Matson二季度中国线量价强于预期并上调全年展望，但亚洲航运映射不足以追多

# 美股盘后催化 7/12: Matson中国线量价强于预期且旺季接近满载，跨太平洋货运出现电商、补库和关税前置驱动

- 美股会话: 2026-08-03
- 方向: POSITIVE；类型: 行业数据；规划重大性: 7/10
- 映射模式: sector_sympathy
- 美股驱动（规划器初判，需独立核验）: 事实：Matson Q2 EPS显著高于去年并上调全年展望，中国服务箱量同比增15.2%，CLX/MAX服务受电商、服装、电子产品需求推动，运价和需求高于预期，公司预计中国服务旺季接近满载。推断：这是跨太平洋高端快线和部分亚洲出口需求韧性的公司级信号，但可能包含关税前置和补库，存在透支四季度风险。

## 本催化相关美股真实收盘行情

- MATX.US (MATX.US): 207.45 +2.40%

## 亚太映射假设（仅候选，必须查证）

- 长荣海运 (2603.TW) [TW/同源本地股/positive]: 若美线需求和运价韧性扩散至主流航线，台湾集运盈利预期可能上修。；核验问题: 核实长荣美线舱位、现货/长约价、订舱和燃油成本转嫁。
- HMM (011200.KS) [KR/同源本地股/positive]: 跨太平洋旺季近满载可提升韩国远洋航运股运价预期。；核验问题: 核实HMM美线运力占比、即期价锁定和八九月订舱。
- 海丰国际 (1308.HK) [HK/同源本地股/mixed]: 亚洲区域货流和东南亚制造迁移可能受益，但与Matson美线敞口不同。；核验问题: 核实其东南亚-中国/亚洲区域航线与美国出口链关联度。

## 必答问题

- Matson强势是否为高端快速服务特有，还是代表广泛跨太平洋市场？
- 关税前置和补库会否导致Q4货量回落？
- SCFI/FBX和其它航商是否确认同样强度？

## 原始证据全文（4 条）

### [E1990] MATX | 2026-08-03 20:05 UTC | 收盘后
MATSON, INC. ANNOUNCES SECOND QUARTER 2026 RESULTS AND RAISES FULL YEAR OUTLOOK
URL: https://investor.matson.com/news-releases/news-release-details/matson-inc-announces-second-quarter-2026-results-and-raises-full
- 2Q26 EPS of
$4.27 versus$2.92 in 2Q25 - 2Q26 Net Income of
$129 .4 million versus$94 .7 million in 2Q25 - 2Q26 Consolidated Operating Income of
$158 .9 million versus$113 .0 million in 2Q25 - 2Q26 EBITDA of
$211 .0 million versus$163 .6 million in 2Q25 - Repurchased approximately 0.3 million shares in 2Q26
- Raises full year outlook
"Looking ahead, we expect our
Second Quarter 2026 Discussion and Outlook for 2026
Ocean Transportation: The Company's container volume in the
In the
In the
In the
The contribution from the Company's SSAT joint venture investment was
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the
Logistics: Operating income for the Company's Logistics segment was
Consolidated Operating Income: To date, the
Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $205 million, inclusive of dry-docking amortization of approximately $35 million.
Interest Income: The Company expects interest income for the full year 2026 to be approximately $18 million.
Interest Expense, Net: The Company expects interest expense, net for the full year 2026 to be approximately $6 million.
Other Income (Expense), Net: The Company expects full year 2026 other income (expense), net to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company's pension and post-retirement plans.
Income Taxes: For the second quarter 2026, the Company's effective tax rate was 21.0 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
Capital and
|
Results By Segment |
||||||||||||
|
Ocean Transportation — Three months ended June 30, 2026 compared with 2025 |
||||||||||||
|
Three Months Ended June 30, |
||||||||||||
|
(Dollars in millions) |
2026 |
2025 |
Change |
|||||||||
|
Ocean Transportation revenue |
$ |
767.4 |
$ |
675.6 |
$ |
91.8 |
13.6 |
% |
||||
|
Operating costs and expenses |
(623.4) |
(577.0) |
(46.4) |
8.0 |
% |
|||||||
|
Operating income |
$ |
144.0 |
$ |
98.6 |
$ |
45.4 |
46.0 |
% |
||||
|
Operating income margin |
18.8 |
% |
14.6 |
% |
||||||||
|
Volume by Service (Forty-foot equivalent units (FEU)) (1) |
||||||||||||
|
|
35,600 |
36,000 |
(400) |
(1.1) |
% |
|||||||
|
|
21,200 |
21,700 |
(500) |
(2.3) |
% |
|||||||
|
|
37,200 |
32,300 |
4,900 |
15.2 |
% |
|||||||
|
|
4,700 |
4,500 |
200 |
4.4 |
% |
|||||||
|
Other containers (3) |
3,900 |
4,400 |
(500) |
(11.4) |
% |
|
(1) |
Approximate volume included for the period is based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
||||
|
(2) |
Includes containers from |
||||
|
(3) |
Includes containers from services in various islands in |
Ocean Transportation revenue increased
On a year-over-year FEU basis,
Ocean Transportation operating income increased
The Company's SSAT terminal joint venture investment contributed
|
Ocean Transportation — Six months ended June 30, 2026 compared with 2025 |
||||||||||||
|
Six Months Ended June 30, |
||||||||||||
|
(Dollars in millions) |
2026 |
2025 |
Change |
|||||||||
|
Ocean Transportation revenue |
$ |
1,373.9 |
$ |
1,313.0 |
$ |
60.9 |
4.6 |
% |
||||
|
Operating costs and expenses |
(1,175.3) |
(1,140.8) |
(34.5) |
3.0 |
% |
|||||||
|
Operating income |
$ |
198.6 |
$ |
172.2 |
$ |
26.4 |
15.3 |
% |
||||
|
Operating income margin |
14.5 |
% |
13.1 |
% |
||||||||
|
Volume by Service (Forty-foot equivalent units (FEU)) (1) |
||||||||||||
|
|
69,300 |
71,700 |
(2,400) |
(3.3) |
% |
|||||||
|
|
40,500 |
41,400 |
(900) |
(2.2) |
% |
|||||||
|
|
63,000 |
60,800 |
2,200 |
3.6 |
% |
|||||||
|
|
8,900 |
8,700 |
200 |
2.3 |
% |
|||||||
|
Other containers (3) |
7,200 |
7,800 |
(600) |
(7.7) |
% |
|
(1) |
Approximate volume included for the period is based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
|||
|
(2) |
Includes containers from |
|||
|
(3) |
Includes containers from services in various islands in |
Ocean Transportation revenue increased
On a year-over-year FEU basis,
Ocean Transportation operating income increased
The Company's SSAT terminal joint venture investment contributed
|
Logistics — Three months ended June 30, 2026 compared with 2025 |
||||||||||||
|
Three Months Ended June 30, |
||||||||||||
|
(Dollars in millions) |
2026 |
2025 |
Change |
|||||||||
|
Logistics revenue |
$ |
202.0 |
$ |
154.9 |
$ |
47.1 |
30.4 |
% |
||||
|
Operating costs and expenses |
(187.1) |
(140.5) |
(46.6) |
33.2 |
% |
|||||||
|
Operating income |
$ |
14.9 |
$ |
14.4 |
$ |
0.5 |
3.5 |
% |
||||
|
Operating income margin |
7.4 |
% |
9.3 |
% |
Logistics revenue increased
Logistics operating income increased
|
Logistics — Six months ended June 30, 2026 compared with 2025 |
||||||||||||
|
Six Months Ended June 30, |
||||||||||||
|
(Dollars in millions) |
2026 |
2025 |
Change |
|||||||||
|
Logistics revenue |
$ |
353.3 |
$ |
299.5 |
$ |
53.8 |
18.0 |
% |
||||
|
Operating costs and expenses |
(331.6) |
(276.6) |
(55.0) |
19.9 |
% |
|||||||
|
Operating income |
$ |
21.7 |
$ |
22.9 |
$ |
(1.2) |
(5.2) |
% |
||||
|
Operating income margin |
6.1 |
% |
7.6 |
% |
Logistics revenue increased
Logistics operating income decreased
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents decreased by
During the second quarter 2026, Matson repurchased approximately 0.3 million shares for a total cost of
|
1 Total debt is presented before any reduction for deferred loan fees as required by GAAP. |
|
2 Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end. |
Teleconference and Webcast
A conference call is scheduled on
|
Date of Conference Call: |
|
|
Scheduled Time: |
|
The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors.
Participants may register for the conference call at:
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA").
Forward-Looking Statements
Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense, net; other income (expense), net; tax rate; maintenance and other capital expenditures; capital and vessel dry-docking expenditures; volume; traditional seasonality patterns; capacity through peak season; impacts from the Iran conflict and tariffs; timing to recover fuel costs; freight demand; consumer demand and spending; trading environment; growth in Southeast Asia; geopolitical uncertainty; economic growth and drivers in Hawaii, Alaska and Guam; tourism levels; unemployment rates; construction activity; steady job market; energy-related inflation; oil and gas exploration and production activity; market share; contribution from SSAT; refleeting initiatives; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; performance under the Company's vessel construction agreements with Hanwha Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company's effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.
|
|
||||||||||||
|
Condensed Consolidated Statements of Income |
||||||||||||
|
(Unaudited) |
||||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||
|
June 30, |
June 30, |
|||||||||||
|
(In millions, except per share amounts) |
2026 |
2025 |
2026 |
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 |
||||
|
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) |
||||||
|
June 30, |
December 31, |
|||||
|
(In millions) |
2026 |
2025 |
||||
|
ASSETS |
||||||
|
Current Assets: |
||||||
|
Cash and cash equivalents |
$ |
119.3 |
$ |
141.9 |
||
|
Other current assets |
416.7 |
330.0 |
||||
|
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 |
||||
|
|
327.8 |
327.8 |
||||
|
Intangible assets, net |
140.3 |
146.6 |
||||
|
|
345.8 |
532.7 |
||||
|
Other long-term assets |
577.1 |
561.0 |
||||
|
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 |
||
|
Other current liabilities |
564.1 |
487.7 |
||||
|
Total current liabilities |
603.8 |
527.4 |
||||
|
Long-term Liabilities: |
||||||
|
Long-term debt, net of deferred loan fees |
292.7 |
312.1 |
||||
|
Deferred income taxes, net |
704.4 |
701.9 |
||||
|
Other long-term liabilities |
339.5 |
335.2 |
||||
|
Total long-term liabilities |
1,336.6 |
1,349.2 |
||||
|
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) |
|||||||
|
Six Months Ended June 30, |
|||||||
|
(In millions) |
2026 |
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 |
(9.5) |
(109.1) |
|||||
|
Withdrawals from |
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) |
|||||
|
|
(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 |
|
|
|||||||||||||
|
Net Income to EBITDA Reconciliations |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
Three Months Ended |
|||||||||||||
|
June 30, |
Last Twelve |
||||||||||||
|
(In millions) |
2026 |
2025 |
Change |
Months |
|||||||||
|
Net Income |
$ |
129.4 |
$ |
94.7 |
$ |
34.7 |
$ |
463.8 |
|||||
|
Subtract: |
Interest income |
(5.0) |
(8.0) |
3.0 |
(25.4) |
||||||||
|
Add: |
Interest expense, net |
1.6 |
1.7 |
(0.1) |
6.6 |
||||||||
|
Add: |
Income taxes |
34.5 |
27.0 |
7.5 |
87.9 |
||||||||
|
Add: |
Depreciation and amortization |
42.1 |
41.2 |
0.9 |
169.4 |
||||||||
|
Add: |
Deferred dry-docking amortization |
8.4 |
7.0 |
1.4 |
31.4 |
||||||||
|
EBITDA (1) |
$ |
211.0 |
$ |
163.6 |
$ |
47.4 |
$ |
733.7 |
|
Six Months Ended |
|||||||||||||
|
June 30, |
|||||||||||||
|
(In millions) |
2026 |
2025 |
Change |
||||||||||
|
Net Income |
$ |
186.0 |
$ |
167.0 |
$ |
19.0 |
|||||||
|
Subtract: |
Interest income |
(11.1) |
(17.4) |
6.3 |
|||||||||
|
Add: |
Interest expense, net |
3.2 |
3.4 |
(0.2) |
|||||||||
|
Add: |
Income taxes |
45.8 |
46.9 |
(1.1) |
|||||||||
|
Add: |
Depreciation and amortization |
84.3 |
81.8 |
2.5 |
|||||||||
|
Add: |
Deferred dry-docking amortization |
16.1 |
13.6 |
2.5 |
|||||||||
|
EBITDA (1) |
$ |
324.3 |
$ |
295.3 |
$ |
29.0 |
|
(1) |
EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/matson-inc-announces-second-quarter-2026-results-and-raises-full-year-outlook-302841264.html
SOURCE
Investor Relations inquiries: Justin Schoenberg, Matson, Inc., 510.628.4234, jschoenberg@matson.com, News Media inquiries: Keoni Wagner, Matson, Inc., 510.628.4534, kwagner@matson.com

