\LZ`LHYV]LY`LHYPU[OLVPSHUKNHZZLNTLU[+LZWP[L[OPZJOHSSLUNPUNTHYRL[^LZLL
NYV^[OPUV\YLMYHJHUKYLSH[LKLX\PWTLU[^OPJO^LILSPL]L^PSSJVU[PU\LPU[OL`LHYZHOLHK
To Our Stockholders continued
6% 
0UJYLHZLPU 
Revenues to
$3.3
)PSSPVU
47% 
0UJYLHZLPU 
Adjusted Earning  
per Share to
$5.46
*HZO-SV^MYVT 
Operations Totaling
$756
Million
20.7% 
+LI[[V*HWP[HSPaH[PVU
Ratio, Repaid 
$144
Million in Debt
2
2024 Annual Report  | Kirby Corporation

Looking Forward
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segment. We expect continued positive market conditions in our KMT segment, and we  
expect our KDS segment to again capitalize on strong trends in power generation. 
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construction prices higher resulting in limited new supply to the market. As a result, we expect 
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factors will help drive pricing momentum that will provide for improvement in our term contract 
renewals and margins. Having said that, the industry continues to experience an acute mariner 
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persist. Nonetheless, we will stay focused on execution with safety at the forefront ensuring 
that our reputation as a superior marine transportation company stays intact. We anticipate 
that all these factors will lead to another year of strong performance for inland marine. In 
coastal marine, we expect another strong year as well, as market conditions remain favorable,  
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Overall, in KDS we anticipate mixed results for the business segment due to very strong  
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volatility from supply issues, customers deferring maintenance and lower levels of activity  
in oil and gas. 
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we believe will continue into 2025. We anticipate 2025 will be another year of strong free cash 
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focus on generating strong returns. We will continue to act upon the best ways to further 
invest in our business segments and return capital to stockholders. 
Thank you
In conclusion, to our employees, we extend our thanks for your focus, dedication, and hard 
work this past year. Challenges in many forms came our way and you continued to face them 
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To our Board, thank you for your guidance and counsel as we navigate Kirby’s exciting  
future ahead. And to our stockholders, we thank you for your trust and ongoing support  
of our Company.
Respectfully submitted, 
Richard J. Alario
Chairman of the Board
David W. Grzebinski
*OPLM,_LJ\[P]L6ɉJLY
Throughout 2024, we 
continued to remain 
focused on safety  
and our commitment  
to “No Harm” and we 
are proud of what our 
teams accomplished  
as safety directly 
impacts our employees 
and our customers.
3
Kirby Corporation  | 2024 Annual Report

Inland Marine
Kirby Inland Marine is the largest inland tank 
barge company in the nation, operating at the  
end of 2024 a fleet of 1,094 tank barges with  
a combined capacity of 24.2 million barrels 
throughout the Mississippi River System, 
Gulf Intracoastal Waterway, and Houston  
Ship Channel. The Company transports 
petrochemicals, black oil, refined petroleum 
products, and agricultural chemicals. The inland 
tank barge industry, which is a combination of 
approximately 25 large integrated transportation 
companies, small operators, and captive fleets 
owned by refining and petrochemical companies, 
consists of approximately 4,000 inland tank 
barges, of which Kirby represents approximately 
27% of the industry. During 2024, the Kirby Inland 
Marine moved over 55 million tons of liquid 
cargos on the inland waterway system and 
contributed approximately 81% of marine 
transportation revenues. 
Offshore Marine
Kirby Offshore Marine is a key participant in the 
nation’s coastal tank barge industry, which 
consists of approximately 20 integrated marine 
transportation companies and small operators 
which transport refined petroleum products,  
black oil, and petrochemicals along all three U.S. 
coasts. The nation’s coastal tank barge fleet in  
the 195,000 barrels or less category consists of 
approximately 260 barges. At the end of 2024, 
Kirby’s fleet comprised 28 coastal tank barges 
with 2.9 million barrels of capacity and 24 
tugboats, representing approximately 11% of  
the number of industry coastal tank barges. 
Kirby Offshore Marine’s fleet also includes two 
offshore dry-bulk barge and tugboat units which 
transport raw sugar from Florida to the East 
Coast. Additionally, Kirby Ocean Transport  
carries coal across the Gulf of America to a  
power generation facility in Florida with two 
offshore dry-bulk barge and tugboat units. 
In 2024, Kirby Offshore Marine contributed 
approximately 19% of marine transportation 
revenues.
In the marine transportation segment, Kirby Corporation (“Kirby” or the “Company”) 
operates through its wholly owned subsidiaries Kirby Inland Marine, LP and Kirby 
Offshore Marine, LLC and is the largest inland tank barge company in the United 
States. In its coastal business, Kirby is the second largest tank barge operator  
by barrel capacity. At the end of 2024, Kirby operated a fleet of approximately  
1,094 inland tank barges, 281 inland towboats, 28 coastal tank barges, and  
24 coastal tugboats, transporting petrochemicals, refined petroleum products, 
black oil, agricultural chemicals, and dry-bulk products for major petrochemical 
and refining customers in the United States. The Company operates its fleet 
throughout an extensive 12,000-mile inland waterway system of commercially 
navigable and interconnected rivers and canals, as well as along all of the U.S. 
coastlines. All of Kirby’s tank barges and towing vessels operate under the United 
States flag and are qualified to trade under the Jones Act. At the end of 2024, Kirby’s 
marine transportation businesses had approximately 3,119 employees of which 
approximately 2,380 were vessel crew members.
Marine Transportation
Kirby Operates on
12,000
Miles of Navigable  
U.S. Waterways
Mississippi River System
Gulf Intracoastal Waterway
Revenues By Market
Revenues By Product
19% Coastal
81% Inland
25% Black Oil
21% Refined Products
51% Petrochemicals
03% Agricultural Chemicals
4
2024 Annual Report  | Kirby Corporation

Inland Tank Barge Fleet*
Petrochemicals/refined products
839
Black oil
160
Pressure
85
Anhydrous ammonia
10
Total
1,094
Total Barrel Capacity
24.2 MM
Coastal Tank Barge Fleet*
Petrochemicals/refined products
20
Black oil
8
Total
28
Total Barrel Capacity
2.9 MM
Inland Towboat Fleet*
800 - 1300 HP
28
1400 -1900 HP
32
2000 - 2400 HP
165
2500 - 3200 HP
39
3300 - 4800 HP
10
5000 HP and greater
7
Total
281
Coastal Tugboat Fleet*
3000 -3900 HP
2
4000 - 4900 HP
6
5000 - 6900 HP
10
7000 HP and greater
6
Total
24
* as of December 31, 2024
5
Kirby Corporation | 2024 Annual Report

In the Distribution and Services segment, Kirby Corporation operates through 
its wholly owned subsidiaries Stewart & Stevenson and United Holdings, as well 
as through Kirby Engine Systems’ wholly owned subsidiaries Marine Systems 
and Engine Systems. Kirby is a nationwide service provider and distributor of 
engines, transmissions, parts, industrial equipment, oilfield services equipment, 
and power generation equipment. Kirby’s distribution and services businesses 
operate in three distinct and diversified markets: power generation, commercial 
and industrial, and oil and gas. At the end of 2024, Kirby’s Distribution and 
Services segment had approximately 2,190 employees.
2
15
18
20
19
21 22
25
32
33
34
35
36
29
28
30
31
27
42
44
43
41
40
39
38
37
26
24
17
16
8
13
9
7
6
12
10
4
5
3
14
11
23
Washington
1.   Seattle ³
Colorado
2.   Commerce City 1,2
Texas
3.   El Paso 2
4.   Odessa 2
5.   Lubbock 2
6.   Laredo 1
7.   San Antonio 1,2
8.   Wichita Falls 2
9.   Austin 1,2,3
10.   Pharr 1,2
11.   Temple 1
12.   Corpus Christi 1,2,3
13.   Dallas/ Ft. Worth 1,2
14.   Houston 1,2,3
15.   Mt. Pleasant 1
Oklahoma
16.   Oklahoma City 1
17.   Tulsa 1
Louisiana
18.   Shreveport 1
19.   New Iberia ³
20.   Baton Rouge ³
21.   Houma ³
22.   Belle Chasse ³
23.   New Orleans 2
Arkansas
24.   Little Rock 1
Alabama
25.   Mobile ³
Kentucky
26.   Paducah ³
Florida
27.   Panama City 2
28.   Tampa 2,3
29.   Ft. Myers 2
30.   Ocala 2
31.   Jacksonville 2
32.   Orlando 2
33.   Fort Pierce 2
34.   West Palm Beach 2
35.   Fort Lauderdale 2
36.   Miami 2
North Carolina
37.   Rocky Mount ³
Virginia
38.   Chesapeake ³
New Jersey
39.   Thorofare ³
40.   Piscataway 2
41.   Lodi 2
Connecticut
42.   Middletown 2
New York
43.   Albany 2
Massachusetts
44.   Marlborough 2
Distribution and Services
650
Service and  
Assembly Bays  
~1,000
Qualified Technicians  
170
Sales Professionals
2.5MM
Square Feet of  
Shop Capacity
Revenues By Industry
18% Oil & Gas
36% Power Generation
46% Commercial & Industrial
1
1 United Holdings 
2 Stewart & Stevenson 
3 Kirby Engine Systems
6
2024 Annual Report  | Kirby Corporation

In marine, Kirby is a major original engine manufacturer (“OEM”)
distributor and service provider for diesel engines, ancillary products,
and parts with locations across the United States. Kirby’s marine
engine businesses participate in many sectors of the marine vessel
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docking equipment, ferries, and luxury yachts. Marine distributorships
include EMD throughout the United States, as well as MTU, Volvo
Penta, and Alfa Laval in various geographies. Kirby also operates
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Deere commercial marine diesel engines.
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Cummins, John Deere.
In commercial and industrial, which represented approximately 46% of 2024 segment revenues, Kirby supports domestic and international
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THU\MHJ[\YLZHUKZLSSZYHPSJHYTV]LYZHUKYLU[ZOPNOJHWHJP[`SPM[[Y\JRZPUK\Z[YPHSJVTWYLZZVYZHUKYLMYPNLYH[LK[YHPSLYZ
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engines and transmissions for trucking companies, commercial
[Y\JRÅLL[ZT\UPJPWHSP[PLZHUKVPSHUKNHZVWLYH[VYZPU[OLPSSPHT4H[[OL^>VVKY\Ɉ
Vice President of Public  
and Government Affairs
Anne-Marie N. Ainsworth 1,3
Retired President and Chief Executive  
Officer of Oiltanking Partners, L.P. and  
of Oiltanking Holding Americas, Inc.
Director since 2015
Richard J. Alario 2,3
Chairman of the Board, Kirby
Chairman of the Board of DNOW Inc. 
Retired Chairman and Chief Executive  
Officer of Key Energy Services, Inc.
Director since 2011
Tanya S. Beder 1,3
Chairman and Chief Executive Officer  
of SBCC Group, Inc.
Director since 2019
Barry E. Davis 1,2
Chairman, Pattern Energy Group LP  
Retired Chairman and Chief Executive  
Officer of EnLink Midstream GP, LLC  
and EnLink Midstream Manager, LLC
Director since 2015
Susan W. Dio 1
Retired Chairman and President  
of BP America, Inc.
Director since 2023
Board of Directors
David W. Grzebinski
Chief Executive Officer of Kirby 
Director since 2014
Richard R. Stewart 1
Retired President and  
Chief Executive Officer  
of GE Aero Energy
Director since 2008
William M. Waterman 2,3
Retired President and  
Chief Executive Officer  
of Penn Maritime Inc.
Director since 2012
Shawn D. Williams 2,3
Executive Chairman of the  
Board of Covia Holdings LLC
Director since 2021
1 Audit Committee
2 Compensation Committee
3 ESG and Nominating Committee
Corporate Leadership
*VYWVYH[L6ɉJLYZ
10
2024 Annual Report | Kirby Corporation

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File no. 1-07615
Kirby Corporation
(Exact name of registrant as specified in its charter)
Nevada
74-1884980
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
55 Waugh Drive, Suite 1000
Houston, Texas
77007
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
713-435-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
KEX
New York Stock Exchange 
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 
and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, 
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging 
growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
 
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with 
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm 
that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included 
in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2024, based on the closing sales price of such 
stock on the New York Stock Exchange on June 30, 2024, was $6.9 billion. For purposes of this computation, all executive officers, directors and 10% 
beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed an admission that such executive officers, 
directors and 10% beneficial owners are affiliates.
As of February 17, 2025, 57,126,000 shares of common stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s definitive proxy statement in connection with the Annual Meeting of Stockholders to be held April 29, 2025, to be 
filed with the Commission pursuant to Regulation 14A, and the related annual report for the fiscal year ended December 31, 2024, to be provided to 
the Company's stockholders pursuant to Rule 14a-3(b) are incorporated by reference into Parts II and III of this report.
 
 

3
KIRBY CORPORATION
2024 FORM 10-K
TABLE OF CONTENTS
Page
PART I
Item 1. Business
4
THE COMPANY
4
Documents and Information Available on Website
4
BUSINESS AND PROPERTY
4
MARINE TRANSPORTATION
5
Marine Transportation Industry Fundamentals
6
Inland Tank Barge Industry
6
Coastal Tank Barge Industry
7
Competition in the Tank Barge Industry
7
Products Transported
8
Demand Drivers in the Tank Barge Industry
8
Marine Transportation Operations
9
Contracts and Customers
11
DISTRIBUTION AND SERVICES
12
Commercial and Industrial Operations
12
Commercial and Industrial Customers
13
Commercial and Industrial Competitive Conditions
14
Power Generation Operations
14
Power Generation Customers
14
Power Generation Competitive Conditions
14
Oil and Gas Operations
14
Oil and Gas Customers
15
Oil and Gas Competitive Conditions
15
Governmental Regulations
15
Environmental Regulations
16
Human Capital
18
Information about the Company’s Executive Officers
20
Item 1A. Risk Factors
21
Item 1B. Unresolved Staff Comments
29
Item 1C. Cybersecurity
29
Item 2. Properties
30
Item 3. Legal Proceedings
31
Item 4. Mine Safety Disclosures
31
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
32
Item 6. Reserved
32
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
33
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
47
Item 8. Financial Statements and Supplementary Data
47
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
47
Item 9A. Controls and Procedures
48
Item 9B. Other Information
48
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
48
PART III
Items 10 Through 14
48
PART IV
Item 15. Exhibits and Financial Statement Schedules
79
Item 16. Form 10-K Summary
80

4
PART I
Item 1. Business
THE COMPANY
Kirby Corporation (the “Company”) is the nation’s largest domestic tank barge operator, transporting bulk liquid products 
throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The 
Company, through its marine transportation segment (“KMT”), transports petrochemicals, black oil, refined petroleum products, and 
agricultural chemicals by tank barge. In addition, the Company participates in the transportation of dry-bulk commodities in United 
States coastwise trade. Through its distribution and services segment (“KDS”), the Company provides after-market services and genuine 
replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, marine, power generation, 
on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high 
capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets. The Company also 
manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and 
specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.
Unless the context otherwise requires, all references herein to the Company include the Company and its subsidiaries. The 
Company’s principal executive office is located at 55 Waugh Drive, Suite 1000, Houston, Texas 77007, and its telephone number is 
713-435-1000. The Company’s mailing address is P.O. Box 1745, Houston, Texas 77251-1745. Kirby Corporation is a Nevada 
corporation and was incorporated in 1969 although the history of the Company goes back to 1921.
Documents and Information Available on Website
The Internet address of the Company’s website is http://www.kirbycorp.com. The Company makes available free of charge through 
its website, all of its filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K, 
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports, as soon as reasonably practicable 
after they are electronically filed with or furnished to the SEC. The SEC maintains an internet site at http://www.sec.gov that contains 
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
The following documents are available on the Company’s website in the Investor Relations section under Governance Documents:
•
Audit Committee Charter
•
Corporate Governance Guidelines
•
Compensation Committee Charter
•
Clawback Policy
•
ESG and Nominating Committee Charter
•
Insider Trading Policy
•
Business Ethics Guidelines
The Company is required to make prompt disclosure of any amendment to or waiver of any provision of its Business Ethics 
Guidelines that applies to any director or executive officer or to its chief executive officer, chief financial officer, chief accounting 
officer or controller or persons performing similar functions. The Company will make any such disclosure that may be necessary by 
posting the disclosure on its website in the Investor Relations section under Corporate Governance.
BUSINESS AND PROPERTY
The Company, through its subsidiaries, conducts operations in two reportable business segments: marine transportation and 
distribution and services.
The Company, through KMT, is a provider of marine transportation services, operating tank barges and towing vessels transporting 
bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United 
States coasts. The Company transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. 
The Company operates offshore dry-bulk barge and tugboat units engaged in the offshore transportation of dry-bulk cargoes in the 
United States coastal trade. The segment is a provider of transportation services for its customers and, in almost all cases, does not 
assume ownership of the products that it transports. All of the Company’s vessels operate under the United States flag and are qualified 
for domestic trade under the Jones Act.
The Company, through KDS, provides after-market services and genuine replacement parts for engines, transmissions, reduction 
gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The 
Company also rents equipment including generators, industrial compressors, high capacity lift trucks, construction equipment and 
refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized 
equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control 
equipment for oilfield service, railroad and other industrial customers.
The Company has approximately 5,414 employees, the large majority of whom are in the United States.

5
MARINE TRANSPORTATION
KMT is primarily a provider of transportation services by tank barge for the inland and coastal markets. As of December 31, 2024, 
the equipment owned or operated by KMT consisted of 1,094 inland tank barges with 24.2 million barrels of capacity, and an average 
of 281 inland towboats during the fourth quarter of 2024, as well as 28 coastal tank barges with 2.9 million barrels of capacity, 24 coastal 
tugboats, four offshore dry-bulk cargo barges, three offshore tugboats and one docking tugboat with the following specifications and 
capacities:
Class of equipment
Number in
class
Average age
(in years)
Barrel
capacities
Inland tank barges (owned and leased):
Regular double hull:
20,000 barrels and under
430
18.7
5,207,000
Over 20,000 barrels
664
15.9
19,016,000
Total inland tank barges
1,094
17.0
24,223,000
Inland towboats (owned and chartered):
800 to 1300 horsepower
28
35.2
1400 to 1900 horsepower
32
22.8
2000 to 2400 horsepower
165
13.8
2500 to 3200 horsepower
39
11.8
3300 to 4800 horsepower
10
21.0
Greater than 5000 horsepower
7
23.6
Total inland towboats
281
17.2
Coastal tank barges (owned):
30,000 barrels and under
2
30.1
37,000
50,000 to 70,000 barrels
3
19.3
111,000
80,000 to 90,000 barrels
8
20.9
677,000
100,000 to 110,000 barrels
6
18.5
630,000
120,000 to 150,000 barrels
3
23.0
416,000
Over 150,000 barrels
6
9.1
1,046,000
Total coastal tank barges
28
18.6
2,917,000
Coastal tugboats (owned and chartered):
3000 to 3900 horsepower
2
22.0
4000 to 4900 horsepower
6
16.2
5000 to 6900 horsepower
10
8.8
Greater than 7000 horsepower
6
14.5
Total coastal tugboats
24
12.8
Deadweight
Tonnage
Offshore dry-bulk cargo barges (owned)
4
26.1
67,000
Offshore tugboats and docking tugboat (owned and chartered)
4
28.1
The 281 inland towboats, 24 coastal tugboats, three offshore tugboats and one docking tugboat provide the power source and the 
1,094 inland tank barges, 28 coastal tank barges and four offshore dry-bulk cargo barges provide the freight capacity for KMT. When 
the power source and freight capacity are combined, the unit is called a tow. The Company’s inland tows generally consist of one 
towboat and from one to up to 25 tank barges, depending upon the horsepower of the towboat, the waterway infrastructure capacity and 
conditions, and customer requirements. The Company’s coastal and offshore tows primarily consist of one tugboat and one tank barge 
or dry-bulk cargo barge.

6
Marine Transportation Industry Fundamentals
The United States inland waterway system, composed of a network of interconnected rivers and canals that serve the nation as water 
highways, is one of the world’s most efficient transportation systems. The nation’s inland waterways are vital to the United States 
distribution system, with over one billion short tons of cargo moved annually on United States shallow draft waterways. The inland 
waterway system extends approximately 26,000 miles, 12,000 miles of which are generally considered significant for domestic 
commerce, through 38 states, with 635 shallow draft ports. These navigable inland waterways link the United States heartland to the 
world.
The United States coastal waterway system consists of ports along the Atlantic, Gulf and Pacific coasts, as well as ports in Alaska, 
Hawaii and on the Great Lakes. Like the inland waterways, the coastal trade is vital to the United States distribution system, particularly 
the regional distribution of refined petroleum products from refineries and storage facilities to a variety of destinations, including other 
refineries, distribution terminals, power plants and ships. In addition to distribution directly from refineries and storage facilities, coastal 
tank barges are used frequently to distribute products from pipelines. Many coastal markets receive refined petroleum products 
principally from coastal tank barges. Smaller volumes of petrochemicals are distributed from Gulf Coast plants to end users whereas 
black oil, including crude oil and natural gas condensate, is distributed regionally from refineries and terminals along the United States 
coast to refineries, power plants and distribution terminals.
Based on cost, safety, and level of emissions, barge transportation is often the most efficient and safest means of surface 
transportation of bulk commodities when compared to railroads and trucks. The cargo capacity of a 27,500 barrel inland tank barge is 
the equivalent of 46 railroad tank cars or 144 tractor-trailer tank trucks. A typical Company lower Mississippi River linehaul tow of 15 
barges has the carrying capacity of approximately 216 railroad tank cars plus six locomotives, or approximately 1,050 tractor-trailer 
tank trucks. The Company’s inland tank barge fleet capacity of 24.2 million barrels equates to approximately 40,500 railroad tank cars 
or approximately 127,000 tractor-trailer tank trucks. Furthermore, barging is much more energy efficient. One ton of bulk product can 
be carried 675 miles by inland barge on one gallon of fuel on a typical tow, compared to 472 miles by railcar or 151 miles by truck for 
typical transits. From an emissions perspective, transport by rail and tractor-trailer tank trucks emit approximately 40% and 800%, 
respectively, more CO2 per ton mile of cargo transported than by inland tank barge. In the coastal trade, the carrying capacity of a 
100,000 barrel tank barge is the equivalent of approximately 165 railroad tank cars or approximately 525 tractor-trailer tank trucks. The 
Company’s coastal tank barge fleet capacity of 2.9 million barrels equates to approximately 4,800 railroad tank cars or approximately 
15,300 tractor-trailer tank trucks. Marine transportation generally involves less urban exposure than railroad or truck transportation and 
operates on a system with few crossing junctures and often in areas relatively remote from population centers. These factors generally 
help to reduce the number of waterway incidents.
Inland Tank Barge Industry
The Company operates within the United States inland tank barge industry, a diverse and independent mixture of approximately 25 
large integrated transportation companies and small operators, as well as captive fleets owned by refining and petrochemical companies. 
The inland tank barge industry provides marine transportation of bulk liquid cargoes for customers and, in the case of captives, for their 
own account, throughout the Mississippi River and its tributaries and on the Gulf Intracoastal Waterway. The most significant markets 
in this industry include the transportation of petrochemicals, black oil, refined petroleum products, and agricultural chemicals. The 
Company operates in each of these markets. The use of marine transportation by the petroleum and petrochemical industry is a major 
reason for the location of United States refineries and petrochemical facilities on navigable inland waterways. Texas and Louisiana 
currently account for approximately 80% of the United States production of petrochemicals. Much of the United States farm belt is 
likewise situated with access to the inland waterway system, relying on marine transportation of farm products, including agricultural 
chemicals. The Company’s principal distribution system encompasses the Gulf Intracoastal Waterway from Brownsville, Texas, to Port 
St. Joe, Florida, the Mississippi River System and the Houston Ship Channel. The Mississippi River System includes the Arkansas, 
Illinois, Missouri, Ohio, Red, Tennessee, Yazoo, Ouachita and Black Warrior Rivers and the Tennessee-Tombigbee Waterway.
The number of tank barges that operate on the inland waterways of the United States increased from 2,750 in 2006 to approximately 
4,000 by the end of 2019. The increase from 2,750 tank barges in 2006 to approximately 4,000 by the end of 2019 primarily resulted 
from increased barge construction and deferred retirements due to strong demand and resulting capacity shortages. The number of 
industry tank barges has remained relatively constant from 2019 through the end of 2024. The Company’s 1,094 inland tank barges 
represent approximately 27% of the industry’s approximately 4,003 inland tank barges.
For 2023, the Company estimates that industry-wide 27 new tank barges were placed in service and 48 tank barges were retired. 
For 2024, the Company estimates that industry-wide 34 new tank barges were placed in service and 38 tank barges were retired. During 
2023, the Company’s inland barge utilization averaged in the low 90% range as improved activity levels were offset by lock closures 
and several refinery outages. During 2024, the Company’s inland barge utilization remained in the low 90% range as strong activity 
levels were offset by an increase in delay days as compared to 2023. The Company estimates that approximately 45 to 50 new tank 
barges have currently been ordered for delivery in 2025. Generally, the risk of an oversupply of tank barges may be mitigated by 

7
increased petrochemical, black oil and refined petroleum products volumes from increased production from current facilities, plant 
expansions, the opening of new facilities, and the fact that the inland tank barge industry has approximately 600 tank barges that are 30 
years old or older and approximately 350 of those are 40 years old or older, which could lead to retirement of these older tank barges. 
The average age of the nation’s inland tank barge fleet is approximately 18 years.
The Company’s inland division of KMT also owns a shifting operation and fleeting facility for dry cargo barges and tank barges on 
the Houston Ship Channel, in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana, and a shipyard for building inland towboats 
and providing routine maintenance on marine vessels. The Company also owns a two-thirds interest in Osprey Line, L.L.C. (“Osprey”), 
a transporter of project cargoes and cargo containers by barge on the United States inland waterway system.
Coastal Tank Barge Industry
The Company also operates in the United States coastal tank barge industry, operating tank barges in the 195,000 barrels or less 
category. This market is composed of approximately 20 large integrated transportation companies and small operators. The 195,000 
barrels or less category coastal tank barge industry primarily provides regional marine transportation distribution of bulk liquid cargoes 
along the United States’ Atlantic, Gulf and Pacific coasts, in Alaska and Hawaii, and to a lesser extent, on the Great Lakes. Products 
transported are primarily refined petroleum products and black oil from refineries and storage facilities to a variety of destinations, 
including other refineries, distribution terminals, power plants and ships, the regional movement of crude oil and natural gas condensate 
to Gulf Coast, Northeast and West Coast refineries, and the movement of petrochemicals primarily from Gulf Coast petrochemical 
facilities to end users.
The number of coastal tank barges that operate in the 195,000 barrels or less category is approximately 260, of which the Company 
operates 28 or approximately 11%. The average age of the nation’s coastal tank barge fleet is approximately 15 years. The Company is 
aware of no specialized coastal articulated tank barge and tugboat units (“ATB”) that were delivered in 2024 and no further ATBs 
currently under construction. The coastal tank barge fleet has approximately 20 tank barges that are over 25 years old industry-wide. 
The number of older tank barges, coupled with ballast water treatment regulations, could lead to further retirements of these older tank 
barges in the next few years.
Competition in the Tank Barge Industry
The tank barge industry is very competitive. Competition in this business is based on price and reliability, with many of the 
industry’s customers emphasizing enhanced vetting requirements, an increased emphasis on safety, the environment, and high-quality 
service consistent with the customer’s operational standards. Customers also require that their supplier of tank barge services have the 
ability to handle a variety of requirements, including distribution capabilities throughout the inland waterway system and coastal 
markets, high levels of flexibility, and an emphasis on safety, environmental and financial responsibility, as well as appropriate insurance 
coverage.
In the inland markets, the Company’s direct competitors are primarily noncaptive inland tank barge operators. “Captive” fleets are 
owned by refining and petrochemical companies which occasionally compete in the inland tank barge market, but primarily transport 
cargoes for their own account. The Company is the largest inland tank barge carrier, both in terms of number of barges and total fleet 
barrel capacity. The Company’s inland tank barge fleet has grown from 71 tank barges in 1988 to 1,094 tank barges as of December 31, 
2024, or approximately 27% of the estimated total number of domestic inland tank barges.
In the coastal markets, the Company’s direct competitors are the operators of United States tank barges in the 195,000 barrels or 
less category. Coastal tank barges in the 195,000 barrels or less category have the ability to enter the majority of coastal ports. Ocean-
going tank barges and United States product tankers in the 300,000 barrels plus category, excluding the fleet of large tankers dedicated 
to Alaska crude oil transportation, occasionally compete in the 195,000 barrels or less market to move large volumes of refined petroleum 
products within the Gulf of America with occasional movements from the Gulf Coast to the East Coast, along the West Coast and from 
Texas and Louisiana to Florida. However, access to United States ports of approximately 45 of these product tankers is limited by 
terminal size and draft restrictions.
While the Company competes primarily with other tank barge companies, it also competes with companies who operate refined 
product and petrochemical pipelines, railroad tank cars, and tractor-trailer tank trucks. As noted above, the Company believes that both 
inland and coastal marine transportation of bulk liquid products enjoy a substantial cost advantage over railroad and truck transportation 
on a barrel per mile basis. The Company believes that refined product and crude oil pipelines, although often a less expensive form of 
transportation than inland and coastal tank barges, are not as adaptable to diverse products and are generally limited to fixed point-to-
point distribution of commodities in high volumes over extended periods of time.

