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%.
Bookings in Q4 were a record $342 million with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year-over-year.
Free cash flow for Q4 was $34 million, exceeding expectations, and full year free cash flow was a record $119 million.
GAAP net income in Q4 was $16 million versus a net loss of $11 million in the prior year quarter; full year GAAP net loss improved to $38 million from $138 million.
Q4 adjusted EBITDA was $51 million with a margin of 18.8%, up over 700 basis points sequentially; full year adjusted EBITDA was $119 million with a 13.1% margin.
Q4 revenue was $273 million, up 9.9% year-over-year, with full year revenue of $912 million, up 9.2%.
Aggregates revenues increased 6% to $1.32 billion, with gross profit rising 9% to $430 million and gross margin improving by 94 basis points to 33%.
Asphalt and Paving revenues decreased 7%, with gross profit down 8% due to lower shipments and higher costs.
Building Materials revenues rose 2% to $1.7 billion, with gross profit up 3% to $517 million and gross margin improving modestly to 30%.
Cement and Concrete revenues declined 6%, with gross profit down 25% due to lower operating leverage and higher raw material costs.
Full year 2025 adjusted EBITDA guidance was increased to $2.3 billion at the midpoint, reflecting strong first half results and contributions from the Premier Magnesia acquisition.
Magnesia Specialties achieved new quarterly record revenues of $90 million and set second quarter records for gross profit and gross margin, with margin increasing by 605 basis points.
Martin Marietta reported record second quarter 2025 financial results with consolidated adjusted EBITDA of $630 million, an 8% increase year-over-year.
Dafinchi