Matson, Inc. (MATX)
SIC breadcrumb: Transportation, Communications, Electric, Gas, And Sanitary Services > SIC Major Group 44 > SIC 4400 Water Transportation
SEC company page: https://www.sec.gov/edgar/browse/?CIK=3453. Latest filing source: 0001104659-26-020944.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 3,344,500,000 USD verified
- Net income
- 444,800,000 USD verified
- Assets
- 4,635,600,000 USD verified
- Free cash flow
- 153,700,000 USD computed
- Net margin
- 13.30% computed
- Operating margin
- 14.94% computed
- Revenue YoY
- -2.26% computed
- ROE
- 16.12% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4400 Water Transportation, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 3,344,500,000 | USD | 2025 | 2026-02-27 |
| Net income | 444,800,000 | USD | 2025 | 2026-02-27 |
| Assets | 4,635,600,000 | USD | 2025 | 2026-02-27 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003453.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2009 | 2010 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,941,600,000 | 2,046,900,000 | 2,222,800,000 | 2,203,100,000 | 2,383,300,000 | 3,925,300,000 | 4,343,000,000 | 3,094,600,000 | 3,421,800,000 | 3,344,500,000 | ||||||
| Net income | 81,400,000 | 231,000,000 | 109,000,000 | 82,700,000 | 193,100,000 | 927,400,000 | 1,063,900,000 | 297,100,000 | 476,400,000 | 444,800,000 | ||||||
| Operating income | 156,700,000 | 147,300,000 | 163,800,000 | 129,100,000 | 280,300,000 | 1,187,500,000 | 1,353,600,000 | 342,800,000 | 551,300,000 | 499,800,000 | ||||||
| Diluted EPS | 1.87 | 5.35 | 2.53 | 1.91 | 4.44 | 21.47 | 27.07 | 8.32 | 13.93 | 13.81 | ||||||
| Operating cash flow | 157,800,000 | 224,900,000 | 305,000,000 | 248,800,000 | 429,800,000 | 984,100,000 | 1,271,900,000 | 510,500,000 | 767,800,000 | 547,100,000 | ||||||
| Capital expenditures | 38,100,000 | 35,200,000 | 27,900,000 | 67,800,000 | 179,400,000 | 307,000,000 | 209,300,000 | 248,400,000 | 310,100,000 | 393,400,000 | ||||||
| Dividends paid | 32,200,000 | 33,800,000 | 35,400,000 | 37,200,000 | 39,200,000 | 45,900,000 | 48,000,000 | 45,000,000 | 44,800,000 | 44,900,000 | ||||||
| Share buybacks | 0.00 | 0.00 | 4,900,000 | 38,000,000 | 19,300,000 | 198,300,000 | 397,000,000 | 155,200,000 | 199,100,000 | 303,300,000 | ||||||
| Assets | 2,015,500,000 | 2,251,600,000 | 2,430,400,000 | 2,845,400,000 | 2,900,600,000 | 3,693,100,000 | 4,330,000,000 | 4,294,600,000 | 4,595,400,000 | 4,635,600,000 | ||||||
| Stockholders' equity | 494,900,000 | 677,200,000 | 755,300,000 | 805,700,000 | 961,200,000 | 1,667,400,000 | 2,296,900,000 | 2,400,700,000 | 2,652,000,000 | 2,759,000,000 | ||||||
| Cash and cash equivalents | 13,900,000 | 19,800,000 | 19,600,000 | 21,200,000 | 14,400,000 | 282,400,000 | 249,800,000 | 134,000,000 | 266,800,000 | 141,900,000 | ||||||
| Free cash flow | -21,600,000 | -82,100,000 | 1,062,600,000 | 262,100,000 | 457,700,000 | 153,700,000 |
Ratios
| Metric | 2009 | 2010 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 4.19% | 11.29% | 4.90% | 3.75% | 8.10% | 23.63% | 24.50% | 9.60% | 13.92% | 13.30% | ||||||
| Operating margin | 8.07% | 7.20% | 7.37% | 5.86% | 11.76% | 30.25% | 31.17% | 11.08% | 16.11% | 14.94% | ||||||
| Return on equity | 16.45% | 34.11% | 14.43% | 10.26% | 20.09% | 55.62% | 46.32% | 12.38% | 17.96% | 16.12% | ||||||
| Return on assets | 4.04% | 10.26% | 4.48% | 2.91% | 6.66% | 25.11% | 24.57% | 6.92% | 10.37% | 9.60% | ||||||
| Liabilities / equity | 3.07 | 2.32 | 2.22 | 2.53 | 2.02 | 1.21 | 0.89 | 0.79 | 0.73 | 0.68 | ||||||
| Current ratio | 0.99 | 0.93 | 0.86 | 0.66 | 0.60 | 1.15 | 1.31 | 1.07 | 1.09 | 0.89 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001104659-26-020944; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001104659-26-020944; concept PaymentsToAcquireProductiveAssets; source concepts us-gaap:PaymentsToAcquireProductiveAssets | Free cash flow: accession 0001104659-26-020944; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquireProductiveAssets; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: PaymentsToAcquireProductiveAssets. Source concepts: us-gaap:PaymentsToAcquireProductiveAssets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: PaymentsOfDividendsCommonStock. Source concepts: us-gaap:PaymentsOfDividendsCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001104659-26-020944; filed 2026-02-27. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquireProductiveAssets. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003453.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q3 | 2022-09-30 | 6.89 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.94 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 2.26 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 827,500,000 | 119,900,000 | 3.40 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 788,900,000 | 62,400,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 722,100,000 | 36,100,000 | 1.04 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 847,400,000 | 113,200,000 | 3.