World Kinect (WKC)
Market Price (8/10/2026): $36.43 | Market Cap: $1.9 BilSector: Energy | Industry: Oil & Gas Refining & Marketing
World Kinect (WKC)
Market Price (8/10/2026): $36.43Market Cap: $1.9 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.3% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -0.4% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% Key risksWKC key risks include [1] the potential inability of customers to pay for the substantial unsecured credit it extends, Show more. |
| Attractive yieldDividend Yield is 2.3% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Renewable Fuel Production, and Hydrogen Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -0.4% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| Key risksWKC key risks include [1] the potential inability of customers to pay for the substantial unsecured credit it extends, Show more. |
Qualitative Assessment
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World Kinect (WKC) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. World Kinect reported exceptionally strong fiscal Q2 2026 earnings, significantly surpassing analyst expectations.
The company announced Adjusted Earnings Per Share (EPS) of $1.29 on July 23, 2026, beating the consensus estimate of $0.75 by $0.54. Additionally, quarterly revenue rose 50.3% year-over-year to $13.59 billion, exceeding analyst estimates of $10.50 billion.
2. The company achieved record profitability in its key segments, primarily driven by market volatility and strategic execution.
World Kinect posted a record consolidated gross profit of $350 million in fiscal Q2 2026, a 50% increase year-over-year. The Aviation segment recorded an all-time high gross profit of $208 million, and the Marine segment's gross profit nearly tripled to a record $80 million. Management attributed these results to robust execution and volatile market conditions, particularly those associated with the conflict in the Middle East.
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World Kinect (WKC) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. World Kinect reported exceptionally strong fiscal Q2 2026 earnings, significantly surpassing analyst expectations.
The company announced Adjusted Earnings Per Share (EPS) of $1.29 on July 23, 2026, beating the consensus estimate of $0.75 by $0.54. Additionally, quarterly revenue rose 50.3% year-over-year to $13.59 billion, exceeding analyst estimates of $10.50 billion.
2. The company achieved record profitability in its key segments, primarily driven by market volatility and strategic execution.
World Kinect posted a record consolidated gross profit of $350 million in fiscal Q2 2026, a 50% increase year-over-year. The Aviation segment recorded an all-time high gross profit of $208 million, and the Marine segment's gross profit nearly tripled to a record $80 million. Management attributed these results to robust execution and volatile market conditions, particularly those associated with the conflict in the Middle East.
3. Management raised its full-year fiscal 2026 Adjusted EPS guidance, reflecting increased confidence in sustained performance.
Following the strong fiscal Q2 2026 results, World Kinect revised its full-year Adjusted EPS guidance to a range of $3.20 to $3.40 per share. This represents an approximate 20% increase from the prior range midpoint of $2.65-$2.85 per share and marks the second upward revision for fiscal 2026.
4. World Kinect demonstrated a commitment to returning capital to shareholders through increased dividends and significant share repurchases.
During fiscal Q2 2026, the company repurchased $14.3 million of its common stock and increased its regular quarterly cash dividend by 15%. For the first half of fiscal 2026, World Kinect returned a total of $110 million to shareholders, comprising $21 million in dividends and $89 million in share repurchases.