### [E2116] Matson Inc. | 2026-08-03 20:10 UTC | 收盘后
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
​
FORM
8-K
​
​
CURRENT REPORT
​
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported):
August
URL: https://www.sec.gov/Archives/edgar/data/3453/000110465926089794/
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
​
FORM
8-K
​
​
CURRENT REPORT
​
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported):
August
3, 2026 (
August
3, 2026
)
​
Matson, Inc.
(Exact Name of Registrant as Specified in its Charter)
_____________________
​
Hawaii
​ ​
001-34187
​ ​
99-0032630
(State or Other Jurisdiction of
Incorporation)
​
(Commission File Number)
​
(I.R.S. Employer Identification
No.)
​
​
1411 Sand Island Parkway
​ ​
​
Honolulu
,
Hawaii
​
96819
(Address of principal executive offices)
​
(zip code)
​
Registrant’s telephone number, including area code:
(
808
)
848-1211
(Former Name or former address, if changed since last report)
_____________________
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, without par value
MATX
New York Stock Exchange
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
​
Item 2.02.
Results of Operations and Financial Condition.
​
On August 3, 2026, Matson, Inc. (the “Company”) issued a press release announcing the Company’s earnings for the quarter ended June
30, 2026. A copy of the press release is attached hereto as Exhibit 99.1. In addition, the Company posted an investor presentation to its website. A copy of the investor presentation is attached hereto as Exhibit 99.2.
​
The information in this report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
​
​
Item 9.01.
Financial Statements and Exhibits.
​
(a) - (c) Not applicable.
​
(d) Exhibits.
​
The exhibits listed below are being furnished with this Form 8-K.
​
99.1
Press Release issued by Matson, Inc., dated August 3, 2026
​
​
99.2
Investor Presentation, dated August 3, 2026
​
​
104
Cover Page Interactive Data File (formatted in Inline XBRL).
​
​
​
​
SIGNATURE
​
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
​
​
​
MATSON, INC.
​
​
​
​
​
/s/ Joel M. Wine
​
Joel M. Wine
​
Executive Vice President and Chief Financial Officer
​
​
​
​
Dated: August 3, 2026
​
​
​
​
​
​