8
Products Transported
The Company transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge throughout 
the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. During 2024, the 
Company’s inland marine transportation operation moved over 55 million tons of liquid cargo on the United States inland waterway 
system.
Petrochemicals. Bulk liquid petrochemicals transported include such products as benzene, styrene, methanol, acrylonitrile, xylene, 
naphtha and caustic soda. These products are consumed in the production of paper, fiber and plastics. Pressurized products, including 
butadiene, isobutane, propylene, butane and propane, all requiring pressurized conditions to remain in stable liquid form, are transported 
in pressure barges. The transportation of petrochemical products represented 51% of the segment’s 2024 revenues. Customers shipping 
these products are petrochemical and refining companies.
Black Oil. Black oil transported includes such products as residual fuel oil, No. 6 fuel oil, coker feedstock, vacuum gas oil, asphalt, 
carbon black feedstock, crude oil, natural gas condensate and ship bunkers (engine fuel). Such products represented 25% of the 
segment’s 2024 revenues. Black oil customers are refining companies, marketers, and end users that require the transportation of black 
oil between refineries and storage terminals, to other refineries and to power plants. Ship bunker customers are oil companies and oil 
traders in the bunkering business.
Refined Petroleum Products. Refined petroleum products transported include the various blends of finished gasoline, gasoline 
blendstocks, jet fuel, No. 2 oil, heating oil and diesel fuel, and represented 21% of the segment’s 2024 revenues. The Company also 
classifies ethanol in the refined petroleum products category. Customers are oil and refining companies, marketers and ethanol 
producers.
Agricultural Chemicals. Agricultural chemicals transported represented 3% of the segment’s 2024 revenues. Agricultural chemicals 
include anhydrous ammonia and nitrogen-based liquid fertilizer, as well as industrial ammonia. Agricultural chemical customers consist 
mainly of domestic and foreign producers of such products.
Demand Drivers in the Tank Barge Industry
Demand for tank barge transportation services is driven by the production volumes of the bulk liquid commodities. Marine 
transportation demand for the segment’s four primary commodity groups, petrochemicals, black oil, refined petroleum products and 
agricultural chemicals, is based on differing circumstances. While the demand drivers of each commodity are different, the Company 
has the flexibility, in certain cases, of reallocating inland equipment and coastal equipment among the petrochemical, refined petroleum 
products and black oil markets as needed.
Petrochemical products are used in both consumer non-durable and durable goods. Bulk petrochemical volumes have historically 
tracked the general domestic economy and correlate to the United States Gross Domestic Product. During 2022, the Company’s inland 
barge utilization averaged in the high 80% range reflecting increased activity levels as a result of higher refinery and petrochemical 
plant utilization. During 2023, the Company’s inland barge utilization improved to the low 90% range as improved activity levels were 
partially offset by lock closures and several refinery outages. During 2024, the Company’s inland barge utilization remained in the low 
90% range as strong activity levels were offset by an increase in delay days as compared to 2023. Coastal tank barge utilization for the 
transportation of petrochemicals increased from the mid-80% range in 2023 to the mid to high 80% range during 2024 due to improved 
economic conditions.
The demand for black oil, including ship bunkers, varies by type of product transported. Demand for transportation of residual oil, 
a heavy by-product of refining operations, varies with refinery utilization and usage of feedstocks. During 2022 through 2024, the 
Company continued to transport crude oil and natural gas condensate produced from the Eagle Ford and Permian Basin shale formations 
in Texas, both along the Gulf Intracoastal Waterway with inland vessels and in the Gulf of America with coastal equipment, and 
continued to transport Utica crude oil and natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast, albeit, at reduced 
levels as some of the product was transported by newly constructed pipelines. Inland black oil tank barge utilization averaged in the 
high 90% range in the last nine months of 2022. During both 2023 and 2024, inland black oil tank barge utilization averaged in the high 
90% range. Coastal black oil tank barge utilization averaged in the high 90% range in both 2023 and 2024 as utilization was supported 
by a high percentage of term contracts. Inland and coastal asphalt shipments are generally seasonal, with higher volumes shipped during 
April through November, months when weather allows for efficient road construction. 
Refined petroleum product volumes are driven by United States gasoline and diesel fuel consumption, principally vehicle usage, 
air travel, and weather conditions. Volumes can also be affected by gasoline inventory imbalances within the United States. Generally, 
gasoline and No. 2 oil are exported from the Gulf Coast where refining capacity exceeds demand. The Midwest is a net importer of such 
products. Volumes were also driven by diesel fuel transported to terminals along the Gulf Coast for export to South America. Ethanol, 
produced in the Midwest, is moved from the Midwest to the Gulf Coast. In the coastal trade, tank barges are frequently used regionally 

9
to transport refined petroleum products from a coastal refinery or terminals served by pipelines to the end markets. Many coastal areas 
rely upon access to refined petroleum products by using marine transportation in the distribution chain. During 2023 and 2024, coastal 
refined petroleum products tank barge utilization averaged in the high 90% range as activity levels continued to improve.
Demand for marine transportation of domestic and imported agricultural fertilizer is seasonal and directly related to domestic 
nitrogen-based liquid fertilizer consumption, driven by the production of corn, cotton and wheat. During periods of high natural gas 
prices, the manufacturing of nitrogen-based liquid fertilizer in the United States is curtailed. During these periods, imported products, 
which normally involve longer barge trips, replace the domestic products to meet Midwest and South Texas demands. Such products 
are delivered to the numerous small terminals and distributors throughout the United States farm belt.
Marine Transportation Operations
KMT operated a fleet of 1,094 inland tank barges and an average of 281 inland towboats during the 2024 fourth quarter, as well as 
28 coastal tank barges and 24 coastal tugboats. The segment also operated four offshore dry-bulk cargo barges, three offshore tugboats 
and one docking tugboat transporting dry-bulk commodities in United States coastal trade.
Inland Operations. The segment’s inland operations are conducted through a wholly owned subsidiary, Kirby Inland Marine, LP 
(“Kirby Inland Marine”). Kirby Inland Marine’s operations consist of the Canal, Linehaul and River fleets, as well as barge fleeting 
services.
The Canal fleet transports petrochemical feedstocks, processed chemicals, pressurized products, black oil, and refined petroleum 
products along the Gulf Intracoastal Waterway, the Mississippi River below Baton Rouge, Louisiana, and the Houston Ship Channel. 
Petrochemical feedstocks and certain pressurized products are transported from one plant to another plant for further processing. 
Processed chemicals and certain pressurized products are moved to waterfront terminals and chemical plants. Black oil is transported to 
waterfront terminals and products such as No. 6 fuel oil are transported directly to the end users. Refined petroleum products are 
transported to waterfront terminals along the Gulf Intracoastal Waterway for distribution.
The Linehaul fleet transports petrochemical feedstocks, chemicals, agricultural chemicals and lube oils along the Gulf Intracoastal 
Waterway, Mississippi River and the Illinois and Ohio Rivers. Loaded tank barges are staged in the Baton Rouge area from Gulf Coast 
refineries and petrochemical plants, and are transported from Baton Rouge, Louisiana to waterfront terminals and plants on the 
Mississippi, Illinois and Ohio Rivers, and along the Gulf Intracoastal Waterway, on regularly scheduled linehaul tows. Tank barges are 
dropped off and picked up going up and down river.
The River fleet transports petrochemical feedstocks, chemicals, refined petroleum products, agricultural chemicals and black oil 
along the Mississippi River System above Baton Rouge. The River fleet operates unit tows, where a towboat and generally a dedicated 
group of barges operate on consecutive voyages between loading and discharge points. Petrochemical feedstocks and processed 
chemicals are transported to waterfront petrochemical and chemical plants, while black oil, refined petroleum products and agricultural 
chemicals are transported to waterfront terminals.
The inland transportation of petrochemical feedstocks, chemicals and pressurized products is generally consistent throughout the 
year. Transportation of refined petroleum products, certain black oil and agricultural chemicals is generally more seasonal. Movements 
of black oil, such as asphalt, generally increase in the spring through fall months. Movements of refined petroleum products, such as 
gasoline blends, generally increase during the summer driving season, while heating oil movements generally increase during the winter 
months. Movements of agricultural chemicals generally increase during the spring and fall planting seasons.
The marine transportation inland operation moves and handles a broad range of sophisticated cargoes. To meet the specific 
requirements of the cargoes transported, the inland tank barges may be equipped with self-contained heating systems, high-capacity 
pumps, pressurized tanks, refrigeration units, stainless steel tanks, aluminum tanks or specialty coated tanks. Of the 1,094 inland tank 
barges currently operated, 839 are petrochemical and refined petroleum products barges, 160 are black oil barges, 85 are pressure barges 
and 10 are refrigerated anhydrous ammonia barges. Of the 1,094 inland tank barges, 1,062 are owned by the Company and 32 are leased.
The fleet of 281 inland towboats for the 2024 fourth quarter ranges from 800 to 6,100 horsepower. Of the 281 inland towboats, 216 
are owned by the Company and 65 are chartered. Towboats in the 800 to 2,100 horsepower classes provide power for barges used by 
the Canal and Linehaul fleets on the Gulf Intracoastal Waterway and the Houston Ship Channel. Towboats in the 1,400 to 3,200 
horsepower classes provide power for both the River and Linehaul fleets on the Gulf Intracoastal Waterway and the Mississippi River 
System. Towboats above 3,600 horsepower are typically used on the Mississippi River System to move River fleet unit tows and provide 
Linehaul fleet towing. Based on the capabilities of the individual towboats used in the Mississippi River System, the tows range in size 
from 10,000 to 30,000 tons.
Marine transportation services for inland movements are conducted under term contracts, which have contract terms of 12 months 
or longer, or spot contracts, which have contract terms of less than 12 months, with customers with whom the Company has traditionally 

10
had long-standing relationships. Typically, term contracts range from one to five years, some of which have renewal options. During 
2022 and 2023, approximately 60% of inland marine transportation revenues were under term contracts and 40% were under spot 
contracts. During 2024, approximately 65% of inland marine transportation revenues were under term contracts and 35% were under 
spot contracts.
All of the Company’s inland tank barges used in the transportation of bulk liquid products are of double hull construction and are 
capable of controlling vapor emissions during loading and discharging operations in compliance with occupational safety and health 
regulations and air quality regulations.
The Company has the ability to offer its customers optimized distribution capabilities throughout the Mississippi River System and 
the Gulf Intracoastal Waterway. Such capabilities offer economies of scale from matching tank barges, towboats, products, and 
destinations efficiently to meet its customers’ requirements.
Through the Company’s proprietary vessel management computer system, the Company’s barge and towboat fleet is dispatched 
from a centralized dispatch group. The towboats are equipped with cellular and satellite positioning and communication systems that 
automatically transmit the location of the towboat to the Company’s customer service department. Electronic orders are communicated 
to vessel personnel with reports of towing activities fed back electronically to the customer service department. The electronic interface 
between the customer service department and the vessel enables matching of customer needs to barge capabilities, thereby promoting 
efficient utilization of the tank barge and towboat fleet. The Company’s customers are able to access information concerning the 
movement of their cargoes, including barge locations, through the Company’s proprietary electronic customer service portal.
Kirby Inland Marine operates the largest commercial tank barge fleeting service (barge storage facilities) in the United States, 
operating in numerous ports including Houston, Corpus Christi, Freeport and Orange, Texas, Baton Rouge, Lake Charles and New 
Orleans, Louisiana, Mobile, Alabama, and Greenville, Mississippi. Included in the fleeting service is a shifting operation and fleeting 
service for dry cargo barges and tank barges on the Houston Ship Channel, in Freeport and Port Arthur, Texas, and Lake Charles, 
Louisiana. Kirby Inland Marine provides shifting and fleeting service for its own barges, as well as for customers and third party carriers, 
transferring barges within the areas noted.
Kirby Inland Marine also provides shore-based barge tankermen to the Company and third parties in the Gulf Coast, mid-Mississippi 
Valley, and the Ohio River Valley.
San Jac Marine, LLC (“San Jac”), a subsidiary of Kirby Inland Marine, owns and operates a shipyard in Channelview, Texas which 
builds marine vessels for both inland and coastal applications, and provide maintenance and repair services. Kirby Inland Marine also 
builds inland towboats and performs routine maintenance and repairs at the San Jac shipyard.
The Company owns a two-thirds interest in Osprey, which transports project cargoes and cargo containers by barge on the United 
States inland waterway system.
Coastal Operations. The segment’s coastal operations are conducted through wholly owned subsidiaries, Kirby Offshore Marine, 
LLC (“Kirby Offshore Marine”) and Kirby Ocean Transport Company (“Kirby Ocean Transport”).
Kirby Offshore Marine provides marine transportation of refined petroleum products, petrochemicals and black oil in coastal regions 
of the United States. The coastal operations are conducted along the eastern seaboard, western seaboard and the Gulf Coast. The 
Company also operates equipment, to a lesser extent, in the Eastern Canadian Provinces. The tank barges are in the 10,000 to 195,000 
barrel capacity range and coastal tugboats in the 3,000 to 10,000 horsepower range. Kirby Offshore Marine’s vessels call on various 
coastal ports from Maine to Texas, servicing refineries, storage terminals and power plants. The Company also services refineries and 
storage terminals from Southern California to Washington State.
The coastal transportation of refined petroleum products and black oil is impacted by seasonality and is partially dependent on the 
area of operations. Operations along the West Coast of the United States have been subject to more seasonal variations in demand than 
the operations along the East Coast and Gulf Coast regions of the United States. Movements of refined petroleum products such as 
various blends of gasoline are strongest during the summer driving season while heating oil generally increases during the winter months.
The coastal fleet consists of 28 tank barges with 2.9 million barrels of capacity, primarily transporting refined petroleum products, 
black oil and petrochemicals. The Company owns all 28 of the coastal tank barges. Of the 28 coastal tank barges, 20 are refined petroleum 
products and petrochemical barges and 8 are black oil barges. The Company operates 24 coastal tugboats ranging from 3,000 to 11,000 
horsepower, of which 23 are owned by the Company and one is chartered.
Coastal marine transportation services are typically conducted under term contracts, some of which have renewal options, for 
customers with which the Company has traditionally had long-standing relationships. During 2022, approximately 75% of the coastal 
marine transportation revenues were under term contracts and 25% were under spot contracts. During 2023, approximately 85% of the 

11
coastal marine transportation revenues were under term contracts and 15% were under spot contracts. During 2024, approximately 99% 
of the coastal marine transportation revenues were under term contracts and 1% were under spot contracts. 
Kirby Offshore Marine also operates a fleet of two offshore dry-bulk barge and a tugboat unit involved in the transportation of sugar 
and other dry products between Florida and East Coast ports. These vessels have typically operated under term contracts of affreightment 
of a year or longer.
Kirby Ocean Transport owns and operates a fleet of two offshore dry-bulk barges, two offshore tugboats and one docking tugboat. 
Kirby Ocean Transport operates primarily under term contracts of affreightment.
Kirby Ocean Transport is also engaged in the transportation of coal, fertilizer, sugar and other bulk cargoes on a spot basis between 
domestic ports and occasionally the transportation of grain from domestic ports to ports primarily in the Caribbean Basin.
Contracts and Customers
Marine transportation inland and coastal services are conducted under term or spot contracts for customers with whom the Company 
has traditionally had long-standing relationships. Typically, term contracts range from one to five years, some of which have renewal 
options. The majority of the marine transportation contracts with its customers, by revenue, are for terms of one year. Most have been 
customers of KMT for many years and management anticipates continued relationships; however, there is no assurance that any 
individual contract will be renewed.
The Company enters into agreements with its customers to transport cargo from a designated origin to a designated destination at a 
set rate (affreightment) or at a daily rate (time charter). The rate may or may not include escalation provisions to recover changes in 
specific costs such as fuel. Time charter or contracts of affreightment of one year or greater are considered term contract revenues and 
agreements of less than a year are included in spot contract revenues. Time charters, which insulate the Company from revenue 
fluctuations caused by weather and navigational delays and temporary market declines, represented approximately 61% of the marine 
transportation’s inland revenues under term contracts during 2024, 63% during 2023, and 58% during 2022. Spot contracts typically 
involve an agreement with a customer to move cargo from a specific origin to a designated destination for a rate negotiated at the time 
the cargo movement takes place. Spot contract rates are at the current “market” rate and are subject to market volatility.
The Company typically maintains a higher mix of term contracts to spot contracts to provide the Company with a reasonably 
predictable revenue stream while maintaining spot market exposure to take advantage of new business opportunities and customers’ 
peak demands. During both 2022 and 2023, approximately 60% of inland marine transportation revenues were under term contracts and 
40% were under spot contracts. During 2024, approximately 65% of inland marine transportation revenues were under term contracts 
and 35% were under spot contracts. Coastal time charters represented approximately 90% of the marine transportation’s coastal revenues 
under term contracts in 2022 and 2023 and approximately 98% of coastal revenues under term contracts in 2024.
No single customer of KMT accounted for 10% or more of the Company’s revenues in 2024, 2023, or 2022.

12
DISTRIBUTION AND SERVICES
The Company, through its wholly owned subsidiary Kirby Distribution & Services, Inc. and its wholly owned subsidiaries Kirby 
Engine Systems LLC, (“Kirby Engine Systems”), Stewart & Stevenson LLC (“S&S”), United Holdings LLC (“United”), and Diesel 
Dash LLC and through Kirby Engine Systems’ wholly owned subsidiaries Marine Systems, Inc. (“Marine Systems”) and Engine 
Systems, Inc. (“Engine Systems”), serves three markets, commercial and industrial, power generation, and oil and gas. The Company 
sells genuine replacement parts, provides service mechanics to overhaul and repair engines, transmissions, reduction gears and related 
oilfield service equipment, rebuilds component parts or entire diesel engines, transmissions and reduction gears, electrical motors, drives, 
and controls, specialized electrical distribution and control systems, and related equipment used in oilfield services, marine, power 
generation, on-highway, and other commercial and industrial applications. Customers are served through a network of 61 branch 
locations across 16 states and Colombia, South America, as well as a proprietary on-line marketplace, www.dieseldash.com. The 
Company manufactures and remanufactures power generation equipment, railcar moving equipment, and oilfield service equipment, 
including pressure pumping units, for North American as well as for international oilfield service companies, and oil and gas operator 
and producer markets. The Company also sells engines, transmissions, power generation systems, and rents equipment including 
generators, industrial compressors, high capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of 
commercial and industrial applications.
Effective January 1, 2024, the power generation revenue source within the distribution and services segment has been broken out 
from the commercial and industrial and oil and gas revenue sources due to the significance of the power generation market to the 
Company’s growth. This change had no net impact on overall Company or segment revenues and has been reflected retrospectively for 
all periods presented.
For the commercial and industrial market, the Company sells Original Equipment Manufacturers (“OEM”) replacement parts and 
new diesel engines, provides service mechanics and maintains facilities to overhaul and repair diesel engines and ancillary products for 
marine and on-highway transportation companies, and industrial companies. The Company rents equipment including generators, 
industrial compressors, high capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial 
markets.
For the power generation market, the Company provides engineered products and field services, OEM replacement parts and safety-
related products to power generation operators and to the nuclear industry, manufactures engine generator and pump packages for power 
generation operators and municipalities, offers customized power generation systems for specific commercial and industrial applications, 
and rents equipment including generators.
For the oil and gas market, the Company sells OEM replacement parts, sells and services diesel engines, pumps and transmissions, 
manufactures and remanufactures pressure pumping units, manufactures cementing and pumping equipment, as well as coil tubing and 
well intervention equipment, electric power generation equipment, and specialized electrical distribution and control equipment. 
Customers include oilfield service companies, and oil and gas operators and producers.
No single customer of KDS accounted for 10% or more of the Company’s revenues in 2024, 2023, or 2022. KDS also provides 
service to KMT, which accounted for approximately 2% of KDS’s 2024 revenues, and 3% of the segment’s 2023 and 2022 revenues. 
Such revenues are eliminated in consolidation and not included in the table below.
The following table sets forth the revenues for KDS (dollars in thousands):
Year Ended December 31,
2024
%
2023
%
2022
%
Service and parts
$ 1,081,725
80% $ 1,071,297
78% $
962,187
82%
Manufacturing
271,101
20
298,406
22
205,600
18
 
$ 1,352,826
100% $ 1,369,703
100% $ 1,167,787
100%
Commercial and Industrial Operations
The Company serves the marine, on-highway, power generation, and other commercial and industrial markets primarily in the 
United States. The commercial and industrial operations represented approximately 46% of the segment’s 2024 revenues.
The Company is engaged in the overhaul and repair of medium-speed and high-speed marine diesel engines and reduction gears, 
line boring, block welding services and related parts sales for customers in the marine industry. Medium-speed diesel engines have an 
engine speed of 400 to 1,000 revolutions per minute (“RPM”) with a horsepower range of 800 to 32,000. High-speed diesel engines 

13
have an engine speed of over 1,000 RPM and a horsepower range of 50 to 8,375. The Company services medium-speed and high-speed 
diesel engines utilized in the inland and offshore barge industries. It also services marine equipment and offshore drilling equipment 
used in the offshore petroleum exploration and oilfield service industry, marine equipment used in the offshore commercial fishing 
industry, harbor docking vessels, commercial ferries, vessels owned by the United States government and large pleasure crafts.
The Company has marine repair operations throughout the United States providing in-house and in-field repair capabilities and 
related parts sales. The Company’s emphasis is on service to its customers, and it sends its crews from any of its locations to service 
customers’ equipment anywhere in the world. The medium-speed operations are located in Houma, Louisiana, Chesapeake, Virginia, 
Paducah, Kentucky, Seattle, Washington, and Tampa, Florida, serving as the authorized distributor for EMD Power Products (“EMD”) 
throughout the United States. The Company is also a distributor and representative for certain Alfa Laval products in the Midwest and 
on the East Coast, Gulf Coast, and West Coast. All of the marine locations are authorized distributors for Falk Corporation reduction 
gears and Oil States Industries, Inc. clutches. The Chesapeake, Virginia operation concentrates on East Coast inland and offshore dry-
bulk, tank barge and harbor docking operators, and the United States government. The Houma, Louisiana operation concentrates on the 
inland and offshore barge and oilfield services industries. The Tampa, Florida operation concentrates on Gulf of America offshore dry-
bulk, tank barge and harbor docking operators. The Paducah, Kentucky operation concentrates on the inland river towboat and barge 
operators and the Great Lakes carriers. The Seattle, Washington operation concentrates on the offshore commercial fishing industry, the 
offshore barge industry, the United States government, and other customers in Alaska, Hawaii and the Pacific Rim.
The high-speed marine operations are located in Houston, Texas, Houma, Baton Rouge, Belle Chasse and New Iberia, Louisiana, 
Paducah, Kentucky, Mobile, Alabama, Lodi and Thorofare, New Jersey, and several locations in Florida. The Company serves as a 
factory-authorized marine dealer for Caterpillar diesel engines in multiple states. The Company also operates factory-authorized full 
service marine distributorships/dealerships for Cummins, Detroit Diesel, John Deere, MTU, and Volvo Penta, and Kohler diesel engines, 
as well as Falk, Lufkin and Twin Disc marine gears. High-speed diesel engines provide the main propulsion for a significant amount of 
the United States flagged commercial vessels and large pleasure craft vessels, other marine applications, including engines for power 
generators and barge pumps.
The Company distributes, sells parts for and services diesel engines and transmissions for on-highway use and provides in-house 
and in-field service capabilities. The Company is the largest on-highway distributor for Allison Transmission and Detroit Diesel/Daimler 
Truck North America, providing parts, service and warranty on engines, transmissions and related equipment in Arkansas, Colorado, 
Florida, Louisiana, New Mexico, New York, Oklahoma, Texas, Wyoming, and the country of Colombia. The Company also provides 
similar service for off-highway use and additionally has distributor rights for Deutz and Isuzu diesel engines. Off-highway applications 
are primarily surface and underground mining equipment, including loaders, crawlers, crushers, power screens, pumps, cranes, 
generators, and haul trucks, as well as equipment rental.
 The Company also is engaged in the rental of industrial compressors, high capacity lift trucks, construction equipment and 
refrigeration trailers. In addition, the Company provides accessory products such as cables, hoses, fuel cells, air dryers, air compressor 
boosters and ground heaters. Lastly, the Company is a dealer for Thermo King refrigeration systems for trucks, railroad cars and other 
land transportation markets in Texas and Colorado.
Commercial and Industrial Customers
The results of the distribution and services industry are largely tied to the industrial markets it serves and, therefore, are influenced 
by the cycles of such markets. The Company’s major marine customers include inland and offshore barge operators, oilfield service 
companies, offshore fishing companies, other marine transportation entities, the United States government and large pleasure crafts. The 
marine business is linked to the relative health of the inland towboat, offshore and coastal tugboat, harbor docking tugboat, offshore 
oilfield service, oil and gas drilling, offshore commercial fishing industries, Great Lakes ore vessels, dredging vessels, coastal ferries, 
United States government vessels and the pleasure craft industry.
The Company’s on-highway customers are long-haul and short-haul trucking companies, commercial and industrial companies with 
truck fleets, buses owned by municipalities and private companies. Off-highway companies include surface and underground mining 
operations with a large variety of equipment.
The Company’s rental customers are primarily commercial and industrial companies with short-term rental requirements.

14
Commercial and Industrial Competitive Conditions
The Company’s primary marine competitors are independent distribution and services companies and other factory-authorized 
distributors, authorized service centers and authorized marine dealers. Certain operators of diesel powered marine equipment also elect 
to maintain in-house service capabilities. While price is a major determinant in the competitive process, reputation, consistent quality, 
expeditious service, experienced personnel, access to parts inventories and market presence are also significant factors. A substantial 
portion of the Company’s business is obtained by competitive bids. However, the Company has entered into service agreements with 
certain operators of diesel powered marine equipment, providing one source of support and service for all of their requirements at pre-
negotiated prices.
The Company is one of a limited number of authorized resellers of EMD, Caterpillar, Cummins, Detroit Diesel, John Deere, MTU 
and Volvo Penta parts. The Company is also the marine distributor for Falk and Lufkin reduction gears throughout the United States.
Power Generation Operations
The Company is engaged in the manufacturing, installation and servicing of new power generation units, and also provides standby 
and rental backup power generation units. The power generation operations represented approximately 36% of the segment’s 2024 
revenues. The Company is engaged in the overhaul and repair of diesel engines and generators, and related parts sales for power 
generation customers. The Company is also engaged in the sale and distribution of engine parts, engine modifications, generator 
modifications, controls, governors and generator packages to the nuclear industry. The Company services users of engines that provide 
emergency standby, peak and base load power generation. The Company services dual fuel, natural gas, and diesel engines. The 
Company also sells power generation systems that are customized for specific applications and the rental of power generation systems.
The Company has power generation operations throughout the United States providing in-house and in-field repair capabilities and 
products for power generation applications. Through its Rocky Mount, North Carolina operation, the Company serves as the exclusive 
worldwide distributor of EMD products to the nuclear industry, the worldwide distributor for Woodward, Inc. products to the nuclear 
industry, the worldwide distributor of Cooper Machinery Services (“Cooper”) products to the nuclear industry and owns the assets and 
technology necessary to support the Nordberg medium-speed diesel engines used in nuclear applications. In addition, the Rocky Mount 
operation is an exclusive distributor for Norlake Manufacturing Company transformer products to the nuclear industry, an exclusive 
distributor of Hannon Company generator and motor products to the nuclear industry, and a non-exclusive distributor of analog Weschler 
Instruments metering products and an exclusive distributor of digital Weschler metering products to the nuclear industry. The Company 
is also a non-exclusive distributor of Ingersoll Rand air start equipment to the nuclear industry worldwide.
The Company sells pre-packaged and fabricated power generation systems for emergency, standby and auxiliary power 
applications. The Company also offers rental generator systems from 50 to 2,000 kilowatts of power to a broad range of customers.
Power Generation Customers
The Company’s power generation customers are domestic utilities and the worldwide nuclear power industry, municipalities, 
universities, medical facilities, data centers, petrochemical plants, manufacturing facilities, shopping malls, office complexes, 
residential, oil and gas operators, prime power, and other industrial users.
Power Generation Competitive Conditions
The Company’s primary power generation competitors are other independent power generation and prime power service companies 
and manufacturers. While price is a major determinant in the competitive process, reputation, consistent quality, expeditious service, 
experienced personnel, access to parts inventories and market presence are also significant factors. A substantial portion of the 
Company’s business is obtained by competitive bids.
As noted above, the Company is the exclusive worldwide distributor of EMD, Cooper, Woodward, Nordberg, Norlake and Hannon 
parts for the nuclear industry, and non-exclusive distributor of Weschler parts and Ingersoll Rand air start equipment for the nuclear 
industry. Specific regulations relating to equipment used in nuclear power generation require extensive testing and certification of 
replacement parts. OEM parts need to be properly tested and certified for nuclear applications.
Oil and Gas Operations
The Company is engaged in the distribution and service of high-speed diesel engines, pumps and transmissions, and the manufacture 
and remanufacture of oilfield service equipment. The oil and gas operations represented approximately 18% of the segment’s 2024 
revenues. The Company offers custom fabricated oilfield service equipment that is fully tested and field ready. The Company 
manufactures and remanufactures oilfield service equipment, including pressure pumping units, nitrogen pumping units, cementers, 
hydration equipment, mud pumps and blenders, coil tubing, and well intervention equipment. The Company sells OEM replacement 

15
parts, and sells and services diesel engines, electric drives, motors and controls, pumps and transmissions, and offers in-house and in-
field service capabilities. The Company is the largest off-highway distributor for Allison Transmission and a major distributor for MTU 
in North America.
The Company’s manufacturing and remanufacturing facilities and service facilities are based in Houston, Texas and Oklahoma 
City, Oklahoma, both key oil and gas producing regions.
Oil and Gas Customers
The Company’s major oil and gas customers include large and mid-cap oilfield service providers, oil and gas operators and 
producers. The Company has long standing relationships with most of its customers. Since the oil and gas business is linked to the 
oilfield services industry, and oil and gas operators and producers, there is no assurance that its present gross revenues can be maintained 
in the future. The results of the Company’s oil and gas distribution and services operations are largely tied to the industrial markets it 
serves and, therefore, are influenced by the cycles of such markets.
Oil and Gas Competitive Conditions
The Company’s primary competitors in the oil and gas market are other oilfield equipment manufacturers and remanufacturers, and 
equipment service companies. While price is a major determinant in the competitive process, equipment availability, reputation, 
consistent quality, expeditious service, experienced personnel, access to parts inventories and market presence are also significant 
factors. A substantial portion of the Company’s business is obtained by competitive bids.
Governmental Regulations
General. The Company’s operations, products, and services are subject to various government regulations, which vary based upon 
its operations across and within its business segments.
In KMT, the Company’s marine transportation operations are subject to regulation by the United States Coast Guard (“USCG”), 
federal laws, state laws, the laws of other countries when operating in their waters, and certain international conventions. The agencies 
establish safety requirements and standards and are authorized to investigate incidents.
Most of the Company’s tank barges are inspected by the USCG and carry certificates of inspection. The Company’s inland and 
coastal towing vessels and coastal dry-bulk barges are also subject to USCG regulations. The USCG has enacted safety regulations 
governing the inspection, standards, and safety management systems of towing vessels. The regulations also create many new 
requirements for design, construction, equipment, and operation of towing vessels. The USCG regulations supersede the jurisdiction of 
the United States Occupational Safety and Health Administration (“OSHA”) and any state regulations on vessel design, construction, 
alteration, repair, maintenance, operation, equipping, personnel qualifications and manning. The regulations requiring towing vessels to 
obtain a certificate of inspection became effective for existing towing vessels on July 20, 2018. Other portions of the regulations were 
phased in following the July 20, 2018 effective date through July 19, 2022, by which time the Company was in full compliance.
All of the Company’s coastal tugboats and coastal tank and dry-bulk barges are built to American Bureau of Shipping (“ABS”) 
classification standards and/or statutory requirements issued by the USCG, and are inspected periodically by ABS and/or the USCG to 
maintain the vessels in class and compliant with all U.S. statutory requirements, as applicable to the vessel. The crews employed by the 
Company aboard inland and coastal vessels, including captains, pilots, engineers, tankermen and ordinary seamen, are licensed by the 
USCG.
The Company is required by various governmental agencies to obtain licenses, certificates and permits for its vessels depending 
upon such factors as the cargo transported, the waters in which the vessels operate and other factors. The Company believes that its 
vessels have obtained and can maintain all required licenses, certificates and permits required by such governmental agencies for the 
foreseeable future. The Company’s failure to maintain these authorizations could adversely impact its operations.
The Company believes that additional security and environmental related regulations relating to contingency planning requirements 
could be imposed on the marine industry. Generally, the Company endorses the anticipated additional regulations and believes it is 
currently operating to standards at least equal to anticipated additional regulations.
When the Company does operate in foreign jurisdictions, it is subject to the legal and regulatory requirements of those jurisdictions 
in addition to those generally applicable to the Company's domestic operations. This is primarily applicable to the coastal business of 
the KMT segment and Colombia branches in the KDS segment. Further, to the extent the Company does business with foreign 
counterparties, it is subject to additional rules and regulations, in particular, with regard to import and export compliance and the Foreign 
Corrupt Practices Act (“FCPA”), or similar local applicable anti-bribery laws. The Company provides anti-corruption training to all of 
its employees. 