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Stock Movement Drivers
Fundamental Drivers
The 36.0% change in WKC stock from 4/30/2026 to 8/9/2026 was primarily driven by a 20.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.79 | 36.43 | 36.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37,149 | 41,697 | 12.2% |
| P/S Multiple | 0.0 | 0.0 | 20.2% |
| Shares Outstanding (Mil) | 52 | 51 | 0.8% |
| Cumulative Contribution | 36.0% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| WKC | 36.0% | |
| Market (SPY) | 7.6% | -15.9% |
| Sector (XLE) | -3.6% | 20.2% |
Fundamental Drivers
The 37.5% change in WKC stock from 1/31/2026 to 8/9/2026 was primarily driven by a 14.5% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.50 | 36.43 | 37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37,648 | 41,697 | 10.8% |
| P/S Multiple | 0.0 | 0.0 | 14.5% |
| Shares Outstanding (Mil) | 56 | 51 | 8.4% |
| Cumulative Contribution | 37.5% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| WKC | 37.5% | |
| Market (SPY) | 12.1% | 2.4% |
| Sector (XLE) | 13.4% | 13.7% |
Fundamental Drivers
The 37.9% change in WKC stock from 7/31/2025 to 8/9/2026 was primarily driven by a 21.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.43 | 36.43 | 37.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 40,669 | 41,697 | 2.5% |
| P/S Multiple | 0.0 | 0.0 | 21.4% |
| Shares Outstanding (Mil) | 57 | 51 | 10.7% |
| Cumulative Contribution | 37.9% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| WKC | 37.9% | |
| Market (SPY) | 23.4% | 15.7% |
| Sector (XLE) | 35.0% | 21.2% |
Fundamental Drivers
The 75.4% change in WKC stock from 7/31/2023 to 8/9/2026 was primarily driven by a 83.6% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.76 | 36.43 | 75.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53,001 | 41,697 | -21.3% |
| P/S Multiple | 0.0 | 0.0 | 83.6% |
| Shares Outstanding (Mil) | 62 | 51 | 21.4% |
| Cumulative Contribution | 75.4% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| WKC | 75.4% | |
| Market (SPY) | 74.9% | 33.6% |
| Sector (XLE) | 43.7% | 37.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WKC Return | -14% | 5% | -15% | 24% | -12% | 61% | 36% |
| Peers Return | 35% | 64% | 6% | -8% | 20% | 50% | 291% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| WKC Win Rate | 50% | 50% | 42% | 58% | 42% | 62% | |
| Peers Win Rate | 60% | 67% | 50% | 48% | 69% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WKC Max Drawdown | -32% | -30% | -39% | -17% | -24% | -19% | |
| Peers Max Drawdown | -23% | -26% | -23% | -28% | -24% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XOM, CVX, PSX, DINO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | WKC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.5% | -18.8% |
| % Gain to Breakeven | 17.0% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.8% | -9.5% |
| % Gain to Breakeven | 24.7% | 10.5% |
| Time to Breakeven | 53 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.9% | -6.7% |
| % Gain to Breakeven | 44.6% | 7.1% |
| Time to Breakeven | 430 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.1% | 32.4% |
| Time to Breakeven | 36 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.0% | -33.7% |
| % Gain to Breakeven | 81.8% | 50.9% |
| Time to Breakeven | 2256 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.4% | -19.2% |
| % Gain to Breakeven | 43.7% | 23.8% |
| Time to Breakeven | 77 days | 105 days |
In The Past
World Kinect's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 17.0% gain to breakeven.
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| Event | WKC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.9% | -6.7% |
| % Gain to Breakeven | 44.6% | 7.1% |
| Time to Breakeven | 430 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.1% | 32.4% |
| Time to Breakeven | 36 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.0% | -33.7% |
| % Gain to Breakeven | 81.8% | 50.9% |
| Time to Breakeven | 2256 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.4% | -19.2% |
| % Gain to Breakeven | 43.7% | 23.8% |
| Time to Breakeven | 77 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.6% | -3.7% |
| % Gain to Breakeven | 32.6% | 3.9% |
| Time to Breakeven | 3412 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.0% | -6.8% |
| % Gain to Breakeven | 28.1% | 7.3% |
| Time to Breakeven | 32 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.7% | -15.4% |
| % Gain to Breakeven | 26.1% | 18.2% |
| Time to Breakeven | 154 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -48.7% | -53.4% |
| % Gain to Breakeven | 94.9% | 114.4% |
| Time to Breakeven | 32 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.1% | -8.6% |
| % Gain to Breakeven | 28.3% | 9.5% |
| Time to Breakeven | 62 days | 47 days |
In The Past
World Kinect's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 17.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About World Kinect (WKC)
World Kinect Corporation (WKC) is a global leader in the distribution of fuel and related products and services across the aviation, marine, and land transportation industries. Formerly known as World Fuel Services Corporation, the company acts as a vital intermediary, ensuring the efficient supply of energy to a diverse range of customers worldwide.
In the aviation sector, World Kinect provides fuel, fuel management, and essential trip support services like ground handling, dispatch, and flight planning to commercial airlines, cargo carriers, corporate fleets, private aircraft, and government entities. Its marine segment supplies fuel, lubricants, and management services for procurement and quality control to international shipping fleets, cruise lines, yacht operators, and offshore energy companies.