----- EXHIBIT -----

EX-99.1
2
matx-20260803xex99d1.htm
EX-99.1
Exhibit 99.1
​
​
​
​
Investor Relations inquiries:
News Media inquiries:
Justin Schoenberg
Keoni Wagner
Matson, Inc.
Matson, Inc.
510.628.4234
510.628.4534
jschoenberg@matson.com
kwagner@matson.com
​
FOR
IMMEDIATE RELEASE
​
MATSON, INC. ANNOUNCES
SECOND
QUARTER 2026 RESULTS AND RAISES FULL YEAR OUTLOOK
​
●
2
Q26 EPS of $4.27 versus $2.92 in
2
Q25
●
2
Q26
Net Income of $129.4 million versus $94.7 million in
2
Q25
●
2
Q26 Consolidated Operating Income of $158.9 million versus $113.0 million in
2
Q25
●
2
Q26 EBITDA of $211.0 million versus $163.6 million in
2
Q25
●
Repurchased approximately 0.3 million shares in
2
Q26
●
Raises full year outlook
​
HONOLULU, Hawaii (August 3, 2026) – Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $129.4 million, or $4.27 per diluted share, for the quarter ended June
30, 2026. Net income for the quarter ended June 30, 2025 was $94.7 million, or $2.92
per diluted share. Consolidated revenue for the second quarter 2026 was $969.4 million, compared with $830.5 million for the second quarter 2025.
​
Matt Cox, Matson’s Chairman and Chief Executive Officer, commented, “Matson had a strong second quarter with momentum in our China service carrying over from the post-Lunar New Year period. Our CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane.”
​
Mr. Cox added, “In our domestic ocean tradelanes, we saw lower year-over-year volumes in Hawaii and Alaska and higher year-over-year volume in Guam. In Logistics, operating income increased year-over-year primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.”
​
“Looking ahead, we expect our China service to be at or near capacity through peak season. For the fourth quarter 2026, we expect demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. We continue to expect to fully recover our fuel costs by the end of the year. As a result, we expect Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the level achieved in the year ago period. We also expect Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the level achieved last year. For Logistics, we expect operating income in the third and fourth quarters 2026 to be modestly higher than the levels achieved last year. For full year 2026, we expect consolidated operating income to be higher than the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.”
​
1
S
econd
Quarter 2026 Discussion and Outlook for 2026
​
Ocean Transportation:
The Company’s container volume in the Hawaii service in the second quarter 2026 was 1.1
percent lower year-over-year primarily due to lower general demand. Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, but continues to face headwinds from higher energy-related inflation. The Company expects volume in full year 2026 to approach the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.
​
In the China service, the Company’s container volume in the second quarter 2026 increased 15.2 percent year-over-year primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April
2025. In the second quarter 2026, momentum in the China service carried over from the post-Lunar New Year period, and the Company’s CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane. The Company expects its China service to be at or near capacity through peak season. For the fourth quarter 2026, the Company expects demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. As such, the Company expects volume in full year 2026 to be higher than the level achieved in 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
​
In the Guam service, the Company’s container volume in the second quarter 2026 increased 4.4
percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
​
In the Alaska service, the Company’s container volume in the second quarter 2026 decreased 2.3
percent year-over-year primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to approach the level achieved last year.
​
The contribution from the Company’s SSAT joint venture investment was $4.8 million in the second quarter 2026, or $2.5
million lower than second quarter 2025. The decrease was primarily due to lower lift volume and higher operating expenses. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.
​
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the $147.4
million achieved in the third quarter 2025. The Company also expects Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the $136.0 million achieved in the fourth quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to be higher than the $455.6 million achieved in full year 2025.
​
Logistics:
Operating income for the Company’s Logistics segment was $14.9 million in the second quarter 2026, or $0.5
million higher compared to the level achieved in the second quarter 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing. For the third and fourth quarters 2026, the Company expects Logistics operating income to be modestly higher than the $13.6
million and $7.7 million achieved in the third and fourth quarters 2025, respectively. For full year 2026, the Company expects Logistics operating income to be higher than the $44.2 million achieved in full year 2025.
​
Consolidated Operating Income:
To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. The Company continues to expect to fully recover fuel costs by the end of the year. For the third quarter 2026, the Company expects consolidated operating income to be approximately 45 percent higher than the level achieved in the third quarter 2025. For full year 2026, the Company expects consolidated operating income to be higher than the level achieved in full year 2025 based
2
on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
​
Depreciation and Amortization:
For full year 2026, the Company expects depreciation and amortization expense to be approximately $205 million, inclusive of dry-docking amortization of approximately $35 million.
​
Interest Income:
The Company expects interest income for the full year 2026 to be approximately $18 million.
​
Interest Expense, Net:
The Company expects interest expense, net for the full year 2026 to be approximately $6 million.
​
Other Income (Expense), Net:
The Company expects full year 2026 other income (expense), net to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
​
Income Taxes:
For the second quarter 2026, the Company’s effective tax rate was 21.0 percent
.
For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
​
Capital and Vessel Dry-docking Expenditures:
For the second quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $25.4 million, vessel construction expenditures (including capitalized interest and owner’s items) of $181.8 million, and dry-docking payments of $12.7
million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.
​
Results By Segment
​
Ocean Transportation — Three months ended June 30, 2026 compared with 2025
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Three Months Ended June 30,
(Dollars in millions)
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
Ocean Transportation revenue
​
$
767.4
​
$
675.6
​
$
91.8
​
13.6
%
Operating costs and expenses
​
(623.4)
​
(577.0)
​
(46.4)
​
8.0
%
Operating income
​
$
144.0
​
$
98.6
​
$
45.4
​
46.0
%
Operating income margin
​
​
18.8
%
​
14.6
%
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Volume by Service (Forty-foot equivalent units (FEU)) (1)
​
​
​
​
​
​
​
​
​
​
​
​
Hawaii containers
​
35,600
​
36,000
​
(400)
​
(1.1)
%
Alaska containers
​
21,200
​
21,700
​
(500)
​
(2.3)
%
China containers (2)
​
37,200
​
​
32,300
​
4,900
​
15.2
%
Guam containers
​
4,700
​
4,500
​
200
​
4.4
%
Other containers (3)
​
3,900
​
4,400
​
(500)
​
(11.4)
%
(1)
Approximate volume included for the period is based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.
(2)
Includes containers from China and other Asia origins.
(3)
Includes containers from services in
various islands in Micronesia and the South Pacific, and Okinawa, Japan
.
​
Ocean Transportation revenue increased $91.8 million, or 13.6 percent, during the three months ended June 30, 2026, compared with the three months ended June
30, 2025. The increase was primarily due to higher volume and freight rates in the China service.
​
On a year-over-year FEU basis, Hawaii service container volume decreased 1.1 percent primarily due to lower general demand; Alaska service volume decreased 2.3 percent primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing; China service volume increased 15.2 percent primarily due to significantly
3
higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 4.4 percent; and Other containers volume decreased 11.4 percent.
​
Ocean Transportation operating income increased $45.4 million, or 46.0 percent, during the three months ended June 30, 2026, compared with the three months ended June
30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.
​
The Company’s SSAT terminal joint venture investment contributed $4.8 million during the three months ended June 30, 2026, compared to $7.3 million during the three months ended June
30, 2025. The decrease was primarily due to lower lift volume and higher operating expenses.
​
Ocean Transportation —
Six
months ended June 30, 2026 compared with 2025
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Six Months Ended June 30,
(Dollars in millions)
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
Ocean Transportation revenue
​
$
1,373.9
​
$
1,313.0
​
$
60.9
​ ​
4.6
%
Operating costs and expenses
​
(1,175.3)
​
(1,140.8)
​
(34.5)
​
3.0
%
Operating income
​
$
198.6
​
$
172.2
​
$
26.4
​
15.3
%
Operating income margin
​
14.5
%
13.1
%
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Volume by Service (Forty-foot equivalent units (FEU)) (1)
​
​
​
​
​
​
​
​
​
​
​
​
Hawaii containers
​
69,300
​
71,700
​
(2,400)
​
(3.3)
%
Alaska containers
​
40,500
​
41,400
​
(900)
​
(2.2)
%
China containers (2)
​
63,000
​
60,800
​
2,200
​
3.6
%
Guam containers
​
8,900
​
8,700
​
200
​
2.3
%
Other containers (3)