16
Jones Act. The Jones Act is a federal cabotage law that restricts domestic marine transportation in the United States to vessels built 
and registered in the United States and manned, owned and operated by United States citizens. For a corporation to qualify as a United 
States citizen for the purpose of domestic trade, it has to be 75% owned and controlled by United States citizens within the meaning of 
the Jones Act. The Company monitors its citizenship status and meets the requirements of the Jones Act for its owned and operated 
vessels.
Compliance with United States ownership requirements of the Jones Act is important to the operations of the Company, and a 
violation of the Jones Act could have a material negative effect on the Company and its vessels’ ability to operate. The Company 
monitors the citizenship of its employees and stockholders and complies with United States build requirements.
User Taxes. Federal legislation requires that inland marine transportation companies pay a user tax based on propulsion fuel used 
by vessels engaged in trade along the inland waterways that are maintained by the United States Army Corps of Engineers. Such user 
taxes are designed to help defray the costs associated with replacing major components of the inland waterway system, such as locks 
and dams. A significant portion of the inland waterways on which the Company’s vessels operate is maintained by the Army Corps of 
Engineers.
The Company presently pays a federal fuel user tax of 29.1 cents per gallon consisting of a 0.1 cent per gallon leaking underground 
storage tank tax and 29 cents per gallon waterways user tax.
Security Requirements. The Maritime Transportation Security Act of 2002 requires, among other things, submission to and approval 
by the USCG of vessel and waterfront facility security plans (“VSP” and “FSP”, respectively). The Company maintains approved VSP 
and FSP and is operating in compliance with the plans for all of its vessels and facilities that are subject to the requirements.
Environmental Regulations
The Company’s operations are affected by various regulations and legislation enacted for protection of the environment by the 
United States government, as well as many coastal and inland waterway states and international jurisdictions to the extent that the 
Company’s vessels transit in international waters or the Company operates in such jurisdictions. Government regulations require the 
Company to obtain permits, licenses and certificates for the operation of its vessels and its facilities in both KMT and KDS. Failure to 
maintain necessary permits or approvals could require the Company to incur costs or temporarily suspend operation of one or more of 
its vessels or other facilities. Violations of applicable federal, state or local laws may result in civil and criminal penalties, fines, or other 
sanctions.
Water Pollution Regulations. The Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977 (“Clean 
Water Act”), the Comprehensive Environmental Response, Compensation and Liability Act of 1981 (“CERCLA”) and the Oil Pollution 
Act of 1990 (“OPA”) impose strict prohibitions against the discharge of oil and its derivatives or hazardous substances into the navigable 
waters of the United States or to the environment. These acts impose civil and criminal penalties for any prohibited discharges and 
impose substantial strict liability for cleanup of these discharges and any associated damages. Certain states also have water pollution 
laws that prohibit discharges into waters that traverse the state or adjoin the state, and impose civil and criminal penalties and liabilities 
similar in nature to those imposed under federal laws.
The OPA and various state laws of similar intent substantially increased over historic levels the statutory liability of owners and 
operators of vessels for oil spills, both in terms of limit of liability and scope of damages.
The Company manages its exposure to losses from potential discharges of pollutants through the use of well-maintained and 
equipped vessels, through safety, training and environmental programs, and through the Company’s insurance program. There can be 
no assurance, however, that any new regulations or requirements or any discharge of pollutants by the Company will not have an adverse 
effect on the Company.
Clean Water Act. The Clean Water Act establishes the National Pollutant Discharge Elimination System (“NPDES”) permitting 
program which regulates discharges into navigable waters of the United States. The United States Environmental Protection Agency 
(“EPA”) regulates the discharge of ballast water and other substances in United States waters under the Clean Water Act. Pursuant to 
the NPDES program, effective February 6, 2009, the EPA issued regulations requiring vessels 79 feet in length or longer to comply with 
a Vessel General Permit authorizing ballast water discharges and other discharges incidental to the operation of the vessels. The EPA 
regulations also imposed technology and water quality based effluent limits for certain types of discharges and established specific 
inspection, monitoring, recordkeeping and reporting requirements for vessels to ensure effluent limitations are met. The Vessel 
Incidental Discharge Act (“VIDA”), signed into law on December 4, 2018, established a new framework for the regulation of vessel 
incidental discharges under the Clean Water Act. VIDA requires the EPA to develop national performance standards for those discharges 
within two years of enactment and requires the USCG to develop implementation, compliance, and enforcement regulations within two 
years of the EPA’s promulgation of standards. Under VIDA, all provisions of the Vessel General Permit which became effective 

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December 19, 2013, remain in force and effect until the USCG regulations are finalized. The Company maintains Vessel General Permits 
and has established recordkeeping and reporting procedures in compliance with the EPA’s interim requirements.
The USCG adopted regulations on ballast water management treatment systems establishing a standard for the allowable 
concentration of living organisms in certain vessel ballast water discharged in waters of the United States under the National Invasive 
Species Act. The regulations include requirements for the installation of engineering equipment to treat ballast water by establishing an 
approval process for ballast water management systems (“BWMS”). The BWMS implementation was suspended until December 2016 
at which time the USCG approved manufacturers’ systems that met the regulatory discharge standard equivalent to the International 
Maritime Organization’s D-2 standard. The phase-in schedule for those existing vessels requiring a system to install a BWMS is 
dependent on vessel build date, ballast water capacity, and drydock schedule. Compliance with the ballast water treatment regulations 
requires the installation of equipment on some of the Company’s vessels to treat ballast water before it is discharged. The installation 
of BWMS equipment has required and continues to require significant capital expenditures in accordance with the compliance schedule 
established by the USCG in 33 CFR 151 to complete the installation of the approved system on those existing vessels that require a 
system in order to comply with the BWMS regulations. During 2024, the Company completed installation of an approved BWMS on 
the last such barge currently in its fleet.
Financial Responsibility Requirement. Commencing with the Federal Water Pollution Control Act of 1972, as amended, vessels 
over 300 gross tons operating in the Exclusive Economic Zone of the United States have been required to maintain evidence of financial 
ability to satisfy statutory liabilities for oil and hazardous substance water pollution. This evidence is in the form of a Certificate of 
Financial Responsibility (“COFR”) issued by the USCG. The majority of the Company’s tank barges are subject to this COFR 
requirement, and the Company has fully complied with this requirement since its inception. The States of Alaska, California, and 
Washington have implemented state financial responsibility requirements, and each of them now require a COFR, but the requirement 
for Washington is satisfied through the Company’s insurance program. The Company does not foresee any current or future difficulty 
in maintaining the COFR certificates or meeting financial responsibility requirements under current federal or state rules.
Clean Air Regulations. The Federal Clean Air Act of 1979 (“CAA”) requires states to draft State Implementation Plans (“SIPs”) 
under the National Ambient Air Quality Standards designed to reduce atmospheric pollution for six common air pollutants to levels 
mandated by this act. The EPA designates areas in the United States as meeting or not meeting the standards. Several SIPs implement 
the regulation of barge loading and discharging emissions at waterfront facilities as a measure to meet the CAA standard. The 
implementation of these regulations requires a reduction of hydrocarbon emissions released into the atmosphere during the loading of 
most petroleum products and the degassing and cleaning of barges for maintenance or change of cargo. These regulations require vessel 
operators that operate in states with areas of nonattainment of air quality standards under the CAA to install vapor control equipment on 
their barges. The Company expects that future emission regulations will be developed and will apply this same technology to many 
chemicals that are handled by barge. Most of the Company’s barges engaged in the transportation of petrochemicals, chemicals and 
refined petroleum products are already equipped with vapor control systems. KDS, particularly in its oil and gas equipment service and 
manufacturing and the power generation businesses, must closely adhere to federal regulatory requirements relating to emissions for 
stationary and non-road engines. Although a risk exists that new regulations could require significant capital expenditures by the 
Company and otherwise increase the Company’s costs, the Company believes that, based upon the regulations that have been proposed 
thus far, no material capital expenditures beyond those currently contemplated by the Company and no material increase in costs are 
likely to be required.
In addition, the Company is subject to environmental laws and regulations that establish engine emission standards under the CAA 
that allow California to establish new engine emission standards and requirements for commercial harbor crafts operating in the state. 
The California Air Resources Board (“CARB”) has enacted amendments to its Commercial Harbor Craft rules which were approved in 
early 2025 by the EPA. To the extent that these rules survive legal challenges and become effective, and the Company is unable to 
obtain an extension on applicable vessels that are utilized in California waters now or in the future, the Company may not be permitted 
to utilize those vessels in California waters. At this time, the Company does not believe such impact will be material to its business, but 
to the extent such rules may apply to other vessels in the Company’s fleet or other states adopt similar measures, it could result in 
increased compliance costs, additional operating restrictions or changes in demand for the Company’s services, which could have a 
material adverse effect on the Company’s business, financial condition and results of operations.
Contingency Plan Requirement. The OPA and several state statutes of similar intent require the majority of the vessels and terminals 
operated by the Company to maintain approved oil spill contingency plans as a condition of operation. The Company has approved 
plans that comply with these requirements. The OPA also requires development of regulations for hazardous substance spill contingency 
plans. The USCG has not yet promulgated these regulations; however, the Company anticipates that they will not be more difficult to 
comply with than the oil spill plans.
Occupational Health Regulations. The Company’s inspected vessel operations are primarily regulated by the USCG for 
occupational health standards. Uninspected vessel operations, the Company’s shore-based personnel, and employees in the Company’s 
KDS segment are subject to OSHA regulations. The Company believes that it is in compliance with the provisions of the regulations 

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that have been adopted and does not believe that the adoption of any further regulations will impose additional material requirements 
on the Company. There can be no assurance, however, that claims will not be made against the Company for work related illness or 
injury, or that the further adoption of health regulations will not adversely affect the Company.
Insurance. The Company’s marine transportation operations are subject to the hazards associated with operating vessels carrying 
large volumes of bulk cargo in a marine environment. These hazards include the risk of loss of or damage to the Company’s vessels, 
damage to third parties as a result of collision, fire or explosion, adverse weather conditions, loss or contamination of cargo, personal 
injury of employees and third parties, and pollution and other environmental damages. The Company maintains hull, liability, general 
liability, workers compensation and pollution liability insurance coverage against these hazards. The Company also maintains insurance 
to address liabilities arising from KDS operating activities. For shipyard operations, the Company has ship repairer’s liability and 
builder’s risk insurance. The Company uses a Texas domiciled wholly owned insurance subsidiary, Adaptive KRM, LLC, to provide 
cost effective risk transfer options to insure certain exposures of the Company and certain of its subsidiaries in KMT and KDS.
Environmental Protection. The Company utilizes several programs to further its commitment to environmental responsibility in its 
operations. Environmental compliance audits, performed with internal and external resources, are performed regularly on the Company's 
operations. Additionally, the Company employs third party expertise to conduct safety performance, safety management system, and 
environmental audits on its barge cleaning and shipyard vendors. The Company participates in the American Waterways Operators 
Responsible Carrier program, which drives continuous improvement towards reducing the barge industry’s impact on the environment. 
It is also a member of the Blue Sky Maritime Coalition and other organizations focused on reducing greenhouse gas emissions.
Safety. The Company manages its exposure to the hazards associated with its business through safety, training and preventive 
maintenance efforts. The Company emphasizes its safety commitment through programs oriented toward extensive monitoring of safety 
performance for the purpose of identifying trends and initiating corrective action, and for continuously improving employee safety 
behavior and performance.
Training. The Company believes that among the major elements of a successful and productive workforce are effective training 
programs. The Company also believes that training in the proper performance of a job enhances both the safety and quality of the service 
provided. New technology, regulatory compliance, personnel safety, quality and environmental concerns create additional demands for 
training. Refer to Human Capital below for further discussion regarding training programs the Company has developed and instituted.
Quality. Kirby Inland Marine has made a substantial commitment to the implementation, maintenance, and improvement of quality 
assurance systems. Kirby Offshore Marine is certified under ABS ISM standards. These Quality Assurance Systems and certification 
have enabled both shore and vessel personnel to effectively manage the changes which occur in the working environment, as well as 
enhancing the Company’s safety and environmental performance.
Human Capital
Employment. The Company has approximately 5,414 employees, the large majority of whom are in the United States. The large 
majority of non-vessel employees work full-time. Vessel employees work varying schedules according to their assignments. The 
Company has approximately 105 general corporate employees. The Company supports its employees by providing competitive pay and 
benefits, training, and a respectful and inclusive culture.
KMT has approximately 3,119 employees, of which approximately 2,380 are vessel crew members. None of the segment’s inland 
operations are subject to collective bargaining agreements. The segment’s coastal operations include approximately 413 vessel 
employees, some of which are subject to collective bargaining agreements in certain geographic areas. Approximately 204 Kirby 
Offshore Marine vessel crew members are subject to a collective bargaining agreement with the Richmond Terrace Bargaining Unit in 
effect through August 31, 2026. In addition, approximately 113 vessel crew members of Penn Maritime Inc., a wholly owned subsidiary 
of Kirby Offshore Marine, are represented by the Seafarers International Union under a collective bargaining agreement in effect through 
April 30, 2027.
KDS has approximately 2,190 employees. None of the United Holdings and Kirby Engine Systems operations are subject to 
collective bargaining agreements. Approximately 49 S&S employees in New Jersey are subject to a collective bargaining agreement 
with the Local 15C, International Union of Operating Engineers, AFL-CIO that expires in October 2028. The remaining S&S employees 
are not subject to collective bargaining agreements.
Training and Development. The Company strives to provide its employees with a rewarding work environment, including the 
opportunity for success and an opportunity for personal and professional development. The development of its people is a key factor in 
the Company’s employee retention and satisfaction. Its technical and skill training has always been a differentiator and has facilitated 
the recruitment of new trainees.

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For the marine business, the Company’s training facility includes state-of-the-art equipment and instruction aids, including a full 
bridge wheelhouse simulator, a working towboat, two tank barges, and a tank barge simulator for tankermen training. During 2024, 
approximately 1,663 certificates were issued for the completion of courses at the training facility, of which approximately 883 were 
USCG approved classes and the balance were employee development and Company required classes, including leadership, 
communication, and navigation courses. The Company uses the Seaman’s Church Institute as an additional training resource for its 
wheelhouse crewmembers. The marine segment provides a clear career progression for vessel personnel from entry level deckhand to 
captain and regularly reviews promotions from one level to another.
In KDS, the Company operates regional training centers providing instructor-led, skill-based training classes to certify its 
technicians to work on diesel engines, transmissions, and power generation equipment. KDS has multiple career progressions within its 
numerous businesses. In 2022, KDS launched an apprentice program at various locations. The Company continues to recruit and train 
apprentices for technical roles.
The Company's leadership and managerial training includes an online training curriculum that is available to both supervisory 
employees and those employees that aspire to move into such roles in the future. It includes a series of classes focused on management 
essentials which provide in-depth education in specific subjects such as leadership, strategic thinking, coaching and people development, 
decision making, problem solving, and communication. 
In addition, the Company facilitates many training courses that cover a range of topics that enhance specific skill sets, increase 
productivity, and educate employees about safety and team morale across both business segments. Training classes include 
environmental, health, and safety classes, compliance, leadership, and general business skills related courses. Compliance topics include 
anti-corruption and human rights training, cybersecurity awareness, business ethics, compliance, and promoting a respectful culture.
Core Values. Through its core values, the Company promotes a culture of respect, knowledge and teamwork which contributes to 
a strong workforce that meets its customer’s expectations and business objectives. The Company works diligently to attract the best 
talent from a broad range of resources to meet the current and future demands of its business. The Company has established relationships 
with high schools, trade schools, world-class universities, professional associations and industry groups to proactively attract talent.
Succession Planning. Succession planning is a key responsibility of the CEO and the Chief Human Resources Officer and is a 
critical annual process for the Company’s senior management and its Board. Senior management reviews their succession plans regularly 
throughout the year and provides the Board an in-depth review on an annual basis. This process looks at qualifications, performance, 
time in role, readiness to advance, and required development. The Board engages with many of these individuals through presentations 
on a variety of projects and subjects. The development initiatives for those identified in the succession plan may comprise post graduate 
work, targeted development around strengthening a needed competency, or additional industry exposure.
Culture, Engagement, and Social Responsibility. The Company recognizes the importance of employee engagement and has 
implemented a regular process of surveying its employees to obtain their feedback on both what is working well and areas of 
improvement. One of the main take-aways from the 2023 survey was 90% of employees surveyed agree that Kirby is committed to 
Employee Safety. In addition, employees believe the Company operates with strong values, has a strong safety culture, and would 
recommend working for the Company to others.
The Company provides its employees with a rewarding work environment, which includes access to resources for personal and 
professional development. The Company often participates in community organizations, service projects and matches employee 
charitable contributions. Through the Kirby Disaster Relief Fund, the Company supports employees in need following natural disasters 
and other qualified hardships. The Company provides employees with tuition reimbursement and college scholarships for the children 
of non-executive employees. In addition to standard health and welfare benefits, the Company offers wellness incentives and initiatives 
that encourages employees to receive an annual wellness checkup.

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Information about the Company’s Executive Officers
The executive officers of the Company are as follows:
Name
Age
Positions and Offices
David W. Grzebinski
63
Chief Executive Officer
Christian G. O’Neil
52
President and Chief Operating Officer
Raj Kumar
52
Executive Vice President and Chief Financial Officer
Amy D. Husted
56
Executive Vice President, General Counsel and Secretary
Ronald A. Dragg
61
Vice President, Controller and Assistant Secretary
Jennifer N. McCauley
61
Chief Human Resources Officer
Scott P. Miller
46
Vice President and Chief Information Officer
Kurt A. Niemietz
52
Vice President – Investor Relations and Treasurer
William M. Woodruff
64
Vice President – Public and Governmental Affairs
No family relationship exists among the executive officers or among the executive officers and the directors. Officers are elected 
to hold office until the annual meeting of directors, which immediately follows the annual meeting of stockholders, or until their 
respective successors are elected and have qualified.
David W. Grzebinski is a Chartered Financial Analyst and holds a Master of Business Administration degree from Tulane University 
and a degree in chemical engineering from the University of South Florida. He has served as Chief Executive Officer since April 2024. 
He served as President and Chief Executive Officer from April 2014 to April 2024. He served as President and Chief Operating Officer 
from January 2014 to April 2014 and as Chief Financial Officer from March 2010 to April 2014. He served as Chairman of Kirby 
Offshore Marine from February 2012 to April 2013 and served as Executive Vice President from March 2010 to January 2014. Prior to 
joining the Company in February 2010, he served in various operational and financial positions since 1988 with FMC Technologies Inc. 
(“FMC”), including Controller, Energy Services, Treasurer, and Director of Global SAP and Industry Relations. Prior to joining FMC, 
he was employed by Dow Chemical Company in manufacturing, engineering and financial roles.
Christian G. O’Neil holds a Master of Business Administration degree from Rice University, a doctorate of jurisprudence from 
Tulane University and a bachelor of arts degree from Southern Methodist University. He has served as President and Chief Operating 
Officer since April 2024, as President of Kirby Inland Marine and Kirby Offshore Marine since January 2018, as President of San Jac 
Marine, LLC since October 2018, and President of Kirby Offshore Wind, LLC since March 2021. He served as Executive Vice President 
and Chief Operating Officer of Kirby Inland Marine and Kirby Offshore Marine from May 2016 to January 2018. He also served as 
Executive Vice President – Commercial Operations of Kirby Inland Marine and Kirby Offshore Marine from April 2014 to May 2016, 
Vice President – Human Resources of the Company from May 2012 to April 2014, Vice President – Sales for Kirby Inland Marine from 
2009 to 2012 and President of Osprey from 2006 through 2008. He has also served in various sales and business development roles at 
the Company and Osprey. Prior to joining the Company, he served as Sales Manager and Fleet Manager at Hollywood Marine, Inc. 
(“Hollywood Marine”) after joining Hollywood Marine in 1997 which was subsequently merged into the predecessor of Kirby Inland 
Marine.
Raj Kumar is a member of CPA Australia and holds a Master of Business Administration degree from Columbia University in New 
York City and a Bachelor of Business in Accounting degree from Deakin University in Australia. He has served as Executive Vice 
President and Chief Financial Officer since November 2021. Prior to joining the Company, Mr. Kumar served as Vice President and 
Chief Financial Officer of Dril-Quip, Inc. from 2020 to 2021, Vice President and Chief Accounting Officer from 2019 to 2020, and Vice 
President and Treasurer from 2017 to 2019. Prior to joining Dril-Quip, he served as Vice President Finance at Frank’s International from 
2015 to 2017. Prior to that, he served as a segment controller at LyondellBasell and in Division CFO, treasury, strategic planning and 
corporate development positions at FMC and Dell Inc.
Amy D. Husted holds a doctorate of jurisprudence from South Texas College of Law and a Bachelor of Science degree in political 
science from the University of Houston. She has served the Company as Executive Vice President, General Counsel and Secretary since 
July 2024. She also served as Vice President, General Counsel and Secretary from April 2019 to July 2024, Vice President and General 
Counsel from January 2017 to April 2019, Vice President – Legal from January 2008 to January 2017 and Corporate Counsel from 
November 1999 through December 2007. Prior to joining the Company, she served as Corporate Counsel of Hollywood Marine from 
1996 to 1999 after joining Hollywood Marine in 1994.
Ronald A. Dragg is a Certified Public Accountant and holds a Master of Science in Accountancy degree from the University of 
Houston and a degree in finance from Texas A&M University. He has served the Company as Vice President, Controller and Assistant 
Secretary since April 2014. He also served as Vice President and Controller from January 2007 to April 2014, as Controller from 
November 2002 to January 2007, Controller – Financial Reporting from January 1999 to October 2002, and Assistant Controller – 

21
Financial Reporting from October 1996 to December 1998. Prior to joining the Company, he was employed by Baker Hughes 
Incorporated.
Jennifer N. “Jenny” McCauley holds a Master of Science in Human Development from the University of Texas at Dallas and 
Bachelor of Arts degree from Saint Mary’s College. She has served the Company as Chief Human Resources Officer since February 
2025. Prior to joining the Company, she was a full-time consultant where she provided strategic planning and executive and leadership 
advisory support to a variety of clients. Prior to that, she served as Senior Vice President – Administration with Southwestern Energy 
Company (“Southwestern”) and was responsible for Human Resources, Supply Chain, Support Services, Real Estate, and Information 
Technology. Prior to joining Southwestern, she served in various roles in human resources for JP Morgan Chase, Aramark, and Hilton 
Hotels.
Scott P. Miller holds a Bachelor of Science in Management of Information Systems from Louisiana State University and a Master 
of Business Administration degree from the University of Houston. He has served as Vice President and Chief Information Officer since 
April 2019. Prior to joining the Company, he was employed by Key Energy Services, Inc. from May 2006 to March 2019, serving in 
various senior leadership roles including Managing Director of Strategy, Vice President and Chief Information Officer from March 2013 
to December 2015 and as Senior Vice President, Operations Services and Chief Administrative Officer from January 2016 to March 
2019.
Kurt A. Niemietz holds a Master of Business Administration degree from St. Mary’s University and a degree in accounting from 
the University of Texas at San Antonio. He has served the Company as Vice President - Investor Relations and Treasurer since July 
2022. He also served as Vice President and Treasurer from April 2019 to July 2022. Prior to joining the Company, he was employed by 
Pacific Drilling from 2013 to 2019, serving in various roles of increasing responsibility, including Treasurer from 2017 to 2019, and in 
various financial positions with FMC, from 2006 to 2013. Prior to joining FMC, he was employed by Austin, Calvert & Flavin as a buy-
side equity analyst.
William M. Woodruff holds a doctorate of jurisprudence from the University of Houston Law Center and a bachelor of science 
degree from Texas A&M University. He has served as Vice President – Public and Governmental Affairs since October 2017. He served 
as Director – Public & Government Affairs from 2014 to October 2017 after joining the Company as Director – Government Affairs in 
2004. Prior to joining the Company, he was a maritime lawyer in private practice and Vice President and General Counsel of Coastal 
Towing, Inc.
Item 1A. Risk Factors
In addition to the other information set forth elsewhere in this annual report, the following risk factors should be considered carefully 
when evaluating the Company, as its businesses, results of operations, or financial condition could be materially adversely affected by 
any of these risks. The following discussion does not attempt to cover factors, such as trends in the United States and global economies 
or the level of interest rates, among others, that are likely to affect most businesses.
Marine Transportation Segment Risk Factors
The Inland Waterway infrastructure is aging and may result in increased costs and disruptions to KMT. Maintenance of the United 
States inland waterway system is vital to the Company’s operations. The system is composed of over 12,000 miles of commercially 
navigable waterway, supported by over 240 locks and dams designed to provide flood control, maintain pool levels of water in certain 
areas of the country and facilitate navigation on the inland river system. The United States inland waterway infrastructure is aging, with 
more than half of the locks over 50 years old. As a result, due to the age of the locks, scheduled and unscheduled maintenance outages 
may be more frequent in nature, resulting in delays and additional operating expenses. Currently, 35% of the cost of new construction 
and major rehabilitation of locks and dams is paid by marine transportation companies through a 29 cent per gallon waterway user tax 
and the remaining 65% of waterway infrastructure and improvement is paid from general federal tax revenues. Failure of the federal 
government to adequately fund infrastructure maintenance and improvements in the future would have a negative impact on the 
Company’s ability to deliver products for its customers on a timely basis. In addition, any additional user taxes that may be imposed in 
the future to fund infrastructure improvements would increase the Company’s operating expenses.
The Company could be adversely impacted by a marine accident or spill event. A marine accident or spill event could close a 
portion of the inland waterway system or a coastal area of the United States for an extended period of time. Although statistically marine 
transportation is the safest means of surface transportation of bulk commodities, accidents do occur, both involving Company equipment 
and equipment owned by other marine operators.
The Company transports a wide variety of petrochemicals, black oil, refined petroleum products and agricultural chemicals 
throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The 
Company manages its exposure to losses from potential unauthorized discharges of pollutants through the use of well-maintained and 
equipped tank barges and towing vessels, through safety, training and environmental programs, and through the Company’s insurance 

22
program, but a discharge of pollutants by the Company could have an adverse effect on the Company. Risks may arise for which the 
Company may not be insured. Claims covered by insurance are subject to deductibles, the aggregate amount of which could be material, 
and certain policies impose limitations on coverage. Existing insurance coverage may not be able to be renewed at commercially 
reasonable rates or coverage capacity for certain risks may not be available or adequate to cover future claims. If a loss occurs that is 
partially or completely uninsured, or the carrier is unable or unwilling to cover the claim, the Company could be exposed to liability.
KMT is dependent on its ability to adequately crew its towing vessels. The Company’s vessels are crewed with employees who are 
licensed or certified by the USCG, including its captains, pilots, engineers and tankermen. The success of KMT is dependent on the 
Company’s ability to adequately crew its vessels. As a result, the Company invests significant resources in training its crews and 
providing crew members an opportunity to advance from a deckhand to the captain of a Company towboat or tugboat. Inland crew 
members generally work rotations such as 20 days on, 10 days off rotation, or a 30 days on, 15 days off rotation. For the coastal fleet, 
crew members are generally required to work rotations such as 14 days on, 14 days off rotation, a 21 days on, 21 days off rotation or a 
30 days on, 30 days off rotation, dependent upon the location. The nature of crewmember work schedules and assignments away from 
home for extended periods require special recruiting and at times it can be difficult to find candidates. With ongoing retirements and a 
mariner shortage in the industry, the Company faces competitive labor pressure and continues to monitor and implement market 
competitive pay practices. The Company also utilizes an internal development program to train Maritime Academy graduates for vessel 
leadership positions.
KMT has approximately 3,119 employees, of which approximately 2,380 are vessel crew members. None of the segment’s inland 
operations are subject to collective bargaining agreements. The segment’s coastal operations include approximately 413 vessel 
employees, of whom approximately 317 are subject to collective bargaining agreements in certain geographic areas. Any work stoppages 
or labor disputes could adversely affect coastal operations in those areas. 
KMT is subject to the Jones Act. KMT competes principally in markets subject to the Jones Act, a federal cabotage law that restricts 
domestic marine transportation in the United States to vessels built and registered in the United States, and manned, owned and operated 
by United States citizens. The Company presently meets all of the requirements of the Jones Act for its owned and operated vessels. 
The loss of Jones Act status could have a significant negative effect on the Company. The requirements that the Company’s vessels be 
United States built and manned by United States citizens, the crewing requirements and material requirements of the USCG, and the 
application of United States labor and tax laws increases the cost of United States flagged vessels compared to comparable foreign 
flagged vessels. The Company’s business could be adversely affected if the Jones Act or international trade agreements or laws were to 
be modified or waived as to permit foreign flagged vessels to operate in the United States as these vessels are not subject to the same 
United States government imposed regulations, laws, and restrictions. Since the events of September 11, 2001, the United States 
government has taken steps to increase security of United States ports, coastal waters and inland waterways. The Company believes that 
it is unlikely that the current cabotage provisions of the Jones Act would be eliminated or significantly modified in a way that has a 
material adverse impact on the Company in the foreseeable future.
The Secretary of Homeland Security is vested with the authority and discretion to waive the Jones Act to such extent and upon such 
terms as the Secretary may prescribe whenever the Secretary deems that such action is necessary in the interest of national defense. On 
September 8, 2017, following Hurricanes Harvey and Irma, the Department of Homeland Security issued a waiver of the Jones Act for 
a 7-day period for shipments from New York, Pennsylvania, Texas and Louisiana to South Carolina, Georgia, Florida and Puerto Rico. 
The waiver was specifically tailored to address the transportation of refined petroleum products due to disruptions in hurricane-affected 
areas. On September 11, 2017, the waiver was extended for 11 days and expanded to include additional states. Following Hurricane 
Maria, on September 28, 2017, the Department of Homeland Security issued a waiver of the Jones Act for movement of products shipped 
from United States coastwise points to Puerto Rico through October 18, 2017. Two limited waivers of the Jones Act were granted in 
connection with the shutdown of the Colonial Pipeline in May 2021. In connection with recovery from Hurricane Fiona, in September 
and October 2022, two limited waivers of the Jones Act were granted to allow diesel and liquefied natural gas deliveries to Puerto Rico. 
Waivers of the Jones Act, whether in response to natural disasters or otherwise, could result in increased competition from foreign tank 
vessel operators, which could negatively impact KMT.
KMT is subject to extensive regulation by the USCG, federal laws, other federal agencies, various state laws, the laws of other 
countries when operating in their waters, and certain international conventions, as well as numerous environmental regulations. The 
majority of the Company’s vessels are subject to inspection by the USCG and carry certificates of inspection. The crews employed by 
the Company aboard vessels are licensed or certified by the USCG. The Company’s marine transportation operations are subject to laws 
of other countries when operating in their waters. The Company is required by various governmental agencies to obtain licenses, 
certificates and permits for its owned and operated vessels. The Company’s operations are also affected by various United States and 
state regulations and legislation enacted for protection of the environment. The Company incurs significant expenses and capital 
expenditures to comply with applicable laws and regulations and any significant new regulation or legislation, including climate change 
laws or regulations, could have an adverse effect on the Company.

23
KMT is subject to natural gas and crude oil prices as well as the volatility of their prices as well as the volatility in production of 
refined products and petrochemicals in the United States. For 2024, 51% of KMT’s revenues were from the movement of 
petrochemicals, including the movement of raw materials and feedstocks from one refinery or petrochemical plant to another, as well 
as the movement of more finished products to end users and terminals for export. The United States petrochemical industry continues 
to benefit from a low-cost domestically produced natural gas feedstock advantage, producing strong volumes of raw materials and 
intermediate products for transportation between Gulf Coast petrochemical plants and the transportation of more finished products to 
terminals for both domestic consumers and for export destinations. In addition, five new United States petrochemical projects, including 
expansion of existing plants, were completed during 2023, with an additional four projects completed during 2024. These projects should 
provide additional movements for KMT. Higher natural gas and crude oil prices are generally better for the Company’s businesses; 
however, higher natural gas prices and other factors could negatively impact the United States petrochemical industry and its production 
volumes, which could negatively impact the Company.
Demand for tank barge transportation services is driven by the production of volumes of the bulk liquid commodities such as 
petrochemicals, black oil and refined petroleum products that the Company transports by tank barge. This production can depend on the 
prevailing level of natural gas and crude oil prices, as well as the volatility of their prices. In general, lower energy prices are good for 
the United States economy and typically translate into increased petrochemical and refined product demand and therefore increased 
demand for tank barge transportation services. However, during 2016 and 2017 lower crude oil prices resulted in a decline in domestic 
crude oil and natural gas condensate production and reduced volumes to be transported by tank barge. The Company estimates that at 
the beginning of 2015 there were approximately 550 inland tank barges and 35 coastal tank barges in the 195,000 barrels or less category 
transporting crude oil and natural gas condensate. By the end of 2019, the Company estimates that number of tank barges had declined 
to 335 inland tank barges and approximately five coastal tank barges transporting crude and natural gas condensate. As of the end of 
2022, the Company estimates that approximately 170 to 200 inland tank barges were transporting crude and natural gas condensate. As 
of the end of 2023, the Company estimates that approximately 190 to 220 inland tank barges were transporting crude and natural gas 
condensate. As of the end of 2024, the Company estimates that approximately 170 to 180 inland tank barges were transporting crude 
and natural gas condensate. Volatility in the price of natural gas and crude oil can also result in heightened uncertainty which may lead 
to decreased production and delays in new petrochemical and refinery plant construction. Increased competition for available black oil 
and petrochemical barge moves caused by reduced crude oil and natural gas condensate production could have an adverse impact on 
KMT including as a result of lower spot and term contract rates and/or reluctance to enter into or extend term contracts.
KMT could be adversely impacted by the construction of tank barges. At the present time, there are an estimated 4,003 inland tank 
barges in the United States, of which the Company operates 1,094, or 27%. For 2022, the Company estimates that industry-wide 22 new 
tank barges were placed in service and retirements, net of reactivations, were flat. For 2023, the Company estimates that industry-wide 
27 new tank barges were placed in service and 48 tank barges were retired. For 2024, the Company estimates that industry-wide 34 new 
tank barges were placed in service and 38 tank barges were retired. The Company estimates that approximately 45 to 50 new tank barges 
have currently been ordered for delivery in 2025 and expects a number of older tank barges will be retired, dependent on 2025 market 
conditions.
The long-term risk of an oversupply of inland tank barges may be mitigated by the fact that the inland tank barge industry has 
approximately 600 tank barges that are 30 years old or older and approximately 350 of those are 40 years old or older. Given the age 
profile of the industry inland tank barge fleet and extensive customer vetting standards, the expectation is that these older tank barges 
will continue to be removed from service and replaced by new tank barges as needed, with the extent of both retirements and new builds 
dependent on petrochemical and refinery production levels and crude oil and natural gas condensate movements, both of which can have 
a direct effect on industry-wide tank barge utilization, as well as term and spot contract rates.
The Company estimates there are approximately 260 tank barges operating in the 195,000 barrels or less coastal industry fleet, the 
sector of the market in which the Company operates, and approximately 20 of those are over 25 years old. The Company is aware of no 
ATBs placed in service in 2022, 2023 or 2024 and no ATBs currently under construction.
Higher fuel prices could increase operating expenses and fuel price volatility could reduce profitability. The cost of fuel during 
2024 was approximately 9% of marine transportation revenue. The Company’s marine transportation term contracts typically include 
fuel escalation clauses, or the customer pays for the fuel. However, there is generally a 30 to 120 day delay before contracts are adjusted 
depending on the specific contract. In general, the fuel escalation clauses are effective over the long-term in allowing the Company to 
adjust to changes in fuel costs due to fuel price changes; however, the short-term effectiveness of the fuel escalation clauses can be 
affected by a number of factors including, but not limited to, specific terms of the fuel escalation formulas, fuel price volatility, 
navigating conditions, tow sizes, trip routing, and the location of loading and discharge ports that may result in the Company over or 
under recovering its fuel costs. The Company’s spot contract rates generally reflect current fuel prices at the time the contract is signed 
but do not have escalators for fuel.
Significant increases in the construction cost of tank barges and towing vessels may limit the Company’s ability to earn an adequate 
return on its investment in new tank barges and towing vessels. The price of steel, economic conditions, and supply and demand 