The company's land segment offers a broad portfolio including fuel, lubricants, heating oil, natural gas, and power. It serves retail petroleum operators, industrial, commercial, residential, and government customers, also providing energy procurement management and sustainability solutions such as carbon management and renewable energy options. World Kinect essentially manages and delivers a comprehensive suite of energy products and services to keep various global industries moving and operating.
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Here are 1-2 brief analogies for World Kinect:
- Amazon for global fuel and energy distribution.
- Grainger for the global fuel and energy market.
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- Fuel and Energy Distribution: Supplies a wide range of fuels, lubricants, heating oil, natural gas, and power to aviation, marine, and land transportation industries globally.
- Fuel and Energy Management Services: Provides services for the procurement, cost control, quality control, and overall management of fuel and energy supplies.
- Price Risk Management: Offers solutions to help customers manage and mitigate the risks associated with volatile fuel and energy prices.
- Aviation Support Services: Delivers comprehensive support for aviation operations, including ground handling, dispatch, flight planning, scheduling, and overflight permits.
- Sustainability Solutions: Develops and implements carbon management and renewable energy solutions for customers seeking to reduce their environmental footprint.
- Logistics and Delivery: Manages the transportation and delivery of fuel and related products to ensure timely supply to various customer locations.
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World Kinect Corporation (WKC) primarily sells its fuel and related products and services to other companies and governmental entities across its three main segments. The company's description does not name specific major customer companies; instead, it details categories of businesses and organizations it serves.
Its major customer categories include:
- Aviation Sector Entities: This broad category encompasses commercial airlines (including second and third-tier airlines, cargo carriers, regional, and low-cost carriers), airports, fixed-base operators (FBOs), corporate fleets, and various governmental and military aviation customers.
- Land-based Commercial, Industrial, and Distribution Businesses: This segment serves retail petroleum operators, industrial and commercial customers, government agencies, branded and unbranded fuel distributors, convenience stores, and retail fuel outlets operated by third parties. They also supply residential customers with heating oil.
- Marine Sector Entities: This includes international container, dry bulk, and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, as well as governmental and other fuel suppliers within the marine industry.
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Ira M. Birns, Chief Executive Officer
Ira M. Birns became the Chief Executive Officer of World Kinect Corporation on January 1, 2026. Prior to his appointment as CEO, he served as the company's President from April 2025 to December 2025 and as Chief Financial Officer since 2007. Mr. Birns was instrumental in strengthening the company's financial foundation, including its balance sheet and promoting cost efficiency. He also supported World Kinect's evolution into a diversified energy and related services provider. Before joining World Kinect, he held positions as Vice President and Treasurer, and Vice President of Investor Relations at Arrow Electronics, Inc. Mr. Birns is a certified public accountant and a certified treasury professional, and he serves on the Board of Directors and chairs the Audit Committee for Stem, Inc.
Jose-Miguel Tejada, Executive Vice President and Chief Financial Officer
Jose-Miguel Tejada was appointed Executive Vice President and Chief Financial Officer of World Kinect Corporation effective October 24, 2025. Before this role, he held several finance leadership positions within World Kinect, including Senior Vice President and Chief Accounting Officer since 2021, Senior Vice President, Core Finance from 2018 to 2021, Vice President, Supply & Trading Finance from 2016 to 2018, and Vice President, Global Product Control from 2015 to 2016. Prior to joining World Kinect, Mr. Tejada served as the Head of Finance, Americas for Noble Group Limited from 2010 to 2015, where he managed accounting, product control, and financial planning and analysis. He also spent nine years at Constellation Energy, Inc. in various financial planning and analysis and controller roles. Mr. Tejada brings over 20 years of experience in energy commodity finance.
Michael J. Kasbar, Executive Chairman
Michael J. Kasbar transitioned to Executive Chairman of World Kinect Corporation on January 1, 2026. He previously served as the company's Chief Executive Officer since 2012 and Chairman since 2014. Mr. Kasbar was a co-founder of Trans-Tec Services, Inc. in 1985, a company focused on marine fuel brokerage that was later acquired by what became World Fuel Services Corporation in 1995. He was also a co-founder of World Fuel Services Americas, Inc. in 1995. Mr. Kasbar was one of the two individuals who started the company in 1984. As President and COO before becoming CEO, he was instrumental in driving the company's aggressive acquisition strategy.