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 962,000,000 | 199,100,000 | 5.89 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 890,300,000 | 128,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 782,000,000 | 72,300,000 | 2.18 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 830,500,000 | 94,700,000 | 2.92 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 880,100,000 | 134,700,000 | 4.24 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 851,900,000 | 143,100,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 757,800,000 | 56,600,000 | 1.85 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 969,400,000 | 129,400,000 | 4.27 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001104659-26-090003; filed 2026-08-04. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001104659-26-090003; filed 2026-08-04. Concept: NetIncomeLossAvailableToCommonStockholdersBasic. Source concepts: us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001104659-26-090003; filed 2026-08-04. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read MATX's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read MATX's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001104659-26-090003.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the Condensed Consolidated Financial Statements and related notes, and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.
FORWARD-LOOKING STATEMENTS
The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “Second Quarter 2026 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part II, Item 1A under the caption “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2025. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.
OVERVIEW
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a discussion of the Company’s financial condition, results of operations, liquidity and certain other factors that may affect its future results from the perspective of management. The discussion that follows is intended to provide information that will assist in understanding the changes in the Company’s Condensed Consolidated Financial Statements from period to period, the primary factors that accounted for those changes, and how certain accounting principles, policies and estimates affected the Company’s Condensed Consolidated Financial Statements. The MD&A is provided as a supplement to the Condensed Consolidated Financial Statements and notes herein, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company’s reports on Forms 10-Q and 8-K, and other publicly available information.
SECOND QUARTER 2026 DISCUSSION AND OUTLOOK FOR 2026
Ocean Transportation: The Company’s container volume in the Hawaii service in the second quarter 2026 was 1.1 percent lower year-over-year primarily due to lower general demand. Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, but continues to face headwinds from higher energy-related inflation. The Company expects volume in full year 2026 to approach the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.
In the China service, the Company’s container volume in the second quarter 2026 increased 15.2 percent year-over-year primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025. In the second quarter 2026, momentum in the China service carried over from the post-Lunar New Year period, and the Company’s CLX and MAX services saw higher-
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than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane. The Company expects its China service to be at or near capacity through peak season. For the fourth quarter 2026, the Company expects demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. As such, the Company expects volume in full year 2026 to be higher than the level achieved in 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
In the Guam service, the Company’s container volume in the second quarter 2026 increased 4.4 percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
In the Alaska service, the Company’s container volume in the second quarter 2026 decreased 2.3 percent year-over-year primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to approach the level achieved last year.
The contribution from the Company’s SSAT joint venture investment was $4.8 million in the second quarter 2026, or $2.5 million lower than second quarter 2025. The decrease was primarily due to lower lift volume and higher operating expenses. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the $147.4 million achieved in the third quarter 2025. The Company also expects Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the $136.0 million achieved in the fourth quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to be higher than the $455.6 million achieved in full year 2025.
