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.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
547
768
510
-28.7%
Capital expenditure
393
310
248
+26.9%
Free cash flow
154
458
262
-66.4%
Free cash flow margin
4.6%
13.4%
8.5%
Cash from investing
-266
-336
-338
Cash from financing
-406
-301
-290
Depreciation and amortisation
161
148
138
+8.4%
Share-based compensation
22.7
26.5
23.8
-14.3%
Buybacks
303
199
155
+52.3%
Dividends paid
44.9
44.8
45.0
+0.2%
Dividend per share
$1.40
$1.32
$1.26
+6.1%
Diluted shares, weighted
32m
34m
36m
-5.8%
Shares outstanding at period end
30m
33m
34m
-7.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,759
2,652
2,401
+4.0%
Short-term borrowings
39.7
39.7
39.7
0.0%
Debt
361
401
441
-9.9%
Operating lease liabilities
247
230
159
+7.5%
Other liabilities
1,229
1,273
1,254
-3.5%
Total liabilities and equity
4,636
4,595
4,295
+0.9%
Fixed assets
2,499
2,261
2,090
+10.5%
Goodwill
328
328
328
0.0%
Intangible assets
147
159
176
-8.0%
Cash and equivalents
142
267
134
-46.8%
Receivables
257
269
279
-4.5%
Other assets
1,263
1,312
1,287
-3.7%
Total assets
4,636
4,595
4,295
+0.9%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.