John P. Rau, President
John P. Rau was promoted to President of World Kinect Corporation on January 1, 2026. He previously held the position of Chief Operating Officer, which he was appointed to in April 2025. In his role, Mr. Rau is responsible for the leadership of all three of the company's fuel and energy business segments. He joined World Kinect in 2011 and has held various senior leadership roles since then. Prior to World Kinect, Mr. Rau served as Managing Director at American Airlines from 1995 to 2011, where he oversaw jet fuel procurement and logistics. He also managed jet fuel purchasing, hedging, and United Airlines' jet fuel trading subsidiary as a manager at United Airlines.
Ruth Giansante, Senior Vice President and Chief Administrative Officer
Ruth Giansante is the Senior Vice President and Chief Administrative Officer of World Kinect Corporation. She is responsible for ensuring strategic priorities are executed across the company and oversees Enterprise and Insurance Risk Management and Real Estate. Ms. Giansante brings over 20 years of leadership experience in Legal, Audit, Risk, Finance, and Sustainability. Since joining World Kinect in 2005, she has held several senior positions, including Senior Vice President of Global Energy & Sustainability Services, Chief Financial Officer for the Land segment, Chief Audit Executive, and Associate General Counsel.
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- Risk from the Global Energy Transition and Decarbonization Efforts: World Kinect Corporation primarily operates in the distribution of fuel and related services for aviation, marine, and land transportation. The global push towards decarbonization, stricter climate change regulations, and the increasing adoption of lower-carbon fuels and renewable energy sources pose a significant long-term threat to the demand for the company's core fossil fuel products. Changes in environmental protection laws, greenhouse gas reduction programs, and increased scrutiny on environmental, social, and governance (ESG) issues could lead to substantial compliance costs and fundamentally alter the market landscape for World Kinect's offerings. While the company is expanding its sustainability services, a substantial portion of its revenue remains tied to traditional fuels.
- Volatility of Fuel and Commodity Prices: As a major distributor of fuel and related products, World Kinect is highly exposed to fluctuations in energy and commodity prices. This volatility can significantly impact the company's ability to purchase and sell fuel, affecting its gross margins, hedging strategies, and overall financial performance. Extreme price swings can lead to reduced profitability and operational instability.
- Credit Risk from Customer Exposure and Global Economic Uncertainties: World Kinect extends unsecured credit to a broad base of customers across the aviation, marine, and land transportation industries. This exposes the company to substantial credit risk, particularly during periods of economic downturn or financial instability among its customers. Significant credit losses could materially and adversely affect the company's business, financial condition, and cash flows. Additionally, the company operates in markets characterized by global economic uncertainties, trade tensions, and policy changes that can impact demand for transportation services and fuel products.
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The global energy transition away from fossil fuels and towards renewable energy sources and alternative propulsion technologies across the aviation, marine, and land transportation industries. This includes the accelerating adoption of electric vehicles, the development and increasing use of Sustainable Aviation Fuels (SAFs) and potential for electric/hydrogen propulsion in aviation, and the shift towards alternative marine fuels and increased use of shore power for vessels.
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World Kinect Corporation (WKC) operates in several key markets, distributing fuel and related services across the aviation, marine, and land transportation industries. The addressable market sizes for its main products and services on a global scale are outlined below:
- Aviation Fuel: The global aviation fuel market was valued at approximately USD 343.0 billion in 2025 and USD 473.20 billion in 2025. This market is projected to grow to USD 466.3 billion by 2034 and USD 927.39 billion by 2034, respectively.
- Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market was estimated at USD 1.04 billion in 2024 and is projected to reach USD 15.85 billion by 2030, demonstrating significant growth.
- Marine Fuel (Bunker Fuel): The global marine fuel market was approximately USD 140.619 billion in 2025 and is projected to reach USD 171.494 billion by 2030. Another report estimates the global bunker fuel market size to reach USD 160.94 billion by 2030, growing at a CAGR of 4.35% from 2025.
- Sustainable Marine Fuels: The global sustainable marine fuels market was valued at USD 18.9 billion in 2025 and is set to exceed USD 902.69 billion by 2035.
- Land Transportation Fuel: The broader global transportation fuel market, which encompasses land, air, and waterways, was estimated at USD 894.72 billion in 2025. Road transportation, a significant component of World Kinect's Land segment, constituted approximately 30-33% of the total transportation fuel market in 2023. This indicates an addressable market for land transportation fuel in the range of approximately USD 268 billion to USD 295 billion in 2025.
