World Kinect Corporation Reports Fourth Quarter and Full-Year 2025 Financial Results, Marks Strategic Transformation Across Key Segments
World Kinect Corporation, a global leader in energy management solutions serving the aviation, marine, and land transportation sectors, today released its financial results for the fourth quarter and full year 2025. The company highlighted a period of significant portfolio repositioning and strategic transformation aimed at focusing on its core businesses and highest-return growth opportunities, particularly in the aviation and natural gas sectors.
Fourth Quarter 2025 Financial Highlights
During the fourth quarter of 2025, World Kinect reported a gross profit of $235 million, reflecting a 9% decrease from the prior-year quarter. The decline in gross profit was primarily driven by the Land segment, which faced challenging market conditions, partial exits of non-core businesses, and the residual impact of divested operations in the United Kingdom, Brazil, and certain North American markets.
The company reported a GAAP net loss of $280 million, or $5.11 per diluted share. This result included substantial non-cash impairments and restructuring charges, primarily associated with the Land segment. After adjusting for these non-recurring items, World Kinect recorded adjusted net income of $17 million, or $0.30 per diluted share, and adjusted EBITDA of $75 million for the quarter.
The company took decisive steps in its strategic transformation during the quarter, substantially repositioning the Land segment and exiting additional non-core businesses, which are expected to be completed in 2026. Furthermore, World Kinect completed the acquisition of Universal Weather and Aviation’s Trip Support Services division (“Universal TSS”), significantly enhancing its aviation services portfolio and strengthening its position in business and general aviation markets.
Liquidity and financial flexibility were also enhanced during the quarter. The company amended and extended its $2 billion senior unsecured credit facility to November 2030, providing World Kinect with greater financial flexibility to execute its strategic initiatives and pursue growth opportunities across its core segments.
Non-Cash Impairments and Restructuring Costs
World Kinect recognized non-cash intangible and other asset impairments totaling $247 million during the fourth quarter, of which $169 million related to goodwill. These impairments were driven primarily by the company’s strategic decision to exit certain lines of business that did not meet return thresholds or align with its long-term strategy.
In addition to impairments, the company incurred $77 million in restructuring and exit-related costs. These expenses were primarily associated with the Land segment and included costs related to the divestiture of non-core businesses and broader transformation initiatives. These actions reflect World Kinect’s commitment to streamlining operations and focusing on higher-return, growth-oriented business lines.
Full-Year 2025 Financial Highlights
For the full year 2025, World Kinect reported gross profit of $948 million, a decrease of 8% compared with $1,026 million in 2024. Despite the decline in gross profit, the company achieved adjusted net income of $107 million, or $1.91 per diluted share, and adjusted EBITDA of $336 million, demonstrating resilience and profitability in the context of its strategic repositioning.
GAAP net loss for the year totaled $614 million, or $10.99 per diluted share, reflecting the impact of non-cash impairments, restructuring, and other one-time charges. World Kinect generated $293 million of operating cash flow and $227 million of free cash flow during 2025, underlining strong cash generation capabilities that support ongoing investments in its strategic priorities.
The company also repurchased $85 million of common stock during the year, highlighting a commitment to returning capital to shareholders while simultaneously managing liquidity and strategic investments.
CEO Commentary on Strategic Transformation
Ira M. Birns, Chief Executive Officer of World Kinect Corporation, commented, “2025 marked the beginning of a strategic transformation for World Kinect as we realign our portfolio around our core strengths and highest return growth opportunities. While our fourth-quarter results reflect the near-term impact of these actions, particularly in our Land segment, we believe our simplified business model and sharpened strategic focus position World Kinect to be more resilient and future-ready. As we begin the 2026 fiscal year, we have strong conviction that the strategic and operational actions underway will drive more robust and consistent performance and long-term value creation.”
Birns emphasized that the company’s actions are designed not only to strengthen operational performance but also to create a more durable and predictable earnings base over the long term. By exiting underperforming lines of business and concentrating on segments with the highest return potential, World Kinect aims to position itself for sustainable growth while continuing to deliver value to shareholders.