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dynamics can significantly impact the construction cost of new tank barges and towing vessels. Over the last 20 years, the Company’s 
average construction price for a new 30,000 barrel capacity inland tank barge has fluctuated up or down significantly. For example, the 
average construction price for a new 30,000 barrel capacity tank barge in 2009 was approximately 90% higher than in 2000, with 
increases primarily related to higher steel costs. During 2009, the United States and global recession negatively impacted demand levels 
for inland tank barges and as a result, the construction price of inland tank barges fell significantly in 2010, primarily due to a significant 
decrease in steel prices, as well as a decrease in the number of tank barges ordered. The cost of steel, a key material in barge construction, 
was relatively stable from 2010 through 2019. During 2020, at the onset of the COVID-19 pandemic, steel costs dropped, however, 
during 2021 and 2022, steel prices rose above 2019 levels due to supply chain disruptions before decreasing in 2023. Although steel 
prices have remained stable in 2024, they still remain near historical highs. These increases in steel costs and alterations in supply and 
demand dynamics, as well as higher labor costs, resulted in construction prices for a new 30,000 barrel tank barge increasing compared 
to prices in 2017 when there was an industry-wide over-capacity of inland tank barges in the market.
KMT could be adversely impacted by the failure of the Company’s shipyard vendors to deliver new vessels according to 
contractually agreed delivery schedules and terms. The Company contracts with shipyards to build new vessels and currently has vessels 
under construction. Construction projects are subject to risks of delay and cost overruns, resulting from shortages of equipment, materials 
and skilled labor; lack of shipyard availability; unforeseen design and engineering problems; work stoppages; weather interference; 
unanticipated cost increases; unscheduled delays in the delivery of material and equipment; and financial and other difficulties at 
shipyards including labor disputes, shipyard insolvency and inability to obtain necessary certifications and approvals. A significant delay 
in the construction of new vessels or a shipyard’s inability to perform under the construction contract could negatively impact the 
Company’s ability to fulfill contract commitments and to realize timely revenues with respect to vessels under construction. Significant 
cost overruns or delays for vessels under construction could also adversely affect the Company’s financial condition, results of operations 
and cash flows. The Company did not experience significant shipyard delays associated with the COVID-19 pandemic, including at its 
subsidiary, San Jac. The Company expects that its shipyard vendors, including San Jac, should be able to similarly manage their 
operations if an event of a similar impact were to occur in the future, but there is no guarantee that the vendors would be able to do so.
The Company is subject to competition in KMT. The inland and coastal tank barge industry remains very fragmented and 
competitive. The Company’s primary competitors are noncaptive inland tank barge operators and coastal operators. The Company also 
competes with companies who operate refined product and petrochemical pipelines, railroad tank cars and tractor-trailer tank trucks. 
Increased competition from any significant expansion of or additions to facilities or equipment by the Company’s competitors could 
have a negative impact on the Company’s results of operations. In addition, the Company’s failure to adhere to its safety, reliability and 
performance standards may impact its ability to retain current customers or attract new customers.
Distribution and Services Segment Risk Factors
KDS could be adversely impacted by future legislation, executive or other governmental orders, or additional regulation of oil and 
gas extraction, including hydraulic fracturing practices. The Company, through its United and S&S subsidiaries, is a distributor and 
service provider of engine and transmission related products for the oil and gas services, power generation and transportation industries, 
and a manufacturer of oilfield service equipment, including pressure pumping units. Various legislative and regulatory initiatives have 
been proposed that, if passed, could limit or discourage future production of oil and gas. Further, legislation may be enacted by Congress 
that would authorize the EPA to impose additional regulations on hydraulic fracturing. In addition, a number of states have adopted or 
are evaluating the adoption of legislation or regulations governing hydraulic fracturing or byproducts of the fracturing process. Related 
actions may also be taken via executive order. Federal or state legislation, executive or governmental orders, and/or regulations could 
materially impact customers’ operations and greatly reduce or eliminate demand for the Company’s pressure pumping fracturing 
equipment and related products. The Company is unable to predict whether future legislation or any other regulations will ultimately be 
enacted and, if so, the impact on KDS.
Prevailing natural gas and crude oil prices, as well as the volatility of their prices, could have an adverse effect on KDS business. 
Lower energy prices generally result in a decrease in the number of oil and gas wells being drilled. Oilfield service companies reduce 
their capital spending, resulting in decreased demand for new parts and equipment, including pressure pumping units, provided by KDS. 
This may also lead to order cancellations from customers or customers requesting to delay delivery of new equipment. The Company 
also services offshore supply vessels and offshore drillings rigs operating in the Gulf of America, as well as internationally. Low energy 
prices may negatively impact the number of wells drilled in the Gulf of America and international waters. Prolonged downturns in oil 
and gas prices may cause substantial declines in oilfield service and exploration expenditures and could adversely impact oil and gas 
manufacturing, remanufacturing, parts and distribution business. In addition, energy price volatility may also result in difficulties in the 
Company’s ability to address variations in production on a timely basis and, therefore, could result in an adverse impact on KDS.
The Company is subject to competition in KDS. The distribution and services industry is very competitive. The segment’s oil and 
gas market’s principal competitors are independent distribution and service and oilfield manufacturing companies and other factory-
authorized distributors and service centers. In addition, certain oilfield service companies that are customers of the Company also 
manufacture and service a portion of their own oilfield equipment. Increased competition in the distribution and services industry and 

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continued low price of natural gas, crude oil or natural gas condensate, and resulting decline in drilling for such natural resources in 
North American shale formations, could result in less oilfield equipment being manufactured and remanufactured, lower rates for service 
and parts pricing and result in less manufacturing, remanufacturing, service and repair opportunities and parts sales for the Company. 
Further, the oil and gas industry is characterized by rapid and significant technological advancements and introductions of new products 
using new technologies. As competitors and others use or develop new technologies, the Company may lose market share or be placed 
at a competitive disadvantage. The Company may face competitive pressure to implement or acquire certain new technologies at a 
substantial cost. Additionally, the Company may be unable to implement new technologies on a timely basis or at an acceptable cost. 
For the commercial and industrial market, the segment’s primary marine diesel competitors are independent diesel services companies 
and other factory-authorized distributors, authorized service centers and authorized marine dealers. Certain operators of diesel powered 
marine equipment also elect to maintain in-house service capabilities. For power generation, the primary competitors are other 
independent service companies.
Loss of a distributorship or other significant business relationship or disruptions of supply could adversely affect KDS. KDS has 
had a relationship with EMD, the largest manufacturer of medium-speed diesel engines, since the 1960s. The Company, through Kirby 
Engine Systems, serves as an EMD distributor for select markets and locations for both service and parts. With the acquisition of S&S 
in September 2017, the Company added additional EMD distributorship rights in key states, primarily through the Central and South 
areas of the United States. With the S&S acquisition, the Company became the United States distributor for EMD marine and power 
generation applications. Sales and service of EMD products account for approximately 4% of the Company’s revenues for 2024. 
Although the Company considers its relationship with EMD to be strong, the loss of the EMD distributorship and service rights, or a 
disruption of the supply of EMD parts, could have a negative impact on the Company’s ability to service its customers. In 2020, with 
the acquisition of Convoy Servicing Company and Agility Fleet Services, LLC, the Company expanded its dealership network of 
Thermo King refrigeration systems for trucks, railroad cars, and other land transportation markets in Texas and Colorado. In 2024, sales 
and service of Thermo King products comprised approximately 4% of the Company’s revenues.
United and S&S have maintained continuous exclusive distribution rights for MTU and Allison since the 1940s. United and S&S 
are two of MTU’s top five distributors of off-highway engines in North America, with exclusive distribution rights in multiple states. 
In addition, as distributors of Allison products, United and S&S have exclusive distribution rights in multiple key growth states. United 
and S&S are also the distributors for parts, service and warranty on Daimler truck engines and related equipment in multiple states. 
Sales and service of MTU, Allison, and Daimler products accounted for approximately 10% of the Company’s revenues during 2024. 
Although the Company considers its relationships with MTU, Allison, and Daimler to be strong, the loss of MTU, Allison, or Daimler 
distributorships and service rights, or a disruption of the supply of MTU or Allison parts, could have a negative impact on the Company’s 
ability to service its customers.
In addition to its relationships with MTU, Allison, and Daimler, the Company also has relationships with many other distributors 
and parts suppliers and the loss of a distributorship and service rights, or a disruption of the supply of parts from any of these other 
distributors or part suppliers could also have a negative impact on the Company’s ability to service its customers.
General Corporate Risk Factors
The Company is subject to adverse weather conditions in KMT and KDS. KMT is subject to weather condition volatility. Physical 
impacts of climate change could have a material adverse effect on the Company's costs and operations. There has been public discussion 
that climate change may be associated with rising sea levels as well as extreme weather conditions such as more intense hurricanes, 
thunderstorms, tornadoes, drought, and snow or ice storms. Extreme weather conditions may increase the Company’s costs or cause 
damage to its facilities, and any damage resulting from extreme weather may not be fully insured. Many of the Company’s facilities are 
located near coastal areas or waterways where rising sea levels or flooding could disrupt the Company’s operations or adversely impact 
its facilities. Adverse weather conditions such as high or low water on the inland waterway systems, fog and ice, tropical storms, 
hurricanes, and tsunamis on both the inland waterway systems and throughout the United States coastal waters can impair the operating 
efficiencies of the marine fleet. Such adverse weather conditions can cause a delay, diversion or postponement of shipments of products 
and are totally beyond the control of the Company. Tropical storms and hurricanes may also impact the Company’s customers resulting 
in reduced demand for the Company’s services. In addition, adverse water and weather conditions can negatively affect a towing vessel’s 
performance, tow size, loading drafts, fleet efficiency, limit navigation periods and dictate horsepower requirements. KDS is also subject 
to tropical storms and hurricanes impacting its coastal locations and those of its customers as well as tornados impacting its Oklahoma 

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facilities. The risk of flooding as a result of hurricanes and tropical storms as well as other weather events may impede travel via 
roadways, suspend service work, and impact deliveries and the Company’s ability to fulfill orders or provide services in KDS. 
The Company may be unable to make attractive acquisitions or successfully integrate acquired businesses, and any inability to do 
so may adversely affect the Company’s business and hinder its ability to grow. The Company has made asset and business acquisitions 
in the past and may continue to make acquisitions of assets or businesses in the future that complement or expand the Company’s current 
business. The Company may not be able to identify attractive acquisition opportunities. Even if attractive acquisition opportunities are 
identified, the Company may not be able to complete the acquisition or do so on commercially acceptable terms. The success of any 
completed acquisition depends on the Company’s ability to integrate the acquired assets or business effectively into the Company’s 
existing operations. The process of integrating acquired assets or businesses may involve difficulties that require a disproportionate 
amount of the Company’s managerial and financial resources to resolve. The value of acquired assets or businesses may be negatively 
impacted by a variety of circumstances unknown to the Company prior to the acquisition. In addition, possible future acquisitions may 
be larger and for purchase prices significantly higher than those paid for earlier acquisitions. No assurance can be given that the Company 
will be able to identify additional suitable acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on 
acceptable terms or successfully acquire identified targets. The Company’s failure to achieve synergies, to successfully integrate the 
acquired businesses and assets into the Company’s existing operations, or to minimize any unforeseen operational difficulties could 
have a material adverse effect on the Company’s business, financial condition, and results of operations. In addition, agreements 
governing the Company’s indebtedness from time to time may impose certain limitations on the Company’s ability to undertake 
acquisitions or make investments or may limit the Company’s ability to incur certain indebtedness and liens, which could limit the 
Company’s ability to make acquisitions.
The Company’s failure to comply with the FCPA, or similar local applicable anti-bribery laws, could have a negative impact on its 
ongoing operations. The Company’s operations outside the United States require the Company to comply with both United States and 
international regulations. For example, in addition to any similar applicable local anti-bribery laws, the Company's operations in 
countries outside the United States are subject to the FCPA, which prohibits United States companies or their employees and third party 
representatives from providing anything of value to a foreign official for the purposes of influencing any act or decision of these 
individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any 
unfair advantage. The Company has internal control policies and procedures and has implemented training and compliance programs 
for its employees and third party representatives with respect to the FCPA. However, the Company’s policies, procedures and programs 
may not always protect it from reckless or criminal acts committed by its employees or third party representatives, and severe criminal 
or civil sanctions could be the result of violations of the FCPA or any other applicable anti-bribery law in countries where the Company 
does business. The Company is also subject to the risks that its employees, joint venture partners, and third party representatives outside 
of the United States may fail to comply with other applicable laws.
The Company is subject to risks associated with possible climate change legislation, regulation and international accords. 
Greenhouse gas emissions, including carbon emissions or energy use, have increasingly become the subject of a large amount of 
international, national, regional, state and local attention. International agreements and national, regional, and state legislation and 
regulatory measures that aim to directly or indirectly limit or reduce greenhouse gas emissions are in various stages of implementation. 
The United States Congress has considered, but has not passed, various bills that would create an economy-wide “cap-and-trade” 
system that would establish a limit (or cap) on overall greenhouse gas emissions and create a market for the purchase and sale of 
emissions permits or “allowances.” Any proposed cap-and-trade legislation would likely affect the chemical industry due to anticipated 
increases in energy costs as fuel providers pass on the cost of the emissions allowances, which they would be required to obtain under 
cap-and-trade to cover the emissions from fuel production and the eventual use of fuel by the Company or its energy suppliers. In 
addition, cap-and-trade proposals would likely increase the cost of energy, including purchases of diesel fuel, steam and electricity, and 
certain raw materials used or transported by the Company. Proposed domestic and international cap-and-trade systems could materially 
increase raw material and operating costs of the Company’s customer base. Future environmental regulatory developments related to 
climate change in the United States that restrict emissions of greenhouse gases could result in financial impacts on the Company’s 
operations that cannot be predicted with certainty at this time.
In addition, current global trends incorporating carbon neutral policies and reduction in greenhouse gas emissions are driving 
decarbonization initiatives across all industries to mitigate the impact on climate change and may result in a decline in global and U.S. 
hydrocarbon usage. Such a decline in hydrocarbon usage (for example, as a result of an increase in electric vehicles) could result in a 
reduction in demand for (a) the Company’s services in KMT to the extent there is reduced demand for crude oil and other feedstocks 
used and the products produced by the Company’s major refining customers and (b) for the Company’s products and services in KDS 
to the extent there is reduced demand in the exploration and production of hydrocarbons by the Company’s oil and gas customers.
Loss of a large customer could adversely affect the Company. Five KMT customers accounted for approximately 18% of the 
Company’s 2024 revenue, 16% of 2023 revenue, and 17% of 2022 revenue. The Company has contracts with these customers expiring 
in 2025 through 2031. Three KDS customers accounted for approximately 10% of the Company’s 2024 revenue, 12% of 2023 revenue, 

27
and 9% of 2022 revenue. Although the Company considers its relationships with these companies to be strong, the loss of any of these 
customers, or their inability to meet financial obligations, could have an adverse effect on the Company.
The Company relies on critical operating assets including information systems for the operation of its businesses, and the failure 
of such assets or any critical information system, including as a result of natural disasters, terrorist acts, a cybersecurity attack, or 
other extraordinary events, may adversely impact its businesses. The Company is dependent on its critical operating assets and 
technology infrastructure and must maintain and rely upon critical information systems and security of its assets for the effective and 
safe operation of its businesses. These assets include vessels, vessel equipment, property and facilities, as well as information systems, 
such as software applications, hardware equipment, and data networks and telecommunications.
The Company’s critical assets and information systems, including the Company’s proprietary vessel management computer system, 
are subject to damage or interruption from a number of potential sources, including but not limited to, natural disasters, terrorist acts, 
cybersecurity attacks, software viruses, and power failures. In addition to standard safety operating procedures, the Company has 
implemented measures such as business continuity plans, hurricane preparedness plans, emergency recovery processes, and security 
preparedness plans to protect physical assets and to recover from damage to such assets. The Company has also implemented virus 
protection software, intrusion detection systems and annual attack and penetration audits, and implemented employee training to protect 
information systems to mitigate these risks. However, the Company cannot guarantee that its critical assets or information systems 
cannot be damaged or compromised.
Any damage or compromise of its critical assets or data security or its inability to use or access these critical assets and information 
systems could adversely impact the efficient and safe operation of its businesses, or result in the failure to safely operate its equipment, 
and maintain the confidentiality of data of its customers or its employees and could subject the Company to increased operating expenses 
or legal action, which could have an adverse effect on the Company. Although to date the Company is unaware of any material data 
breach or system disruption, including a cyber-attack, the Company cannot provide any assurances that such events and impacts will 
not be material in the future. The Company’s efforts to deter, identify, mitigate and/or eliminate future breaches may require significant 
additional effort and expense and may not be successful. For more information regarding the mitigation of cybersecurity risk, see Item 
1C-Cybersecurity.
Limitations on the Company’s ability to obtain, maintain, protect, or enforce its proprietary information and any successful 
intellectual property challenges or infringement proceedings, including its trade secrets could affect the Company's competitive position. 
The Company’s businesses rely on a variety of intellectual property rights for its product and services. The Company’s intellectual 
property could be adversely affected by successful intellectual property challenges or infringement proceedings against it which could 
materially and adversely affect its competitive position. The Company may also be adversely affected when its intellectual property 
rights are unenforceable, such as where patent claims allowed are not sufficient to protect its technology or its trade secrets are not 
adequately protected. The Company's failure to protect its proprietary information and any successful challenges to the Company's 
intellectual property rights could have an adverse effect on the Company.
A deterioration of the Company’s credit profile, disruptions of the credit markets or higher interest rates could restrict its ability 
to access the debt capital markets or increase the cost of debt. Deterioration in the Company’s credit profile may have an adverse effect 
on the Company’s ability to access the private or public debt markets and also may increase its borrowing costs. If the Company’s credit 
profile deteriorates significantly its access to the debt capital markets or its ability to renew its committed lines of credit may become 
restricted, its cost of debt may increase, or the Company may not be able to refinance debt at the same levels or on the same terms. 
Because the Company relies on its ability to draw on its Revolving Credit Facility to support its operations as needed, any volatility in 
the credit and financial markets that prevents the Company from accessing funds on acceptable terms could have an adverse effect on 
the Company’s financial condition and cash flows. Additionally, the pricing grids on Company’s Revolving Credit Facility and Term 
Loan contain a ratings grid that includes a possible increase in borrowing rates if the Company’s rating declines. Furthermore, the 
Company incurs interest under its Revolving Credit Facility based on floating rates. Floating rate debt creates higher debt service 
requirements if market interest rates increase, which would adversely affect the Company’s cash flow and results of operations.
Corporate responsibility, specifically related to ESG matters, may impose additional costs and expose the Company to new risks. 
There is an increasing focus from regulators, certain investors, and other stakeholders concerning environmental, social, and governance 
(“ESG”) matters, both in the United States and internationally. The Company communicates certain ESG-related initiatives, goals, 
and/or aspirations regarding environmental matters, diversity, responsible sourcing and social investments, and other matters in its 
annual Sustainability Report, on its website, in its filings with the SEC, and elsewhere. These initiatives, goals, or aspirations reflect the 
Company’s current plans and are not guarantees that the Company will be able to achieve them. The standards for tracking and reporting 
on ESG matters are relatively new, have not been harmonized and continue to evolve. Further, the statutory and regulatory requirements 
continue to evolve as well. In 2023, the State of California enacted climate related legislation and the SEC was expected to issue its own 
climate disclosure rules in 2024, both of which will or could impose additional reporting requirements on the Company resulting in 
additional compliance cost and expense. The Company’s selection of disclosure frameworks that seek to align with various reporting 
standards may change from time to time and may result in a lack of comparative data from period to period. The ESG-related initiatives, 

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goals and/or aspirations could be difficult to achieve and costly to implement, and the Company may be unable to economically develop 
or deploy technologies to achieve its goals or aspirations, if at all. In addition, the Company could be criticized for the timing, scope or 
nature of these initiatives, goals, or aspirations, or for any revisions to them. As mandatory and voluntary disclosures about ESG matters 
increase, the Company could be penalized or criticized for the accuracy, adequacy, or completeness of such disclosures. The Company’s 
actual or perceived failure to report accurately or achieve its ESG-related initiatives, goals, or aspirations could result in government 
enforcement action, negatively impact its reputation, result in ESG-focused investors not purchasing and holding Company stock, or 
otherwise materially harm the Company’s business.
Increased prices and inflation could negatively impact the Company’s margin performance and financial results. Increased 
inflation, including rising prices for items, such as raw materials, fuel, parts and components, freight, packaging, supplies, labor and 
energy increases the Company’s costs to provide services and manufacture and distribute the Company’s products. The Company does 
not currently use financial derivatives to hedge against volatility in commodity prices. The Company uses market prices for materials, 
fuel, parts and components. The Company may be unable to pass these rising costs on to its customers. To mitigate this exposure, the 
Company attempts to include cost escalation clauses in its longer-term marine transportation contracts whereby certain costs, including 
fuel, can largely be passed through to its customers. In KDS, the cost of major components for large manufacturing orders is secured 
with suppliers at the time a customer order is finalized, which limits exposure to cost escalations. Results of operations and margin 
performance can be negatively affected if the Company is unable to mitigate the impact of these cost increases through contractual 
means and is unable to increase prices to sufficiently offset the effect of these cost increases.
The Company could be adversely impacted by materials shortages, delays, and disruptions in supply chain. Materials, components, 
and equipment essential to the Company’s operations, such as original equipment manufacturer engines, transmissions, generators, 
electrical components and steel, are normally readily available, but shortages as a result of supply chain disruptions can adversely impact 
the Company’s operations, particularly where the Company has a relationship with a single supplier for a particular resource. Many of 
the items essential to the Company’s business require the use of shipping services to transport them to the Company’s facilities. Shipping 
delays or disruptions may result in operational slowdowns, especially where materials, components, or equipment are necessary to 
complete a project or order for the Company’s customers, particularly in the manufacturing business of KDS. These constraints could 
have a material adverse effect on the Company and contribute to increased buildup of inventories. In addition, price increases imposed 
by the Company’s vendors for materials and shipping services used in its business, and the inability to pass these increases through to 
its customers, could have a material adverse effect on the Company.
Tariffs and other trade measures could adversely affect the Company’s business, financial condition and results of operations. 
Additional or new tariffs or other trade measures could adversely impact the Company’s input costs and supply chain, which could 
reduce availability or increase the cost of goods sold to its customers, especially in KDS. Supply chain disruptions can adversely impact 
the Company’s operations, particularly where supply chain delays adversely impact availability of materials, components, and 
equipment for construction, maintenance or repair, including with regard to KMT vessels or in KDS manufacturing. In KMT, Company 
also transports customer cargoes that are imported into the U.S. or which are destined for export from the U.S. Trade discussions and 
arrangements between the U.S. and various of its trading partners are fluid, and existing and future trade agreements are, and are expected 
to continue to be, subject to a number of uncertainties, including the imposition of new tariffs or adjustments and changes to the products 
or materials covered by existing tariffs. Any decision by the U.S. government to adopt actions such as an increase in customs duties or 
tariffs, or the renegotiation of U.S. trade agreements, or any other action that could have a negative impact on international trade, 
including corresponding actions taken by other countries in response to U.S. governmental actions, could cause an increase to the cost 
of goods sold to KDS customers, adversely impact operations in KMT through interruptions in customer trade patterns or volumes, and 
adversely impact input costs and supply chain in both segments. To the extent possible, the Company seeks to include contractual 
language to address recovery of increased costs related to tariffs in the KDS segment. Any changes in trade policies in the U.S. and 
corresponding actions by other countries could adversely impact Company’s financial performance.
Continuing impacts resulting from actual or threatened health epidemics, and pandemics or other major health crises could 
materially and adversely affect the Company’s business, financial condition and results of operations. The Company’s business could 
be impacted adversely by the effects of public health epidemics, pandemics or other major heath crises (which are referred to collectively 
as public health crises). Actual or threatened public health crises may have a number of adverse impacts, including volatility in the 
global economy, impacts to the Company’s customers’ business operations, or significant disruptions in waterborne transportation of 
cargoes, and supply chain activity, caused by a variety of factors such as quarantines, supplier factory and office closures, or other 
government-imposed restrictions, any of which could adversely impact the Company’s business, financial condition, and results of 
operations.
The Company is unable to predict the extent to which major health crisis or other public health threats that may arise in the future 
may affect the global and United States economies and supply chain, which could have a material impact on its business. The degree to 
which any future disease outbreaks or public health threats may impact the Company’s revenues, results of operations and financial 
condition is uncertain and will depend on future developments. The impact of epidemics, pandemics or other major health crises may 
also exacerbate other risks discussed above, any of which could have a material effect on the Company. 

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Item 1B. Unresolved Staff Comments
Not applicable.
Item 1C. Cybersecurity
The Company is committed to maintaining robust governance and oversight of cybersecurity risks and to implementing processes, 
controls and technologies designed to help assess, identify, and manage material risks from cybersecurity threats. The Company’s Board 
of Directors has ultimate oversight of cybersecurity risks, which it manages as part of the Company’s enterprise risk management 
program. The Audit Committee assists the Board in reviewing the Company’s information security programs, including review of 
cybersecurity processes, procedures and safeguards. To more effectively prevent, detect and respond to information security threats, the 
Company maintains a cyber risk management program, which is aligned with the National Institute of Standards and Technology 
(“NIST”) Cybersecurity Framework. The Cyber Risk Management program is supervised by the Company’s executive officer, the Vice 
President and Chief Information Officer, who is responsible for leading company-wide cybersecurity strategy, policy, standards, 
architecture and processes. The Vice President and Chief Information Officer has extensive experience assessing and managing 
cybersecurity programs and risks and has served in this position since 2019. The team includes the Senior Director of IT Operations & 
Security, who is a Certified Information Security Manager reporting directly to the Vice President and Chief Information Officer. The 
Audit Committee receives regular reports from the Vice President and Chief Information Officer on, among other things, the Company’s 
cyber risks and threats, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s 
security program and the emerging threat landscape. Additionally, the Vice President and Chief Information Officer chairs the 
Company’s Cybersecurity Risk Oversight working group, which drives awareness, ownership and alignment across broad governance 
and risk stakeholder groups for effective cybersecurity risk management and reporting. Upon the occurrence of a cybersecurity incident, 
a documented process is followed to escalate notifications to the Company’s CEO and Board, as appropriate.
The Company annually engages third parties such as assessors, consultants and auditors (as well as its internal audit department) to 
audit the Company’s information security programs, whose findings are reported to the Audit Committee. The Company also actively 
engage with key vendors, industry participants, and the U.S. Coast Guard as part of its efforts, which are reported to the Audit Committee.
The Company’s approach to cybersecurity risk management includes the following key elements:
•
Continuous monitoring – The Company actively searches for cybersecurity threats, including those associated with its use 
of third-party vendors, through the use of data analytics and network vulnerability monitoring systems and threat 
intelligence. 
•
Third party risk assessments – From time to time, the Company engages third party consultants or other advisors to assist 
in assessing points of vulnerability in its information security systems.
•
Internal threats – The Company maintains a program designed to monitor and address risk from within the Company. 
•
Vendor engagement – The Company assesses the risk of vendors who are critical digital partners in order to support the 
resiliency of the supply chain and seeks to include risk appropriate terms and conditions in its vendor contracts.
•
Training and Awareness – The Company has various information technology policies, including an Information Security 
Awareness Training Policy, that relate to cybersecurity. The Company provides employee education and training that 
reinforces its information technology policies, standards and practices, as well as the expectation that employees comply 
with these policies. This training empowers employees to identify and report potential cybersecurity risks and protect the 
Company’s resources and information. This training is mandatory for all employees globally and is administered on an 
annual basis, and it is supplemented by Company-wide testing initiatives, including periodic phishing tests. Further 
education is provided at operations meetings to raise awareness and educate on current topics. The Company provides 
specialized security training for certain employee roles. The Company also requires employees to sign confidentiality 
agreements, where appropriate to their role. The Company has also recently adopted an Artificial Intelligence Use Policy to 
mitigate cybersecurity and other risks associated with use of artificial intelligence technology. 
The Company continues to invest in its cybersecurity systems and to enhance its internal controls and processes. While the Company 
has not, as of the date of this Form 10-K, identified a cybersecurity threat or incident that resulted in a material adverse impact to its 
business, results of operations or financial condition, there can be no guarantee that the Company will not experience such an incident 
in the future. For more information regarding the risks the Company faces from cybersecurity threats, please see Item 1A-Risk Factors.

30
Item 2. Properties
The principal offices of the Company are located in Houston, Texas. The Company believes that its facilities are adequate for its 
needs and additional facilities would be available if required. The Company’s significant operating shoreside facilities include the 
following locations:
Location
Building(s) Size 
(Approximate Square 
Feet)
Owned or Leased
Activity
KMT
Baton Rouge, Louisiana
20,300
Leased
Operations and fleeting
Channelview, Texas
108,300
Owned
Operations, fleeting, shipyard, training and cleaning
Corpus Christi, Texas
3,600
Leased
Operations
Freeport, Texas
6,500
Leased
Fueling and fleeting
Houston, Texas
73,000
Owned/Leased
KMT, KDS and Corporate Headquarters
Lake Charles, Louisiana
500
Leased
Fleeting
Miami, Florida
8,500
Leased
Operations and dockage
Port Arthur, Texas
1,000
Leased
Fleeting
Seattle, Washington
10,200
Leased
Operations and inventory
Staten Island, New York
7,800
Leased
Operations, inventory and dockage
Westwego, Louisiana
15,300
Owned
Operations
KDS
Albany, New York
40,000
Leased
Service and repairs
Austin, Texas
1,500
Leased
Service and repairs
Baton Rouge, Louisiana
23,500
Leased
Service and repairs
Belle Chasse, Louisiana
34,700
Owned
Service and repairs
Chesapeake, Virginia
30,000
Leased
Service and repairs
Commerce City, Colorado
151,600
Owned
Service and repairs
Corpus Christi, Texas
11,200
Owned
Service and repairs
Dallas, Texas
211,100
Owned
Service and repairs
El Paso, Texas
9,000
Leased
Service and repairs
Fort Lauderdale, Florida
40,400
Leased
Service and repairs
Fort Myers, Florida
9,900
Owned
Service and repairs
Fort Pierce, Florida
10,300
Owned
Service and repairs
Fort Worth, Texas
22,600
Owned
Service and repairs
Houma, Louisiana
109,700
Owned
Service and repairs
Houston, Texas
501,000
Owned/Leased
Manufacturing, service and repairs
Jacksonville, Florida
44,800
Leased
Service and repairs
Laredo, Texas
7,000
Leased
Service and repairs
Little Rock, Arkansas
21,500
Leased
Service and repairs
Lodi, New Jersey
57,300
Leased
Service and repairs
Lubbock, Texas
27,500
Owned
Service and repairs
Marlborough, Massachusetts
45,700
Leased
Service and repairs
Miami, Florida
54,400
Leased
Service and repairs
Middletown, Connecticut
38,800
Leased
Service and repairs
Mobile, Alabama
27,000
Owned
Service and repairs
Mount Pleasant, Texas
3,100
Leased
Service and repairs
New Iberia, Louisiana
33,000
Owned
Service and repairs
New Orleans, Louisiana
29,200
Leased
Service and repairs
Ocala, Florida
15,200
Owned
Service and repairs
Odessa, Texas
49,500
Owned
Service and repairs
Oklahoma City, Oklahoma
446,400
Owned/Leased
Manufacturing, service and repairs
Orlando, Florida
44,600
Leased
Service and repairs
Paducah, Kentucky
73,700
Owned/Leased
Service and repairs
Panama City, Florida
29,500
Owned
Service and repairs
Pharr, Texas
59,300
Leased
Service and repairs
Piscataway, New Jersey
39,900
Leased
Service and repairs
Rocky Mount, North Carolina
50,000
Leased
Service and repairs
San Antonio, Texas
42,100
Owned
Service and repairs
Seattle, Washington
19,500
Leased
Service and repairs
Shreveport, Louisiana
50,000
Owned
Service and repairs
Tampa, Florida
50,900
Owned
Service and repairs
Temple, Texas
18,800
Leased
Service and repairs
Thorofare, New Jersey
24,200
Leased
Service and repairs
Tulsa, Oklahoma
37,600
Leased
Service and repairs
West Palm Beach, Florida
7,000
Leased
Service and repairs
Wichita Falls, Texas
11,500
Leased
Service and repairs

31
Item 3. Legal Proceedings
See Note 14, Contingencies and Commitments to the Company’s financial statements.
Item 4. Mine Safety Disclosures
Not applicable.