- Lubricants: The global lubricants market was valued at approximately USD 166.7 billion in 2025 and is projected to reach USD 230.7 billion by 2035. Other estimates place the 2025 market size at USD 178.98 billion or USD 157.73 billion.
- Carbon Management Solutions (Sustainability Solutions): The global carbon management software market, a component of their sustainability solutions, was valued at USD 18.3 billion in 2025 and is projected to reach USD 42.2 billion by 2034. Another report estimates the carbon management system market at USD 14.2 billion in 2025, expected to grow to USD 36.8 billion in 2035.
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World Kinect Corporation (WKC) is strategically positioning itself for future revenue growth over the next two to three years by focusing on a refined business model and expanding into new, high-potential areas. Key drivers of this anticipated growth include:
- Strategic Portfolio Optimization and Focus on Core, Higher-Margin Businesses: World Kinect is actively divesting non-core, low-margin assets, such as its UK land fuels business and Brazilian operations, to streamline its portfolio and concentrate on more profitable activities. This strategic shift aims to improve overall profitability and operational focus within its remaining segments, including higher-value businesses in North American land operations like Cardlock, retail, and natural gas, which are expected to contribute to a higher quality of revenue.
- Expansion into Renewable and Lower-Carbon Fuels and Energy Management Solutions: The company is proactively expanding its offerings in the growing markets for renewable energy and lower-carbon fuels. This initiative includes broadening its suite of energy management solutions and developing advanced fuels, such as Ultra-Low Sulfur Fuel Oil (ULSFO) and biofuels for the marine sector. This strategy directly addresses evolving market demands and opens new revenue streams aligned with global sustainability trends.
- Strategic Acquisitions and Organic Growth in the Aviation Segment: The aviation segment is identified as a robust and significant contributor to World Kinect's revenue. The company is pursuing strategic acquisitions, exemplified by the Universal TSS (Trip Support Services) acquisition in late 2025, to enhance its service offerings and expand its market presence within aviation. Continued organic growth internationally in this segment is also anticipated to be a key revenue driver.
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Share Repurchases
- World Kinect Corporation's Board of Directors authorized an additional $200 million share repurchase program in September 2024, supplementing an existing authorization with approximately $108 million remaining as of June 30, 2024.
- In December 2025, the Board approved another $150 million share repurchase authorization, adding to approximately $192 million remaining from the previous authorization as of September 30, 2025.
- The company repurchased $85 million of common stock during the full year 2025, including $40 million in the fourth quarter of 2025 and $10 million in the first quarter of 2025.
Share Issuance
- In March 2026, executives received equity compensation in the form of restricted stock units; for example, the President received 32,457 shares and the CEO received 39,474 shares, with a portion withheld to cover tax liabilities.
- Small-scale equity issuances have been used for "tuck-in deals" in 2023-2024, which were generally offset by share repurchases.
Outbound Investments
- World Kinect strategically acquired EPIC Fuels' general aviation operations in July 2024, expanding its Fixed-Base Operator (FBO) network by approximately 300 fuel customers and 100 FBOs.
- The company completed the acquisition of Universal Weather and Aviation's Trip Support Services division (Universal TSS) in November 2025 to enhance its Aviation segment's service capabilities.
- As part of a portfolio restructuring, World Kinect divested non-core assets, including its UK land fuels business in Q1 2025 and operations in Brazil and certain North American land operations in Q4 2024, leading to significant impairments.
Capital Expenditures
- Capital expenditures are generally described as modest relative to the company's revenue.
- Investment focuses on scalable platforms, data and AI capabilities, and sustainability solutions such as Sustainable Aviation Fuel (SAF), renewable power, and carbon services.