​
7,200
​
7,800
​
(600)
​
(7.7)
%
(1)
Approximate volume included for the period is based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.
(2)
Includes containers from China and other Asia origins.
(3)
Includes containers from services in
various islands in Micronesia and the South Pacific, and Okinawa, Japan
.
​
Ocean Transportation revenue increased $60.9 million, or 4.6 percent, during the six months ended June 30, 2026, compared with the six months ended June
30, 2025. The increase was primarily due to higher freight rates and volume in the China service.
​
On a year-over-year FEU basis, Hawaii service container volume decreased 3.3 percent primarily due to lower general demand; Alaska service volume decreased 2.2 percent primarily due to lower general demand; China service volume increased 3.6 percent primarily due to significantly higher demand in the second quarter 2026 compared to the second quarter 2025, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 2.3 percent; and Other containers volume decreased 7.7 percent.
​
Ocean Transportation operating income increased $26.4 million, or 15.3 percent, during the six months ended June 30, 2026, compared with the six months ended June
30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.
​
The Company’s SSAT terminal joint venture investment contributed $9.8 million during the six months ended June 30, 2026, compared to $13.9 million during the six months ended June
30, 2025. The decrease was primarily due to lower lift volume.
​
4
Logistics — Three months ended June 30, 2026 compared with 2025
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Three Months Ended June 30,
(Dollars in millions)
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
Logistics revenue
​
$
202.0
​
$
154.9
$
47.1
​
30.4
%
Operating costs and expenses
​
(187.1)
​
(140.5)
(46.6)
​
33.2
%
Operating income
​
$
14.9
​
$
14.4
$
0.5
​
3.5
%
Operating income margin
​
​
7.4
%
​
9.3
%
​
​
​
​
​
​
Logistics revenue increased $47.1 million, or 30.4 percent, during the three months ended June 30, 2026, compared with the three months ended June
30, 2025. The increase was primarily due to higher revenue in transportation brokerage.
​
Logistics operating income increased $0.5 million, or 3.5 percent, during the three months ended June 30, 2026, compared with the three months ended June
30, 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.
​
Logistics —
Six
months ended June 30, 2026 compared with 2025
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Six Months Ended June 30,
(Dollars in millions)
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
Logistics revenue
​
$
353.3
​
$
299.5
$
53.8
​ ​
18.0
%
Operating costs and expenses
​
(331.6)
​
(276.6)
(55.0)
​
19.9
%
Operating income
​
$
21.7
​
$
22.9
$
(1.2)
​
(5.2)
%
Operating income margin
​
6.1
%
7.6
%
​
​
​
​
​
​
Logistics revenue increased $53.8 million, or 18.0 percent, during the six months ended June 30, 2026, compared with the six months ended June
30, 2025. The increase was primarily due to higher revenue in transportation brokerage.
​
Logistics operating income decreased $1.2 million, or 5.2 percent, during the six months ended June 30, 2026, compared with the six months ended June
30, 2025. The decrease was primarily due to a lower contribution from warehousing, partially offset by a higher contribution from freight forwarding.
​
Liquidity, Cash Flows and Capital Allocation
​
Matson’s Cash and Cash Equivalents decreased by $22.6 million from $141.9 million at December 31, 2025 to $119.3 million at June
30, 2026. As of June 30, 2026, there was $345.8
million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund. Matson generated net cash from operating activities of $231.6 million during the six months ended June 30, 2026, compared to $194.6 million during the six months ended June
30, 2025. Capital expenditures (including capitalized vessel construction expenditures) totaled $255.5 million for the six months ended June 30, 2026, compared with $175.5 million for the six months ended June
30, 2025. Total debt decreased by $19.9 million during the six months
to $341.3 million as of June 30, 2026, of which $301.6 million was classified as long-term debt.
1
As of June 30, 2026, Matson had available borrowings under its revolving credit facility of $544.2 million.
​
During the second quarter 2026, Matson repurchased approximately 0.3 million shares for a total cost of $67.8 million.
2
On April 23, 2026, Matson’s Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company’s existing share repurchase program and extended the program to December
31, 2029. As of June 30, 2026, there were approximately 3.4
million shares remaining in the Company’s share repurchase program. On June 25, 2026, Matson’s Board of Directors also declared a cash dividend of $0.38 per share payable on September 3, 2026 to all shareholders of record as of the close of business on August 6, 2026.
​
1
Total debt is presented before any reduction for deferred loan fees as required by GAAP.
2
Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.
5
Teleconference and Webcast
​
A conference call is scheduled on August 3, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson’s second quarter results.
​
​
​
Date of Conference Call:
Monday, August 3, 2026
Scheduled Time:
4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HT
​
The conference call will be broadcast live along with an additional slide presentation on the Company’s website at www.matson.com, under Investors.
​
Participants may register for the conference call at:
​
https://register-conf.media-server.com/register/BIb1df4ff4daa14ab9936f4360acc3071b
​
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two
hours after the event by accessing the webcast link at www.matson.com, under Investors.
​
About the Company
​
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson’s transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.
​
GAAP to Non-GAAP Reconciliation
​
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”).
​
Forward-Looking
Statements
​
Statements in this news release that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense, net; other income (expense), net; tax rate; maintenance and other capital expenditures; capital and vessel dry-docking expenditures; volume; traditional seasonality patterns; capacity through peak season; impacts from the Iran conflict and tariffs; timing to recover fuel costs; freight demand; consumer demand and spending; trading environment; growth in Southeast Asia; geopolitical uncertainty; economic growth and drivers in Hawaii, Alaska and Guam; tourism levels; unemployment rates; construction activity; steady job market; energy-related inflation; oil and gas exploration and production activity; market share; contribution from SSAT; refleeting initiatives; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of
6
common stock pursuant to the repurchase program. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; performance under the Company’s vessel construction agreements with Hanwha Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company’s effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.
7
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Three Months Ended
Six Months Ended
​
​
June 30,
June 30,
(In millions, except per share amounts)
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
2026
​ ​ ​
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
​
​
​
​
​
​
​
​
​
​
​
​
​
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
​
​
​
8
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
​
​
​
​
​
​
​
​
​ ​ ​
June 30,
​ ​ ​
December 31,
(In millions)
​
2026
​
2025
ASSETS
​
​
​
​
​
​
Current Assets:
​
​
​
​
​
​
Cash and cash equivalents
​
$
119.3
​
$
141.9
Other current assets
​
416.7
​
330.0
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
Goodwill
​
327.8
​
327.8
Intangible assets, net
​
140.3
​
146.6
Capital Construction Fund
​
345.8
​
532.7
Other long-term assets
​
577.1
​
561.0
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
Other current liabilities
​
564.1
​
487.7
Total current liabilities
​
603.8
​
527.4
Long-term Liabilities:
​
​
​
​
​
​
Long-term debt, net of deferred loan fees
​
292.7
​
312.1
Deferred income taxes, net
​
704.4
​
701.9
Other long-term liabilities
​
339.5
​
335.2
Total long-term liabilities
​
1,336.6
​
1,349.2
​
​
​
​
​
​
​
Total shareholders’ equity
​
2,773.1
​
2,759.0
Total liabilities and shareholders’ equity
​
$
4,713.5
​
$
4,635.6
​
​
9
​
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
​
​
​
​
​
​
​
​
​
​
Six Months Ended June 30,
​
(In millions)
​ ​ ​
2026
​ ​ ​
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
​
​
​
​
10
​
MATSON, INC. AND SUBSIDIARIES
Net Income to EBITDA Reconciliations
(Unaudited)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Three Months Ended
​
​
​
​
​
June 30,
Last
Twelve
(In millions)
​
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
​ ​ ​
Months
Net Income
​
​
$
129.4
​
$
94.7
​
$
34.7
​
$
463.8
Subtract:
Interest income
​
​
(5.0)
​
​
(8.0)
​
​
3.0
​
​
(25.4)
Add:
Interest expense, net
​
1.6
​
1.7
​
(0.1)
​
​
6.6
Add:
Income taxes
​
34.5
​
27.0
​
7.5
​
​
87.9
Add:
Depreciation and amortization
​
42.1
​
41.2
​
0.9
​
​
169.4
Add:
Deferred dry-docking amortization
​
8.4
​
7.0
​
1.4
​
​
31.4
EBITDA (1)
​
​
$
211.0
​
$
163.6
​
$
47.4
​
$
733.7
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Six Months Ended
​
​
​
​
​
June 30,
​
​
(In millions)
​
​ ​ ​
2026
​ ​ ​
2025
​ ​ ​
Change
​
​
Net Income
​
​
$
186.0
​
$
167.0
​
$
19.0
​
​
​
Subtract:
Interest income
​
​
(11.1)
​
​
(17.4)
​
​
6.3
​
​
​
Add:
Interest expense, net
​
3.2
​
3.4
​
(0.2)
​
​
​
Add:
Income taxes
​
45.8
​
46.9
​
(1.1)
​
​
​
Add:
Depreciation and amortization
​
84.3
​
81.8
​
2.5
​
​
​
Add:
Deferred dry-docking amortization
​
16.1
​
13.6
​
2.5
​
​
​
EBITDA (1)
​
​
$
324.3
​
$
295.3
​
$
29.0
​
​
​
(1)
EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance.
11