32
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded on the New York Stock Exchange under the symbol KEX. Additional market information 
for this item is incorporated by reference to the annual report to be provided to the Company’s stockholders pursuant to Rule 14a-3(b).
As of February 17, 2025, the Company had 57,126,000 outstanding shares held by approximately 320 stockholders of record; 
however, the Company believes the number of beneficial owners of common stock exceeds this number. Information for this item 
relating to equity compensation plans is incorporated by reference to the definitive proxy statement to be filed by the Company with the 
Commission pursuant to Regulation 14A within 120 days of the close of the fiscal year ended December 31, 2024. See also Note 8, 
Stock Award Plans to the Company’s financial statements for additional information.
The Company does not have an established dividend policy. Decisions regarding the payment of future dividends will be made by 
the Board of Directors based on the facts and circumstances that exist at that time. Since 1989, the Company has not paid any dividends 
on its common stock. The Company’s credit agreements contain covenants restricting the payment of dividends by the Company at any 
time when there is a default under the agreements.
The following table is a summary of purchases of the Company's common stock during the 2024 fourth quarter.
Period
Total Number of 
Shares Purchased
Average Price 
Paid Per Share
Total Number of Shares 
Purchased as Part of 
Publicly Announced Plans
Maximum Number of 
Shares that May Yet be 
Purchased Under the Plans
October 1 — October 31, 2024
25,385
$            120.32
—
—
November 1 — November 30, 2024
112,700
$            114.56
—
—
December 1 — December 31, 2024
148,612
$            116.65
—
—
Total
286,697
$            116.16
—
—
Purchases of the Company's common stock during the 2024 fourth quarter were made in the open market pursuant to a discretionary 
authorization by the Board of Directors. For more information about stock purchases in the 2024 fourth quarter and other information 
responsive to this Item, see “Treasury Stock Purchases” in Financial Condition, Capital Resources and Liquidity included in Part II, 
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 6. Reserved

33
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Statements contained in this Form 10-K that are not historical facts, including, but not limited to, any projections contained herein, 
are forward-looking statements and involve a number of risks and uncertainties. Such statements involve risks and uncertainties. Such 
statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” or 
“continue,” or the negative thereof or other variations thereon or comparable terminology. The actual results of the future events 
described in such forward-looking statements in this Form 10-K could differ materially from those stated in such forward-looking 
statements. Among the factors that could cause actual results to differ materially are: adverse economic conditions, industry competition 
and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and 
ice, tornados, COVID-19 or other pandemics, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment, 
government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. For 
a more detailed discussion of factors that could cause actual results to differ from those presented in forward-looking statements, see 
Item 1A-Risk Factors. Forward-looking statements are based on currently available information and the Company assumes no obligation 
to update any such statements.
For purposes of Management’s Discussion, all net earnings per share attributable to Kirby common stockholders are “diluted 
earnings per share.” The weighted average number of common shares outstanding applicable to diluted earnings per share for 2024, 
2023, and 2022 were 58,355,000, 59,857,000, and 60,329,000, respectively. Refer to the Company’s Annual Report on Form 10-K for 
the year ended December 31, 2023 for management's discussion and analysis of financial condition and results of operations for 2023 
compared to 2022.
Overview
The Company is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi 
River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company transports 
petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, the Company participates 
in the transportation of dry-bulk commodities in United States coastwise trade. Through KDS, the Company provides after-market 
services and genuine replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, 
marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, 
industrial compressors, high capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial 
markets. The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power 
generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial 
customers.
The following table summarizes key operating results of the Company (in thousands, except per share amounts):
Year Ended December 31,
2024
2023
2022
Total revenues
$
3,265,876
$
3,091,640
$
2,784,754
Net earnings attributable to Kirby
$
286,707
$
222,935
$
122,291
Net earnings per share attributable to Kirby common stockholders – diluted
$
4.91
$
3.72
$
2.03
Net cash provided by operating activities
$
756,494
$
540,228
$
294,128
Capital expenditures
$
342,660
$
401,730
$
172,606
The 2024 fourth quarter included a $56.3 million before taxes, $43.0 million after taxes, or $0.74 per share non-cash impairment 
charge in the KDS segment primarily associated with conventional diesel fracturing equipment inventory. Based on the current market 
conditions and its view on the industry outlook, including decreased customer demand for conventional diesel fracturing equipment 
driven by an industry-wide shift to electric fracturing equipment, the Company determined that certain inventory had limited commercial 
opportunity, and the cost of these inventories exceeded its net realizable value. The Company’s 2024 fourth quarter results also included 
a $10.9 million, or $0.19 per share one-time deferred tax credit related to a change in Louisiana tax law. Tax reform legislation in 
Louisiana was signed in December 2024 that included lowering the corporate income tax rate from 7.5% to 5.5% effective January 1, 
2025. As a result of the new legislation, the Company recognized a one-time deferred tax credit of $10.9 million in the 2024 fourth 
quarter due to the remeasurement of the Company’s Louisiana and U.S. deferred tax assets and liabilities based on the new effective 
Louisiana state income tax rate.
The 2023 first quarter included $3.0 million before taxes, $2.4 million after taxes, or $0.04 per share of costs related to the strategic 
review and shareholder engagement and $2.7 million before taxes, $2.2 million after taxes, or $0.04 per share of other income associated 
with the interest on a refund from the Internal Revenue Service (“IRS”). 

34
Cash provided by operating activities in 2024 increased compared to 2023 primarily due to higher business activity levels. During 
2024, capital expenditures of $342.7 million included $247.8 million in KMT and $94.9 million in KDS and corporate, more fully 
described under cash flow and capital expenditures below.
The Company projects net cash flow from operations in 2025 of between $620 million and $720 million and expects capital 
expenditures to range between $280 million and $320 million. The Company has applied for and been awarded grants related to certain 
emission reduction projects totaling approximately $4 million which it expects to receive reimbursements for in 2025.
The Company’s debt-to-capitalization ratio decreased to 20.7% at December 31, 2024 from 24.2% at December 31, 2023, primarily 
due an increase in total equity, primarily from net earnings attributable to Kirby of $286.7 million during 2024 and a reduction of debt 
outstanding of $141.6 million, partially offset by treasury stock purchases of $174.6 million. The Company’s debt outstanding as of 
December 31, 2024 and December 31, 2023 is detailed in Long-Term Financing below.
Marine Transportation
The following table summarizes the Company’s marine transportation fleet:
December 31,
2024
2023
Inland tank barges:
Owned
1,062
1,043
Leased
32
33
Total
1,094
1,076
Barrel capacity (in millions)
24.2
23.7
Active inland towboats (quarter average):
Owned
216
214
Chartered
65
67
Total
281
281
Coastal tank barges:
Owned
28
28
Leased
—
—
Total
28
28
Barrel capacity (in millions)
2.9
2.9
Coastal tugboats:
Owned
23
24
Chartered
1
1
Total
24
25
Offshore dry-bulk cargo barges (owned)
4
4
Offshore tugboats and docking tugboat (owned and chartered)
4
5
The Company also owns shifting operations and fleeting facilities for dry cargo barges and tank barges on the Houston Ship Channel 
and in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana, and its San Jac shipyard for building towboats and performing 
routine maintenance near the Houston Ship Channel, as well as a two-thirds interest in Osprey Line, L.L.C., which transports project 
cargoes and cargo containers by barge.
For 2024, 59% of the Company’s revenues were generated by KMT. The segment’s customers include many of the major 
petrochemical and refining companies that operate in the United States. Products transported include intermediate materials used to 
produce many of the end products used widely by businesses and consumers — plastics, fibers, paints, detergents, oil additives and 
paper, among others, as well as residual fuel oil, ship bunkers, asphalt, gasoline, diesel fuel, heating oil, crude oil, natural gas condensate 
and agricultural chemicals. Consequently, the Company’s marine transportation business is directly affected by the volumes produced 
by the Company’s petroleum, petrochemical and refining customer base.
KMT’s revenues for 2024 increased 11% compared to 2023 and operating income increased 52%, compared to 2023. The increases 
for 2024 were primarily due to improved term and spot pricing in the inland and coastal markets when compared to 2023. Results for 
2024 were modestly impacted by weather and lock delays, while 2023 results were impacted by various lock closures along the Gulf 
Intracoastal Waterway and Illinois River. In addition, several refinery outages also impacted utilization in 2023. For 2024 and 2023, the 

35
inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18%, respectively, of marine 
transportation revenues.
Overall inland tank barge utilization levels in 2024 were flat as compared to 2023, ranging from the low to mid-90% range during 
both the 2024 first and second quarters, and the 90% range during both the 2024 third and fourth quarters. During 2023, inland tank 
barge utilization levels ranged from the low to mid-90% range during the 2023 first quarter, the low 90% range during the 2023 second 
quarter, the high 80% range during the 2023 third quarter, and the low 90% range in the 2023 fourth quarter.
Coastal tank barge utilization levels during 2024 averaged in the mid to high 90% range throughout the year. For 2023, coastal tank 
barge utilization levels averaged in the mid to high 90% range during both the 2023 first and second quarters, the mid-90% range during 
the 2023 third quarter and the low to mid-90% range during the 2023 fourth quarter.
Approximately 65% of the inland marine transportation revenues were under term contracts and 35% were under spot contracts in 
2024. Approximately 60% of the inland marine transportation revenues were under term contracts and 40% were under spot contracts 
in 2023. Term contracts provide the operations with a reasonably predictable revenue stream. Inland time charters, which insulate the 
Company from revenue fluctuations caused by weather and navigational delays and temporary market declines, represented 61% of the 
inland revenues under term contracts during 2024 and 63% in 2023. During 2024 and 2023, approximately 99% and 85%, respectively, 
of coastal revenues were under term contracts and 1% and 15%, respectively, were under spot contracts. Coastal time charters 
represented approximately 98% and 90% of coastal revenues under term contracts during 2024 and 2023, respectively. Term contracts 
have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
The following table summarizes the average range of pricing changes in term and spot contracts renewed during 2024 compared to 
contracts renewed during the corresponding quarter of 2023:
Three Months Ended
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
Inland market:
Term increase
9% – 12%
4% – 6%
6% – 9%
6% – 9%
Spot increase
14% – 17%
14% – 16%
10% – 12%
6% – 9%
Coastal market (a):
Term increase
19% – 21%
17% – 20%
25% – 28%
24% – 27%
Spot increase
30% – 32%
23% – 26%
11% – 13%
13% – 16%
(a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel 
capacity, vessel type, and product serviced.
Effective January 1, 2024, annual escalators for labor and the producer price index on a number of inland multi-year contracts 
resulted in rate increases on those contracts of approximately 9.5%, excluding fuel.
The 2024 marine transportation operating margin was 19.0% compared to 13.9% for 2023.
Distribution and Services
The Company, through KDS, provides after-market services and genuine replacement parts for engines, transmissions, reduction 
gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The 
Company also rents equipment including generators, industrial compressors, high capacity lift trucks, construction equipment and 
refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized 
equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control 
equipment for oilfield service, railroad and other industrial customers. The Company sells and manufactures various products used in 
oil and gas and industrial applications, including those used in hydraulic fracturing and refrigeration systems that, as compared to 
conventional offerings, reduce emissions. These products made up approximately 18% of KDS’s revenues in 2024.
During 2024, KDS generated 41% of the Company’s revenues, of which 80% was generated from service and parts and 20% from 
manufacturing. The results of KDS are largely influenced by cycles of the oilfield service industry and oil and gas operator and producer 
markets, marine, power generation, on-highway and other industrial markets.
Distribution and services revenues for 2024 decreased 1% compared to 2023 and operating income decreased 5% compared to 
2023. In the commercial and industrial market, revenues decreased 1% in 2024 compared to 2023 primarily due to lower business levels 
in Thermo King and on-highway businesses due to the ongoing trucking recession, partially offset by higher business levels in marine 
repair. For both 2024 and 2023, the commercial and industrial market contributed 46% of the distribution and services revenues.

36
In the power generation market, revenues increased 20% compared to 2023 due to several large project awards from data center 
customers as well as other backup power industrial customers. For 2024 and 2023, the power generation market contributed 36% and 
29%, respectively, of the distribution and services revenues.
In the oil and gas market, revenues declined 28% compared to 2023 due to lower levels of conventional oilfield activity, partially 
offset by deliveries of electric fracturing equipment. For 2024 and 2023, the oil and gas market contributed 18% and 25%, respectively, 
of the distribution and services revenues. 
The distribution and services operating margin for 2024 was 8.0% compared to 8.4% for 2023.
Outlook
Overall, the Company expects to deliver improved financial results in 2025. In KMT, barge utilization and customer demand remain 
stable and term rates continue to increase. In KDS, growth in the power generation market is expected to mostly offset softness in oil 
and gas markets, and the on-highway service and repair business due to the ongoing trucking recession. The Company remains mindful 
of the ever-changing economic landscape related to the possible impact of high interest rates and possible recessionary headwinds as it 
moves through 2025. 
In the inland marine transportation market in 2025, the Company anticipates positive market dynamics due to limited new barge 
construction. The Company expects barge utilization rates to remain steady for the year with continued improvement in term contract 
pricing as renewals occur throughout the year. However, the Company continues to see inflationary pressures and there remains an acute 
mariner shortage in the industry which continues to drive up labor costs. These pressures, along with the increasing cost of equipment, 
should continue to put upward pressure on spot and term contract prices. In the coastal marine transportation market in 2025, market 
conditions remain very favorable with steady customer demand expected to keep barge utilization at high levels with improved rates as 
the availability of equipment is limited across the industry due to no further ATBs currently under construction and favorable economic 
conditions. 
The Company expects to yield mixed results in KDS in 2025 as near-term volatility from supply issues, customers deferring 
maintenance, and lower overall levels of activity in the oil and gas market are partially offset by increased orders in the power generation 
market. In commercial and industrial, the demand outlook in marine repair remains steady while on-highway service and repair remains 
soft in the current environment. In power generation, the Company anticipates continued strong growth in orders as data center demand 
and the need for backup power continues to be strong. In oil and gas, the Company expects revenues to be down as the shift away from 
conventional diesel hydraulic fracturing to electric hydraulic fracturing continues to take place. The Company anticipates extended lead 
times for certain OEM products to continue contributing to a volatile delivery schedule of new products throughout 2025. 
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with United States generally accepted accounting principles requires 
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates its estimates and 
assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are believed to be 
reasonable under the particular circumstances. Actual results may differ from these estimates based on different assumptions or 
conditions. The Company believes the critical accounting policies that most impact the consolidated financial statements are described 
below. It is also suggested that the Company’s significant accounting policies, as described in the Company’s financial statements in 
Note 1, Summary of Significant Accounting Policies, be read in conjunction with this Management’s Discussion and Analysis of 
Financial Condition and Results of Operations.
Property, Maintenance and Repairs. Property is recorded at cost; improvements and betterments are capitalized as incurred. 
Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets. When property items are 
retired, sold, or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts with any gain or 
loss on the disposition included in the statement of earnings. Maintenance and repairs on vessels built for use on the inland waterways 
are charged to operating expense as incurred and includes the costs incurred in USCG inspections unless the shipyard extends the life, 
improves the operating capacity of the vessel, or replaces significant components of the vessel which results in the costs being 
capitalized. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after certain periods of time to be 
inspected, have planned major maintenance performed and be recertified by the ABS. These recertifications generally occur twice in a 
five-year period. The Company defers the drydocking expenditures incurred on its ocean-going vessels due to regulatory marine 
inspections by the ABS and amortizes the costs of the shipyard over the period between drydockings, generally 30 or 60 months, 
depending on the type of major maintenance performed. Drydocking expenditures that extend the life, improve the operating capability 
of the vessel, or replace significant components of the vessel result in the costs being capitalized. Routine repairs and maintenance on 
ocean-going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels.

37
The Company performs an impairment assessment whenever events or changes in circumstances indicate that the carrying amount 
of long-lived assets may not be recoverable. If a triggering event is identified, the Company compares the carrying amount of the asset 
group to the estimated undiscounted future cash flows expected to result from the use of the asset group. If the carrying amount of the 
asset group exceeds the estimated undiscounted future cash flows, the Company measures the amount of the impairment by comparing 
the carrying amount of the asset group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying 
amount or fair value less costs to sell. There are many assumptions and estimates underlying the determination of an impairment event 
or loss, if any. The assumptions and estimates include, but are not limited to, estimated fair market value of the assets and estimated 
future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length 
of service the asset will be used, and estimated salvage values. Although the Company believes its assumptions and estimates are 
reasonable, deviations from the assumptions and estimates could produce a materially different result.
Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a 
purchase is included in goodwill. Management monitors the recoverability of goodwill on an annual basis, or whenever events or 
circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured 
based on projected discounted future operating cash flows using an appropriate discount rate and valued based on the excess of a 
reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. The 
assessment of the recoverability of goodwill will be impacted if estimated future operating cash flows are not achieved. There are many 
assumptions and estimates underlying the determination of an impairment event or loss, if any. Although the Company believes its 
assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result.
Acquisitions
On December 31, 2024, the Company purchased an inland tank barge from a leasing company for $2.7 million in cash. The 
Company had been leasing the barge prior to purchase.
On December 30, 2024, the Company purchased three inland tank barges from an undisclosed seller for $9.9 million in cash.
On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two 
high horsepower towboats from an undisclosed seller for $65.2 million in cash. The 13 tank barges, including three specialty barges, 
transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 
13 barges was 15 years.
On July 14, 2023, the Company purchased 23 inland tank barges with a total capacity of 265,000 barrels from an undisclosed seller 
for $37 million in cash. The 23 tank barges transport petrochemicals and refined products on the Mississippi River System and the Gulf 
Intracoastal Waterway. The average age of the 23 barges was 14 years.
The Company purchased four inland tank barges from a leasing company for $0.5 million in cash during the 2023 third quarter. 
The Company had been leasing the barges prior to the purchase.
On March 31, 2022, the Company paid $3.9 million in cash to purchase assets of a gearbox repair company in KDS.
Financing of these purchases and acquisitions was through borrowings under the Company’s Revolving Credit Facility and cash 
provided by operating activities.
Results of Operations
The following table sets forth the Company’s marine transportation and distribution and services revenues and the percentage of 
each to total revenues for the comparable periods (dollars in thousands):
Year Ended December 31,
2024
%
2023
%
2022
%
Marine transportation
$ 1,913,050
59% $ 1,721,937
56% $ 1,616,967
58%
Distribution and services
1,352,826
41
1,369,703
44
1,167,787
42
 
$ 3,265,876
100% $ 3,091,640
100% $ 2,784,754
100%

38
Marine Transportation
The following table sets forth a year over year comparison of KMT’s revenues, costs and expenses, operating income and operating 
margins (dollars in thousands):
Year Ended December 31,
2024
2023
% Change
2022
% Change
Marine transportation revenues
$ 1,913,050
$ 1,721,937
11% $ 1,616,967
6%
Costs and expenses:
Costs of sales and operating expenses
1,188,794
1,136,526
5
1,146,657
(1)
Selling, general and administrative
137,057
134,641
2
128,340
5
Taxes, other than on income
26,476
27,602
(4)
28,235
(2)
Depreciation and amortization
197,347
184,225
7
177,551
4
 
1,549,674
1,482,994
4
1,480,783
—
Operating income
$
363,376
$
238,943
52% $
136,184
75%
Operating margins
19.0%
13.9%
8.4%
The following table shows the marine transportation markets serviced by the Company, the marine transportation revenue 
distribution, products moved and the drivers of the demand for the products the Company transports: 
Markets Serviced
2024 Revenue 
Distribution
Products Moved
Drivers
Petrochemicals
51%
Benzene, Styrene, Methanol, Acrylonitrile, 
Xylene, Naphtha, Caustic Soda, Butadiene, 
Propylene
Consumer non-durables — 70% 
Consumer durables — 30%
Black Oil
25%
Residual Fuel Oil, Coker Feedstock, 
Vacuum Gas Oil, Asphalt, Carbon Black 
Feedstock, Crude Oil, Natural Gas 
Condensate, Ship Bunkers
Fuel for Power Plants and Ships, 
Feedstock for Refineries, Road 
Construction
Refined Petroleum Products
21%
Gasoline, No. 2 Oil, Jet Fuel, Heating Oil, 
Diesel Fuel, Ethanol
Vehicle Usage, Air Travel, Weather 
Conditions, Refinery Utilization
Agricultural Chemicals
3%
Anhydrous Ammonia, Nitrogen-Based 
Liquid Fertilizer, Industrial Ammonia
Corn, Cotton and Wheat Production, 
Chemical Feedstock Usage
2024 Compared to 2023 
Marine Transportation Revenues
KMT’s revenues for 2024 increased 11% compared to 2023 and operating income increased 52%, compared to 2023. The increases 
for 2024 were primarily due to improved term and spot pricing in the inland and coastal markets when compared to 2023. Results for 
2024 were modestly impacted by weather and lock delays, while 2023 results were impacted by various lock closures along the Gulf 
Intracoastal Waterway and Illinois River. In addition, several refinery outages also impacted utilization in 2023. For 2024 and 2023, the 
inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18%, respectively, of marine 
transportation revenues.
Overall inland tank barge utilization levels in 2024 were flat as compared to 2023, ranging from the low to mid-90% range during 
both the 2024 first and second quarters, and the 90% range during both the 2024 third and fourth quarters. During 2023, inland tank 
barge utilization levels ranged from the low to mid-90% range during the 2023 first quarter, the low 90% range during the 2023 second 
quarter, the high 80% range during the 2023 third quarter, and the low 90% range in the 2023 fourth quarter.
Coastal tank barge utilization levels during 2024 averaged in the mid to high 90% range throughout the year. For 2023, coastal tank 
barge utilization levels averaged in the mid to high 90% range during both the 2023 first and second quarters, the mid-90% range during 
the 2023 third quarter and the low to mid-90% range during the 2023 fourth quarter.
The petrochemical market, the Company’s largest market, contributed 51% of marine transportation revenues for 2024, reflecting 
increased rates, volumes and utilization from Gulf Coast petrochemical plants as a result of improved economic conditions and a reduced 
supply of barges across the industry due to a heavier than normal maintenance cycle as compared to 2023.

39
The black oil market, which contributed 25% of marine transportation revenues for 2024, reflecting improved demand as refinery 
utilization and production levels of refined petroleum products and fuel oils increased. During 2024, the Company transported crude oil 
and natural gas condensate produced from the Permian Basin and the Eagle Ford shale formation in Texas, both along the Gulf 
Intracoastal Waterway with inland vessels and in the Gulf of America with coastal equipment. Additionally, the Company transported 
volumes of Utica natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast and Canadian and Bakken crude downriver 
from the Midwest to the Gulf Coast.
The refined petroleum products market, which contributed 21% of marine transportation revenues for 2024, saw increased volumes 
in the inland market with improved refinery utilization and product levels.
The agricultural chemical market, which contributed 3% of marine transportation revenues for 2024, also experienced improved 
demand for transportation of both domestically produced and imported products.
Inland operations incurred 11,583 delay days in 2024, 7% more than the 10,863 delay days that occurred during 2023. Delay days 
measure the lost time incurred by a tow (towboat and one or more tank barges) during transit when the tow is stopped due to weather, 
lock conditions, or other navigational factors. Delay days for 2024 and 2023 were impacted by hurricanes and tropical storms, poor 
operating conditions due to heavy wind and fog along the Gulf Coast, low and high water conditions on the Mississippi River System, 
and various lock closures, due in part to lock maintenance projects. The 2023 third quarter was also impacted by lock closures on the 
Illinois River.
Approximately 65% of the inland marine transportation revenues were under term contracts and 35% were under spot contracts in 
2024. Approximately 60% of the inland marine transportation revenues were under term contracts and 40% were under spot contracts 
in 2023. Term contracts provide the operations with a reasonably predictable revenue stream. Inland time charters, which insulate the 
Company from revenue fluctuations caused by weather and navigational delays and temporary market declines, represented 61% of the 
inland revenues under term contracts during 2024 and 63% in 2023. During 2024 and 2023, approximately 99% and 85%, respectively, 
of coastal revenues were under term contracts and 1% and 15%, respectively, were under spot contracts. Coastal time charters 
represented approximately 98% and 90% of coastal revenues under term contracts during 2024 and 2023, respectively. Term contracts 
have contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.
The following table summarizes the average range of pricing changes in term and spot contracts renewed during 2024 compared to 
contracts renewed during the corresponding quarter of 2023:
Three Months Ended
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
Inland market:
Term increase
9% – 12%
4% – 6%
6% – 9%
6% – 9%
Spot increase
14% – 17%
14% – 16%
10% – 12%
6% – 9%
Coastal market (a):
Term increase
19% – 21%
17% – 20%
25% – 28%
24% – 27%
Spot increase
30% – 32%
23% – 26%
11% – 13%
13% – 16%
(a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel 
capacity, vessel type, and product serviced.
Effective January 1, 2024, annual escalators for labor and the producer price index on a number of inland multi-year contracts 
resulted in rate increases on those contracts of approximately 9.5%, excluding fuel.
Marine Transportation Costs and Expenses
Total costs and expenses for 2024 increased 4% compared to 2023. Costs of sales and operating expenses for 2024 increased 5% 
compared to 2023 primarily reflecting higher business activity levels and inflationary cost pressures which was partially offset by lower 
fuel costs.
The inland marine transportation fleet operated an average of 285 towboats during 2024, of which an average of 70 were chartered, 
compared to 280 during 2023, of which an average of 64 were chartered. The increase was primarily due to higher business activity 
levels. Generally, variability in demand or anticipated demand, as tank barges are added to or removed from the fleet, as chartered 
towboat availability changes, or as weather or water conditions dictate, the Company charters in or releases chartered towboats in an 
effort to balance horsepower needs with current requirements. The Company has historically used chartered towboats for approximately 
one-fourth of its horsepower requirements.

40
Inland operations consumed 46.8 million gallons of diesel fuel in 2024 compared to 48.1 million gallons consumed during 2023. 
The average price per gallon of diesel fuel consumed during 2024 was $2.66 per gallon compared to $3.08 per gallon for 2023. Fuel 
escalation and de-escalation clauses are typically included in term contracts and are designed to rebate fuel costs when prices decline 
and recover additional fuel costs when fuel prices rise; however, there is generally a 30 to 120 day delay before contracts are adjusted. 
Spot contracts do not have escalators for fuel.
Selling, general and administrative expenses for 2024 increased 2% compared to 2023 due to higher business activity levels and 
inflationary cost pressures. The increase is primarily due to higher salary and wage increases, partially offset by lower legal costs.
Depreciation and amortization for 2024 increased 7% compared to 2023. The increase was primarily due to capital additions during 
2024 and 2023.
Marine Transportation Operating Income and Operating Margins
KMT operating income for 2024 increased 52% compared to 2023. The operating margin was 19.0% for 2024 compared to 13.9% 
for 2023. The increase in operating income and operating margin were primarily due to higher term and spot contract pricing in the 
inland and coastal markets.
Distribution and Services
The following table sets forth a year over year comparison of KDS’s revenues, costs and expenses, operating income and operating 
margins (dollars in thousands):
Year Ended December 31,
2024
2023
% Change
2022
% Change
Distribution and services revenues
$ 1,352,826
$ 1,369,703
(1)%
$ 1,167,787
17%
Costs and expenses:
Costs of sales and operating expenses
1,008,008
1,040,905
(3)
913,624
14
Selling, general and administrative
192,439
187,424
3
163,642
15
Taxes, other than on income
8,329
7,051
18
6,708
5
Depreciation and amortization
35,448
19,842
79
16,776
18
 
1,244,224
1,255,222
(1)
1,100,750
14
Operating income
$
108,602
$
114,481
(5)%
$
67,037
71%
Operating margins
8.0%
8.4%
5.7%
The following table shows the markets serviced by the Company, the revenue distribution, and the customers for each market:
Markets Serviced
2024 Revenue 
Distribution
Customers
Commercial and Industrial
46%
Inland River Carriers — Dry and Liquid, Offshore Towing — Dry and 
Liquid, Offshore Oilfield Services — Drilling Rigs & Supply Boats, Harbor 
Towing, Dredging, Great Lakes Ore Carriers, Pleasure Crafts, On and Off-
Highway Transportation, Pumping Stations, Mining
Power Generation
36%
Power Generation & Standby Power Generation Equipment, Power 
Generation Rentals & Related Service, Data Centers
Oil and Gas
18%
Oilfield Services, Oil and Gas Operators and Producers
2024 Compared to 2023
Distribution and Services Revenues
KDS revenues for 2024 decreased 1% compared to 2023. In the commercial and industrial market, revenues decreased 1% in 2024 
compared to 2023 primarily due to lower business levels in Thermo King and on-highway businesses due to the ongoing trucking 
recession, partially offset by higher business levels in marine repair. For both 2024 and 2023, the commercial and industrial market 
contributed 46% of the distribution and services revenues.
In the power generation market, revenues increased 20% compared to 2023 due to several large project awards from data center 
customers as well as other backup power industrial customers. For 2024 and 2023, the power generation market contributed 36% and 
29%, respectively, of the distribution and services revenues.

41
In the oil and gas market, revenues declined 28% compared to 2023 due to lower levels of conventional oilfield activity, partially 
offset by deliveries of electric fracturing equipment. For 2024 and 2023, the oil and gas market contributed 18% and 25%, respectively, 
of the distribution and services revenues.
Distribution and Services Costs and Expenses
Total costs and expenses for 2024 decreased 1% compared to 2023 reflecting lower on-highway and conventional oilfield activity 
partially offset by increased power generation demand in industrial end markets and marine repair activity.
Selling, general and administrative expenses for 2024 increased 3% compared to 2023. The increase was primarily due to continued 
inflationary cost pressures and annual compensation increases.
Depreciation and amortization for 2024 increased 79% compared to 2023. The increase was primarily due to increased capital 
spending during 2023 and 2024.
Distribution and Services Operating Income and Operating Margins
Operating income for KDS for 2024 decreased 5% compared to 2023. The operating margin was 8.0% for 2024 compared to 8.4% 
for 2023. The results reflect lower on-highway and conventional oilfield activity partially offset by increased power generation demand 
in industrial end markets and marine repair activity.
General Corporate Expenses
General corporate expenses for 2024, 2023, and 2022 were $18.8 million, $23.3 million and $18.6 million, respectively. General 
corporate expenses were lower in 2024 compared to 2023 primarily due to lower legal and insurance costs. The 2023 first quarter also 
included costs related to the strategic review and shareholder engagement.
Gain on Disposition of Assets
The Company reported net gains on disposition of assets of $2.2 million, $5.0 million, and $8.3 million in 2024, 2023, and 2022, 
respectively. The net gains were predominantly from the sales or retirements of marine equipment.
Other Income and Expenses
The following table sets forth a year over year comparison of impairments and other charges, other income, noncontrolling interests, 
and interest expense (dollars in thousands):
Year Ended December 31,
2024
2023
% Change
2022
% Change
Impairments
$
(56,303)
$
—
N/A
$
—
—%
Other income
$
12,795
$
11,041
16%
$
16,677
(34)%
Noncontrolling interests
$
(189)
$
30
730%
$
(470)
(106)%
Interest expense
$
(49,129)
$
(52,008)
(6)%
$
(44,588)
17%
Impairments
For 2024, impairments included a $56.3 million before taxes, $43.0 million after taxes, or $0.74 per share non-cash impairment 
charge in the KDS segment primarily associated with conventional diesel fracturing equipment inventory.
Other Income
Other income for 2024, 2023, and 2022 includes income of $10.2 million, $4.8 million and $13.9 million, respectively, for all 
components of net benefit costs except the service cost component related to the Company’s defined benefit plans.
Interest Expense
The following table sets forth average debt and average interest rate (dollars in thousands):
Year Ended December 31,
2024
2023
2022
Average debt
$
1,025,644
$
1,088,851
$
1,171,317
Average interest rate
4.7%
4.7%
3.8%

42
Interest expense for 2024 decreased 6% compared to 2023, primarily due to lower average debt outstanding as a result of debt 
repayments.
Provision for Taxes on Income
Provision for taxes on income for 2024 increased 7% compared to 2023, primarily due to improved earnings before taxes on income 
as a result of increased business activity levels. The Company’s 2024 results also included a $10.9 million one-time deferred tax credit 
related to a change in Louisiana tax law and a deferred tax credit of $13.3 million related to the KDS impairment charge.
Financial Condition, Capital Resources and Liquidity
Balance Sheet
The following table sets forth a year over year comparison of the significant components of the balance sheets (dollars in thousands):
December 31,
2024
2023
% Change
2022
% Change
Assets:
Current assets
$
1,068,559
$
1,135,161
(6)% $
1,211,759
(6)%
Property and equipment, net
4,022,966
3,861,105
4
3,633,462
6
Operating lease right-of-use assets
158,990
152,216
4
154,507
(1)
Investment in affiliates
2,900
2,576
13
2,171
19
Goodwill
438,748
438,748
—
438,748
—
Other intangibles, net
34,406
42,927
(20)
51,463
(17)
Other assets
125,383
89,464
40
62,814
42
 
$
5,851,952
$
5,722,197
2%
$
5,554,924
3%
Liabilities and stockholders’ equity:
Current liabilities
$
734,753
$
675,795
9%
$
642,197
5%
Long-term debt, net — less current portion
866,722
1,008,527
(14)
1,076,326
(6)
Deferred income taxes
739,472
696,557
6
625,884
11
Operating lease liabilities — less current 
portion
148,170
138,811
7
142,140
(2)
Other long-term liabilities
9,587
15,830
(39)
23,209
(32)
Total equity
3,353,248
3,186,677
5
3,045,168
5
 
$
5,851,952
$
5,722,197
2%
$
5,554,924
3%
2024 Compared to 2023 
Current assets as of December 31, 2024 decreased 6% compared to December 31, 2023. Trade accounts receivable decreased 7% 
primarily due to strong collections activity during 2024. Inventories – net decreased by 13% primarily due to the impairment of 
conventional diesel fracturing equipment inventory and deliveries of power generation units and oilfield service equipment during 2024. 
Prepaid expenses and other current assets decreased 9% primarily due to lower prepaid fuel due to a decrease in the price of diesel fuel 
and lower assets held for sale due to sales in 2024.
Property and equipment, net of accumulated depreciation, at December 31, 2024 increased 4% compared to December 31, 2023. 
The increase reflected $335.8 million of capital additions (including accrued capital expenditures) and $77.9 million of acquisitions of 
barge equipment, partially offset by $231.7 million of depreciation expense and $20.1 million of property disposals, more fully described 
under Cash Flows and Capital Expenditures below.
Operating lease right-of-use assets as of December 31, 2024 increased 4% compared to December 31, 2023, primarily due to new 
leases acquired, partially offset by lease amortization expense.
Other intangibles, net, as of December 31, 2024 decreased 20% compared to December 31, 2023, primarily due to amortization.
Other assets as of December 31, 2024 increased 40% compared to December 31, 2023, primarily due to an increase in pension 
assets as a result of an improved funded status and additional deferred major drydock expenditures incurred during 2024, partially offset 
by amortization of drydock expenditures.

