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Here are 1-3 brief analogies for Kirby (KEX):

• Kinder Morgan for bulk liquids on water.
• The CSX or Union Pacific of U.S. waterways for liquid commodities.

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• Marine Transportation Services: Provides inland and coastal tank barge transportation for liquid products, as well as harbor services utilizing tugboats.
• Power Generation & Marine Engine Services: Sells and services engines, transmissions, and related parts for marine, power generation, and industrial applications.
• Oil & Gas Equipment Services: Provides parts, service, and components for oilfield service and production equipment.

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Kirby Corporation (symbol: KEX) primarily sells its services and products to other companies (B2B).

Due to the nature of its business and competitive considerations, Kirby Corporation does not typically disclose the names of specific major customer companies. Instead, its customer base spans across various industrial sectors that rely on its marine transportation services and its distribution and services offerings for diesel engines and related equipment.

Based on their public filings, Kirby's major customers can be categorized as follows:

• Major Oil Companies, Refiners, and Chemical Companies: These customers primarily utilize Kirby's marine transportation services for the movement of bulk liquid products such as petrochemicals, refined petroleum products, black oil, and agricultural chemicals across the U.S. inland and coastal waterways. This category includes large integrated energy companies, independent refiners, and chemical manufacturers.
• Other Industrial Companies: A broader range of industrial clients that require the transportation of various liquid commodities, leveraging Kirby's extensive barge fleet and expertise in logistics.
• Oil and Gas Companies: Customers in the upstream, midstream, and downstream sectors of the oil and gas industry, who purchase, remanufacture, and require servicing for diesel engines, transmissions, and related parts used in their drilling, production, and processing operations.
• Commercial Marine Operators: Companies operating various types of marine vessels (e.g., tugboats, towboats, offshore supply vessels, fishing vessels) that purchase and require maintenance for diesel engines, transmissions, and reduction gears for propulsion and auxiliary power.
• Power Generation, Industrial, and Railroad Companies: Businesses in these sectors that rely on heavy-duty diesel engines and related equipment for applications such as primary or backup power generation, various heavy industrial machinery, and locomotive propulsion and servicing.

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David W. Grzebinski, Chief Executive Officer

David W. Grzebinski has served as Chief Executive Officer of Kirby Corporation since April 2014. He also served as President and Chief Operating Officer from January 2014 to April 2014 and as Chief Financial Officer from March 2010 to April 2014. Prior to joining Kirby in February 2010, Mr. Grzebinski held various operating and financial positions with FMC Technologies Inc. starting in 1988, including Controller, Energy Services, Treasurer, and Director of Global SAP and Industry Relations. He also previously worked at The Dow Chemical Company in manufacturing, engineering, and finance roles. Mr. Grzebinski is a Chartered Financial Analyst.

Raj Kumar, Executive Vice President and Chief Financial Officer

Raj Kumar joined Kirby Corporation as Executive Vice President and Chief Financial Officer in November 2021. Before his role at Kirby, he served as Vice President and Chief Financial Officer at Dril-Quip, Inc., a global oil field equipment manufacturer, since 2020. At Dril-Quip, he also held positions as Vice President and Chief Accounting Officer from 2019 to 2020 and as Vice President and Treasurer from 2017 to 2019. Prior to Dril-Quip, Mr. Kumar was Vice President of Finance at Franks International from 2015 to 2017, where he also led the Integrated Supply Chain function. His extensive corporate finance background includes roles as a Segment Controller at LyondellBasell and various positions in division CFO, treasury, strategic planning, and corporate development at FMC Technologies and Dell Technologies. He is a member of CPA Australia.

Christian G. O'Neil, President & Chief Operating Officer

Christian G. O'Neil has served as President & Chief Operating Officer since April 2024. His previous roles at Kirby include Executive Vice President and Chief Operating Officer of Kirby Inland Marine and Kirby Offshore Marine from May 2016 to January 2018, and Executive Vice President – Commercial Operations of Kirby Inland Marine and Kirby Offshore Marine from April 2014 to May 2016. He also served as Vice President – Human Resources of the Company from May 2012 to April 2014 and Vice President – Sales for Kirby Inland Marine from 2009 to 2012.

Amy D. Husted, Executive Vice President, General Counsel and Secretary

Amy D. Husted has served as Executive Vice President, General Counsel and Secretary since July 2024. She previously held the titles of Vice President, General Counsel and Secretary from April 2019 to April 2024, Vice President and General Counsel from January 2017 to April 2019, and Vice President - Legal from January 2008 to January 2017. Ms. Husted was Corporate Counsel from November 1999 through December 2007. Before joining Kirby, she served as Corporate Counsel of Hollywood Marine from 1995 to 1999, having started there in 1994.

Scott P. Miller, Vice President and Chief Information Officer

Scott P. Miller has served as Vice President and Chief Information Officer of Kirby Corporation since April 2019. Prior to joining Kirby, he was the Senior Vice President and Chief Administrative Officer at Key Energy Services. Mr. Miller also held various other roles within Key Energy Services, including Vice President and Chief Information Officer and Managing Director of Strategy.

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The key risks to Kirby Corporation's (KEX) business primarily stem from its exposure to cyclical industries, operational challenges inherent in marine transportation, and competitive pressures.