----- EXHIBIT -----

EX-99.2
3
matx-20260803xex99d2.htm
EX-99.2
Exhibit 99.2
2Q 2026 Earnings Conference Call
August 3, 2026
2
Statements made during this presentation
that set forth expectations, predictions,
projections or are about future events are
based on facts and situations that are
known to us as of August 3, 2026.
We believe that our expectations and
assumptions are reasonable. Actual results
may differ materially, due to risks and
uncertainties, such as those described on
pages 12-23 of our Form 10-K filed on
February 27, 2026 and other subsequent
filings by Matson with the SEC. Statements
made during this presentation are not
guarantees of future performance.
We do not undertake any obligation to
update our forward-looking statements.
2Q 2026 Earnings Conference Call
Forward-Looking Statements
3
• Matson had a strong 2Q26 and is raising our full year outlook
─ The momentum in our China service carried over from the post-Lunar
New Year period
─ Our China service saw higher-than-expected freight rates and demand
─ Steady performance in our domestic tradelanes
─ Logistics operating income increased YoY
• We are optimistic about 2H 2026 and expect higher performance versus
2H 2025
2Q 2026 Earnings Conference Call
Opening Remarks
4 2Q 2026 Earnings Conference Call
• Container volume decreased 1.1% YoY
primarily due to lower general demand
• Expect volume to approach the level
achieved in 2025 based on expectations
of:
─ Similar economic conditions as 2025
─ Stable market share
Hawaii Service
2Q26 Performance Container Volume (FEU Basis)
Full Year 2026 Outlook
24,000
26,000
28,000
30,000
32,000
34,000
36,000
38,000
40,000
Q1 Q2 Q3 Q4
2025 2026
0
100
200
300
400
500
600
700
800
900
1,000
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Jan-22
Mar-22
May-22 Jul-22
Sep-22 Nov-22
Jan-23
Mar-23
May-23 Jul-23
Sep-23 Nov-23
Jan-24
Mar-24
May-24 Jul-24
Sep-24 Nov-24
Jan-25
Mar-25
May-25 Jul-25
Sep-25 Nov-25
Jan-26
Mar-26
May-26
Unemployment Rate
Visitor Arrivals (‘000s)
Unemployment Rate and Visitor Arrivals by Air
Hawaii Unemployment Rate (not seasonally adjusted)
Hawaii Visitor Arrivals by Air
Maui Visitor Arrivals by Air
5
Hawaii Service − Current Business Trends
2Q 2026 Earnings Conference Call
• According to UHERO, Hawaii’s economy
remains stable
─ Supported by strong construction
activity
─ Modest growth in tourist arrivals
─ Headwinds from higher energy-related
inflation
2026P 2027P 2028P
Real GDP 1.0% 1.3% 1.6%
Construction Jobs Growth 3.2% (0.2)% (0.6)%
Population Growth (0.1)% (0.1)% (0.1)%
Unemployment Rate 2.4% 2.5% 2.5%
Visitor Arrivals (‘000s)
% change
9,841.5
2.0%
9,860.2
0.2%
10,125.0
2.7%
Select Hawaii Economic Indicators UHERO Projections(4)
Commentary
(1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2026-06-state.xlsx
(2) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2026-05-maui.xlsx
(3) Source: https://dbedt.hawaii.gov/blog/26-50/
(4) Source: https://uhero.hawaii.edu/wp-content/uploads/2026/05/UHEROForecastForTheStateOfHawaii26Q2.pdf
(1)
(1)(3)
(2)(3)
6
China Service
2Q 2026 Earnings Conference Call
• Container volume increased 15.2% YoY
─ Primarily due to significantly higher
demand compared to the prior year
period
─ 2Q25 included a market decline in
Transpacific demand due to the
tariffs imposed in April 2025
2Q26 Performance Container Volume(1) (FEU Basis)
(1) Includes containers from China and other Asia origins.
8,000
13,000
18,000
23,000
28,000
33,000
38,000
43,000
Q1 Q2 Q3 Q4
2025 2026
7
• Momentum in our China service carried over from the post-Lunar New Year period
• For 2Q26, our CLX and MAX services saw higher-than-expected freight rates and
demand across e-commerce, garments and e-goods against a backdrop of tighter
supply conditions in the Transpacific tradelane
• The elevated demand grew throughout 2Q26 in both China and Southeast Asia
─ Mix of strong e-commerce demand, inventory replenishment and some pull
forward of seasonal goods
─ Shippers opted to get ahead of general rate increases and higher fuel surcharges
while also de-risking upcoming tariff discussions and uncertainty related to the Iran
conflict
2Q 2026 Earnings Conference Call
China Service − Current Business Trends
Review of 2Q26
8
• We continue to expect our China service to be at or near capacity through peak season
• For 4Q26, we expect demand to reflect a more traditional seasonality pattern
compared to the elevated period of freight demand experienced in the Transpacific
market in 4Q25 following the U.S.-China trade and economic agreement announced
on October 30, 2025
─ The agreement helped ease tariff and port entry fee uncertainty for shippers that
had constrained freight flows and led to prolonged demand with strong volume
and high freight rates lasting later in the quarter than normal
• For full year 2026, we expect volume to be higher than the level achieved in 2025
─ Expect continued solid U.S. consumer demand and a stable trading environment
in the Transpacific tradelane
2Q 2026 Earnings Conference Call
China Service − Current Business Trends
Looking Ahead at 3Q26 and 4Q26
9
• We are encouraged by the continued growth of our regional service across Vietnam,
Thailand and the broader Southeast Asia region
─ While this expansion was initially driven by our customers’ needs, it has also
enabled us to diversify our cargo mix
─ Weekly Southeast Asia cargo now represents 20% to 25% of the China service
volume, which is significantly higher than the level at the beginning of 2025
• We believe we have the right regional partners to support our growth and build an
integrated transportation network
─ These partners share our commitment to schedule integrity and premium service
levels
• We continue to look for opportunities to grow with our customers, expand our
geographic footprint, and capture market share as Southeast Asia becomes a larger
part of our weekly China service volume
2Q 2026 Earnings Conference Call
China Service − Southeast Asia
10
Guam Service
2Q 2026 Earnings Conference Call
• Container volume increased 4.4% YoY
• Expect Guam’s economy to remain stable
• Expect volume to be comparable to the
level achieved last year
2Q26 Performance Container Volume (FEU Basis)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
Q1 Q2 Q3 Q4
2025 2026
Full Year 2026 Outlook
11
Alaska Service
2Q 2026 Earnings Conference Call
• Container volume decreased 2.3% YoY
primarily due to:
─ Lower export seafood volume on AAX
─ Partially offset by one additional
northbound sailing
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Q1 Q2 Q3 Q4
2025 2026
• Expect Alaska’s economy to remain stable
supported by a low unemployment rate,
steady job market and continued oil and
gas exploration and production activity
• Expect volume to approach the level
achieved last year
2Q26 Performance Container Volume (FEU Basis)
Full Year 2026 Outlook
12
SSAT Joint Venture
2Q 2026 Earnings Conference Call
• Terminal joint venture contribution was
$4.8 million; YoY decrease of $2.5 million
─ Primarily due to lower lift volume and
higher operating expenses
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
Q1 Q2 Q3 Q4
2025 2026
2Q26 Performance Equity in Income of JV ($ in millions)
• Expect the contribution from SSAT to be
lower than the $32.5 million achieved in
full year 2025
Full Year 2026 Outlook
13
Matson Logistics
2Q 2026 Earnings Conference Call
• Operating income of $14.9 million; YoY
increase of $0.5 million primarily due to:
─ Higher contributions from freight
forwarding and transportation
brokerage
─ Partially offset by a lower
contribution from warehousing
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
Q1 Q2 Q3 Q4
2025 2026
• Expect operating income to be higher
than the level achieved in full year 2025