Logistics: Operating income for the Company’s Logistics segment was $14.9 million in the second quarter 2026, or $0.5 million higher compared to the level achieved in the second quarter 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing. For the third and fourth quarters 2026, the Company expects Logistics operating income to be modestly higher than the $13.6 million and $7.7 million achieved in the third and fourth quarters 2025, respectively. For full year 2026, the Company expects Logistics operating income to be higher than the $44.2 million achieved in full year 2025.
Consolidated Operating Income: To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. The Company continues to expect to fully recover fuel costs by the end of the year. For the third quarter 2026, the Company expects consolidated operating income to be approximately 45 percent higher than the level achieved in the third quarter 2025. For full year 2026, the Company expects consolidated operating income to be higher than the level achieved in full year 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $205 million, inclusive of dry-docking amortization of approximately $35 million.
Interest Income: The Company expects interest income for the full year 2026 to be approximately $18 million.
Interest Expense, Net: The Company expects interest expense, net for the full year 2026 to be approximately $6 million.
Other Income (Expense), Net: The Company expects full year 2026 other income (expense), net to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
Income Taxes: For the second quarter 2026, the Company’s effective tax rate was 21.0 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
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Capital and Vessel Dry-docking Expenditures: For the second quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $25.4 million, vessel construction expenditures (including capitalized interest and owner’s items) of $181.8 million, and dry-docking payments of $12.7 million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.
CONSOLIDATED RESULTS OF OPERATIONS
Consolidated Results – Three months ended June 30, 2026 compared with 2025:
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001104659-26-020944. The complete FY 2025 MD&A is published at /company/MATX/mda/fy2025/.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS AND RISK FACTORS
The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, SEC filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “Fourth Quarter 2025 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part I, Item 1A under the caption “Risk Factors” of this Annual Report on Form 10-K, which section is incorporated herein by reference, and elsewhere in this report. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.
OVERVIEW
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a discussion of the Company’s financial condition, results of operations, liquidity and certain other factors that may affect its future results from the perspective of management. The discussion that follows is intended to provide information that assists in understanding the changes in the Company’s Consolidated Financial Statements from year to year, the primary factors that accounted for those changes, and how certain accounting principles, policies and estimates affected the Company’s Consolidated Financial Statements. The MD&A is provided as a supplement to the Consolidated Financial Statements and the accompanying notes to the Consolidated Financial Statements in Item 8 of Part II below, and should be read in conjunction with the entirety of the Company’s Annual Report on Form 10-K and other reports on Forms 10-Q and 8-K, and other publicly available information. Discussion and analysis of the financial condition and results of operations of Matson for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
The MD&A is presented in the following sections:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Historical Financial Information |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Fourth Quarter 2025 Discussion and Outlook for 2026 |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Consolidated Results of Operations |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Analysis of Operating Revenue and Income by Segment |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Liquidity and Capital Resources |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Commitments, Contingencies and Off-Balance Sheet Arrangements |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Critical Accounting Estimates |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ◾ | Other Matters |