1. Vulnerability to Economic Cycles and Commodity Prices: Kirby's profitability is significantly influenced by broader economic conditions, including interest rates, inflation, and recessionary pressures, which can impact customer demand and pricing for its services. Its Distribution and Services segment, in particular, is susceptible to volatility in the oil and gas industry, with lower oil prices potentially reducing demand for related equipment and services.
2. Operational and Regulatory Risks: As a major marine transportation operator, Kirby faces substantial operational risks including adverse weather conditions such as high water, low water, hurricanes, and other marine accidents that can disrupt operations. The company is also subject to stringent environmental and safety regulations, and changes in these laws or increased compliance costs could negatively affect its financial performance. Furthermore, transition risks related to policy changes on emissions and the shift to lower-emission technologies present challenges.
3. Intense Industry Competition: The marine transportation industry in which Kirby operates is highly competitive. To maintain its market leadership and competitive edge, Kirby must continuously innovate and adapt to market demands.

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The clear emerging threat for Kirby (KEX) is the rapid technological shift towards alternative propulsion and power generation technologies across the marine, industrial, and oil & gas sectors. This includes the increasing adoption of electrification, hydrogen, ammonia, methanol, and LNG-fueled powertrains. Kirby's Distribution and Services segment primarily focuses on the sale and servicing of traditional internal combustion engines and related equipment. Should these industries transition away from conventional fossil fuel engines at an accelerating pace, demand for Kirby's core offerings in this segment could significantly diminish, mirroring the disruption seen with older technologies displaced by newer, more advanced alternatives.

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Kirby Corporation (KEX) operates primarily in two main segments: Marine Transportation and Distribution and Services. The addressable market sizes for their main products and services, with regional clarification, are as follows:

• Marine Transportation (Inland): The addressable market for Inland Water Transportation in the United States is estimated at $9.5 billion in 2025. This segment includes the transport of liquid bulk cargoes such as petrochemicals, refined petroleum products, and agricultural chemicals across major U.S. waterways like the Mississippi River System and the Gulf Intracoastal Waterway.
• Marine Transportation (Coastal): null
• Distribution and Services (Oil & Gas Field Services): The addressable market for the Oil & Gas Field Services industry in the United States is $109.8 billion in 2025. This segment provides essential aftermarket support, including diesel engine services and parts for the oilfield services sector.
• Distribution and Services (Other Industrial, Marine, and Power Generation Diesel Engine Services): null

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Here are 3-5 expected drivers of future revenue growth for Kirby (KEX) over the next 2-3 years:

1. Robust Demand and Pricing in Coastal Marine Transportation: Kirby anticipates continued strong market fundamentals in its Coastal Marine segment, characterized by consistent customer demand and high barge utilization rates, projected to be in the mid-90% range. This favorable supply-demand dynamic, coupled with limited new vessel construction in the industry, is expected to support ongoing pricing gains and drive revenue growth, with full-year revenues for coastal marine expected to increase by high single to low double digits year-over-year in 2025.
2. Strong Growth in Power Generation for Data Centers and Industrial Customers: The Distribution and Services segment is experiencing significant revenue growth driven by robust demand for power generation and backup power installations, particularly from data centers and other industrial customers. This demand has led to a healthy backlog of power generation projects, with revenues in this area increasing 56% year-over-year in Q3 2025. This trend is expected to continue with strong order growth.
3. Improving Pricing and Utilization in Inland Marine Transportation: While facing some near-term softness in spot pricing during Q3 2025, Kirby expects the inland marine market to firm up, with positive momentum in pricing anticipated in the coming quarters. Customer activity remains steady, and the company benefits from disciplined pricing strategies and operational focus.
4. Favorable Industry Supply Dynamics: Across its marine transportation segments, limited new barge construction in the industry plays a crucial role in supporting demand for Kirby's existing transportation services. This constrained supply helps maintain high utilization rates and contributes to the company's ability to achieve pricing gains.

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Share Repurchases

• Kirby's Board of Directors authorized a new share repurchase program in September 2025 for up to 8 million additional shares, increasing the total available for repurchase to approximately 8.8 million shares, with no expiration date.
• The company completed a long-term repurchase program between April 1 and August 8, 2025, buying back 7,356,458 shares for an aggregate cost of $609.43 million.
• Kirby executed share repurchases totaling $174.6 million in 2024, $112.8 million in 2023, and $22.9 million in 2022.

Share Issuance

• No significant share issuances by the company were identified in the provided information for the specified period.

Inbound Investments

• No large strategic or private equity inbound investments in the company by third-parties were identified in the provided information.

Outbound Investments

• Year-to-date through April 2025, Kirby made strategic acquisitions, purchasing 14 barges and four high horsepower boats for $97.3 million.
• A core capital allocation priority for Kirby includes pursuing inland marine acquisitions and investing in new growth areas like power generation.

Capital Expenditures

• Expected capital expenditures for 2025 are projected to range from $260 million to $320 million.
• The 2025 capital spending plan allocates approximately $180 million to $210 million for marine maintenance and improvements to existing inland and coastal marine equipment and facilities, with up to $80 million designated for growth capital across both business segments.
• Actual capital expenditures (excluding acquisitions) were $173 million in 2024, $148 million in 2023, $98 million in 2022, $177 million in 2021, and $231 million in 2020.