2Q26 Performance Operating Income ($ in millions)
Full Year 2026 Outlook
14 2Q 2026 Earnings Conference Call
Financial Results − Summary Income Statement
See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. Year-to-Date Second Quarter
YTD Ended 6/30 Δ Quarter Ended 6/30 Δ
($ in millions, except per share data) 2026 2025 $ % 2026 2025 $ %
Revenue
Ocean Transportation $1,373.9 $1,313.0 $60.9 4.6% $767.4 $675.6 $91.8 13.6%
Logistics 353.3 299.5 53.8 18.0% 202.0 154.9 47.1 30.4%
Total Revenue $1,727.2 $1,612.5 $114.7 7.1% $969.4 $830.5 $138.9 16.7%
Operating Income
Ocean Transportation $198.6 $172.2 $26.4 15.3% $144.0 $98.6 $45.4 46.0%
Logistics 21.7 22.9 (1.2) (5.2)% 14.9 14.4 0.5 3.5%
Total Operating Income $220.3 $195.1 $25.2 12.9% $158.9 $113.0 $45.9 40.6%
Interest income 11.1 17.4 (6.3) (36.2)% 5.0 8.0 (3.0) (37.5)%
Interest expense, net (3.2) (3.4) 0.2 (5.9)% (1.6) (1.7) 0.1 (5.9)%
Other income (expense), net 3.6 4.8 (1.2) (25.0)% 1.6 2.4 (0.8) (33.3)%
Income taxes (45.8) (46.9) 1.1 (2.3)% (34.5) (27.0) (7.5) 27.8%
Net Income $186.0 $167.0 $19.0 11.4% $129.4 $94.7 $34.7 36.6%
30.5 32.8 (2.3) (7.0)% 30.3 32.4 (2.1) (6.5)%
GAAP EPS, diluted $6.10 $5.09 $1.01 19.8% $4.27 $2.92 $1.35 46.2%
$100.4 $95.4 $5.0 5.2% $50.5 $48.2 $2.3 4.8%
EBITDA $324.3 $295.3 $29.0 9.8% $211.0 $163.6 $47.4 29.0%
Depreciation and Amortization
(incl. deferred dry-docking amortization)
Weighted Average Number of Shares
Outstanding (diluted)
15
Strong Cash Flow Generation
2Q 2026 Earnings Conference Call
Last Twelve Months Ended June 30, 2026 ($ in millions)
$584.1
Maint.
Capex
$133.4
Dividends
$44.6
Share
Repurchases
$262.7
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
Cash Flow from Operations Sum of Maintenance Capex,
Dividends, and Share Repurchases
$440.7
Strong cash flow from operations more than supports maintenance
capex, dividends, and share repurchases
Note: Other sources and uses of cash include the Capital Construction Fund (including cash deposits and interest income on cash deposits and fixed-income securities in the Capital
Construction Fund, net of withdrawals for milestone payments), paydown of borrowings (net), new vessel construction capex (including capitalized interest and owner’s items), and
other cash flow statement line items.
16
Financial Results − Summary Balance Sheet
2Q 2026 Earnings Conference Call
• 2Q26: approximately 0.3 million
shares repurchased for total cost
of $67.8 million(1)
• On April 23rd, announced addition
of 3.0 million shares to our existing
share repurchase authorization
• Total Debt of $341.3 million(2)
─ Decreased by $9.8 million
from 1Q26
Share Repurchase
Debt Levels
(1) Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.
(2) Total Debt is presented before any reduction for deferred loan fees as required by GAAP.
($ in millions)
ASSETS
Cash and cash equivalents $119.3 $141.9
Other current assets 416.7 330.0
Total current assets 536.0 471.9
Investment in SSAT 106.2 96.2
Property and equipment, net 2,680.3 2,499.4
Intangible assets, net 140.3 146.6
Capital Construction Fund (CCF) 345.8 532.7
Goodwill 327.8 327.8
Other long-term assets 577.1 561.0
Total assets $4,713.5 $4,635.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current portion of debt $39.7 $39.7
Other current liabilities 564.1 487.7
Total current liabilities 603.8 527.4
Long-term debt, net of deferred loan fees 292.7 312.1
Other long-term liabilities 1,043.9 1,037.1
Total long-term liabilities 1,336.6 1,349.2
Total shareholders’ equity 2,773.1 2,759.0
Total liabilities and shareholders’ equity $4,713.5 $4,635.6
June 30, December 31,
2026 2025
• For full year 2026, we expect:
─ Recovery of fuel costs by the end of the year
17
2026 Outlook
2Q 2026 Earnings Conference Call
3Q26 Outlook
Ocean
Transportation
Operating Income
To be approximately 45% higher than
the $147.4 million achieved in 3Q25
Logistics
Operating Income
To be modestly higher than the $13.6
million achieved in 3Q25
Consolidated
Operating Income
To be approximately 45% higher than
the $161.0 million achieved in 3Q25
(1) Interest expense excludes capitalized interest.
Full Year 2026 Outlook Items
Depreciation and
Amortization
Approx. $205 million, including
approx. $35 million in dry-docking amortization
Interest Income Approximately $18 million
Interest Expense, Net(1) Approximately $6 million
Other Income
(Expense), Net Approximately $7 million
GAAP Effective
Tax Rate Approximately 21.0%
Dry-Docking Payments Approximately $45 million
Ocean
Transportation
Operating Income
To be higher than the $455.6 million
achieved in 2025
Logistics
Operating Income
To be higher than the $44.2 million
achieved in 2025
Consolidated
Operating Income
To be higher than the $499.8 million
achieved in 2025
4Q26 Outlook
Ocean
Transportation
Operating Income
To be modestly lower than the $136.0
million achieved in 4Q25
Logistics
Operating Income
To be modestly higher than the $7.7
million achieved in 4Q25
18 2Q 2026 Earnings Conference Call
Capital Expenditures Update
($ in millions) FY 2026 Comments
Expected vessel construction
milestone payments and
related costs
$400 • Includes owner’s items and capitalized interest expense
Expected Maintenance and
other capital expenditures
$150 – $170 • 2026 capex includes approximately:
– Approx. $20 million in equipment lease buyouts
– Approx. $30 million more than normal in new equipment purchases due
to lower pricing
Total $550 – $570
New Vessel Construction
Milestone Payments ($ in millions)
3Q26 Approximately $50
4Q26 Approximately $127
Total Approximately $177
CCF(2) Approximately $346
Cash and Cash
Equivalents(2) Approximately $119
• Paid approximately $180 million in milestone payments
in 2Q26 from Capital Construction Fund (CCF)
• Cash and cash equivalents and CCF combined exceed
our remaining milestone payments
– CCF covers approximately 90% of our remaining
milestone payment obligations(1)
(1) Excludes future interest income and accretion earned on cash deposits and Treasury securities.
(2) As of June 30, 2026.
19 2Q 2026 Earnings Conference Call
Vessel Construction Update
• Our targeted delivery schedule for our three new Aloha Class vessels remains unchanged
July 2026: The bow section was mounted on Makua, our first Aloha Class vessel
expected to be delivered in 1Q27
20
Closing Thoughts
2Q 2026 Earnings Conference Call
• We are well-positioned heading into the second half of the year
─ Our China service continues to perform at or near capacity, and we are optimistic
that the U.S. consumer remains resilient and supportive of freight demand in the
Transpacific for the remainder of the year
─ All together, these factors support our expectation for a particularly strong 3Q26
• We continue to navigate geopolitical uncertainty related to the Iran conflict and tariffs
─ Our business has historically performed well when global supply chains are
disrupted or become congested and where schedule reliability and high service
standards are paramount
• Southeast Asia expansion continues to be a key strategic priority for Matson, and we
expect to grow with our customers as they diversify and expand their manufacturing
base in the region
─ Made tremendous progress in building out our regional service offering into a
viable extension of our China service
─ Product offering has resonated with customers needing speed and reliability on
the water
Appendix
22 2Q 2026 Earnings Conference Call
Appendix − Non-GAAP Measures
Matson reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company also
considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand
our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results
separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular
period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and
Amortization (“EBITDA”).

