NYSE: MATX
Matson, Inc.CIK 0000003453 · SIC 4400 · Water Transportation
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Matson reports Q2 EPS of $4.27, up 46% YoY; raises full-year outlook on China service strength
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Matson reports preliminary Q2 2026 operating income of $153-160M, up YoY on China strength
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In millions, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating Revenue: | ||||
| Ocean Transportation | 767.4 | 675.6 | 1,373.9 | 1,313.0 |
| Logistics | 202.0 | 154.9 | 353.3 | 299.5 |
| Total Operating Revenue | 969.4 | 830.5 | 1,727.2 | 1,612.5 |
| Costs and Expenses: | ||||
| Operating costs | (737.3) | (650.4) | (1,361.2) | (1,281.5) |
| Income from SSAT | 4.8 | 7.3 | 9.8 | 13.9 |
| General and administrative | (78.0) | (74.4) | (155.5) | (149.8) |
| Total Costs and Expenses | (810.5) | (717.5) | (1,506.9) | (1,417.4) |
| Operating Income | 158.9 | 113.0 | 220.3 | 195.1 |
| Interest income | 5.0 | 8.0 | 11.1 | 17.4 |
| Interest expense, net | (1.6) | (1.7) | (3.2) | (3.4) |
| Other income (expense), net | 1.6 | 2.4 | 3.6 | 4.8 |
| Income before Taxes | 163.9 | 121.7 | 231.8 | 213.9 |
| Income taxes | (34.5) | (27.0) | (45.8) | (46.9) |
| Net Income | 129.4 | 94.7 | 186.0 | 167.0 |
| Comprehensive Income (Loss), Net of Income Taxes: | ||||
| Net Income | 129.4 | 94.7 | 186.0 | 167.0 |
| Other Comprehensive Income (Loss): | ||||
| Net change in pension and post-retirement liabilities | (0.5) | (0.9) | (1.0) | (1.7) |
| Other adjustments | (1.9) | 1.4 | (1.9) | 1.9 |
| Total Other Comprehensive Income (Loss), Net of Income Taxes | (2.4) | 0.5 | (2.9) | 0.2 |
| Total Comprehensive Income | 127.0 | 95.2 | 183.1 | 167.2 |
| Basic Earnings Per Share | 4.30 | 2.95 | 6.16 | 5.14 |
| Diluted Earnings Per Share | 4.27 | 2.92 | 6.10 | 5.09 |
| Weighted Average Number of Shares Outstanding: | ||||
| Basic | 30.1 | 32.1 | 30.2 | 32.5 |
| Diluted | 30.3 | 32.4 | 30.5 | 32.8 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 119.3 | 141.9 |
| Accounts receivable, net of allowance for credit losses of $7.9 million and $8.6 million, respectively | 335.3 | 256.8 |
| Prepaid expenses and other assets | 81.4 | 73.2 |
| Total current assets | 536.0 | 471.9 |
| Long-term Assets: | ||
| Investment in SSAT | 106.2 | 96.2 |
| Property and equipment, net | 2,680.3 | 2,499.4 |
| Operating lease right-of-use assets | 373.0 | 369.6 |
| Goodwill | 327.8 | 327.8 |
| Intangible assets, net | 140.3 | 146.6 |
| Capital Construction Fund | 345.8 | 532.7 |
| Deferred dry-docking costs, net | 109.6 | 94.7 |
| Other long-term assets | 94.5 | 96.7 |
| Total long-term assets | 4,177.5 | 4,163.7 |
| Total Assets | 4,713.5 | 4,635.6 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Current portion of debt | 39.7 | 39.7 |
| Accounts payable and accruals | 297.9 | 244.9 |
| Operating lease liabilities | 132.8 | 128.5 |
| Other liabilities | 133.4 | 114.3 |
| Total current liabilities | 603.8 | 527.4 |
| Long-term Liabilities: | ||
| Long-term debt, net of deferred loan fees | 292.7 | 312.1 |
| Long-term operating lease liabilities | 251.2 | 246.8 |
| Deferred income taxes, net | 704.4 | 701.9 |
| Other long-term liabilities | 88.3 | 88.4 |
| Total long-term liabilities | 1,336.6 | 1,349.2 |
| Commitments and Contingencies (see Note 16) | ||
| Shareholders’ Equity: | ||
| Common stock | 22.4 | 22.8 |
| Additional paid in capital | 280.0 | 295.2 |
| Accumulated other comprehensive income (loss), net | (1.3) | 1.6 |
| Retained earnings | 2,472.0 | 2,439.4 |
| Total shareholders’ equity | 2,773.1 | 2,759.0 |
| Total Liabilities and Shareholders’ Equity | 4,713.5 | 4,635.6 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows From Operating Activities: | ||
| Net income | 186.0 | 167.0 |
| Reconciling adjustments: | ||
| Depreciation and amortization | 84.3 | 81.8 |
| Amortization of operating lease right-of-use assets | 68.8 | 66.9 |
| Deferred income taxes, net | 2.5 | 0.3 |
| Share-based compensation expense | 11.7 | 11.7 |
| Income from SSAT | (9.8) | (13.9) |
| Other | (0.1) | (4.7) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | (78.6) | (19.7) |
| Deferred dry-docking payments | (24.6) | (23.8) |
| Deferred dry-docking amortization | 16.1 | 13.6 |
| Prepaid expenses and other assets | (9.2) | (10.6) |
| Accounts payable, accruals and other liabilities | 50.3 | (3.0) |
| Operating lease assets and liabilities, net | (63.6) | (67.8) |
| Other long-term liabilities | (2.2) | (3.2) |
| Net cash provided by operating activities | 231.6 | 194.6 |
| Cash Flows From Investing Activities: | ||
| Vessel construction expenditures | (199.8) | (104.1) |
| Capital expenditures (excluding vessel construction expenditures) | (55.7) | (71.4) |
| Proceeds from disposal of property and equipment, net | (0.1) | 0.5 |
| Cash and interest deposited into the Capital Construction Fund | (9.5) | (109.1) |
| Withdrawals from Capital Construction Fund | 197.7 | 100.7 |
| Net cash used in investing activities | (67.4) | (183.4) |
| Cash Flows From Financing Activities: | ||
| Repayments of debt | (19.9) | (19.9) |
| Dividends paid | (22.0) | (22.3) |
| Repurchase of Matson common stock | (119.8) | (160.4) |
| Tax withholding related to net share settlements of restricted stock units | (25.1) | (16.3) |
| Net cash used in financing activities | (186.8) | (218.9) |
| Net Decrease in Cash and Cash Equivalents | (22.6) | (207.7) |
| Cash and Cash Equivalents, Beginning of the Period | 141.9 | 266.8 |
| Cash and Cash Equivalents, End of the Period | 119.3 | 59.1 |
| Supplemental Cash Flow Information: | ||
| Interest paid, net of capitalized interest | 2.5 | 2.7 |
| Income taxes paid, net of income tax refunds | 31.7 | 40.7 |
| Non-cash Information: | ||
| Capital expenditures included in accounts payable, accruals and other liabilities | 3.8 | 4.0 |
| Accrued dividends | 11.4 | 11.4 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