greeksoup/ stock research

Matson (MATX) FY2025 results: revenue $3.3 billion, down 2.3% on the year

Matson, Inc. (MATX) reported revenue of $3.3 billion for fiscal 2025, the year ended 31 December 2025, down 2.3% on the year before. Net income was $445 million, down 6.6%, and diluted earnings per share $13.81. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$3.3 billion
-2.3% on the year
FY2018FY2025
Operating margin
14.9%
16.1% a year earlier
FY2018FY2025
Net income
$445 million
-6.6% on the year
FY2018FY2025
Diluted EPS
$13.81
-0.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 16 new, 1 kept.

  • Fourth quarter net income and EPS rose: Net income was $143.1 million, or $4.60 per diluted share, against $128.0 million, or $3.80, a year earlier. Revenue was $851.9 million, down from $890.3 million.
  • Full-year net income and EPS fell: Net income for 2025 was $444.8 million, or $13.81 diluted EPS, against $476.4 million and $13.93 in 2024. EBITDA was $704.7 million, against $738.9 million.
  • Ocean operating income slipped slightly in Q4: Ocean Transportation operating income was $136.0 million, down $1.4 million, as a lower China contribution was partly offset by a higher SSAT contribution.
  • US-China deal reduced Transpacific uncertainty: Management credited the U.S.-China trade and economic deal announced October 30, 2025 with reducing uncertainty over tariffs, port entry fees and other geopolitical factors.
  • One-time tax benefit cut Q4 tax rate: The fourth quarter effective tax rate was 5.2 percent, including a one-time $18.5 million, or $0.59 per share, adjustment. The full-year 2025 effective tax rate was 16.7 percent.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,3443,4223,095-2.3%
Selling, general and administrativen/an/a283
Operating income500551343-9.3%
Operating margin14.9%16.1%11.1%
Interest expense6.87.512.2-9.3%
Pre-tax income534599373-10.9%
Income tax89.012375.9-27.6%
Effective tax rate16.7%20.5%20.3%
Net income445476297-6.6%
Net margin13.3%13.9%9.6%
Diluted EPS$13.81$13.93$8.32-0.9%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow547768510-28.7%
Capital expenditure393310248+26.9%
Free cash flow154458262-66.4%
Free cash flow margin4.6%13.4%8.5%
Cash from investing-266-336-338
Cash from financing-406-301-290
Depreciation and amortisation161148138+8.4%
Share-based compensation22.726.523.8-14.3%
Buybacks303199155+52.3%
Dividends paid44.944.845.0+0.2%
Dividend per share$1.40$1.32$1.26+6.1%
Diluted shares, weighted32m34m36m-5.8%
Shares outstanding at period end30m33m34m-7.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,7592,6522,401+4.0%
Short-term borrowings39.739.739.70.0%
Debt361401441-9.9%
Operating lease liabilities247230159+7.5%
Other liabilities1,2291,2731,254-3.5%
Total liabilities and equity4,6364,5954,295+0.9%
Fixed assets2,4992,2612,090+10.5%
Goodwill3283283280.0%
Intangible assets147159176-8.0%
Cash and equivalents142267134-46.8%
Receivables257269279-4.5%
Other assets1,2631,3121,287-3.7%
Total assets4,6364,5954,295+0.9%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.