### [E2765] Investing.com | 2026-08-03 21:27 UTC | 收盘后
Matson Q2 2026 slides: China strength drives 40% operating income jump
URL: https://www.investing.com/news/company-news/matson-q2-2026-slides-china-strength-drives-40-operating-income-jump-93CH-4832416
Dow posts first record close in nearly a month as stocks rally to kick off August
Introduction & Market Context
Matson Inc. (NYSE:MATX) presented its second quarter 2026 earnings results on August 3, 2026, revealing a substantial performance improvement driven primarily by its China service operations. The ocean transportation company exceeded Wall Street expectations on both earnings and revenue, prompting management to raise its full-year outlook for the second consecutive quarter.
The presentation highlighted how the company capitalized on elevated demand in the transpacific trade lane, with freight rates and volumes exceeding internal projections. Shares rose 2.7% in after-hours trading to $213.05 following the results, building on a 2.4% gain during the regular session.
Quarterly Performance Highlights
Matson’s consolidated operating income surged 40.6% year-over-year to $158.9 million in the second quarter, substantially above the prior year’s $113.0 million. The company reported diluted earnings per share of $4.27, beating analyst estimates of $3.72 by 14.78%. Revenue reached $969.4 million, up 16.7% from the prior year and exceeding the consensus forecast of $884.65 million by 9.58%.
As detailed in the company’s financial summary, net income climbed 36.6% to $129.4 million, while EBITDA increased 29.0% to $211.0 million. The performance was broad-based across ocean transportation segments, though domestic trade lanes showed more modest results.
Year-to-date results through June 30 showed total revenue of $1,727.2 million, up 7.1% from the prior year period. Ocean transportation revenue increased 4.6% to $1,373.9 million, while logistics revenue surged 18.0% to $353.3 million. Consolidated operating income for the first half reached $220.3 million, representing a 12.9% increase year-over-year.
China Service Drives Growth
The company’s China service emerged as the primary growth driver in the quarter, with container volume increasing 15.2% year-over-year to approximately 37,500 FEU. Management attributed the strength to momentum carrying over from the post-Lunar New Year period, combined with higher-than-expected freight rates and demand across e-commerce, garments, and e-goods categories.
The quarterly volume comparison shows the significant improvement in China service performance, particularly when measured against the second quarter of 2025, which was impacted by tariff-related demand weakness.
According to the presentation, elevated demand grew throughout the quarter in both China and Southeast Asia, driven by strong e-commerce demand, inventory replenishment, and a pull-forward of seasonal goods. Shippers moved cargo earlier to get ahead of general rate increases, higher fuel surcharges, and to de-risk upcoming tariff discussions and uncertainty related to the Iran conflict.
Looking ahead, Matson expects its China service to operate at or near capacity through peak season in the third quarter. For the fourth quarter, management anticipates demand to reflect more traditional seasonality patterns compared to the elevated freight demand experienced in Q4 2025, which followed the U.S.-China trade and economic agreement announced on October 30, 2025. For full year 2026, China service volume is expected to exceed 2025 levels, supported by continued solid U.S. consumer demand and a stable trading environment.
Southeast Asia Expansion Gains Momentum
A notable strategic development highlighted in the presentation was the continued growth of Matson’s regional service across Vietnam, Thailand, and the broader Southeast Asia region. Weekly Southeast Asia cargo now represents 20% to 25% of China service volume, a significant increase from the beginning of 2025.
Management emphasized that this expansion, initially customer-driven, has diversified the cargo mix and positioned the company to benefit from manufacturing diversification trends. The company continues to seek opportunities to grow with customers, expand its geographic footprint, and capture market share as Southeast Asia becomes a larger component of its weekly China service volume.
Domestic Trade Lanes Show Mixed Results
Domestic services presented a more varied picture. The Hawaii service, Matson’s largest domestic operation, saw container volume decrease 1.1% year-over-year to approximately 35,500 FEU in the second quarter, primarily due to lower general demand.
For full year 2026, management expects Hawaii volume to approach 2025 levels based on expectations of similar economic conditions and stable market share. The economic outlook for Hawaii remains relatively stable, according to projections from the University of Hawaii Economic Research Organization (UHERO).
UHERO projects Hawaii’s real GDP growth at 1.0% for 2026, rising to 1.3% in 2027 and 1.6% in 2028. The unemployment rate is expected to remain low at 2.4% in 2026, while visitor arrivals are projected to reach 9.84 million, representing 2.0% growth. Construction jobs growth is forecast at 3.2% for 2026, though this is expected to moderate in subsequent years.
The Alaska service recorded a 2.3% year-over-year volume decline to approximately 21,200 FEU in the second quarter, primarily due to lower export seafood volume, partially offset by one additional northbound sailing.
Management expects Alaska’s economy to remain stable, supported by a low unemployment rate, steady job market, and continued oil and gas exploration and production activity. Full-year volume is projected to approach 2025 levels.
The Guam service provided a bright spot among domestic operations, with container volume increasing 4.4% year-over-year to approximately 4,700 FEU in the second quarter.
Logistics and Terminal Operations
Matson Logistics delivered modest improvement in the quarter, with operating income reaching $14.9 million, up $0.5 million or 3.5% year-over-year. The increase was primarily driven by higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.
For full year 2026, logistics operating income is expected to exceed the $44.2 million achieved in 2025, reflecting continued strength in freight forwarding and brokerage operations.
The SSAT terminal joint venture contribution declined to $4.8 million in the second quarter, down $2.5 million year-over-year, primarily due to lower lift volume and higher operating expenses. Management expects the full-year contribution from SSAT to be lower than the $32.5 million achieved in 2025.
Financial Strength & Capital Allocation
Matson demonstrated strong cash generation and disciplined capital allocation in the quarter. Over the last twelve months ended June 30, 2026, the company generated $584.1 million in cash flow from operations, comfortably exceeding the combined $440.7 million allocated to maintenance capital expenditures, dividends, and share repurchases.
During the second quarter, the company repurchased approximately 0.3 million shares for a total cost of $67.8 million. On April 23, 2026, the board authorized an additional 3.0 million shares for repurchase, demonstrating management’s confidence in the business outlook and commitment to returning capital to shareholders.
Total debt stood at $341.3 million at quarter-end, down $9.8 million from the first quarter. The company’s balance sheet remains strong with total shareholders’ equity of $2,773.1 million and a Capital Construction Fund of $345.8 million.
Vessel Construction Program On Track
A key strategic initiative highlighted in the presentation was the continued progress on Matson’s three new Aloha Class vessels. Management confirmed that the targeted delivery schedule remains unchanged, with the first vessel expected to be delivered in the first quarter of 2027.
The presentation featured photographs showing the bow section being mounted on Makua, the first Aloha Class vessel, in July 2026. This milestone demonstrates tangible progress on the construction program, which represents a significant investment in the company’s future capacity.
For fiscal year 2026, Matson expects to make approximately $400 million in vessel construction milestone payments and related costs. The company paid approximately $180 million in milestone payments during the second quarter from its Capital Construction Fund. Remaining milestone payments of approximately $177 million are scheduled for the second half of 2026, with about $50 million in the third quarter and $127 million in the fourth quarter.
Management emphasized that the combined Cash and Capital Construction Fund balance exceeds remaining milestone payment obligations, with the CCF covering approximately 90% of remaining payments. This financial positioning eliminates funding concerns for the newbuild program while maintaining flexibility for other capital allocation priorities.
Forward-Looking Guidance
Matson raised its full-year 2026 outlook following the strong second quarter performance. Management now expects consolidated operating income to exceed the $499.8 million reported in 2025, with ocean transportation operating income surpassing last year’s $455.6 million and logistics operating income exceeding $44.2 million.
For the third quarter of 2026, ocean transportation operating income is projected to be approximately 45% higher than the $147.4 million achieved in the third quarter of 2025. This substantial increase is expected to be driven by continued strength in the China service, with the business operating at or near capacity through peak season.
The fourth quarter outlook reflects a return to more normalized seasonality patterns. Ocean transportation operating income is expected to be modestly lower than the $136.0 million recorded in the fourth quarter of 2025, which benefited from unusually strong demand following the U.S.-China trade agreement announced in late October 2025.
Other full-year 2026 guidance items include depreciation and amortization of approximately $205 million (including $35 million in dry-docking amortization), interest income of approximately $18 million, net interest expense of approximately $6 million, and a GAAP effective tax rate of approximately 21.0%. The company expects to recover fuel costs by year-end.
Total capital expenditures for 2026 are projected at $550 million to $570 million, including the $400 million in vessel construction payments and $150 million to $170 million in maintenance and other capital expenditures.
Strategic Positioning and Outlook
Management expressed confidence in the company’s positioning heading into the second half of 2026. The China service continues to perform at or near capacity, with optimism for resilient U.S. consumer demand supporting transpacific freight demand. These factors underpin expectations for a particularly strong third quarter.
The company acknowledged ongoing navigation of geopolitical uncertainty related to the Iran conflict and tariff discussions. However, management noted that the business performs well amid global supply chain disruptions due to its schedule reliability and high service standards—competitive advantages that become more valuable in uncertain environments.
Southeast Asia expansion remains a key strategic priority. Management expects continued growth as customers diversify and expand manufacturing in the region, with the company’s product offering resonating strongly with customers requiring speed and reliability. The significant progress in extending the China service into Southeast Asia positions Matson to capture additional market share as regional trade volumes grow.
The combination of strong near-term momentum in China service, steady domestic operations, growing Southeast Asia presence, and upcoming capacity additions from new vessel deliveries provides multiple growth drivers for 2027 and beyond. With a strong balance sheet, disciplined capital allocation, and operational excellence, Matson appears well-positioned to capitalize on evolving trade patterns in the Pacific.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