43
Current liabilities as of December 31, 2024 increased 9% compared to December 31, 2023. Income taxes payable increased by 
$23.9 million primarily due to timing of federal income tax payments. Deferred revenues increased 32%, primarily due to deposits on 
equipment expected to be shipped in 2025 in KDS. Accounts payable decreased 7%, primarily due to timing of shipyard payments. 
Long-term debt, net – less current portion, as of December 31, 2024, decreased 14% compared to December 31, 2023, primarily 
reflecting repayments on the Term Loan and 2027 Revolving Credit Facility.
Deferred income taxes as of December 31, 2024 increased 6% compared to December 31, 2023, primarily reflecting the 2024 
deferred tax provision of $31.4 million.
Operating lease liabilities – less current portion, as of December 31, 2024 increased 7% compared to December 31, 2023, primarily 
due to new leases acquired and liability accretion, partially offset by lease payments made.
Other long-term liabilities as of December 31, 2024 decreased 39% compared to December 31, 2023, primarily due to a decrease 
in pension liabilities due to pension contributions of $1.7 million and an improved funded status.
Total equity as of December 31, 2024 increased 5% compared to December 31, 2023, primarily due to net earnings attributable to 
Kirby of $286.7 million and other comprehensive income of $36.2 million for 2024, partially offset by treasury stock purchases of 
$174.6 million.
Retirement Plans
The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are 
based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. The 
Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary to meet 
minimum government funding requirements. No pension contributions to that plan were made in 2024, 2023 or 2022. 
On April 12, 2017, the Company amended its pension plan to cease all benefit accruals for periods after May 31, 2017 for certain 
participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) had 
completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-
grandfathered are eligible to receive discretionary 401(k) plan contributions. 
On February 14, 2018, with the acquisition of Higman Marine, Inc. (“Higman”), the Company assumed Higman’s pension plan 
(the “Higman Pension Plan”) for its inland vessel personnel and office staff. On March 27, 2018, the Company amended the Higman 
Pension Plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants. The Company 
made contributions to the Higman Pension Plan of $1.7 million, $8.2 million and $0.9 million for the years ended December 31, 2024, 
2023 and 2022, respectively.
The aggregate fair value of plan assets of the Company’s pension plans was $411.4 million and $375.9 million at December 31, 
2024, and 2023, respectively. 
The Company’s investment strategy focuses on total return on invested assets (capital appreciation plus dividend and interest 
income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding 
excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by investing in asset 
classes offering sufficient liquidity and trading history.
The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current 
discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve 
that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The 
Company used discount rates of 5.7% for both the Kirby pension plan and Higman pension plan in 2024 and 5.1% for the Kirby pension 
plan and 5.2% for the Higman pension plan in in 2023. The Company estimates that every 0.1% decrease in the discount rate results in 
an increase in the accumulated benefit obligation (“ABO”) of approximately $4.6 million. The Company assumed that plan assets would 
generate a long-term rate of return of 6.75% in both 2024 and 2023. The Company developed its expected long-term rate of return 
assumption by evaluating input from investment consultants and comparing historical returns for various asset classes with its actual 
and targeted plan investments. The Company believes that long-term asset allocation, on average, will approximate the targeted 
allocation.

44
Long-Term Financing
The following table summarizes the Company’s outstanding debt (in thousands): 
December 31,
2024
2023
Long-term debt, including current portion:
Revolving Credit Facility due July 29, 2027 (a)
$
—
$
44,000
Term Loan due July 29, 2027 (a)
70,000
170,000
4.2% senior notes due March 1, 2028
500,000
500,000
3.46% senior notes due January 19, 2033
60,000
60,000
3.51% senior notes due January 19, 2033
240,000
240,000
Credit line due June 30, 2026
—
—
Bank notes payable
8,226
8,068
 
878,226
1,022,068
Unamortized debt discount and issuance costs (b)
(3,278)
(5,473)
 
$
874,948
$
1,016,595
(a) Variable interest rate of 5.6% and 6.8% at December 31, 2024 and 2023, respectively.
(b) Excludes $1.0 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2024.
At the beginning of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group 
of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured 
revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity 
date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.
On July 29, 2022, the Company entered into a new credit agreement (the “2027 Credit Agreement”) with a group of commercial 
banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $500 million unsecured revolving credit 
facility (the “2027 Revolving Credit Facility”) and a $250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of 
July 29, 2027. The 2027 Credit Agreement replaced the 2024 Credit Agreement. In conjunction with entering into the 2027 Credit 
Agreement, on July 29, 2022, the Company borrowed $35 million under the 2027 Revolving Credit Facility and $250 million under the 
2027 Term Loan to repay borrowings under the 2024 Term Loan. In the fourth quarter of 2022, the Company repaid $80 million under 
the 2027 Term Loan prior to scheduled maturities. In the fourth quarter of 2024, the Company repaid $100 million under the 2027 Term 
Loan prior to scheduled maturities. As a result, no repayments are required until March 31, 2027. Outstanding letters of credit under the 
2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $500 million as of December 31, 2024.
The 2027 Term Loan is repayable in quarterly installments, with no repayments until March 31, 2027, in increasing percentages of 
the original principal amount of the loan, with the remaining unpaid balance of approximately $43.8 million payable upon maturity, 
assuming no prepayment. The 2027 Term Loan is prepayable, in whole or in part, without penalty. The 2027 Credit Agreement provides 
for a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate calculated with reference to the prime 
rate quoted by The Wall Street Journal, the Federal Reserve Bank of New York Rate plus 0.5%, or the adjusted SOFR rate for a one 
month interest period plus 1.0%, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit 
rating and is currently 137.5 basis points over SOFR or 37.5 basis points over the Alternate Base Rate. The 2027 Credit Agreement 
contains certain financial covenants including an interest coverage ratio and debt-to-capitalization ratio. In addition to financial 
covenants, the 2027 Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, 
sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates, and changes in lines 
of business. The 2027 Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding 
loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, 
among other events. Borrowings under the 2027 Credit Agreement may be used for general corporate purposes including acquisitions. 
The 2027 Revolving Credit Facility includes a $25 million commitment which may be used for standby letters of credit.
The Company has $500 million of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National 
Association, as trustee. No principal payments are required until maturity. Interest payments of $10.5 million are due semi-annually on 
March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other 
unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to 
liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence 
of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default 
on other indebtedness, among others. 

45
On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior 
notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes (“Series A Notes”) and $240 million of 
3.51% series B notes (“Series B Notes”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued 
on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. 
Beginning in 2023, interest payments of $5.3 million will be due semi-annually on January 19 and July 19 of each year, with the 
exception of the first payment on January 19, 2023, which was $0.5 million. The 2033 Notes are unsecured and rank equally in right of 
payment with the Company's other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, 
including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, 
among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be 
accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The 
3.29% unsecured senior notes due February 27, 2023 (the “2023 Notes”) were repaid using a combination of the proceeds from the 
issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility. 
The Company has a $15.0 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term 
liquidity needs and letters of credit, with a maturity date of June 30, 2026. Outstanding letters of credit under the $15.0 million credit 
line were $6.8 million and available borrowing capacity was $8.2 million as of December 31, 2024.
The Company also had $8.2 million and $8.1 million of short-term unsecured loans outstanding, as of December 31, 2024 and 2023, 
respectively, related to its Colombia operations. 
As of December 31, 2024, the Company was in compliance with all covenants under its debt instruments. For additional information 
about the Company’s debt instruments, see Note 5, Long-Term Debt.
Cash Flow and Capital Expenditures
The Company generated net cash provided by operating activities of $756.5 million, $540.2 million, and $294.1 million for the 
years ended December 31, 2024, 2023, and 2022, respectively. The 40% increase in 2024 as compared to 2023 was primarily due to 
higher revenues and operating income in KMT and a decrease in trade accounts receivable primarily due to strong collections activity. 
Increases in KMT revenues and operating income were driven by higher term and spot contract pricing in the inland and coastal markets 
during 2024.
During 2024, 2023, and 2022, the Company generated cash of $20.4 million, $26.1 million, and $36.9 million, respectively, from 
proceeds from the disposition of assets, and $9.4 million, $4.2 million, and $3.9 million, respectively, from proceeds from the exercise 
of stock options.
For 2024, cash generated was used for capital expenditures of $342.7 million (including a decrease in accrued capital expenditures 
of $6.9 million), including $232.5 million associated with marine maintenance capital and improvements to existing inland and coastal 
marine equipment and facility improvements, as well as $110.2 million for growth spending in both segments. The Company also used 
$77.9 million for acquisitions of businesses and marine equipment, more fully described under Acquisitions above.
For 2023, cash generated was used for capital expenditures of $401.7 million (net of an increase in accrued capital expenditures of 
$9.6 million), including $46.7 million for specialized inland equipment construction and $355.0 million primarily for upgrading existing 
marine equipment, new electric fracturing equipment, and KMT and KDS facilities. The Company also used $37.5 million for 
acquisitions of businesses and marine equipment, more fully described under Acquisitions above.
Treasury Stock Purchases
During 2024, the Company purchased 1.6 million shares of its common stock for $174.6 million, at an average price of $106.40 per 
share. Subsequent to December 31, 2024 and through February 17, 2025, the Company purchased an additional 0.2 million shares of its 
common stock for $26.0 million, at an average price of $107.56 per share. During 2023, the Company purchased 1.5 million shares of 
its common stock for $112.8 million, at an average price of $75.95 per share. During 2022, the Company purchased 0.4 million shares 
of its common stock for $22.9 million, at an average price of $59.32 per share. On January 30, 2023, the Board approved a five million 
share increase in the Company’s purchase authorization. As of February 17, 2025, the Company had approximately 2.6 million shares 
available under its existing purchase authorizations. Historically, treasury stock purchases have been financed through operating cash 
flows and borrowings under the Company’s Revolving Credit Facility. The Company is authorized to purchase its common stock on the 
New York Stock Exchange and in privately negotiated transactions. When purchasing its common stock, the Company is subject to 
price, trading volume and other market considerations. Shares purchased may be used for reissuance upon the exercise of stock options 
or the granting of other forms of incentive compensation, in future acquisitions for stock or for other appropriate corporate purposes. 
For more information about stock purchases in the 2024 fourth quarter, see Item 5. Market for Registrant’s Common Equity, Related 
Stockholder Matters and Issuer Purchases of Equity Securities.

46
Liquidity and Capital Resources
Funds generated from operations are available for acquisitions, capital expenditure projects, common stock purchases, repayments 
of borrowings and for other corporate and operating requirements. In addition to net cash flow provided by operating activities, as of 
February 17, 2025, the Company had cash equivalents of $62.7 million, availability of $400 million under its Revolving Credit Facility 
and $8.2 million available under its Credit Line.
Neither the Company, nor any of its subsidiaries, is obligated on any debt instrument, swap agreement, or any other financial 
instrument or commercial contract which has a rating trigger, except for pricing grids on its 2027 Credit Agreement.
The Company expects to continue to be able to fund expenditures for acquisitions, capital construction projects, common stock 
purchases, repayment of borrowings, and for other operating requirements both in the short term and in the long term from a combination 
of available cash and cash equivalents, funds generated from operating activities, and available financing arrangements.
The 2027 Revolving Credit Facility’s commitment is in the amount of $500 million and expires July 29, 2027. The 4.2% senior 
unsecured notes do not mature until March 1, 2028 and require no prepayments. The 2027 Term Loan in the amount of $250 million is 
subject to quarterly installments, beginning March 31, 2027, in increasing percentages of the original principal amount of the loan, with 
the remaining unpaid balance of approximately $43.8 million payable on July 29, 2027, assuming no prepayments. The 2027 Term Loan 
is prepayable, in whole or in part, without penalty. The 2033 Notes do not mature until January 19, 2033 and require no prepayment.
There are numerous factors that may negatively impact the Company’s cash flow in 2025. For a list of significant risks and 
uncertainties that could impact cash flows, see Note 14, Contingencies and Commitments in the financial statements, and Item 1A — 
Risk Factors. Amounts available under the Company’s existing financing arrangements are subject to the Company continuing to meet 
the covenants of the credit facilities as described in Note 5, Long-Term Debt in the financial statements.
The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the 
Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary 
course of business. The aggregate notional value of these instruments is $32.3 million at December 31, 2024, including $11.6 million in 
letters of credit and $20.6 million in performance bonds. All of these instruments have an expiration date within two years. The Company 
does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with 
these instruments.
The Company’s marine transportation term contracts typically contain fuel escalation clauses, or the customer pays for the fuel. 
However, there is generally a 30 to 120 day delay before contracts are adjusted depending on the specific contract. In general, the fuel 
escalation clauses are effective over the long-term in allowing the Company to recover changes in fuel costs due to fuel price changes. 
However, the short-term effectiveness of the fuel escalation clauses can be affected by a number of factors including, but not limited to, 
specific terms of the fuel escalation formulas, fuel price volatility, navigating conditions, tow sizes, trip routing, and the location of 
loading and discharge ports that may result in the Company over or under recovering its fuel costs. The Company’s spot contract rates 
generally reflect current fuel prices at the time the contract is signed but do not have escalators for fuel.
The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. Future 
minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year are detailed in 
Note 6, Leases. Lease payments for towing vessels exclude non-lease components. The Company estimates that non-lease components 
comprise approximately 70% of charter rental costs, related to towboat crew costs, maintenance and insurance.
The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary 
to meet minimum government funding requirements. The ABO is based on a variety of demographic and economic assumptions, and 
the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the 
pension plan contribution difficult resulting in the Company electing to only make an expected pension contribution forecast of one 
year. As of December 31, 2024, the Company’s pension plan funding was 132% of the pension plans’ ABO, including the Higman 
pension plan. The Company expects to make additional pension contributions of $1.5 million in 2025.
The Company has certain mechanisms designed to help mitigate the impacts of rising costs. For example, KMT has long-term 
contracts which generally contain cost escalation clauses whereby certain costs, including fuel as noted above, can be largely passed 
through to its customers. Spot contract rates include the cost of fuel and are subject to market volatility. In KDS, the cost of major 
components for large manufacturing orders is secured with suppliers at the time a customer order is finalized, which somewhat limits 
exposure to inflation. The repair portion of KDS is based on prevailing current market rates.
Accounting Standards
For a discussion of recently issued accounting standards, see Note 1, Summary of Significant Accounting Policies.

47
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
The Company is exposed to risk from changes in interest rates on certain of its outstanding debt. The outstanding loan balances 
under the Company’s bank credit facilities bear interest at variable rates based on prevailing short-term interest rates in the United States 
and Europe. A 1% increase in variable interest rates would impact the 2024 interest expense by $0.7 million based on balances 
outstanding at December 31, 2024, and would change the fair value of the Company’s debt by approximately 4.1%.
Item 8. Financial Statements and Supplementary Data
The response to this item is submitted as a separate section of this report (see Item 15, page 79 and pages 49 to 78 of this report).
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.

48
Item 9A. Controls and Procedures
Disclosure Controls and Procedures. The Company’s management, with the participation of the Chief Executive Officer and the 
Chief Financial Officer, has evaluated the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the 
Securities Exchange Act of 1934 (“Exchange Act”)), as of December 31, 2024, as required by Rule 13a-15(b) under the Exchange Act. 
Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of December 31, 2024, the 
disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that 
it files or submits under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the 
Securities and Exchange Commission’s rules and forms and (ii) is accumulated and communicated to the Company’s management, 
including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required 
disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting. Management of the Company is responsible for 
establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). 
The Company’s management, with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the 
effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 using the framework in Internal 
Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based 
on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 
2024. KPMG LLP, the Company’s independent registered public accounting firm, has audited the Company’s internal control over 
financial reporting, as stated in their report which is included herein.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of 
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal control over financial 
reporting during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, the 
Company’s internal control over financial reporting.
Item 9B. Other Information
There were no “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of 
Regulation S-K of the Exchange Act) adopted, modified or terminated during the 2024 fourth quarter by the Company’s directors and 
Section 16 officers.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable
PART III
Items 10 Through 14.
The information for these items is incorporated by reference to the definitive proxy statement to be filed by the Company with the 
Commission pursuant to Regulation 14A within 120 days of the close of the fiscal year ended December 31, 2024, except for the 
information regarding executive officers which is provided under Item 1.

49
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Kirby Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Kirby Corporation and subsidiaries (the Company) as of December 
31, 2024 and 2023, the related consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows for 
each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial 
statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the 
Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year 
period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 
the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – 
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated 
February 18, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and 
regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, 
on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation 
of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements 
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are 
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, 
and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.
Evaluation of potential impairment indicators for coastal marine transportation equipment
As discussed in Note 1 to the consolidated financial statements, the Company performs an impairment assessment when 
circumstances indicate that the carrying amount of its long-lived assets may not be recoverable. If a triggering event is identified, 
the Company compares the carrying amount of the asset group to the estimated undiscounted future cash flows expected to result 
from the use of the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, the 
Company measures the amount of the impairment by comparing the carrying amount of the asset group to its estimated fair value. 
Recoverability of marine transportation equipment is assessed based on vessel classes. Marine Transportation equipment as of 
December 31, 2024, was $5,234,475,000, a portion of which related to coastal marine transportation equipment. 
We identified the evaluation of potential impairment indicators for coastal marine transportation equipment as a critical audit matter. 
Evaluating the Company’s judgments in determining whether there was a triggering event required a high degree of subjective 
auditor judgment.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the 
operating effectiveness of certain internal controls related to the Company’s process to identify and assess triggering events that 
indicate that the carrying amount of coastal marine transportation equipment may not be recoverable. This included controls related 

50
to the consideration of contract pricing by vessel class and market conditions in the determination of a triggering event. We assessed 
the Company’s identification of triggering events, including consideration of executed contract pricing and break-even costs by 
vessel class in addition to other certain qualitative considerations. We compared certain data used by the Company to relevant 
executed contracts, historical results, and analyst and industry reports. We evaluated the Company’s responses related to the 
elements considered and whether the Company omitted any significant internal or external elements in its evaluation.
/s/ KPMG LLP
We have served as the Company’s auditor since 1992.
Houston, Texas
February 18, 2025

51
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Kirby Corporation:
Opinion on Internal Control Over Financial Reporting
We have audited Kirby Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, 
based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations 
of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial 
reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 
the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of earnings, 
comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, 
and the related notes (collectively, the consolidated financial statements), and our report dated February 18, 2025 expressed an 
unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of 
the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal 
Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting 
based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange 
Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. 
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, 
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control 
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. 
We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention 
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the 
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Houston, Texas
February 18, 2025

See accompanying notes to consolidated financial statements.
52
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2024
2023
($ in thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
74,444
$
32,577
Accounts receivable:
Trade — less allowance for doubtful accounts of $7,321 ($7,636 in 2023)
489,857
526,691
Other
46,888
52,025
Inventories — net
393,898
454,389
Prepaid expenses and other current assets
63,472
69,479
Total current assets
1,068,559
1,135,161
Property and equipment — net
4,022,966
3,861,105
Operating lease right-of-use assets
158,990
152,216
Investment in affiliates
2,900
2,576
Goodwill
438,748
438,748
Other intangibles, net
34,406
42,927
Other assets
125,383
89,464
Total assets
$
5,851,952
$
5,722,197
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank notes payable
$
8,226
$
8,068
Income taxes payable
25,417
1,486
Accounts payable
251,354
269,378
Accrued liabilities:
Interest
11,975
13,114
Insurance premiums and claims
88,432
84,825
Employee compensation
68,298
69,075
Taxes — other than on income
35,854
31,555
Other
32,254
30,377
Current portion of operating lease liabilities
35,727
33,340
Deferred revenues
177,216
134,577
Total current liabilities
734,753
675,795
Long-term debt, net — less current portion
866,722
1,008,527
Deferred income taxes
739,472
696,557
Operating lease liabilities — less current portion
148,170
138,811
Other long-term liabilities
9,587
15,830
Total long-term liabilities
1,763,951
1,859,725
Contingencies and commitments
—
—
Equity:
Kirby stockholders’ equity:
Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000
6,547
6,547
Additional paid-in capital
868,763
863,963
Accumulated other comprehensive income — net
71,192
35,006
Retained earnings
2,978,372
2,691,665
Treasury stock — at cost, 8,215,000 shares in 2024 and 6,843,000 shares in 2023
(573,061)
(411,750)
Total Kirby stockholders’ equity
3,351,813
3,185,431
Noncontrolling interests
1,435
1,246
Total equity
3,353,248
3,186,677
Total liabilities and equity
$
5,851,952
$
5,722,197

See accompanying notes to consolidated financial statements.
53
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Year Ended December 31,
2024
2023
2022
($ in thousands, except per share amounts)
Revenues:
Marine transportation
$
1,913,050
$
1,721,937
$
1,616,967
Distribution and services
1,352,826
1,369,703
1,167,787
Total revenues
3,265,876
3,091,640
2,784,754
Costs and expenses:
Costs of sales and operating expenses
2,200,354
2,180,422
2,060,941
Selling, general and administrative
337,097
335,213
302,692
Taxes, other than on income
34,910
34,766
35,071
Depreciation and amortization
240,322
211,156
201,443
Impairments
56,303
—
—
Gain on disposition of assets
(2,207)
(5,009)
(8,279)
Total costs and expenses
2,866,779
2,756,548
2,591,868
Operating income
399,097
335,092
192,886
Other income
12,795
11,041
16,677
Interest expense
(49,129)
(52,008)
(44,588)
Earnings before taxes on income
362,763
294,125
164,975
Provision for taxes on income
(75,867)
(71,220)
(42,214)
Net earnings
286,896
222,905
122,761
Less: Net (earnings) loss attributable to noncontrolling interests
(189)
30
(470)
Net earnings attributable to Kirby
$
286,707
$
222,935
$
122,291
Net earnings per share attributable to Kirby common stockholders:
Basic
$
4.95
$
3.74
$
2.04
Diluted
$
4.91
$
3.72
$
2.03

See accompanying notes to consolidated financial statements.
54
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31,
2024
2023
2022
($ in thousands)
Net earnings
$
286,896
$
222,905
$
122,761
Other comprehensive income, net of taxes:
Pension and postretirement benefits
37,043
16,728
43,868
Foreign currency translation adjustments
(857)
1,425
(1,049)
Total other comprehensive income, net of taxes
36,186
18,153
42,819
Total comprehensive income, net of taxes
323,082
241,058
165,580
Net (earnings) loss attributable to noncontrolling interests
(189)
30
(470)
Comprehensive income attributable to Kirby
$
322,893
$
241,088
$
165,110

See accompanying notes to consolidated financial statements.
55
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2024
2023
2022
($ in thousands)
Cash flows from operating activities:
Net earnings
$
286,896
$
222,905
$
122,761
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization
240,322
211,156
201,443
Provision for doubtful accounts
2,209
402
1,183
Provision for deferred income taxes
31,388
65,298
37,782
Gain on disposition of assets
(2,207)
(5,009)
(8,279)
Impairments
56,303
—
—
Amortization of share-based compensation
15,549
14,941
13,865
Amortization of major maintenance costs
32,572
28,966
29,031
Other
407
(3,338)
(283)
Increase (decrease) in cash flows resulting from changes in:
Accounts receivable
40,458
(50,135)
(31,550)
Inventory
12,146
7,694
(127,095)
Other assets
(18,539)
(37,688)
(27,801)
Income taxes payable
23,787
71,604
1,975
Accounts payable
(11,157)
(18,271)
75,996
Accrued and other liabilities
46,360
31,703
5,100
Net cash provided by operating activities
756,494
540,228
294,128
Cash flows from investing activities:
Capital expenditures
(342,660)
(401,730)
(172,606)
Acquisitions of businesses and marine equipment, net of cash acquired
(77,863)
(37,500)
(3,900)
Proceeds from disposition of assets and other
20,396
26,081
36,905
Net cash used in investing activities
(400,127)
(413,149)
(139,601)
Cash flows from financing activities:
Borrowings (payments) on bank credit facilities, net
(43,842)
48,776
1,358
Borrowings on long-term debt
—
240,000
310,000
Payments on long-term debt
(100,000)
(350,000)
(395,000)
Payment of debt issue costs
(3)
(1,254)
(1,977)
Proceeds from exercise of stock options
9,417
4,209
3,887
Payments related to tax withholding for share-based compensation
(5,398)
(3,908)
(3,408)
Treasury stock purchases
(174,574)
(112,803)
(22,901)
Return of investment to noncontrolling interests and other
(100)
(99)
(722)
Net cash used in financing activities
(314,500)
(175,079)
(108,763)
Increase (decrease) in cash and cash equivalents
41,867
(48,000)
45,764
Cash and cash equivalents, beginning of year
32,577
80,577
34,813
Cash and cash equivalents, end of year
$
74,444
$
32,577
$
80,577
Supplemental disclosures of cash flow information:
Cash paid (received) during the period:
Interest paid
$
49,059
$
49,317
$
42,816
Income taxes paid (refunded), net
$
19,567
$
(65,787)
$
2,553
Operating cash outflow from operating leases
$
45,979
$
43,954
$
44,229
Non-cash investing activity:
Capital expenditures included in accounts payable
$
(6,867)
$
9,567
$
2,996
Right-of-use assets obtained in exchange for lease obligations
$
53,551
$
39,153
$
22,799
 

See accompanying notes to consolidated financial statements.
56
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Common
Stock
Additional
Paid-in-
Accumulated
Other
Comprehensive
Retained
Treasury Stock
Noncontrolling
Shares
Amount
Capital
Income
Earnings
Shares
Amount
Interests
Total
(in thousands)
Balance at December 
31, 2021
65,472
$
6,547
$
854,512
$
(25,966)
$ 2,346,439
(5,361)
$
(295,208)
$
2,458
$ 2,888,782
Stock option exercises
—
—
757
—
—
58
3,130
—
3,887
Issuance of stock for 
equity awards, net of 
forfeitures
—
—
(9,789)
—
—
178
9,789
—
—
Tax withholdings on 
equity award vesting
—
—
—
—
—
(54)
(3,408)
—
(3,408)
Amortization of share-
based compensation
—
—
13,865
—
—
—
—
—
13,865
Treasury stock 
purchases
—
—
—
—
—
(386)
(22,901)
—
(22,901)
Total comprehensive 
income, net of taxes
—
—
—
42,819
122,291
—
—
470
165,580
Return of investment to 
noncontrolling interests
—
—
—
—
—
—
—
(637)
(637)
Balance at December 
31, 2022
65,472
$
6,547
$
859,345
$
16,853
$ 2,468,730
(5,565)
$
(308,598)
$
2,291
$ 3,045,168
Stock option exercises
—
—
453
—
—
71
3,755
—
4,208
Issuance of stock for 
equity awards, net of 
forfeitures
—
—
(10,776)
—
—
194
10,776
—
—
Tax withholdings on 
equity award vesting
—
—
—
—
—
(58)
(3,908)
—
(3,908)
Amortization of share-
based compensation
—
—
14,941
—
—
—
—
—
14,941
Treasury stock 
purchases
—
—
—
—
—
(1,485)
(112,803)
—
(112,803)
Excise taxes on treasury 
stock purchases
—
(972)
(972)
Total comprehensive 
income, net of taxes
—
—
—
18,153
222,935
—
—
(30)
241,058
Return of investment to 
noncontrolling interests
—
—
—
—
—
—
—
(1,015)
(1,015)
Balance at December 
31, 2023
65,472
$
6,547
$
863,963
$
35,006
$ 2,691,665
(6,843)
$
(411,750)
$
1,246
$ 3,186,677
Stock option exercises
—
—
1,833
—
—
128
7,583
—
9,416
Issuance of stock for 
equity awards, net of 
forfeitures
—
—
(12,582)
—
—
208
12,582
—
—
Tax withholdings on 
equity award vesting
—
—
—
—
—
(67)
(5,398)
—
(5,398)
Amortization of share-
based compensation
—
—
15,549
—
—
—
—
—
15,549
Treasury stock 
purchases
—
—
—
—
—
(1,641)
(174,574)
—
(174,574)
Excise taxes on treasury 
stock purchases
—
—
—
—
—
—
(1,504)
—
(1,504)
Total comprehensive 
income, net of taxes
—
—
—
36,186
286,707
—
—
189
323,082
Balance at December 
31, 2024
65,472
$
6,547
$
868,763
$
71,192
$ 2,978,372
(8,215)
$
(573,061)
$
1,435
$ 3,353,248
 

57
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
Principles of Consolidation. The consolidated financial statements include the accounts of Kirby Corporation and all majority-
owned subsidiaries (the “Company”). All investments in which the Company owns 20% to 50% and exercises significant influence over 
operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have 
been eliminated in consolidation. Certain reclassifications have been made to reflect the current presentation of financial information. 
Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows.
Effective January 1, 2024, the power generation revenue source within the distribution and services segment (“KDS”) has been 
broken out from the commercial and industrial and oil and gas revenue sources due to the significance of the power generation market 
to the Company’s growth. This change had no net impact on overall Company or segment revenues and has been reflected retrospectively 
for all periods presented.
Accounting Policies
Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at 
date of purchase.
Accounts Receivable. In the normal course of business, the Company extends credit to its customers. The Company regularly 
reviews the accounts and makes adequate provisions for probable uncollectible balances. It is the Company’s opinion that the accounts 
have no impairment, other than that for which provisions have been made. Included in accounts receivable-trade as of December 31, 
2024 and 2023 were $131.9 million and $136.3 million, respectively, of accruals for revenues earned which have not been invoiced as 
of the end of each year. 
Accrued Insurance. The Company’s marine transportation and distribution and services operations are subject to hazards associated 
with such businesses. The marine transportation business in particular is subject to property damage and casualty risks associated with 
operating vessels carrying large volumes of bulk liquid and dry cargo in a marine environment. The Company maintains insurance 
coverage against these hazards with insurance companies subject to a deductible, below which the Company is liable. The Company 
uses historic experience and actuarial analysis by outside consultants to estimate an appropriate level of accrued insurance liabilities 
including estimates on individual claims outstanding and an estimated amount for losses that may have occurred but have not been 
reported to the Company (“IBNR”) or not yet fully developed. If the actual number of claims and magnitude were substantially greater 
than assumed, the required level of accrued liabilities for claims incurred but not reported or fully developed could be materially 
understated. Insurance premiums, IBNR losses and incurred claim losses, up to the Company’s deductible for the years ended 
December 31, 2024, 2023, and 2022, were $47.9 million, $52.5 million, and $39.1 million, respectively.
The Company records receivables from its insurers for incurred claims above the Company’s deductible. If the solvency of the 
insurers becomes impaired, there could be an adverse impact on the accrued receivables and the availability of insurance. Included in 
accounts receivable-other as of December 31, 2024 and 2023 were $28.3 million and $29.6 million, respectively, of receivables from 
insurance companies to cover claims in excess of the Company’s deductible. 
Concentrations of Credit Risk. Financial instruments which potentially subject the Company to concentrations of credit risk are 
primarily trade accounts receivables. The Company’s marine transportation customers include the major oil refining and petrochemical 
companies. The distribution and services customers are oilfield service companies, oil and gas operators and producers, on-highway 
transportation companies, marine transportation companies, commercial fishing companies, construction companies, power generation 
companies, and the United States government. The Company regularly reviews its accounts and estimates the amount of uncollectible 
receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of 
unpaid amounts, information about the current financial strength of customers, and other relevant information. Estimates of uncollectible 
amounts are revised each period, and changes are recorded in the period they become known. 
Historically, credit risk with respect to these trade receivables has generally been considered minimal because of the financial 
strength of the Company’s customers; however, a United States or global recession or other adverse economic condition could impact 
the collectability of certain customers’ trade receivables which could have a material effect on the Company’s results of operations.
Inventories. Inventories are stated at the lower of average cost or net realizable value.
Property, Maintenance and Repairs. Property is recorded at cost or acquisition date fair value; improvements and betterments are 
capitalized as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets 
as follows: marine transportation equipment, 5-40 years; buildings, 10-40 years; other equipment, 2-10 years; and leasehold 

