KEXMEDIUM SIGNALOPERATIONAL10-K

KEX has significantly expanded its business description to emphasize power generation systems, behind-the-meter applications, and data center equipment while reducing outstanding shares by over 3 million.

The enhanced language around power generation, emergency backup systems, and data center equipment suggests KEX is positioning itself to capitalize on growing demand in these high-growth sectors. The 6% reduction in outstanding shares from 57.1 million to 53.6 million indicates meaningful capital returns to shareholders through buybacks or other share reduction activities.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

KEX delivered solid growth with revenue expanding 25% to $2.2B and operating income growing 24% to $496M, while net income increased 24% to $355M. However, operating cash flow declined 11% to $670M despite strong earnings growth, which may reflect higher working capital needs or timing differences. The overall picture shows a company successfully growing its top and bottom lines while generating substantial absolute cash flows, though the cash flow decline warrants monitoring.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+25.1%
$1.8B$2.2B

Revenue growing 25.1% — solid top-line momentum, watch margins for quality of growth.

Operating Income
P&L
+24.4%
$399.1M$496.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+23.7%
$286.7M$354.6M

Net income grew 23.7% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-11.4%
$756.5M$670.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
As of February 13, 2026 , 53,646,000 shares of common stock were outstanding.
Through its distribution and services segment ( KDS ), the Company provides equipment, after-market parts and services for power generation systems in applications that include behind the meter power systems and emergency backup systems, after-market and genuine replacement parts and services for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and controls systems, and related equipment used in power generation, marine, on-highway, oilfield services, and other industrial applications.
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad and other industrial customers.
The Company, through KDS, provides equipment, after-market parts and services for power generation systems in applications that include behind the meter power systems and emergency backup systems, after-market and genuine replacement parts and services for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and controls systems, and related equipment used in power generation, marine, on-highway, oilfield services, and other industrial applications.
The Company 4 also rents equipment including generators, industrial compressors, high-capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets.
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad and other industrial customers.
The Company s inland tank barge fleet capacity of 24.5 million barrels equates to approximately 41,000 railroad tank cars or approximately 128,000 tractor-trailer tank trucks.
Furthermore, barging is much more energy efficient when compared to other modes of transportation.
The Company s 1,105 inland tank barges represent approximately 28% of the industry s approximately 4,004 inland tank barges.
For 2025, the Company estimates that industry-wide 66 new tank barges were placed in service and 65 tank barges were retired.
REMOVED
As of February 17, 2025 , 57,126,000 shares of common stock were outstanding.
Through its distribution and services segment ( KDS ), the Company provides after-market services and genuine replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications.
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.
The Company, through KDS, provides after-market services and genuine replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications.
The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.
The Company s inland tank barge fleet capacity of 24.2 million barrels equates to approximately 40,500 railroad tank cars or approximately 127,000 tractor-trailer tank trucks.
The Company s 1,094 inland tank barges represent approximately 27% of the industry s approximately 4,003 inland tank barges.
For 2023, the Company estimates that industry-wide 27 new tank barges were placed in service and 48 tank barges were retired.
The Company estimates that approximately 45 to 50 new tank barges have currently been ordered for delivery in 2025.
The Company s inland division of KMT also owns a shifting operation and fleeting facility for dry cargo barges and tank barges on the Houston Ship Channel, in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana, and a shipyard for building inland towboats and providing routine maintenance on marine vessels.
MORE OPERATIONAL SIGNALS
NVDAHIGHNVIDIA has repositioned itself from a "full-stack computing infrastructure compa...
2026-02-25
NVDAHIGHNVIDIA has repositioned itself from a "full-stack computing infrastructure compa...
2026-02-25
NOWHIGHServiceNow has fundamentally repositioned itself as an AI-first platform company...
2026-01-29
TSLAHIGHTesla has fundamentally repositioned itself from an electric vehicle company to ...
2026-01-29
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →