Matson, Inc. (NYSE: MATX) reported fourth‑quarter 2025 results on February 24, 2026, delivering net income of $143.1 million, or $4.60 per diluted share, for the quarter ended December 31, 2025. The company’s revenue fell 4.3 percent year‑over‑year to $851.9 million, a decline driven primarily by lower freight rates and volumes in its China service.
The operating‑income figure for the quarter was $143.7 million, down $3.8 million from the $147.5 million reported in Q4 2024. Despite the decline, operating margin remained near 20 percent, reflecting the resilience of the domestic Jones Act‑protected franchise and the company’s disciplined cost‑control measures.
Matson’s China service, the largest contributor to freight revenue, experienced a 12 percent drop in volume and a 6 percent decline in freight rates, offset by a 3 percent increase in yield from higher‑value e‑commerce and e‑goods shipments. In contrast, the Hawaii and Guam segments saw volume growth of 8 percent and 5 percent respectively, while Alaska volumes slipped 4 percent. The logistics segment’s operating income fell $2.4 million year‑over‑year, largely due to a lower contribution from supply‑chain management.
Management highlighted that the company’s EPS beat of $0.24 (or 5.2 percent) over the consensus estimate of $4.36 was driven by strict cost controls and a favorable mix shift toward higher‑margin China service revenue. Revenue, however, missed the consensus estimate of $864.2 million by $12.3 million, reflecting the broader normalization of freight rates after a period of elevated demand.
For the first quarter of 2026, Matson guided operating income to approximately $50 million, lower than the $60 million reported in Q1 2025, citing expected lower volume in the China service. The company reiterated its full‑year 2026 outlook, expecting consolidated operating income to approach the $143.7 million level achieved in 2025, signaling confidence in maintaining profitability amid a more normal seasonality pattern.
Following the release, the market reacted positively: shares rose about 3 percent in after‑hours trading on February 24 and reached a new 52‑week high of $177.51 on February 25. Analysts at Stephens & Co. and Wolfe Research maintained their positive outlooks, with Stephens raising its price target to $213.00 and Wolfe keeping an “Outperform” rating.
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