Detailed Financial Summary
The following table summarizes key financial metrics for the three months and full year ended December 31, 2025, compared with prior-year results (in millions, except per share data):
| Metric | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
|---|---|---|---|---|---|---|
| Volume (gallons/equivalents) | 4,241 | 4,472 | (5%) | 16,921 | 17,703 | (4%) |
| Revenue | $9,029 | $9,761 | (7%) | $36,917 | $42,168 | (12%) |
| Gross Profit | $235 | $259 | (9%) | $948 | $1,026 | (8%) |
| Operating Expenses | $511 | $229 | 123% | $1,513 | $816 | 85% |
| Adjusted Operating Expenses | $186 | $197 | (6%) | $718 | $773 | (7%) |
| Income (Loss) from Operations | $(276) | $30 | (1024%) | $(565) | $211 | (368%) |
| Operating Margin | (117%) | 12% | – | (60%) | 21% | – |
| Adjusted Income from Operations | $49 | $61 | (20%) | $230 | $253 | (9%) |
| Adjusted Operating Margin | 21% | 24% | – | 24% | 25% | – |
| Net Income (Loss) | $(280) | $(101) | (176%) | $(612) | $68 | (1001%) |
| Adjusted EBITDA | $75 | $95 | (21%) | $336 | $361 | (7%) |
| Diluted EPS | $(5.11) | $(1.77) | (188%) | $(10.99) | $1.13 | (1070%) |
| Adjusted Diluted EPS | $0.30 | $0.62 | (52%) | $1.91 | $2.18 | (12%) |
Segment Performance Overview
Aviation Segment
The Aviation segment delivered strong performance during the fourth quarter, achieving a gross profit of $130 million, an 8% increase compared with the prior year. Growth in the quarter was primarily driven by the acquisition of Universal TSS in November 2025, which added new service capabilities and expanded the company’s presence in business and general aviation.
For the full year, Aviation gross profit totaled $526 million, up 8% year-over-year. The increase was attributable to higher profit contributions from operated airport locations in Europe, increased government and business aviation activity, and the Universal TSS acquisition. These gains were partially offset by a reduction in gross profit following the sale of Avinode in the second quarter of 2024.
Land Segment
The Land segment experienced significant challenges during 2025 due to unfavorable market conditions and the company’s deliberate strategic exits of non-core businesses. Fourth-quarter gross profit for Land was $71 million, a 32% decrease compared with the prior-year quarter, primarily due to the near-term financial impact of portfolio exits and divested operations in the U.K., Brazil, and select North American regions.
Full-year gross profit for Land declined 22% to $298 million, reflecting ongoing unfavorable market conditions in North American liquid fuel operations and European power markets. These impacts were partially offset by improved performance in the North American natural gas business, driven by increased price volatility.
Marine Segment
The Marine segment delivered relatively stable performance during the fourth quarter, generating gross profit of $35 million, a 2% increase compared with the same period in 2024. The improvement was supported by stronger operations at select physical locations.
Full-year gross profit for Marine declined 21% to $123 million due to continued low bunker fuel prices, low market price volatility, and reduced profit contributions from certain physical locations, alongside an unfavorable transaction tax settlement recognized in the second quarter of 2025. The company remains well-positioned to capture upside as market volatility returns.
Earnings Conference Call
World Kinect Corporation will host an investor conference call on February 19, 2026, at 5:00 PM Eastern Time to discuss fourth-quarter and full-year results. Participants can access the live webcast via the company’s Investor Relations website at ir.worldkinect.com. A replay of the webcast will also be made available following the call.
About World Kinect Corporation
Headquartered in Miami, Florida, World Kinect Corporation (NYSE: WKC) is a global energy management company delivering fulfillment and related services to customers across aviation, marine, and land transportation sectors. The company also supplies natural gas and offers a comprehensive suite of sustainability-related products and services. World Kinect’s diversified portfolio and focus on strategic, high-return growth areas position it to deliver resilient performance and long-term value creation for shareholders.