- The company dedicates approximately $100 million annually to research and development, with a notable focus in 2024 on integrating artificial intelligence and blockchain technology.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 153.04 |
| Mkt Cap | 81.8 |
| Rev LTM | 152,167 |
| Op Inc LTM | 6,980 |
| FCF LTM | 6,394 |
| FCF 3Y Avg | 4,132 |
| CFO LTM | 8,925 |
| CFO 3Y Avg | 6,341 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.2% |
| Rev Chg 3Y Avg | -2.8% |
| Rev Chg Q | 51.4% |
| QoQ Delta Rev Chg LTM | 12.3% |
| Op Inc Chg LTM | 64.1% |
| Op Inc Chg 3Y Avg | 0.0% |
| Op Mgn LTM | 8.4% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 8.9% |
| CFO/Rev 3Y Avg | 6.6% |
| FCF/Rev LTM | 5.8% |
| FCF/Rev 3Y Avg | 5.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aviation | 18,994 | 20,469 | 23,275 | 26,800 | 12,824 |
| Land | 10,240 | 12,812 | 15,190 | 19,284 | 10,427 |
| Marine | 7,683 | 8,887 | 9,246 | 12,960 | 8,086 |
| Total | 36,917 | 42,168 | 47,711 | 59,043 | 31,337 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aviation | 259 | 240 | 209 | 100 | 163 |
| Marine | 1 | 65 | 82 | 156 | 21 |
| Unallocated corporate expenses | -132 | -136 | -133 | -107 | -86 |
| Land | -693 | 41 | 40 | 126 | 45 |
| Total | -565 | 211 | 198 | 273 | 143 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aviation | 2,589 | 2,548 | 2,767 | 3,036 | 2,306 |
| Land | 2,131 | 2,971 | 3,323 | 3,710 | 2,106 |
| Marine | 701 | 930 | 993 | 1,007 | 1,023 |
| Corporate and other | 442 | 283 | 292 | 411 | 508 |
| Total | 5,864 | 6,732 | 7,375 | 8,164 | 5,942 |
Price Behavior
| Market Price | $36.43 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -9.5% | |
| 50 Days | 200 Days | |
| DMA Price | $34.00 | $27.13 |
| DMA Trend | up | up |
| Distance from DMA | 7.2% | 34.3% |
| 3M | 1YR | |
| Volatility | 27.5% | 28.9% |
| Downside Capture | -47.79 | 10.58 |
| Upside Capture | 92.86 | 52.84 |
| Correlation (SPY) | -9.6% | 13.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | -0.22 | -0.26 | 0.09 | 0.39 | 0.66 |
| Up Beta | -2.99 | -1.87 | -1.69 | -0.60 | 0.04 | 0.50 |
| Down Beta | -0.22 | -0.04 | -0.13 | 0.25 | 0.68 | 0.76 |
| Up Capture | 296% | 139% | 109% | 66% | 50% | 51% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 27 | 40 | 75 | 137 | 387 |
| Down Capture | -17% | -94% | -96% | -24% | 24% | 87% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 16 | 23 | 51 | 112 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WKC | |
|---|---|---|---|---|
| WKC | 49.7% | 28.8% | 1.39 | - |
| Sector ETF (XLE) | 39.2% | 21.1% | 1.46 | 19.8% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 12.5% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -3.4% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | 1.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 24.5% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 10.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WKC | |
|---|---|---|---|---|
| WKC | 4.1% | 35.1% | 0.19 | - |
| Sector ETF (XLE) | 22.6% | 25.8% | 0.78 | 49.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 36.7% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 5.6% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 25.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 33.0% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 13.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WKC | |
|---|---|---|---|---|
| WKC | -0.4% | 42.5% | 0.14 | - |
| Sector ETF (XLE) | 9.9% | 29.6% | 0.37 | 58.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 44.5% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 1.5% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 30.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 38.4% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 5.2% | 9.5% | |
| 4/23/2026 | 10.9% | 14.6% | 25.3% |
| 2/19/2026 | -6.1% | -5.3% | -14.9% |
| 10/23/2025 | 3.5% | 0.5% | -7.0% |
| 7/31/2025 | -7.4% | -7.7% | -1.7% |
| 4/24/2025 | -1.8% | 3.4% | 11.1% |
| 2/20/2025 | 11.3% | 8.0% | 1.6% |
| 10/24/2024 | -15.8% | -16.6% | -8.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 16 | 13 | 12 |
| Median Positive | 8.6% | 4.2% | 5.8% |
| Median Negative | -7.1% | -5.3% | -7.1% |
| Max Positive | 19.1% | 17.1% | 46.3% |
| Max Negative | -15.8% | -16.6% | -21.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 5.2% | 9.5% | |
| 4/23/2026 | 10.9% | 14.6% | 25.3% |
| 2/19/2026 | -6.1% | -5.3% | -14.9% |
| 10/23/2025 | 3.5% | 0.5% | -7.0% |
| 7/31/2025 | -7.4% | -7.7% | -1.7% |
| 4/24/2025 | -1.8% | 3.4% | 11.1% |
| 2/20/2025 | 11.3% | 8.0% | 1.6% |
| 10/24/2024 | -15.8% | -16.6% | -8.4% |
| 7/25/2024 | -0.4% | 2.3% | 5.3% |
| 4/25/2024 | -6.8% | -3.8% | 1.1% |
| 2/22/2024 | 8.9% | 2.1% | 9.8% |
| 10/26/2023 | -8.2% | 1.7% | 5.8% |
| 7/27/2023 | -1.6% | -4.6% | -5.8% |
| 4/27/2023 | -1.9% | -6.7% | -2.9% |
| 2/23/2023 | -10.9% | -8.8% | -21.4% |
| 10/27/2022 | -10.2% | -3.7% | 0.5% |
| 7/28/2022 | 19.1% | 17.1% | 15.7% |
| 4/28/2022 | -9.2% | -14.7% | -7.1% |
| 2/24/2022 | -1.4% | -3.5% | -0.7% |
| 10/28/2021 | -1.3% | -11.3% | -18.7% |
| 7/29/2021 | 5.6% | 4.2% | -0.5% |
| 4/29/2021 | -9.7% | -4.4% | -10.3% |
| 2/25/2021 | -11.3% | -5.0% | 3.6% |
| 10/29/2020 | 8.4% | 12.4% | 46.3% |
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 16 | 13 | 12 |
| Median Positive | 8.6% | 4.2% | 5.8% |
| Median Negative | -7.1% | -5.3% | -7.1% |
| Max Positive | 19.1% | 17.1% | 46.3% |
| Max Negative | -15.8% | -16.6% | -21.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 3.2 | 3.3 | 3.4 | Raised | Guidance: 2.75 for 2026 | ||
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 2.65 | 2.75 | 2.85 | Raised | Guidance: 2.3 for 2026 | ||
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 8052026 | 39.41 | 10,000 | 394,147 | 38,486,484 | Form |
| 2 | Manley, John L | Direct | Sell | 7312026 | 39.88 | 10,000 | 398,797 | 2,158,130 | Form | |
| 3 | Stebbins, Paul H | Irrevocable Trust | Sell | 7312026 | 39.93 | 33,445 | 1,335,332 | 2,350,775 | Form | |
| 4 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 7142026 | 35.04 | 25,000 | 875,935 | 34,562,643 | Form |
| 5 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 7072026 | 33.38 | 10,000 | 333,781 | 33,760,279 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 8052026 | 39.41 | 10,000 | 394,147 | 38,486,484 | Form |
| 2 | Manley, John L | Direct | Sell | 7312026 | 39.88 | 10,000 | 398,797 | 2,158,130 | Form | |
| 3 | Stebbins, Paul H | Irrevocable Trust | Sell | 7312026 | 39.93 | 33,445 | 1,335,332 | 2,350,775 | Form | |
| 4 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 7142026 | 35.04 | 25,000 | 875,935 | 34,562,643 | Form |
| 5 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 7072026 | 33.38 | 10,000 | 333,781 | 33,760,279 | Form |
| 6 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 6092026 | 30.17 | 19,300 | 582,372 | 30,821,947 | Form |
| 7 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 6092026 | 30.00 | 700 | 21,000 | 31,222,500 | Form |
| 8 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 6042026 | 29.15 | 10,000 | 291,544 | 30,362,850 | Form |
| 9 | Kassar, Richard A | Direct | Sell | 5122026 | 26.97 | 10,000 | 269,739 | 1,451,520 | Form | |
| 10 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 5062026 | 27.50 | 500 | 13,750 | 28,914,875 | Form |
| 11 | Kroll, Michael John | SVP & Chief Accounting Officer | Direct | Sell | 5062026 | 27.30 | 2,100 | 57,330 | 283,647 | Form |
| 12 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 5062026 | 27.11 | 10,000 | 271,071 | 28,515,314 | Form |
| 13 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 4302026 | 27.55 | 847 | 23,336 | 29,257,678 | Form |
| 14 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 4282026 | 28.18 | 23,653 | 666,600 | 29,952,264 | Form |
| 15 | Kasbar, Michael J | Executive Chairman | Direct | Sell | 3042026 | 25.02 | 10,000 | 250,200 | 27,830,572 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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