58
improvements, term of lease. When property items are retired, sold, or otherwise disposed of, the related cost and accumulated 
depreciation are removed from the accounts with any gain or loss on the disposition included in the statement of earnings. Maintenance 
and repairs on vessels built for use on the inland waterways are charged to operating expense as incurred and includes the costs incurred 
in United States Coast Guard (“USCG”) inspections unless the shipyard extends the life, improves the operating capacity, or replaces 
significant components of the vessel, which results in the costs being capitalized. 
The following table summarizes the balances of property and equipment – net (in thousands):
December 31,
2024
2023
Land
$
38,157
$
39,567
Marine transportation equipment
5,234,475
5,029,653
Buildings and other equipment
745,897
641,871
Construction in progress
104,679
112,947
$ 6,123,208
$ 5,824,038
Accumulated depreciation
(2,100,242)
(1,962,933)
Property and equipment – net
$ 4,022,966
$ 3,861,105
Drydocking on Ocean-Going Vessels. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after 
certain periods of time to be inspected, have planned major maintenance performed and be recertified by the American Bureau of 
Shipping (“ABS”). These recertifications generally occur twice in a five-year period. The Company defers the drydocking expenditures 
incurred on its ocean-going vessels due to regulatory marine inspections by the ABS and amortizes the costs of the shipyard over the 
period between drydockings, generally 30 or 60 months, depending on the type of major maintenance performed. Drydocking 
expenditures that extend the life, improve the operating capability, or replace significant components of the vessel are capitalized. The 
Company recognized amortization of major maintenance costs of $32.6 million, $29.0 million, and $29.0 million for the years ended 
December 31, 2024, 2023, and 2022, respectively, in costs of sales and operating expenses. Routine repairs and maintenance on ocean-
going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels. For the years ended 
December 31, 2024, 2023 and 2022, no interest was capitalized.
Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is 
considered probable and reasonably estimable. 
Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a 
purchase is included in goodwill. The Company conducted its annual goodwill impairment tests at November 30, 2024, 2023, and 2022. 
The Company will conduct goodwill impairment tests as of November 30 of subsequent years, or whenever events or circumstances 
indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured based on a 
combination of projected discounted future operating cash flows using an appropriate discount rate and a market approach for 
comparable companies. The following table summarizes the changes in goodwill (in thousands):
Marine
Transportation
Distribution and
Services
Total
Balance at December 31, 2023 and 2024 (gross)
505,784
560,155
1,065,939
Accumulated impairment and amortization
(237,626)
(389,565)
(627,191)
Balance at December 31, 2023 and 2024
$
268,158
$
170,590
$
438,748
Other Intangibles. Other intangibles include assets for favorable contracts and customer relationships, distributorship and dealership 
agreements, trade names and non-compete agreements. The following table summarizes the balances of other intangible assets (in 
thousands): 
December 31,
2024
2023
Other intangible assets – gross
$
182,708
$
184,622
Accumulated amortization
(148,302)
(141,695)
Other intangible assets – net
$
34,406
$
42,927
The costs of intangible assets and liabilities are amortized to expense in a systematic and rational manner over their estimated useful 
lives. For the years ended December 31, 2024, 2023, and 2022, the amortization expense for intangibles was $8.6 million, $8.1 million, 
and $7.6 million, respectively. Estimated net amortization expense for amortizable intangible assets for the next five years (2025 – 2029) 

59
is approximately $8.5 million, $6.3 million, $5.0 million, $3.5 million, and $3.5 million, respectively, and $7.6 million thereafter. As of 
December 31, 2024, the weighted average amortization period for intangible assets was approximately six years.
Revenue Recognition. The majority of marine transportation revenue is derived from term contracts, ranging from one to five years, 
some of which have renewal options, and the remainder is from spot contracts. The majority of the term contracts, by revenue, are for 
terms of one year. The Company provides marine transportation services for its customers and, in almost all cases, does not assume 
ownership of the products it transports. The Company enters into agreements with its customers to transport cargo from a designated 
origin to a designated destination at a set rate (affreightment) or at a daily rate (time charter). The rate may or may not escalate during 
the term of the contract, however, the base rate generally remains constant and contracts often include escalation provisions to recover 
changes in specific costs such as fuel. Time charter or contracts of affreightment of one year or greater are considered term contract 
revenues and agreements of less than a year are included in spot contract revenues. Spot contracts typically involve an agreement with 
a customer to move cargo from a specific origin to a designated destination for a rate generally negotiated at the time the cargo movement 
takes place. Spot contract rates are typically at the current “market” rate, including fuel, and are subject to market volatility. The 
Company uses a voyage accounting method of revenue recognition for its marine transportation revenues which allocates voyage 
revenue based on the percent of the voyage completed during the period. The performance of the service is invoiced as the transaction 
occurs and payment is required depending on each specific customer’s credit.
Distribution products and services are generally sold based upon purchase orders or preferential service agreements with the 
customer that include fixed or determinable prices. Parts sales are recognized when control transfers to the customer, generally when 
title passes upon shipment to customers. Service revenue is recognized over time as the service is provided using measures of progress 
utilizing hours worked or costs incurred as a percentage of estimated hours or expected costs. Revenue from rental agreements is 
generally recognized on a straight-line basis over the rental period. The Company recognizes the revenues on manufacturing activities 
upon shipment and transfer of control to the customer. The transactions in the distribution and services segment are typically invoiced 
as parts are shipped or upon the completion of the service job. Contract manufacturing activities are generally invoiced upon shipment 
and the Company will often get deposits from its customers prior to starting work, or progress payments during the project depending 
on the credit worthiness of the customer and the size of the project. 
Stock-Based Compensation. The Company has share-based compensation plans covering selected officers and other key employees 
as well as the Company’s Board of Directors. Stock-based grants made under the Company’s stock plans are measured at fair value on 
the date of the grant and the cost for all grants made under the director plan and for grants made under the employee plan is generally 
recognized ratably over the vesting period of the restricted stock unit (“RSU”), stock option, or restricted stock. The employee plan, 
however, includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of 
service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options 
and RSUs granted to employees who are nearing retirement and meet the service and age requirements. Stock option grants are valued 
at the date of grant as calculated under the Black-Scholes option pricing model. The Company accounts for forfeitures as they occur. 
The Company’s stock-based compensation plans are more fully described in Note 8, Stock Award Plans. 
Taxes on Income. The Company follows the asset and liability method of accounting for income taxes. Under the asset and liability 
method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial 
statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. 
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those 
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is 
recognized in income in the period that includes the enactment date. 
Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions. 
Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of. The Company performs an impairment assessment 
whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. 
Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable 
cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future 
cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation 
asset will be utilized for any given contract. Because customers generally do not specify which particular vessel is used, prices are 
quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and 
are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels 
within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in 
geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one 
region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar 
capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. 

60
If a triggering event is identified, the Company compares the carrying amount of the asset group to the estimated undiscounted 
future cash flows expected to result from the use of the asset group. If the carrying amount of the asset group exceeds the estimated 
undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset 
group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Fair Value Measurements. The accounting guidance for using fair value to measure certain assets and liabilities establishes a three 
tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, 
defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other 
than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in 
which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market 
participants would use in pricing the asset or liability. The fair value of the Company’s debt instruments is described in Note 5, Long-
Term Debt. 
Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-
07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to improve reportable 
segment disclosure requirements. The amendments require disclosure of significant segment expenses regularly provided to the chief 
operating decision maker (“CODM”) as well as other segment items, extend certain annual disclosures to interim periods, clarify the 
applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, 
and require disclosure of the title and position of the CODM. The Company adopted ASU 2023-07 on January 1, 2024 on a retrospective 
basis and the adoption did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” 
(“ASU 2023-09”), which requires entities to disclose additional information in specified categories with respect to the reconciliation of 
the effective tax rate to the statutory rate for federal, state, and foreign income taxes. ASU 2023-09 is effective for annual periods 
beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption 
of this standard will have on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense 
Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires 
incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, 
depreciation, amortization and selling expenses. The amendments are effective for annual periods beginning after December 15, 2026, 
and for interim periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either 
prospectively or retrospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its 
consolidated financial statements.
(2) Acquisitions
On December 31, 2024, the Company purchased an inland tank barge from a leasing company for $2.7 million in cash. The 
Company had been leasing the barge prior to purchase.
On December 30, 2024, the Company purchased three inland tank barges from an undisclosed seller for $9.9 million in cash.
On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two 
high horsepower towboats from an undisclosed seller for $65.2 million in cash. The 13 tank barges, including three specialty barges, 
transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 
13 barges was 15 years.
On July 14, 2023, the Company purchased 23 inland tank barges with a total capacity of 265,000 barrels from an undisclosed seller 
for $37 million in cash. The 23 tank barges transport petrochemicals and refined products on the Mississippi River System and the Gulf 
Intracoastal Waterway. The average age of the 23 barges was 14 years. 
The Company purchased four inland tank barges from a leasing company for $0.5 million in cash during the 2023 third quarter. 
The Company had been leasing the barges prior to the purchase.
On March 31, 2022, the Company paid $3.9 million in cash to purchase assets of a gearbox repair company in KDS. Assets acquired 
consisted primarily of property and equipment.

61
(3) Revenues
The following table sets forth the Company’s revenues by major source (in thousands): 
Year Ended December 31,
2024
2023
2022
Marine transportation segment:
Inland transportation
$
1,553,232
$
1,416,483
$
1,277,010
Coastal transportation
359,818
305,454
339,957
 
$
1,913,050
$
1,721,937
$
1,616,967
Distribution and services segment:
Commercial and industrial
$
621,991
$
624,581
$
576,561
Power generation
484,972
403,576
256,713
Oil and gas
245,863
341,546
334,513
 
$
1,352,826
$
1,369,703
$
1,167,787
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, 2024, 2023, and 2022, that were included in the opening contract liability balances were $113.8 million, $84.0 million 
and $61.7 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, 2024 or December 31, 2023. 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.
(4) Segment Data
The Company’s operations are aggregated into two reportable business segments as follows:
Marine Transportation — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout 
the United States inland waterway system, along all three United States coasts, and to a lesser extent, in United States coastal 
transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and 
agricultural chemicals.
Distribution and Services — Provides after-market services and genuine replacement parts for engines, transmissions, reduction 
gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The 
Company also rents equipment including generators, industrial compressors, high capacity lift trucks, construction equipment and 
refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized 
equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control 
equipment for oilfield service, railroad and other industrial customers.
The Company’s two reportable business segments are managed separately by the Company’s CODM, its Chief Executive Officer, 
based on fundamental differences in their operations. The Company’s accounting policies for the business segments are the same as 
those described in Note 1, Summary of Significant Accounting Policies. The CODM evaluates the performance of the Company’s 
segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses 
on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. The CODM 
uses segment operating income to allocate resources for each segment during the annual budget and forecasting process. The CODM 
considers budget-to-actual variances on a monthly basis for segment operating income when making decisions about allocating capital 
and personnel to the segments. The CODM also uses segment operating income to assess the performance for each segment by 
comparing the results and return on assets of each segment with one another.
Intersegment revenues, based on market-based pricing, of KDS from the marine transportation segment (“KMT”) of $26.1 million, 
$39.8 million, and $31.9 million in 2024, 2023, and 2022, respectively, as well as the related intersegment profit of $2.6 million, $4.0 
million, and $3.2 million in 2024, 2023, and 2022, respectively, have been eliminated from the tables below.

62
The following tables set forth by reportable segment the revenues, income or loss, depreciation and amortization, capital 
expenditures and total assets attributable to the principal activities of the Company (in thousands):
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2024
2023
2022
KMT
KDS
Total
KMT
KDS
Total
KMT
KDS
Total
Revenue from 
external customers $ 1,913,050
$ 1,352,826
$ 3,265,876
$ 1,721,937
$ 1,369,703
$ 3,091,640
$ 1,616,967
$ 1,167,787
$ 2,784,754
 
Less:
Costs of sales 
and operating 
expenses
1,188,794
1,008,008
2,196,802
1,136,526
1,040,905
2,177,431
1,146,657
913,624
2,060,281
Administrative 
payroll expense
76,578
89,512
166,090
75,829
89,052
164,881
71,054
81,763
152,817
Taxes, other 
than on income
26,476
8,329
34,805
27,602
7,051
34,653
28,235
6,708
34,943
Depreciation 
and 
amortization
197,347
35,448
232,795
184,225
19,842
204,067
177,551
16,776
194,327
Other segment 
items (a)
60,479
102,927
163,406
58,812
98,372
157,184
57,286
81,879
139,165
Segment 
operating 
income
$
363,376
$
108,602
$
471,978
$
238,943
$
114,481
$
353,424
$
136,184
$
67,037
$
203,221
Reconciliation of 
segment operating 
income
Unallocated 
amounts:
General 
corporate 
expenses
(18,785 )
(23,341 )
(18,614 )
Impairments
(56,303 )
—
—
Gain on 
disposition of 
assets
2,207
5,009
8,279
Operating 
income
$
399,097
$
335,092
$
192,886
Other income
12,795
11,041
16,677
Interest expense
(49,129 )
(52,008 )
(44,588 )
Earnings 
before 
taxes on 
income
$
362,763
$
294,125
$
164,975
(a)
Other segment items for each reportable segment includes:
KMT – selling expense, professional service expense, occupancy expense, and certain overhead expenses.
KDS – inventory-related expense, warranty expense, selling expense, professional service expense, occupancy 
expense, and certain overhead expenses.
Year Ended December 31,
2024
2023
2022
Depreciation and amortization:
Marine transportation
$
197,347
$
184,225
$
177,551
Distribution and services
35,448
19,842
16,776
Other
7,527
7,089
7,116
 
$
240,322
$
211,156
$
201,443
Capital expenditures:
KMT
$
247,768
$
255,411
$
147,170
KDS
85,437
140,769
21,713
Other
9,455
5,550
3,723
 
$
342,660
$
401,730
$
172,606

63
December 31,
2024
2023
Total assets:
KMT
$
4,578,616
$
4,454,931
KDS
1,115,781
1,156,384
Other
157,555
110,882
 
$
5,851,952
$
5,722,197
The following table presents the details of “Other” total assets (in thousands):
December 31,
2024
2023
General corporate assets
$
154,655
$
108,306
Investment in affiliates
2,900
2,576
 
$
157,555
$
110,882
(5) Long-Term Debt
The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value 
measurement) of debt outstanding (in thousands):
December 31,
2024
2023
Carrying Value
Fair Value
Carrying Value
Fair Value
Revolving Credit Facility due July 29, 2027 (a)
$
—
$
—
$
44,000
$
44,000
Term Loan due July 29, 2027 (a)
70,000
70,000
170,000
170,000
4.2% senior notes due March 1, 2028
500,000
491,923
500,000
475,920
3.46% senior notes due January 19, 2033
60,000
52,956
60,000
49,955
3.51% senior notes due January 19, 2033
240,000
212,650
240,000
200,698
Credit Line due June 30, 2026
—
—
—
—
Bank notes payable
8,226
8,226
8,068
8,068
 
878,226
835,755
1,022,068
948,641
Unamortized debt discounts and issuance costs (b)
(3,278)
—
(5,473)
—
 
$
874,948
$
835,755
$
1,016,595
$
948,641
(a) Variable interest rate of 5.6% and 6.8% at December 31, 2024 and 2023, respectively.
(b) Excludes $1.0 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2024.
The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 
2025
$
8,226
2026
—
2027
70,000
2028
500,000
2029
—
Thereafter
300,000
 
$
878,226
At the beginning of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group 
of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured 
revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity 
date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.
On July 29, 2022, the Company entered into a new credit agreement (the “2027 Credit Agreement”) with a group of commercial 
banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $500 million unsecured revolving credit 
facility (the “2027 Revolving Credit Facility”) and a $250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of 
July 29, 2027. The 2027 Credit Agreement replaced the 2024 Credit Agreement. In conjunction with entering into the 2027 Credit 
Agreement, on July 29, 2022, the Company borrowed $35 million under the 2027 Revolving Credit Facility and $250 million under the 
2027 Term Loan to repay borrowings under the 2024 Term Loan. In the fourth quarter of 2022, the Company repaid $80 million under 
the 2027 Term Loan prior to scheduled maturities. In the fourth quarter of 2024, the Company repaid $100 million under the 2027 Term 

64
Loan prior to scheduled maturities. As a result, no repayments are required until March 31, 2027. Outstanding letters of credit under the 
2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $500 million as of December 31, 2024.
The 2027 Term Loan is repayable in quarterly installments, with no repayments until March 31, 2027, in increasing percentages of 
the original principal amount of the loan, with the remaining unpaid balance of approximately $43.8 million payable upon maturity, 
assuming no prepayment. The 2027 Term Loan is prepayable, in whole or in part, without penalty. The 2027 Credit Agreement provides 
for a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate calculated with reference to the prime 
rate quoted by The Wall Street Journal, the Federal Reserve Bank of New York Rate plus 0.5%, or the adjusted SOFR rate for a one 
month interest period plus 1.0%, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit 
rating and is currently 137.5 basis points over SOFR or 37.5 basis points over the Alternate Base Rate. The 2027 Credit Agreement 
contains certain financial covenants including an interest coverage ratio and debt-to-capitalization ratio. In addition to financial 
covenants, the 2027 Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, 
sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates, and changes in lines 
of business. The 2027 Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding 
loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, 
among other events. Borrowings under the 2027 Credit Agreement may be used for general corporate purposes including acquisitions. 
The 2027 Revolving Credit Facility includes a $25 million commitment which may be used for standby letters of credit.
 The Company has $500 million of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National 
Association, as trustee. No principal payments are required until maturity. Interest payments of $10.5 million are due semi-annually on 
March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other 
unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to 
liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence 
of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default 
on other indebtedness, among others. 
On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior 
notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes (“Series A Notes”) and $240 million of 
3.51% series B notes (“Series B Notes”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued 
on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. 
Beginning in 2023, interest payments of $5.3 million are due semi-annually on January 19 and July 19 of each year, with the exception 
of the first payment on January 19, 2023, which was $0.5 million. The 2033 Notes are unsecured and rank equally in right of payment 
with the Company’s other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, 
including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, 
among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be 
accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The 
3.29% unsecured senior notes due February 27, 2023 (the “2023 Notes”) were repaid using a combination of the proceeds from the 
issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility.
The Company has a $15.0 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term 
liquidity needs and letters of credit, with a maturity date of June 30, 2026. The Credit Line allows the Company to borrow at an interest 
rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings 
outstanding under the Credit Line as of December 31, 2024. Outstanding letters of credit under the Credit Line were $6.8 million and 
available borrowing capacity was $8.2 million as of December 31, 2024. 
The Company also had $8.2 million and $8.1 million of short-term unsecured loans outstanding, as of December 31, 2024 and 2023, 
respectively, related to its Colombia operations. 
As of December 31, 2024, the Company was in compliance with all covenants under its debt instruments.
(6) Leases
The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. The 
accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating 
the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial 
noncancelable term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-
line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, 
except for leased towing vessels for which the Company estimates approximately 70% of the costs relate to service costs and other non-
lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance). 

65
Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as 
follows (in thousands): 
2025
$
42,202
2026
38,115
2027
30,263
2028
22,860
2029
12,483
Thereafter
76,621
Total lease payments
222,544
Less: imputed interest
(38,647)
Operating lease liabilities
$
183,897
The following table summarizes lease costs (in thousands): 
Year Ended December 31,
2024
2023
2022
Operating lease cost
$
45,844
$
42,821
$
42,319
Variable lease cost
1,936
2,376
1,780
Short-term lease cost
38,991
30,005
25,365
Sublease income
(3,396)
(3,223)
(305)
Total lease cost
$
83,375
$
71,979
$
69,159
The following table summarizes other supplemental information about the Company’s operating leases:
December 31,
2024
2023
2022
Weighted average discount rate
4.6%
4.4%
4.1%
Weighted average remaining lease term
8 years
9 years
9 years
(7) Impairments
During the fourth quarter of 2024, the Company recognized a $56.3 million non-cash impairment charge in the KDS segment 
primarily associated with conventional diesel fracturing equipment inventory. Based on the current market conditions and its view on 
the industry outlook, including decreased customer demand for conventional diesel fracturing equipment driven by an industry-wide 
shift to electric fracturing equipment, the Company determined that certain inventory had limited commercial opportunity, and the cost 
of these inventories exceeded its net realizable value. The Company determined the net realizable value of the inventory using a 
combination of the cost and market approaches.
(8) Stock Award Plans
The Company has share-based compensation plans which are described below. The compensation cost that has been charged against 
earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were 
as follows (in thousands): 
Year Ended December 31,
2024
2023
2022
Compensation cost
$
15,549
$
14,941
$
13,865
Income tax benefit
$
3,716
$
3,616
$
3,533
The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of 
RSUs, stock options, restricted stock awards, and performance awards. Restricted stock and RSUs generally vest ratably over five years, 
however, the plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain 
years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock 
options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. At December 31, 2024, 
there were 1,892,334 shares available for future grants under the Plan. 
The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. 
Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years. No performance 

66
awards payable in stock have been awarded under the plan and no outstanding stock options under the employee plan were issued with 
stock appreciation rights.
The following is a summary of the stock option activity under the employee plan described above: 
Outstanding
Non-Qualified or
Nonincentive
Stock Option
Awards
Weighted
Average
Exercise
Price
Outstanding at December 31, 2023
255,245
$
74.00
Exercised
(124,397)
$
74.35
Expired
—
$
—
Outstanding at December 31, 2024
130,848
$
73.66
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee 
plan at December 31, 2024: 
Options Outstanding
Options Exercisable
Range of Exercise
Prices
Number
Outstanding
Weighted
Average
Remaining
Contractual
Life in
Years
Weighted
Average
Exercise
Price
Aggregated
Intrinsic
Value
(in 
thousands)
Number
Exercisable
Weighted
Average
Exercise
Price
Aggregated
Intrinsic
Value
(in 
thousands)
$73.29
70,038
1.1
$
73.29
70,038
$
73.29
$73.93
54,879
0.5
$
73.93
54,879
$
73.93
$75.50
5,931
—
$
75.50
5,931
$
75.50
$73.29 – $75.50
130,848
1.6
$
73.66
$
4,206
130,848
$
73.66
$
4,206
There were no unvested restricted stock awards under the employee plan at December 31, 2024 and 2023 and no restricted stock 
awards were granted under the employee plan during 2024, 2023, and 2022.
The following is a summary of RSU activity under the employee plan described above: 
Unvested RSUs
Weighted
Average Grant
Date Fair Value
Per Unit
Nonvested balance at December 31, 2023
554,604
$
64.61
Granted
167,290
$
84.12
Vested
(192,585)
$
63.06
Forfeited
(13,930)
$
68.08
Nonvested balance at December 31, 2024
515,379
$
71.43
The weighted average grant date fair value of RSUs granted for the years ended December 31, 2024, 2023, and 2022 was $84.12, 
$72.23, and $66.13, respectively.
During January 2025, the Company granted 126,500 RSUs to selected officers and other key employees under its employee stock 
award plan, which all vest ratably over five years.
The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options 
and restricted stock. The director plan provides for automatic grants of restricted stock to nonemployee directors after each annual 
meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all 
or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the 
fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The restricted 
stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock 
issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At December 31, 2024, 
354,736 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to 
attract and retain qualified independent directors. 

67
The following is a summary of the stock option activity under the director plan described above: 
Outstanding
Non-Qualified or
Nonincentive
Stock Option
Awards
Weighted
Average
Exercise
Price
Outstanding at December 31, 2023
30,345
$
90.57
Exercised
(21,865)
$
94.80
Expired
—
$
—
Outstanding at December 31, 2024
8,480
$
79.67
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director 
plan at December 31, 2024: 
Options Outstanding
Options Exercisable
Range of Exercise
Prices
Number
Outstanding
Weighted
Average
Remaining
Contractual
Life in
Years
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(in 
thousands)
Number
Exercisable
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(in thousands)
$70.65
3,188
0.9
$
70.65
3,188
$
70.65
$84.90
2,652
1.4
$
84.90
2,652
$
84.90
$85.30
2,640
1.0
$
85.30
2,640
$
85.30
$70.65 – $85.30
8,480
3.3
$
79.67
$
222
8,480
$
79.67
$
222
The following is a summary of the restricted stock award activity under the director plan described above: 
Unvested
Restricted
Stock Award
Shares
Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested balance at December 31, 2023
620
$
72.65
Granted
14,624
$
109.99
Vested
(15,244)
$
108.47
Nonvested balance at December 31, 2024
—
$
—
The weighted average grant date fair value of restricted stock awards granted under the director plan for the years ended 
December 31, 2024, 2023, and 2022 were $109.99, $72.67, and $64.61, respectively.
The total intrinsic value of all stock options exercised under all of the Company’s plans was $5.4 million, $1.5 million, and $0.4 
million for the years ended December 31, 2024, 2023, and 2022, respectively.
The total fair value of all the restricted stock vestings under all of the Company’s plans was $1.9 million, $2.5 million, and $3.2 
million for the years ended December 31, 2024, 2023, and 2022, respectively. The actual tax benefit realized for tax deductions from 
restricted stock vestings was $0.4 million, $0.6 million, and $0.8 million for the years ended December 31, 2024, 2023, and 2022, 
respectively. 
The total fair value of all the RSU vestings under the Company’s employee plan was $15.4 million, $10.9 million, and $9.5 million 
for the years ended December 31, 2024, 2023, and 2022, respectively. The actual tax benefit realized for tax deductions from RSU 
vestings was $3.7 million, $2.6 million, and $2.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
As of December 31, 2024, there was $14.6 million of unrecognized compensation cost related to nonvested RSUs and none related 
to restricted stock. The RSUs are expected to be recognized over a weighted average period of approximately 2.7 years. 
There were no stock options granted under the employee plan during the years ended December 31, 2024, 2023, and 2022. The 
weighted average per share fair value of stock options granted under the director plan during the year ended December 31, 2023 was 
$32.33 and the fair value of the stock options was $0.1 million. There were no stock options granted under the director plan during the 
years ended December 31, 2024 and 2022. The Company currently uses treasury stock shares for restricted stock grants, RSU vestings, 
and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. 

68
The key input variables used in valuing the stock options granted in 2023 were as follows: 
Year Ended December 31,
2023
Dividend yield
None
Average risk-free interest rate
3.7%
Stock price volatility
35%
Estimated option term
7 years
(9) Taxes on Income
Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands): 
Year Ended December 31,
2024
2023
2022
Earnings (loss) before taxes on income:
United States
$
363,563
$
293,011
$
164,590
Foreign
(800)
1,114
385
 
$
362,763
$
294,125
$
164,975
Provision (benefit) for taxes on income:
U.S. Federal:
Current
$
36,520
$
(41)
$
513
Deferred
41,548
61,205
34,980
 
$
78,068
$
61,164
$
35,493
U.S. State:
Current
$
7,886
$
5,498
$
3,793
Deferred
(10,160)
4,093
2,802
 
$
(2,274)
$
9,591
$
6,595
Foreign:
Current
$
73
$
465
$
126
 
$
73
$
465
$
126
Consolidated:
Current
$
44,479
$
5,922
$
4,432
Deferred
31,388
65,298
37,782
 
$
75,867
$
71,220
$
42,214
In April 2023, the Company received a federal income tax refund of $70.4 million plus accrued interest.
Tax reform legislation in Louisiana was signed in December 2024 that included reducing the corporate income tax rate from 7.5% 
to 5.5% effective January 1, 2025. As a result of the new legislation, the Company recognized a one-time deferred tax benefit of $10.9 
million in the 2024 fourth quarter due to the remeasurement of the Company’s Louisiana and U.S. deferred tax assets and liabilities 
based on the new effective Louisiana state income tax rate. 
The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following: 
Year Ended December 31,
2024
2023
2022
United States income tax statutory rate
21.0%
21.0%
21.0%
State and local taxes, net of federal benefit
(0.5)
2.6
3.1
Other – net
0.4
0.6
1.5
 
20.9%
24.2%
25.6%

69
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows 
(in thousands): 
December 31,
2024
2023
Deferred tax assets:
Allowance for doubtful accounts
$
1,492
$
1,549
Inventory
20,872
10,500
Insurance accruals
5,523
6,077
Deferred compensation
5,718
11,441
Unrealized gain on defined benefit plans
(19,900)
(9,982)
Goodwill and other intangibles
26,888
39,719
Operating loss carryforwards
21,369
52,082
Retirement benefits
1,801
3,548
Other
20,178
13,467
 
83,941
128,401
Valuation allowances
(13,667)
(22,073)
 
70,274
106,328
Deferred tax liabilities:
Property
(717,808)
(695,233)
Deferred state taxes
(78,633)
(90,457)
Other
(13,305)
(17,195)
 
(809,746)
(802,885)
 
$
(739,472)
$
(696,557)
During 2024, the Company generated federal taxable income which was partially offset by federal net operating loss carryforwards. 
The Company had no federal operating loss deferred tax assets at December 31, 2024. The Company had federal operating loss deferred 
tax assets of $19.8 million at December 31, 2023. 
The Company had state operating loss deferred tax assets of $16.6 million and $27.2 million at December 31, 2024 and 2023, 
respectively. The valuation allowance for state deferred tax assets as of December 31, 2024 and 2023 was $8.9 million and $17.0 million, 
respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is more 
likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by state 
through 2031 and none will expire in fiscal 2025. 
As of December 31, 2024 and 2023, the Company had a Canadian net operating loss carryforward of $4.7 million which expires 
between 2037 and 2044. A full valuation allowance has been provided for this asset. 
The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state 
jurisdictions. During the first quarter of 2023, the Internal Revenue Service (“IRS”) communicated to the Company that it had completed 
its examination of the Company’s federal income tax returns for the years 2013 through 2020. With few exceptions, the Company and 
its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2018 through 2023 tax years. 
As of December 31, 2024, the Company has provided a liability of $1.2 million for unrecognized tax benefits related to various 
income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, 
is $1.0 million, with the difference between the total amount of unrecognized tax benefits and the amount that would impact the effective 
tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the 
liability for unrecognized tax benefits will significantly change prior to December 31, 2025 due to the uncertainty of possible 
examination results.

70
A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands): 
Year Ended December 31,
2024
2023
2022
Balance at beginning of year
$
648
$
662
$
737
Additions based on tax positions related to the current year
393
—
13
Additions for tax positions of prior years
494
—
66
Reductions for tax positions of prior years
—
(14)
(154)
Settlements
(606)
—
—
Balance at end of year
$
929
$
648
$
662
The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state 
income taxes. The Company had $0.2 million of accrued liabilities for the payment of interest and penalties at both December 31, 2024 
and 2023. 
(10) Earnings Per Share
The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts):
Year Ended December 31,
2024
2023
2022
Net earnings attributable to Kirby
$
286,707
$
222,935
$
122,291
Undistributed earnings allocated to restricted shares
(37)
(62)
(33)
Earnings available to Kirby common stockholders — basic
286,670
222,873
122,258
Undistributed earnings allocated to restricted shares
37
62
33
Undistributed earnings reallocated to restricted shares
(36)
(62)
(33)
Earnings available to Kirby common stockholders — diluted
$
286,671
$
222,873
$
122,258
Shares outstanding:
Weighted average common stock issued and outstanding
57,954
59,548
60,055
Weighted average unvested restricted stock
(7)
(17)
(17)
Weighted average common stock outstanding — basic
57,947
59,531
60,038
Dilutive effect of stock options and restricted stock units
408
326
291
Weighted average common stock outstanding — diluted
58,355
59,857
60,329
Net earnings per share attributable to Kirby common stockholders:
Basic
$
4.95
$
3.74
$
2.04
Diluted
$
4.91
$
3.72
$
2.03
Diluted earnings per share was computed using the treasury stock method. Certain outstanding options to purchase approximately 
33,000, and 381,000 shares of common stock were excluded in the computation of diluted earnings per share as of December 31, 2023, 
and 2022, respectively, as such stock options would have been antidilutive. No options were antidilutive at December 31, 2024. No 
RSUs were antidilutive at December 31, 2024, 2023 and 2022.
(11) Inventories
The following table presents the details of inventories — net (in thousands): 
December 31,
2024
2023
Finished goods
$
328,540
$
351,050
Work in process
65,358
103,339
 
$
393,898
$
454,389

71
(12) Retirement Plans
The Company sponsors a defined benefit plan (the “Kirby Pension Plan”) for its inland vessel personnel and shore based tankermen. 
The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed 
income securities. 
On April 12, 2017, the Company amended the Kirby Pension Plan to cease all benefit accruals for periods after May 31, 2017 for 
certain participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) 
had completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-
grandfathered are eligible to receive discretionary 401(k) plan contributions.
On February 14, 2018, with the acquisition of Higman Marine, Inc. (“Higman”), the Company assumed Higman’s pension plan 
(the “Higman Pension Plan”) for its inland vessel personnel and office staff. On March 27, 2018, the Company amended the Higman 
Pension Plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants. The Company 
made contributions to the Higman Pension Plan of $1.7 million, $8.2 million and $0.9 million for the years ended December 31, 2024, 
2023, and 2022, respectively.
The aggregate fair value of plan assets of the Company’s pension plans was $411.4 million and $375.9 million at December 31, 2024 
and 2023, respectively. Pension assets were allocated among asset categories as follows: 
December 31,
Current
Minimum, Target
and Maximum
Asset Category
2024
2023
Allocation Policy
U.S. equity securities
51%
51%
45%
— 50%
— 55%
International equity securities
18
20
12%
— 20%
— 28%
Debt securities
31
29
20%
— 30%
— 40%
Cash and cash equivalents
—
—
0%
—   0%
—   0%
 
100%
100%
There were no investments within Level 3 of the valuation hierarchy at December 31, 2024 and 2023. All other plan assets are 
invested in common collective trusts and valued using the net asset value per share practical expedient and therefore not valued within 
the valuation hierarchy. 
The Company’s investment strategy focuses on total return on invested assets (capital appreciation plus dividend and interest 
income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding 
excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by investing in asset 
classes offering sufficient liquidity and trading history.
The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current 
discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve 
that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The 
Company assumed that plan assets would generate a long-term rate of return of 6.75% in both 2024 and 2023. The Company developed 
its expected long-term rate of return assumption by evaluating input from investment consultants comparing historical returns for various 
asset classes with its actual and targeted plan investments. The Company believes that its long-term asset allocation, on average, will 
approximate the targeted allocation.
The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary 
to meet minimum government funding requirements. The plan’s benefit obligations are based on a variety of demographic and economic 
assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate 
prediction of the pension plan contribution difficult. The Company’s pension plan funding was 132% of the pension plans’ accumulated 
benefit obligation at December 31, 2024, including both the Kirby Pension Plan and the Higman Pension Plan.
The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to 
employees who met minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s 
contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for 
future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan 
(“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000.

