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Side-by-side financial comparison of KIRBY CORP (KEX) and TIDEWATER INC (TDW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
KIRBY CORP is the larger business by last-quarter revenue ($851.8M vs $336.8M, roughly 2.5× TIDEWATER INC). TIDEWATER INC runs the higher net margin — 10.8% vs 65.3%, a 54.5% gap on every dollar of revenue. On growth, KIRBY CORP posted the faster year-over-year revenue change (6.2% vs -2.4%). KIRBY CORP produced more free cash flow last quarter ($265.2M vs $147.8M). Over the past eight quarters, KIRBY CORP's revenue compounded faster (2.7% CAGR vs 2.4%).
Kirby Corporation, headquartered in Houston, Texas, is the largest tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii. Products transported by Kirby include petrochemicals, black oil, refined petroleum products, and agricultural chemical products by tank barge. Kirby also owns and operates eight ocean-going barge and tug units transporting ...
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
KEX vs TDW — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $851.8M | $336.8M |
| Net Profit | $91.8M | $219.9M |
| Gross Margin | — | — |
| Operating Margin | 15.2% | 19.0% |
| Net Margin | 10.8% | 65.3% |
| Revenue YoY | 6.2% | -2.4% |
| Net Profit YoY | 114.4% | 495.8% |
| EPS (diluted) | $1.68 | $4.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $851.8M | $336.8M | ||
| Q3 25 | $871.2M | $341.1M | ||
| Q2 25 | $855.5M | $341.4M | ||
| Q1 25 | $785.7M | $333.4M | ||
| Q4 24 | $802.3M | $345.1M | ||
| Q3 24 | $831.1M | $340.4M | ||
| Q2 24 | $824.4M | $339.2M | ||
| Q1 24 | $808.0M | $321.2M |
| Q4 25 | $91.8M | $219.9M | ||
| Q3 25 | $92.5M | $-806.0K | ||
| Q2 25 | $94.3M | $72.9M | ||
| Q1 25 | $76.0M | $42.7M | ||
| Q4 24 | $42.8M | $36.9M | ||
| Q3 24 | $90.0M | $46.4M | ||
| Q2 24 | $83.9M | $50.4M | ||
| Q1 24 | $70.1M | $47.0M |
| Q4 25 | 15.2% | 19.0% | ||
| Q3 25 | 14.8% | 18.4% | ||
| Q2 25 | 15.4% | 23.7% | ||
| Q1 25 | 13.4% | 22.5% | ||
| Q4 24 | 6.3% | 23.6% | ||
| Q3 24 | 15.3% | 20.6% | ||
| Q2 24 | 14.6% | 23.0% | ||
| Q1 24 | 12.6% | 25.5% |
| Q4 25 | 10.8% | 65.3% | ||
| Q3 25 | 10.6% | -0.2% | ||
| Q2 25 | 11.0% | 21.4% | ||
| Q1 25 | 9.7% | 12.8% | ||
| Q4 24 | 5.3% | 10.7% | ||
| Q3 24 | 10.8% | 13.6% | ||
| Q2 24 | 10.2% | 14.8% | ||
| Q1 24 | 8.7% | 14.6% |
| Q4 25 | $1.68 | $4.37 | ||
| Q3 25 | $1.65 | $-0.02 | ||
| Q2 25 | $1.67 | $1.46 | ||
| Q1 25 | $1.33 | $0.83 | ||
| Q4 24 | $0.74 | $0.70 | ||
| Q3 24 | $1.55 | $0.87 | ||
| Q2 24 | $1.43 | $0.94 | ||
| Q1 24 | $1.19 | $0.89 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $78.8M | $578.8M |
| Total DebtLower is stronger | $919.3M | $670.1M |
| Stockholders' EquityBook value | $3.4B | $1.4B |
| Total Assets | $6.0B | $2.4B |
| Debt / EquityLower = less leverage | 0.27× | 0.49× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $78.8M | $578.8M | ||