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HISTORICAL FINANCIAL INFORMATION
The comparative selected financial information of the Company is presented for each of the past five years ended December 31, 2025. The information should be read in conjunction with Item 8, “Financial Statements and Supplementary Data.” All fiscal years include 52 weeks, except for the year ended December 31, 2021 which includes 53 weeks (a description of the Company’s fiscal year is included in Note 2 to the Consolidated Financial Statements in Item 8 of Part II below):
| | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions, except per share amounts) | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | ||||||
| Operating Revenue: | | | | | | | | | | | | | | | | |
| Ocean Transportation | | $ | 2,735.5 | | $ | 2,809.7 | | $ | 2,477.0 | | $ | 3,544.6 | | $ | 3,132.8 | |
| Logistics | | 609.0 | | 612.1 | | 617.6 | | 798.4 | | 792.5 | | |||||
| Total Operating Revenue | | $ | 3,344.5 | | $ | 3,421.8 | | $ | 3,094.6 | | $ | 4,343.0 | | $ | 3,925.3 | |
| | | | | | | | | | | | | | | | | |
| Operating and Net Income: | | | | | | | | | | | | | | | | |
| Ocean Transportation (1) | | $ | 455.6 | | $ | 500.9 | | $ | 294.8 | | $ | 1,281.2 | | $ | 1,137.7 | |
| Logistics | | 44.2 | | 50.4 | | 48.0 | | 72.4 | | 49.8 | | |||||
| Total Operating Income | | 499.8 | | 551.3 | | 342.8 | | 1,353.6 | | 1,187.5 | | |||||
| Interest income | | | 31.7 | | | 48.3 | | | 36.0 | | | 8.2 | | | — | |
| Interest expense | | (6.8) | | (7.5) | | (12.2) | | (18.0) | | (22.6) | | |||||
| Other income (expense), net | | 9.1 | | 7.3 | | 6.4 | | 8.5 | | 6.4 | | |||||
| Income before Taxes | | 533.8 | | 599.4 | | 373.0 | | 1,352.3 | | 1,171.3 | | |||||
| Income taxes | | (89.0) | | (123.0) | | (75.9) | | (288.4) | | (243.9) | | |||||
| Net Income | | $ | 444.8 | | $ | 476.4 | | $ | 297.1 | | $ | 1,063.9 | | $ | 927.4 | |
| | | | | | | | | | | | | | | | | |
| Capital Expenditures (2): | | | | | | | | | | | | | | | | |
| Ocean Transportation | | $ | 386.1 | | $ | 298.9 | | $ | 240.2 | | $ | 190.9 | | $ | 322.4 | |
| Logistics | | 7.3 | | 11.2 | | 8.2 | | 18.4 | | 2.9 | | |||||
| Total Capital Expenditures | | $ | 393.4 | | $ | 310.1 | | $ | 248.4 | | $ | 209.3 | | $ | 325.3 | |
| | | | | | | | | | | | | | | | | |
| Depreciation and Amortization: | | | | | | | | | | | | | | | | |
| Ocean Transportation | | $ | 154.0 | | $ | 141.1 | | $ | 130.6 | | $ | 131.1 | | $ | 124.8 | |
| Logistics | | 12.9 | | 12.0 | | 11.6 | | 8.1 | | 7.3 | | |||||
| | | | 166.9 | | | 153.1 | | | 142.2 | | | 139.2 | | | 132.1 | |
| Deferred Dry-docking Amortization — Ocean Transportation | | | 28.9 | | | 27.2 | | | 25.3 | | | 24.9 | | | 24.3 | |
| Total Depreciation and Amortization | | $ | 195.8 | | $ | 180.3 | | $ | 167.5 | | $ | 164.1 | | $ | 156.4 | |
| | | | | | | | | | | | | | | | | |
| Earnings Per Share in Net Income: | | | | | | | | | | | | | | | | |
| Basic | | $ | 13.99 | | $ | 14.14 | | $ | 8.42 | | $ | 27.28 | | $ | 21.67 | |
| Diluted | | $ | 13.81 | | $ | 13.93 | | $ | 8.32 | | $ | 27.07 | | $ | 21.47 | |
| | | | | | | | | | | | | | | | | |
| Cash dividends per share declared | | $ | 1.40 | | $ | 1.32 | | $ | 1.26 | | $ | 1.22 | | $ | 1.06 | |
| | | | | | | | | | | | | | | | | |
| As of December 31: | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 141.9 | | $ | 266.8 | | $ | 134.0 | | $ | 249.8 | | $ | 282.4 | |
| Capital Construction Fund (“CCF”) (3) | | $ | 532.7 | | $ | 642.6 | | $ | 599.4 | | $ | 518.2 | | $ | — | |
| Total Debt (before deferred loan fees deduction) (4) | | $ | 361.2 | | $ | 400.9 | | $ | 440.6 | | $ | 517.5 | | $ | 629.0 | |
| Total Shareholders’ equity | | $ | 2,759.0 | | $ | 2,652.0 | | $ | 2,400.7 | | $ | 2,296.9 | | $ | 1,667.4 | |
| Shares outstanding | | 30.4 | | 33.0 | | 34.4 | | 36.3 | | 41.0 | |
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]
MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.