72
The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and 
postretirement benefit plan (in thousands):
Pension Benefits
Other Postretirement Benefits
Pension Plans
SERP
Postretirement Welfare Plan
2024
2023
2024
2023
2024
2023
Change in benefit obligation
Benefit obligation at beginning of year
$
342,749
$
339,509
$
814
$
833
$
415
$
432
Service cost
3,395
3,695
—
—
—
—
Interest cost
17,179
18,356
39
43
20
22
Actuarial (gain) loss
(26,541 )
13,241
(33 )
91
(3 )
65
Gross benefits paid
(15,572 )
(32,052 )
(68 )
(153 )
(36 )
(104 )
Benefit obligation at end of year
$
321,210
$
342,749
$
752
$
814
$
396
$
415
Accumulated benefit obligation at end of 
year
$
310,714
$
326,987
$
752
$
814
$
396
$
415
Weighted-average assumption used to 
determine benefit obligation at end of year
Discount rate (a)
5.7 %
5.1%/5.2%
5.7 %
5.1 %
5.7 %
5.1 %
Rate of compensation increase
Service-
based table
Service-
based table
—
—
—
—
Health care cost trend rate
Initial rate
—
—
—
—
6.75 %
6.25 %
Ultimate rate
—
—
—
—
5.0 %
5.0 %
Years to ultimate
—
—
—
—
2032
2029
Change in plan assets
Fair value of plan assets at beginning of year
$
375,917
$
341,061
$
—
$
—
$
—
$
—
Actual return on plan assets
49,450
58,734
—
—
—
—
Employer contribution
1,654
8,174
68
153
36
104
Gross benefits paid
(15,572 )
(32,052 )
(68 )
(153 )
(36 )
(104 )
Fair value of plan assets at end of year
$
411,449
$
375,917
$
—
$
—
$
—
$
—
(a) The 2024 discount rate was 5.7% for both the Kirby Pension Plan and the Higman Pension Plan. The 2023 discount rate was 
5.1% for the Kirby Pension Plan and 5.2% for the Higman Pension Plan.
During the years ending December 31, 2024 and 2023, actual returns on plan assets performed better than expected which improved 
the funding positions.

73
The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the 
Company’s defined benefit plans and postretirement benefit plan (in thousands):
 
Pension Benefits
Other Postretirement Benefits
Pension Plans
SERP
Postretirement Welfare Plan
2024
2023
2024
2023
2024
2023
Funded status at end of year
Fair value of plan assets
$
411,449
$
375,917
$
—
$
—
$
—
$
—
Benefit obligations
(321,210)
(342,749)
(752)
(814)
(396)
(415)
Funded status and amount recognized at end of 
year
$
90,239
$
33,168
$
(752)
$
(814)
$
(396)
$
(415)
Amounts recognized in the consolidated 
balance sheets
Noncurrent asset
93,023
42,698
—
—
—
—
Current liability
—
—
(105)
(106)
(47)
(46)
Long-term liability
(2,784)
(9,530)
(647)
(708)
(349)
(369)
Amounts recognized in accumulated other 
comprehensive income
Net actuarial (gain) loss
$
(96,817)
$
(48,033)
$
327
$
391
$
(1,613)
$
(1,890)
Prior service cost (credit)
—
—
—
—
—
—
Accumulated other compensation income
$
(96,817)
$
(48,033)
$
327
$
391
$
(1,613)
$
(1,890)
The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in 
thousands):
Pension Benefits
Other Postretirement Benefits
Pension Plans
SERP
Postretirement Welfare Plan
2024
2023
2024
2023
2024
2023
Expected employer contributions
First year
$
1,480
$
1,770
$
—
$
—
$
—
$
—
Expected benefit payments (gross)
Year one
$
17,765
$
16,696
$
108
$
108
$
48
$
47
Year two
18,247
17,513
102
103
47
46
Year three
19,056
18,169
97
98
45
44
Year four
19,656
19,096
91
93
43
43
Year five
20,356
19,860
85
88
40
41
Next five years
109,082
108,717
314
337
163
167

74
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other 
comprehensive income for the Company’s defined benefit plans were as follows (in thousands):
Pension Benefits
Pension Plans
SERP
2024
2023
2022
2024
2023
2022
Components of net periodic benefit cost
Service cost
$
3,395
$
3,695
$
6,538
$
—
$
—
$
—
Interest cost
17,179
18,356
14,779
39
43
29
Expected return on plan assets
(24,885 )
(22,910 )
(28,399 )
—
—
—
Amortization of actuarial (gain) loss
(2,330 )
—
34
32
23
30
Net periodic benefit cost
(6,641 )
(859 )
(7,048 )
71
66
59
Other changes in plan assets and benefit 
obligations recognized in other 
comprehensive income
Current year actuarial (gain) loss
(51,114 )
(22,583 )
(58,015 )
(32 )
91
(74 )
Recognition of actuarial (gain) loss
2,330
—
(34 )
(32 )
(23 )
(30 )
Total recognized in other comprehensive 
income
(48,784 )
(22,583 )
(58,049 )
(64 )
68
(104 )
Total recognized in net periodic benefit cost 
and other comprehensive income
$
(55,425 )
$
(23,442 )
$
(65,097 )
$
7
$
134
$
(45 )
Weighted average assumptions used to 
determine net periodic benefit cost
Discount rate (a)
5.1%/5.2%
5.5 %
3.0% / 3.1%
5.1 %
5.5 %
3.0 %
Expected long-term rate of return on plan assets
6.75 %
6.75 %
6.75 %
—
—
—
Rate of compensation increase
Service-
based table
Service-
based table
Service-
based table
—
—
—
(a) The 2024 discount rate for benefit cost is 5.1% for the Kirby Pension Plan and 5.2% for the Higman Pension Plan. The 2023 
discount rate for benefit cost is 5.5% for both the Kirby Pension Plan and the Higman Pension Plan.

75
The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income 
for the Company’s postretirement benefit plan were as follows (in thousands):
Other Postretirement Benefits
Postretirement Welfare Plan
2024
2023
2022
Components of net periodic benefit cost
Interest cost
$
20
$
22
$
17
Amortization of actuarial gain
(280)
(344)
(394)
Net periodic benefit cost
(260)
(322)
(377)
Other changes in benefit obligations recognized in other comprehensive 
income
Current year actuarial loss (gain)
(3)
65
(58)
Recognition of actuarial gain
280
344
394
Total recognized in other comprehensive income
277
409
336
Total recognized in net periodic benefit cost and other
   comprehensive income
$
17
$
87
$
(41)
Weighted average assumptions used to determine net periodic benefit 
cost
Discount rate
5.1%
5.5%
3.0%
Health care cost trend rate:
Initial rate
6.25%
6.50%
6.25%
Ultimate rate
5.0%
5.0%
5.0%
Years to ultimate
2029
2029
2027
The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain 
vessel crew members of its coastal operations and expires on April 30, 2027. The Company began participation in the Seafarers Pension 
Trust (“SPT”) with the Penn Maritime, Inc. acquisition on December 14, 2012.
Contributions to the SPT are made currently based on a per day worked basis and charged to expense as incurred and included in 
costs of sales and operating expenses in the consolidated statement of earnings. During 2024 and 2023, the Company made contributions 
of $0.7 million and $0.4 million, respectively, to the SPT. The Company’s contributions to the SPT did not exceed 5% of total 
contributions to the SPT in 2023. Total contributions for 2024 are not yet available. The Company did not pay any material surcharges 
in 2024 and 2023.
The federal identification number of the SPT is 13-6100329 and the Certified Zone Status is Green at December 31, 2023. The 
Company’s future minimum contribution requirements under the SPT are unavailable because actuarial reports for the 2024 plan year 
are not yet complete and such contributions are subject to negotiations between the employers and the unions. The SPT was not in 
endangered or critical status for the 2023 plan year, the latest period for which a report is available, as the funded status was in excess 
of 100%. Based on the most recent communication from the SPT, there would be no withdrawal liability if the Company chose to 
withdraw from the SPT although the Company currently has no intention of terminating its participation in the SPT.
The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain 
employees of KDS in New Jersey and expires on October 8, 2028. The Company began participation in the Central Pension Fund of the 
International Union of Operating Engineers and Participating Employers (“CPF”) with the Stewart & Stevenson LLC acquisition on 
September 13, 2017.
Contributions to the CPF are made currently based on a fixed hourly rate for each hour worked or paid basis (in some cases 
contributions are made as a percentage of gross pay) and charged to expense as incurred and included in costs of sales and operating 
expenses in the consolidated statement of earnings. During 2024 and 2023, the Company made contributions of $0.6 million in each 
year to the CPF. Total contributions for the 2024 plan year are not yet available. The Company did not pay any material surcharges in 
2024 and 2023.
The federal identification number of the CPF is 36-6052390 and the Certified Zone Status is Green at January 31, 2024. The 
Company’s future minimum contribution requirements under the CPF are unavailable because actuarial reports for the 2024 plan year, 
which ended January 31, 2024, are not yet complete and such contributions are subject to negotiations between the employers and the 
unions. The CPF was not in endangered or critical status for the 2023 plan year, ending January 31, 2024, the latest period for which a 

76
report is available, as the funded status was 108%. There would be no withdrawal liability if the Company chose to withdraw from the 
CPF although the Company currently has no intention of terminating its participation in the CPF.
In addition to the defined benefit plans, the Company sponsors various defined contribution plans for substantially all employees. 
The aggregate contributions to the plans were $31.6 million, $26.9 million, and $27.9 million in 2024, 2023, and 2022, respectively.
(13) Other Comprehensive Income (Loss)
The Company’s changes in other comprehensive income (loss) were as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Gross
Amount
Income 
Tax 
(Provision) 
Benefit
Net
Amount
Gross
Amount
Income 
Tax 
(Provision) 
Benefit
Net
Amount
Gross
Amount
Income 
Tax 
(Provision) 
Benefit
Net
Amount
Pension and postretirement 
benefits (a):
Amortization of net actuarial 
gain
$
(2,578)
$
652
$
(1,926)
$
(321)
$
78
$
(243)
$
(330)
$
81
$
(249)
Actuarial gain
51,149
(12,180)
38,969
22,438
(5,467)
16,971
58,147
(14,030)
44,117
Foreign currency translation 
adjustments
(857)
—
(857)
1,425
—
1,425
(1,049)
—
(1,049)
Total
$
47,714
$
(11,528)
$
36,186
$
23,542
$
(5,389)
$
18,153
$
56,768
$
(13,949)
$
42,819
(a) Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans)
(14) Contingencies and Commitments
In 2009, the Company was named by the Environmental Protection Agency (the “EPA”) as a Potentially Responsible Party (“PRP”) 
in addition to a group of approximately 250 named PRPs under the Comprehensive Environmental Response, Compensation and 
Liability Act of 1981 (“CERCLA”) with respect to a Superfund site, the Portland Harbor Superfund site (“Portland Harbor”) in Portland, 
Oregon. The site was declared a Superfund site in December 2000 as a result of historical heavily industrialized use due to 
manufacturing, shipbuilding, petroleum storage and distribution, metals salvaging, and electrical power generation activities which led 
to contamination of Portland Harbor, an urban and industrial reach of the lower Willamette River located immediately downstream of 
downtown Portland. The Company’s involvement arises from four spills at the site after it was declared a Superfund site, as a result of 
predecessor entities’ actions in the area. To date, there is no information suggesting the extent of the costs or damages to be claimed 
from the 250 notified PRPs. Based on the nature of the involvement at the Portland Harbor site, the Company believes its potential 
contribution is de minimis; however, to date neither the EPA nor the named PRPs have performed an allocation of potential liability in 
connection with the site nor have they provided costs and expenses in connection with the site.
On February 20, 2015, the Company was served as a defendant in a Complaint originally filed on August 14, 2014, in the U.S. 
District Court of the Southern District of Texas - Houston Division, USOR Site PRP Group vs. A&M Contractors, USES, Inc. et al. This 
is a civil action pursuant to the provisions of CERCLA and the Texas Solid Waste Disposal Act for recovery of past and future response 
costs incurred and to be incurred by the USOR Site PRP Group for response activities at the U.S. Oil Recovery Superfund Site. The 
property was a former sewage treatment plant owned by defendant City of Pasadena, Texas from approximately 1945 until it was 
acquired by U.S. Oil Recovery in January 2009. Throughout its operating life, the U.S. Oil Recovery facility portion of the USOR Site 
received and performed wastewater pretreatment of municipal and Industrial Class I and Class II wastewater, characteristically 
hazardous waste, used oil and oily sludges, and municipal solid waste. Associated operations were conducted at the MCC Recycling 
facility portion of the USOR Site after it was acquired by U.S. Oil Recovery from the City of Pasadena in January 2009. The EPA and 
the PRP Group entered into an Administrative Settlement Agreement and Order for Remedial Investigation Study (“Study”) in May 
2015. The Study has not been completed by EPA to date. The Company joined as a member of the PRP Group companies at its pro-rata 
allocated share.
On October 13, 2016, the Company, as a successor to Hollywood Marine, Inc. (“Hollywood Marine”), was issued a General Notice 
under CERCLA by the EPA in which it was named as a PRP for liabilities associated with the SBA Shipyard Site located near Jennings, 
Louisiana (the “Site”). The Site was added to the EPA’s National Priorities List of sites under CERCLA in September 2016. SBA used 
the facility for construction, repair, retrofitting, sandblasting, and cleaning and painting of barges beginning in 1965. Three barge slips 
and a dry dock are located off the Mermentau River. The slips were used to dock barges during cleaning or repair. In 2001, a group of 
PRPs that had been former customers of the SBA Shipyard facility formed an organization called the SSIC Remediation, LLC 
(hereinafter, “the PRP Group Companies”) to address removal actions at the Site. In 2002, EPA approved an Interim Measures/Removal 

77
Action of Hazardous/Principal Threat Wastes at SBA Shipyards, Inc. (pursuant to RCRA Section 3008(h)) that was proposed by SBA 
Shipyard and the PRP Group Companies. Interim removal activities were conducted from March 2001 through January 2005 under an 
EPA 2002 Order and Agreement. In September 2012, the Louisiana Department of Environmental Quality requested EPA address the 
Site under CERCLA authority. The Company, as a successor to Hollywood Marine, joined the PRP Group Companies. The PRP Group 
Companies have submitted a draft Study work plan to EPA for their review and comment. Higman was named as a PRP in connection 
with its activities at the Site but is not currently a participant in the PRP Group Companies, but the PRP Group’s position is under 
consideration.
With respect to the above sites, the Company has accrued a liability, if applicable, for its estimated potential liability for its portion 
of the EPA’s past costs claim based on information developed to date including various factors such as the Company’s liability in 
proportion to other PRPs and the extent to which such costs are recoverable from third parties.
On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an ATB owned and operated by Kirby Offshore Marine, LLC, 
a wholly owned subsidiary of the Company, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The 
grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The 
USCG and the NTSB designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian 
authorities including Transport Canada and the Canadian Transportation Safety Board investigated the cause of the incident. On October 
10, 2018, the Heiltsuk First Nation filed a civil action in the British Columbia Supreme Court against a subsidiary of the Company, the 
master and pilot of the tug, the vessels and the Canadian government seeking unquantified damages as a result of the incident. On May 
1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as 
provided under admiralty law. The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as 
of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company. The Company is unable 
to estimate the potential exposure in the civil proceeding. The Company has various insurance policies covering liabilities including 
pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and 
salvage operations as well as other potential liabilities arising from the incident. The Company believes its accrual of such estimated 
liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial 
condition.
In addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, 
none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or 
cash flows. Management believes its accrual of such estimated liability is adequate and believes that it has adequate insurance coverage 
or has meritorious defenses for these other claims and contingencies.
Certain Significant Risks and Uncertainties. The preparation of financial statements in conformity with United States generally 
accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and 
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues 
and expenses during the reporting period. Actual results could differ from those estimates. However, in the opinion of management, the 
amounts would be immaterial.
The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the 
Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary 
course of business. The aggregate notional value of these instruments is $32.3 million at December 31, 2024, including $11.6 million in 
letters of credit and $20.6 million in performance bonds. All of these instruments have an expiration date within two years. The Company 
does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with 
these instruments.
(15) Related Party Transactions
David W. Grzebinski, Chief Executive Officer of the Company, is a member of the board of directors for ABS, a not-for-profit that 
provides global classification services to the marine, offshore and gas industries. The Company paid ABS $1.4 million in 2024, $1.5 
million in 2023, and $1.3 million in 2022 to perform audits and surveys of the Company’s vessels in the ordinary course of business.
Mr. Grzebinski is a member of the board of directors of UK Protection & Indemnity Association (“UK P&I”), a mutual marine 
protection and indemnity organization that provides protection and indemnity insurance for third party liabilities and expenses arising 
from vessel operations. The Company’s marine fleet is insured on a pro rata share basis through UK P&I and Standard Mutual. The 
Company paid $3.6 million during 2024 in premiums for coverage in the 2024-2025 policy period, $3.6 million during 2023 in premiums 
for coverage in the 2023-2024 policy period, and $3.4 million in 2022 in premiums for coverage in the 2022-2023 policy period in the 
ordinary course of business.

78
Amy D. Husted, Executive Vice President, General Counsel and Secretary of the Company, is a member of the board of directors 
of Signal Mutual Indemnity Association Ltd (“Signal”), a group self-insurance not-for-profit organization authorized by the U.S. 
Department of Labor as a longshore worker’s compensation insurance provider. The Company has been a member of Signal since it 
was established in 1986. The Company paid Signal $0.6 million in 2024, $0.7 million in 2023 and $0.5 million in 2022 in the ordinary 
course of business.
The husband of Ms. Husted is a partner in the law firm of Clark Hill PLC. The Company paid the law firm $2.6 million in 2024, 
$0.9 million in 2023, and $1.0 million in 2022 for legal services in connection with matters in the ordinary course of business.
The brother of Christian G. O’Neil, President and Chief Operating Officer, is a partner in the law firm of W. Sean O’Neil Attorney 
at Law. The Company paid the law firm $0.2 million in 2024, $0.1 million in 2023, and $0.1 million in 2022 for legal services in the 
ordinary course of business.

79
PART IV
Item 15. Exhibits and Financial Statement Schedules
1. Financial Statements
Included in Part III of this report on pages 49 to 78:
Report of Independent Registered Public Accounting Firm (KPMG LLP, Houston, TX, PCAOB ID 185).
Report of Independent Registered Public Accounting Firm.
Consolidated Balance Sheets, December 31, 2024 and 2023.
Consolidated Statements of Earnings, for the years ended December 31, 2024, 2023, and 2022.
Consolidated Statements of Comprehensive Income, for the years ended December 31, 2024, 2023, and 2022.
Consolidated Statements of Cash Flows, for the years ended December 31, 2024, 2023, and 2022.
Consolidated Statements of Stockholders’ Equity, for the years ended December 31, 2024, 2023, and 2022.
Notes to Consolidated Financial Statements, for the years ended December 31, 2024, 2023, and 2022.
2. Financial Statement Schedules
All schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial 
statements or related notes.
3. Exhibits
EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
3.1
— Restated Articles of Incorporation of the Company with all amendments to date (incorporated by reference to Exhibit 
3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014).
3.2
— Bylaws of the Company, as amended to April 25, 2024 (incorporated by reference to Exhibit 3.1 to the Registrant’s 
Current Report on Form 8-K filed with the Commission on October 28, 2022).
3.3
— Amendment to Bylaws of Kirby Corporation dated April 26, 2024 (incorporated by reference to Exhibit 3.2 to the 
Registrant’s Current Report on Form 8-K filed with the Commission on April 26, 2024).
4.1
— See Exhibits 3.1, 3.2 and 3.3 hereof for provisions of the Restated Articles of Incorporation of the Company with all 
amendments to date and the Bylaws of the Company with all amendments to date (incorporated, respectively, by 
reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, 
Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on October 28, 2022, and 
Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on April 26, 2024).
4.2
— Long-term debt instruments are omitted pursuant to Item 601(b)(4) of Regulation S-K. The Registrant will furnish 
copies of such instruments to the Commission upon request.
10.1
— Credit Agreement dated July 29, 2022 among Kirby Corporation, JPMorgan Chase Bank, N.A., as Administrative 
Agent, and the banks named therein (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on 
Form 8-K filed with the Commission on July 29, 2022).
10.2†
— Incentive and Retention Award Agreement of David W. Grzebinski dated February 25, 2021 (incorporated by reference
to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 26, 2021).
10.3†
— Incentive and Retention Award Agreement of Christian G. O’Neil dated February 25, 2021 (incorporated by reference 
to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 26, 2021).
10.4†
— Annual Incentive Plan Guidelines for 2024 (incorporated by reference to Exhibit 10.7 to the Registrant’s Annual Report 
on Form 10-K for the year ended December 31, 2023).
10.5†*
— Annual Incentive Plan Guidelines for 2025.
10.6†
— 2005 Stock and Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 
8-K filed with the Commission on April 29, 2021).

80
Exhibit
Number
Description of Exhibit
10.7†
— 2000 Nonemployee Director Stock Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report 
on Form 8-K filed with the Commission on April 29, 2021).
10.8†
— Nonemployee Director Compensation Program effective April 24, 2018 (incorporated by reference to Exhibit 10.2 to 
the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018).
10.9†
— Nonemployee Director Compensation Program effective January 29, 2024 (incorporated by reference to Exhibit 10.11 
to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023).
10.10†
— Deferred Compensation Plan for Key Employees (As Amended and Restated Effective April 1, 2022 and incorporated 
by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on May 9, 
2022).
10.11†
— Change of Control Agreement by and between Kirby Corporation and David W. Grzebinski dated May 16, 2022 
(incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).
10.12†
— Change of Control Agreement by and between Kirby Corporation and Raj Kumar dated May 16, 2022 (incorporated 
by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on May 20, 
2022).
10.13†
— Change of Control Agreement by and between Kirby Corporation and Christian G. O’Neil dated May 16, 2022 
(incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).
10.14†
— Change of Control Agreement by and between Kirby Corporation and Amy D. Husted dated May 16, 2022 
(incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).
10.15†*
— Change of Control Agreement by and between Kirby Corporation and Scott P. Miller dated May 16, 2022.
10.16†
— Amendment to Change of Control Agreement by and between Kirby Corporation and David W. Grzebinski dated 
March 6, 2023 (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed 
with the Commission on May 8, 2023).
10.17†
— Amendment to Change of Control Agreement by and between Kirby Corporation and Raj Kumar dated March 6, 2023 
(incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the 
Commission on May 8, 2023).
10.18†
— Amendment to Change of Control Agreement by and between Kirby Corporation and Christian G. O’Neil dated 
March 6, 2023 (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed 
with the Commission on May 8, 2023).
10.19†*
— Amendment to Change of Control Agreement by and between Kirby Corporation and Amy D. Husted dated January 
29, 2025.
10.20†*
— Amendment to Change of Control Agreement by and between Kirby Corporation and Scott P. Miller dated January 
29, 2025.
10.21†*
— Form of Long-Term Performance Award Agreement.
19.1*
— Insider Trading Policy.
19.2*
— Supplemental Insider Trading Policy.
21.1*
— Consolidated Subsidiaries of the Registrant.
23.1*
— Consent of Independent Registered Public Accounting Firm.
31.1*
— Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).
31.2*
— Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).
32*
— Certification Pursuant to 18 U.S.C. Section 1350 (As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 
2002).
97
— Kirby Corporation Clawback Policy (incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form
10-K for the year ended December 31, 2023).
101.INS*
— Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL 
tags are embedded within the Inline XBRL document
101.SCH*
— Inline XBRL Taxonomy Extension Schema with Embedded Linkbase documents
104*
— Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Filed herewith.
† Management contract, compensatory plan or arrangement.
Item 16. Form 10-K Summary
Not applicable

81
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
KIRBY CORPORATION
 
(REGISTRANT)
 
 
 
By:
/s/ RAJ KUMAR
 
 
Raj Kumar
 
 
Executive Vice President and
 
 
Chief Financial Officer
 
 
Dated: February 18, 2025
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons 
on behalf of the registrant and in the capacities and on the dates indicated.
Signature
 
Capacity
 
Date
 
 
/s/ RICHARD J. ALARIO
 
Chairman of the Board and Director
 
February 18, 2025
Richard J. Alario
 
 
 
 
/s/ DAVID W. GRZEBINSKI
 
Chief Executive Officer
 
February 18, 2025
David W. Grzebinski
 
and Director
 
 
(Principal Executive Officer)
 
 
 
/s/ RAJ KUMAR
 
Executive Vice President and
 
February 18, 2025
Raj Kumar
 
Chief Financial Officer
 
 
(Principal Financial Officer)
 
 
 
/s/ RONALD A. DRAGG
 
Vice President, Controller and
 
February 18, 2025
Ronald A. Dragg
 
Assistant Secretary
 
 
(Principal Accounting Officer)
 
 
 
/s/ ANNE-MARIE N. AINSWORTH
 
Director
 
February 18, 2025
Anne-Marie N. Ainsworth
 
 
/s/ TANYA S. BEDER
 
Director
 
February 18, 2025
Tanya S. Beder
 
 
 
 
/s/ BARRY E. DAVIS
 
Director
 
February 18, 2025
Barry E. Davis
 
 
 
 
/s/ SUSAN W. DIO
Director
February 18, 2025
Susan W. Dio
/s/ RICHARD R. STEWART
 
Director
 
February 18, 2025
Richard R. Stewart
 
 
 
 
/s/ WILLIAM M. WATERMAN
 
Director
 
February 18, 2025
William M. Waterman
 
 
/s/ SHAWN D. WILLIAMS
 
Director
 
February 18, 2025
Shawn D. Williams
 
 

EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
In connection with the filing of the report on Form 10-K for the year ended December 31, 2024 by Kirby Corporation, David W. 
Grzebinski certifies that:
1.    I have reviewed this report on Form 10-K of Kirby Corporation (the “registrant”);
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with 
respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in 
this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act 
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known 
to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation 
of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report 
based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially 
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the 
equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; 
and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the 
registrant’s internal control over financial reporting.
 
/s/ DAVID W. GRZEBINSKI
 
David W. Grzebinski
 
Chief Executive Officer
Dated: February 18, 2025

EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
In connection with the filing of the report on Form 10-K for the year ended December 31, 2024 by Kirby Corporation, Raj Kumar 
certifies that:
1.    I have reviewed this report on Form 10-K of Kirby Corporation (the “registrant”);
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with 
respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in 
this report;
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act 
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known 
to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation 
of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report 
based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially 
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the 
equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; 
and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the 
registrant’s internal control over financial reporting.
 
/s/ RAJ KUMAR
 
Raj Kumar
 
Executive Vice President and
Dated: February 18, 2025
Chief Financial Officer

EXHIBIT 32
Certification Pursuant to Section 18 U.S.C. Section 1350
(As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the filing of the Annual Report on Form 10-K for the year ended December 31, 2024 (the “Report”) by Kirby 
Corporation (the “Company”), each of the undersigned hereby certifies that:
 
1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; 
and
2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations 
of the Company.
 
/s/ DAVID W. GRZEBINSKI
 
David W. Grzebinski
 
Chief Executive Officer
 
 
/s/ RAJ KUMAR
 
Raj Kumar
 
Executive Vice President and
 
Chief Financial Officer
 
Dated: February 18, 2025

Annual Meeting
The 2025 Annual Meeting of Stockholders will
be held at Kirby’s Houston office located at
55 Waugh Drive, Suite 1100, Houston, Texas,
77007 at 10:00am (CDT) on Tuesday, April 29,
2025. Stockholders of record as of March 3,
2025 will be able to attend the meeting.
Corporate Headquarters
Executive Office:
55 Waugh Drive, Suite 1000
Houston, Texas 77007
Telephone: 713-435-1000
Fax: 713-435-1010
Website: www.kirbycorp.com
Mailing Address:
P.O. Box 1745
Houston, Texas 77251-1745
Inquiries Regarding Stock Holdings
Registered stockholders (shares held
in owner’s name) should address
communications concerning address
changes, lost certificates, and stock
transfers to:
Proxy Services
C/O Computershare Investor
Services P.O. Box 505008
Louisville, Kentucky 40233-9814
Toll-Free Telephone: 877-373-6374
Website: www.computershare.com
Beneficial stockholders (shares held in the
name of banks or brokers) should address
communications to their banks
or stockbrokers.
All other inquiries should be addressed
to Kurt Niemietz, VP - Investor Relations
& Treasurer, at Kirby’s corporate
headquarters, or sent by e-mail to
investor.relations@kirbycorp.com.
Website
For more investor information, as well as
information about Kirby, visit Kirby’s website
at www.kirbycorp.com.
Independent Registered Accounts
KPMG LLP
BG Group Place
811 Main Street, Suite 4500
Houston, Texas 77002
Common Stock Information
Stock trading symbol—KEX
The New York Stock Exchange is the principal
market for Kirby’s common stock. As of
March 3, 2025, the Company had 56,897,000
outstanding common shares held by
approximately 320 registered stockholders.
The number of registered stockholders does
not reflect the number of beneficial owners of
common stock.
Stockholder Information
Common Stock Market Price
Sales Price
High
Low
2025
First Quarter
$ 115.93
$ 99.76
(Through March 3, 2025)
2024
First Quarter
$
95.79
$ 74.88
Second Quarter
$ 124.92
$ 93.63
Third Quarter
$ 130.90
$102.74
Fourth Quarter
$ 132.21
$103.74
2023
First Quarter
$
76.43
$ 60.14
Second Quarter
$
77.29
$ 66.42
Third Quarter
$
87.52
$ 73.26
Fourth Quarter
$
83.62
$ 72.11
Financial and Investor Relations
Copies of Kirby’s Form 10-K (which is
incorporated in this Annual Report) are
available free of charge. Either contact
Kurt Niemietz, VP – Investor Relations &
Treasurer, at Kirby’s corporate headquarters,
e-mail investor.relations@kirbycorp.com, or
visit Kirby’s website at www.kirbycorp.com.
Comparison of 5-Year Cumulative Total Return
The graph below compares Kirby Corporation’s
cumulative 5-Year total stockholder return on
common stock with the cumulative total returns
of the Russell 2000 index and the Dow Jones
US Transportation Average index. The graph
tracks the performance of a $100 investment
in our common stock and in each index
(with the reinvestment of all dividends)
from 12/31/2019 to 12/31/2024.
12/19
12/20
12/21
12/22
12/23
12/24
100.00
57.89
66.37
71.88
87.66 118.17
100.00 119.96 137.74 109.59 128.14 142.93
100.00 116.52 155.22 127.96 154.31 156.71
The stock price performance included in this graph is not
necessarily indicative of future stock price performance.
Kirby Corporation
Russell 2000
Dow Jones US Transportation Average
0
$100
$200
$50
$150
Kirby Corporation | 2024 Annual Report

Corporation Headquarters:
55 Waugh Drive, Suite 1000
Houston, Texas 77007
Mailing Address:
P.O. Box 1745
Houston, Texas 77251-1745
713-435-1000
Fax: 713-435-1010
www.kirbycorp.com