| Q3 25 | $47.0M | $428.2M | ||
| Q2 25 | $68.4M | $369.4M | ||
| Q1 25 | $51.1M | $341.8M | ||
| Q4 24 | $74.4M | $324.9M | ||
| Q3 24 | $67.1M | $280.8M | ||
| Q2 24 | $53.5M | $315.9M | ||
| Q1 24 | $75.2M | $280.9M |
| Q4 25 | $919.3M | $670.1M | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $874.9M | $647.9M | ||
| Q3 24 | $978.6M | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.4B | $1.4B | ||
| Q3 25 | $3.4B | $1.1B | ||
| Q2 25 | $3.4B | $1.1B | ||
| Q1 25 | $3.3B | $1.1B | ||
| Q4 24 | $3.4B | $1.1B | ||
| Q3 24 | $3.3B | $1.1B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.2B | $1.1B |
| Q4 25 | $6.0B | $2.4B | ||
| Q3 25 | $6.1B | $2.1B | ||
| Q2 25 | $6.1B | $2.1B | ||
| Q1 25 | $6.0B | $2.1B | ||
| Q4 24 | $5.9B | $2.1B | ||
| Q3 24 | $5.9B | $2.0B | ||
| Q2 24 | $5.9B | $2.1B | ||
| Q1 24 | $5.8B | $2.1B |
| Q4 25 | 0.27× | 0.49× | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.26× | 0.58× | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.33× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $312.2M | $153.0M |
| Free Cash FlowOCF − Capex | $265.2M | $147.8M |
| FCF MarginFCF / Revenue | 31.1% | 43.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 5.5% | 1.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.40× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $405.7M | $353.3M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $312.2M | $153.0M | ||
| Q3 25 | $227.5M | $54.7M | ||
| Q2 25 | $93.9M | $85.4M | ||
| Q1 25 | $36.5M | $86.0M | ||
| Q4 24 | $247.4M | $100.0M | ||
| Q3 24 | $206.5M | $49.0M | ||
| Q2 24 | $179.3M | $78.6M | ||
| Q1 24 | $123.3M | $54.8M |
| Q4 25 | $265.2M | $147.8M | ||
| Q3 25 | $160.3M | $49.6M | ||
| Q2 25 | $22.4M | $80.2M | ||
| Q1 25 | $-42.1M | $75.7M | ||
| Q4 24 | $150.7M | $95.5M | ||
| Q3 24 | $130.1M | $43.3M | ||
| Q2 24 | $90.8M | $72.3M | ||
| Q1 24 | $42.2M | $43.8M |
| Q4 25 | 31.1% | 43.9% | ||
| Q3 25 | 18.4% | 14.5% | ||
| Q2 25 | 2.6% | 23.5% | ||
| Q1 25 | -5.4% | 22.7% | ||
| Q4 24 | 18.8% | 27.7% | ||
| Q3 24 | 15.7% | 12.7% | ||
| Q2 24 | 11.0% | 21.3% | ||
| Q1 24 | 5.2% | 13.6% |
| Q4 25 | 5.5% | 1.5% | ||
| Q3 25 | 7.7% | 1.5% | ||
| Q2 25 | 8.4% | 1.5% | ||
| Q1 25 | 10.0% | 3.1% | ||
| Q4 24 | 12.0% | 1.3% | ||
| Q3 24 | 9.2% | 1.7% | ||
| Q2 24 | 10.7% | 1.9% | ||
| Q1 24 | 10.0% | 3.4% |
| Q4 25 | 3.40× | 0.70× | ||
| Q3 25 | 2.46× | — | ||
| Q2 25 | 1.00× | 1.17× | ||
| Q1 25 | 0.48× | 2.02× | ||
| Q4 24 | 5.78× | 2.71× | ||
| Q3 24 | 2.30× | 1.06× | ||
| Q2 24 | 2.14× | 1.56× | ||
| Q1 24 | 1.76× | 1.16× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
KEX
| Inland Transportation | $379.2M | 45% |
| Power Generation | $191.1M | 22% |
| Commercial And Industrial | $149.4M | 18% |
| Coastal Transportation | $102.5M | 12% |
| Oil And Gas | $29.6M | 3% |
TDW
Segment breakdown not available.
