WORLD KINECT CORP WKC
World Kinect Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K ("2025 10-K Report") as "World Kinect," "we," "our," and "us."
We are a global energy management company offering fulfillment and related services to customers across the aviation, marine, and land transportation sectors. We also supply natural gas along with a complementary suite of sustainability-related products and services.
A reference to a "Note" herein refers to the accompanying Notes to the Consolidated Financial Statements within Part IV. Item 15. – Notes to the Consolidated Financial Statements included in this 2025 10-K Report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.92B | $42.17B | $47.71B | $59.04B | $31.34B | $20.36B | $36.82B | $39.75B | $33.70B | $27.02B |
| Cost of revenue | $35.97B | $41.14B | $46.65B | $57.95B | $30.55B | $19.51B | $35.71B | $38.73B | $32.76B | $26.12B |
| Gross profit | $947.8M | $1.03B | $1.06B | $1.09B | $788.2M | $851.8M | $1.11B | $1.02B | $932.2M | $899.0M |
| SG&A | $282.5M | $297.1M | $308.0M | $308.7M | $247.6M | $311.1M | $322.2M | $299.6M | $306.9M | $296.8M |
| Total operating expenses | $1.51B | $815.7M | $860.2M | $815.8M | $645.6M | $714.0M | $812.3M | $758.8M | $886.6M | $710.1M |
| Operating income | -$564.7M | $210.6M | $198.0M | $273.2M | $142.6M | $137.9M | $299.7M | $259.7M | $45.6M | $188.9M |
| Interest expense | $112.0M | $116.0M | $135.5M | $117.4M | $47.2M | $48.6M | $80.0M | $74.8M | $66.3M | $43.7M |
| Pre-tax income | -$739.7M | $95.5M | $66.7M | $145.1M | $100.0M | $161.7M | $237.3M | $184.9M | -$21.1M | $142.1M |
| Income tax | $127.9M | $27.6M | $13.0M | $29.2M | $25.8M | $52.1M | $56.2M | $55.9M | $149.2M | $15.7M |
| Net income | -$614.4M | $67.4M | $52.9M | $114.1M | $73.7M | $109.6M | $178.9M | $127.7M | -$170.2M | $126.5M |
| EPS, basic | -10.99 | 1.14 | 0.86 | 1.83 | 1.17 | 1.72 | 2.71 | 1.89 | -2.50 | 1.82 |
| EPS, diluted | -10.99 | 1.13 | 0.86 | 1.82 | 1.16 | 1.71 | 2.69 | 1.89 | -2.50 | 1.81 |
| Shares, diluted (wtd. avg.) | $55.9M | $59.5M | $61.7M | $62.7M | $63.3M | $64.0M | $66.5M | $67.7M | $68.1M | $69.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $193.5M | $382.9M | $304.3M | $298.4M | $652.2M | $658.8M | $186.1M | $211.7M | $372.3M | $698.6M |
| Receivables | $2.21B | $2.43B | $2.74B | $3.29B | $2.36B | $1.24B | $2.89B | $2.74B | $2.71B | $2.34B |
| Inventory | $454.2M | $513.5M | $664.6M | $779.9M | $477.9M | $344.3M | $593.3M | $523.1M | $505.0M | $458.0M |
| Total current assets | $3.50B | $3.96B | $4.50B | $5.24B | $4.02B | $2.64B | $4.17B | $3.97B | $3.94B | $3.84B |
| Property, plant and equipment | $348.4M | $513.3M | $515.3M | $484.2M | $348.9M | $342.6M | $360.9M | $350.3M | $329.8M | $311.2M |
| Goodwill | $737.5M | $1.18B | $1.24B | $1.23B | $861.9M | $858.6M | $843.7M | $852.7M | $845.5M | $835.9M |
| Other intangibles | $311.7M | $261.2M | $299.7M | $336.2M | $189.1M | $202.8M | $221.7M | $245.4M | $279.7M | $282.3M |
| Total assets | $5.86B | $6.73B | $7.38B | $8.16B | $5.94B | $4.50B | $5.99B | $5.68B | $5.59B | $5.41B |
| Accounts payable | $2.59B | $2.73B | $3.10B | $3.53B | $2.40B | $1.21B | $2.60B | $2.40B | $2.24B | $1.77B |
| Short-term debt | — | — | — | — | — | — | — | $41.1M | $25.6M | $15.4M |
| Total current liabilities | $3.31B | $3.44B | $4.05B | $4.61B | $3.10B | $1.68B | $3.16B | $2.94B | $2.72B | $2.18B |
| Total liabilities | $4.56B | $4.78B | $5.43B | $6.17B | $4.03B | $2.59B | $4.10B | $3.85B | $3.85B | $3.47B |
| Retained earnings | $1.32B | $2.01B | $1.98B | $1.96B | $1.88B | $1.84B | $1.76B | $1.61B | $1.49B | $1.68B |
| Total equity | $1.30B | $1.95B | $1.95B | $1.99B | $1.92B | $1.91B | $1.89B | $1.83B | $1.74B | $1.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $292.9M | $259.9M | $271.3M | $138.5M | $173.2M | $604.1M | $228.8M | -$182.5M | -$133.6M | $50.7M |
| Depreciation and amortisation | $98.2M | $106.4M | $104.5M | $107.8M | $50.8M | $52.7M | $54.5M | $45.6M | $44.1M | $42.5M |
| Stock-based compensation | $25.5M | $28.1M | $24.2M | $17.6M | $19.6M | -$900.0K | $23.6M | $8.3M | $21.2M | $19.2M |
| Capital expenditure | $65.6M | $68.2M | $87.6M | $78.6M | $39.2M | $51.3M | $80.9M | $72.3M | $54.0M | $36.1M |
| Investing cash flow | -$170.0M | $64.5M | -$101.1M | -$724.9M | -$58.3M | $72.8M | -$50.5M | $286.0M | $158.7M | -$274.0M |
| Financing cash flow | -$315.1M | -$230.6M | -$152.4M | $237.3M | -$113.6M | -$213.0M | -$204.9M | -$257.1M | -$361.6M | $340.9M |
| Dividends paid | $41.3M | $38.5M | $34.0M | $31.0M | $28.7M | $25.6M | $21.1M | $16.2M | $16.3M | $16.6M |
| Buybacks | $85.0M | $100.0M | $60.1M | $48.7M | $50.5M | $68.3M | $65.4M | $20.0M | $61.9M | $41.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187092.
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