Adjusted EBITDA was $109.5 million, up 19.5% year-over-year, with margin at 23.5%, down 75 basis points due to acquisitions and Mid-Atlantic integration challenges.
Adjusted free cash flow was a record $70.8 million for the first six months, about 40% of full-year guidance.
Adjusted net income was $23 million or $0.36 per diluted share, slightly up in net income but down $0.01 per share.
Capital expenditures were $121.9 million, up $47 million year-over-year, including $40 million of upfront investment in acquisitions.
Debt stood at $1.16 billion with $218 million cash, net leverage ratio was 2.39x, and revolver remained undrawn.
Landfill business showed strong results with total tons up 9.5%, including over 12% growth in internalized volumes.
Net cash provided by operating activities was $139.6 million in the first half of 2025, up $59.9 million year-over-year.
Resource Solutions revenues rose 10.2% year-over-year despite a 16% decline in recycled commodity sales prices, with contract structures mitigating revenue impact to less than $1 million.
Revenues in Q2 2025 were $465.3 million, up 23.4% year-over-year, driven by $67.1 million from acquisitions and $21 million from organic growth (5.6%).
Solid waste revenues increased 27.1% year-over-year with pricing up 5% and volume down 0.8%.
Capital expenditures were $71 million in Q2, primarily maintenance-related; stock repurchases totaled $31.2 million at an average price of $94.
Cash on hand was $68 million with total debt around $1.12 billion; net debt-to-EBITDA was just under 1.4x.
Commercial and Industrial revenues rose 5% year-over-year with operating income up 24%.
Distribution and Services segment revenues were $363 million with operating income of $35 million and operating margin of 9.8%.
Inland Marine barge utilization was in the low to mid-90% range; Coastal Marine utilization was in the mid- to high 90% range.
Kirby Corporation reported second quarter earnings per share of $1.67, a 17% increase year-over-year from $1.43 in Q2 2024.
Marine Transportation segment revenues were $493 million with operating income of $99 million and an operating margin of 20.1%.
Net cash from operating activities was $94 million, impacted by a working capital build of approximately $83 million.
Oil and Gas revenues declined 27% year-over-year but operating income increased 182%, driven by growth in e-frac equipment and cost management.
Power Generation revenues increased 31% year-over-year, driven by data centers and industrial customers, with backlog growth of 15% to 20%.
Total Marine revenues increased 2% year-over-year and operating income increased 4%. Sequentially, Marine revenues increased 3% and operating income increased 14%.
Transformation and Margin Expansion in Industrial Segment
The Industrial segment achieved a record adjusted operating margin of 25.1%, up 90 basis points from the previous year, driven by The Win Strategy.
The company expects a 700 basis point margin expansion from FY '19 through FY '26, demonstrating significant margin resilience even during negative organic growth periods.
The portfolio's shift towards longer cycle, secular trend, and aftermarket revenues is a key factor, with 67% now in these categories.
International and diversified industrial businesses are using cost reduction and efficiency tools to sustain margin growth amid market challenges.
The transformation includes acquisitions and international distribution growth, with an aim for 85% of the portfolio to be longer cycle, secular, and aftermarket by FY '29.
Dafinchi