World Kinect Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $13,271 million, a 41% increase from $9,392 million in the prior year period.
• Gross profit was $288 million, up 15% year-over-year from $250 million.
• Adjusted gross profit was $279 million, up 12% year-over-year.
• GAAP net income was $38 million ($0.70 per diluted share), compared to $28 million ($0.46 per diluted share) in the prior year.
• Adjusted net income was $51 million ($0.99 per diluted share), an 83% increase from $30 million ($0.54 per diluted share).
• Adjusted EBITDA was $127 million, up 35% from $94 million.
• Operating cash flow was $175 million, and free cash flow was $164 million.
• For the nine months ended September 30, 2026, revenue was $36,547 million (31% increase), gross profit was $924 million (30% increase), and adjusted EBITDA was $357 million (37% increase).
• Nine-month GAAP net income was $113 million ($2.14 per diluted share), compared to a loss of $332 million ($5.95 per diluted share) in the prior year.

Guidance and Future Outlook:

• Full-year 2026 Adjusted EPS guidance was raised to a range of $3.52 to $3.62 per share, up from the prior range of $3.20 to $3.40 per share.

Business Segments and Product Lines:

• Aviation Segment: Gross profit was $148 million, a 4% increase year-over-year, driven by the Universal Trip Support Services acquisition (closed Q4 2025) and growth in core commercial fuel business in Europe and Latin America.
• Marine Segment: Gross profit was $59 million, a 131% increase year-over-year, driven by higher profit contribution from the core resale business and physical locations benefiting from increased bunker fuel prices and global supply dynamics.
• Land Segment: Gross profit was $81 million; income from operations was $28 million. Land Adjusted income from operations increased 102% year-over-year, reflecting benefits of the land portfolio transformation and higher contribution from retail and cardlock operations.
• Revenue for the three months ended September 30, 2026, was $7,648 million for Aviation, $2,856 million for Land, and $2,767 million for Marine.

Market and Competitive Landscape:

• The Marine segment benefited from increased bunker fuel prices and global supply dynamics.
• The company operates in more than 200 countries and territories, sourcing and distributing products including lower-carbon fuels.
• In the United States, the company markets natural gas and related solutions.

Risks and Challenges:

• The press release lists forward-looking risks including customer creditworthiness, energy commodity price volatility, geopolitical conflicts (Middle East and Eastern Europe), regulatory changes, environmental legislation, and supply chain disruptions.
• Specific risks include the potential for lower-than-expected cash flows impacting intangible asset values, currency exchange fluctuations, and the ability to effectively integrate acquired businesses or complete divestitures.

Management Commentary and Tone:

• CEO Ira M. Birns stated the company delivered a strong quarter supported by healthy fundamentals in Aviation, strong performance in Marine, and continued progress in Land, noting that reshaping actions are creating a stronger, more focused business.
• CFO Mike Tejada highlighted strong execution, continued improvement in Land, and the generation of $164 million in free cash flow, which strengthens financial flexibility for investment and capital returns.

Other Key Points:

• The Universal Trip Support Services acquisition closed in the fourth quarter of 2025.
• The company is exiting or winding down non-core businesses, including direct fuel transportation services, lubricants, heating oil, power, and certain advisory/sustainability offerings, which are excluded from non-GAAP measures.
• Restructuring and exit costs for the quarter included a net credit of $7.7 million associated with exit activities in the land and aviation segments, partially offset by $6.2 million in charges for the restructuring program.
• Dividends paid on common stock were $11.7 million for the quarter.
• The company reported a Finnish bid error cost of $0.8 million for the quarter and $6.0 million for the nine-month period.
• Cash and cash equivalents increased to $217.9 million as of September 30, 2026, from $193.5 million as of December 31, 2025.