### [E2788] Investing.com | 2026-08-03 21:32 UTC | 收盘后
Matson Q2 2026 slides: China service surge lifts earnings 46%
URL: https://www.investing.com/news/company-news/matson-q2-2026-slides-china-service-surge-lifts-earnings-46-93CH-4832424
Dow posts first record close in nearly a month as stocks rally to kick off August
Introduction & Market Context
Matson Inc. (NYSE:MATX) presented its second-quarter 2026 earnings results on August 3, 2026, reporting significantly stronger performance than expected, driven primarily by robust demand in its China service. The ocean transportation company beat Wall Street estimates on both earnings and revenue, prompting management to raise its full-year outlook and express optimism about the second half of 2026.
According to the earnings presentation, the company’s consolidated operating income surged 40.6% year-over-year to $158.9 million, while diluted earnings per share jumped 46.2% to $4.27. The results exceeded analyst expectations of $3.72 per share on revenue of $884.65 million, with actual revenue coming in at $969.4 million—a beat of 9.58%.
The stock responded positively, closing the regular session at $207.45, up 2.4%, and rising another 2.7% in after-hours trading to $213.05. The shares are trading near the top of their 52-week range of $86.97 to $230.74, reflecting strong investor confidence in the company’s strategic positioning.
Quarterly Performance Highlights
As shown in the following comprehensive financial summary, Matson delivered substantial year-over-year growth across key metrics for the second quarter ended June 30, 2026.
Total revenue reached $969.4 million in the second quarter, up 16.7% from $830.5 million in the prior-year period. Net income climbed 36.6% to $129.4 million, while EBITDA increased 29.0% to $211.0 million. The strong performance was broad-based, with ocean transportation operating income rising $45.4 million year-over-year, serving as the primary profit driver.
For the year-to-date period, total revenue stood at $1,727.2 million, up 7.1% from $1,612.5 million in the first half of 2025. Consolidated operating income increased 12.9% to $220.3 million, demonstrating consistent momentum throughout the first half of the year.
Management highlighted several key factors contributing to the strong quarter, including momentum in the China service that carried over from the post-Lunar New Year period, higher-than-expected freight rates and demand in the transpacific trade lane, steady performance in domestic services, and year-over-year growth in logistics operating income.
China Service Drives Growth
The China service emerged as the standout performer in the second quarter, with container volume increasing 15.2% year-over-year. This significant growth was driven by substantially higher demand compared to the prior-year period, which had been affected by tariff-related market declines in April 2025.
The following chart illustrates the dramatic volume recovery in China service, with second-quarter 2026 volumes reaching approximately 37,500 FEUs compared to 32,500 FEUs in the same period last year.
According to the presentation, Matson’s CLX and MAX services experienced higher-than-expected freight rates and demand across e-commerce, garments, and e-goods categories during the quarter. This strength was attributed to tighter supply conditions in the transpacific trade lane, which supported elevated pricing throughout the period.
The company noted that demand grew throughout the second quarter in both China and Southeast Asia, characterized by a mix of strong e-commerce demand, inventory replenishment, and some pull-forward of seasonal goods. Shippers proactively moved cargo earlier to get ahead of general rate increases, higher fuel surcharges, and to de-risk upcoming tariff discussions and uncertainty related to the Iran conflict.
Looking ahead, Matson expects its China service to operate at or near capacity through peak season. For the fourth quarter of 2026, management anticipates demand will reflect a more traditional seasonality pattern compared to the elevated levels seen in the fourth quarter of 2025, when a U.S.-China trade agreement announced on October 30, 2025, helped ease tariff uncertainty and prolonged strong demand later into the quarter than normal.
For the full year 2026, the company expects China service volume to exceed 2025 levels, supported by continued solid U.S. consumer demand and a stable trading environment in the transpacific trade lane.
Southeast Asia Expansion Strategy
A key strategic highlight from the presentation was Matson’s continued expansion in Southeast Asia, which has become an increasingly important component of the company’s growth strategy. Management reported that weekly Southeast Asia cargo now represents 20% to 25% of China service volume, significantly higher than levels at the beginning of 2025.
The expansion, initially customer-driven, has enabled Matson to diversify its cargo mix and build out what management described as a "viable extension" of the China service. The company emphasized its focus on schedule integrity and premium service levels, working with regional partners committed to these standards across Vietnam, Thailand, and the broader Southeast Asia region.
Management stated that it continues to look for opportunities to grow with customers, expand its geographic footprint, and capture market share as Southeast Asia becomes a larger part of weekly China service volume. This strategic priority aligns with broader industry trends as shippers diversify their manufacturing bases across the region.
Domestic Services Show Mixed Results
While China service drove the quarter’s outperformance, Matson’s domestic trade lanes showed more varied results, though management characterized overall performance as steady.
The Hawaii service, the company’s largest domestic operation, reported container volume that decreased 1.1% year-over-year in the second quarter, primarily due to lower general demand. The following chart shows quarterly volume trends for the Hawaii service.
Despite the modest volume decline, management expects Hawaii service volume to approach 2025 levels for the full year, based on expectations of similar economic conditions and stable market share. The presentation included economic projections from the University of Hawaii Economic Research Organization (UHERO), which forecasts real GDP growth of 1.0% for Hawaii in 2026, with gradual acceleration to 1.3% in 2027 and 1.6% in 2028.
As illustrated in the following economic indicators chart, Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, though headwinds include higher energy-related inflation.
The Alaska service reported container volume that decreased 2.3% year-over-year in the second quarter, primarily due to lower export seafood volume on the Alaska-Asia Express (AAX) service, partially offset by one additional northbound sailing.
Management expects Alaska’s economy to remain stable, supported by a low unemployment rate, steady job market, and continued oil and gas exploration and production activity. Full-year volume is expected to approach 2025 levels.
The Guam service provided a bright spot among domestic operations, with container volume increasing 4.4% year-over-year in the second quarter. The following chart shows the positive trend in Guam service volumes.
For the full year, Matson expects Guam’s economy to remain stable with volume comparable to 2025 levels.
Logistics and Terminal Operations
Matson Logistics delivered modest year-over-year improvement in the second quarter, with operating income of $14.9 million, up $0.5 million from $14.4 million in the prior-year period. The increase was primarily driven by higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.
The following chart illustrates the quarterly operating income trend for the logistics segment.
For the full year 2026, management expects logistics operating income to exceed the $44.2 million achieved in 2025, reflecting continued growth in the segment’s core services.
The SSAT joint venture, which operates terminal facilities, contributed $4.8 million in the second quarter, down $2.5 million year-over-year. The decrease was primarily attributed to lower lift volume and higher operating expenses.
Management expects the full-year contribution from SSAT to be lower than the $32.5 million achieved in 2025, reflecting ongoing volume pressures at the terminal operations.
Strong Cash Flow and Capital Allocation
Matson demonstrated robust cash generation in the trailing twelve months ended June 30, 2026, with cash flow from operations totaling $584.1 million. This strong operational cash flow more than covered the company’s combined maintenance capital expenditures, dividends, and share repurchases, which totaled $440.7 million.
The following chart illustrates the company’s strong cash flow generation and disciplined capital allocation.
The breakdown of capital allocation included $133.4 million in maintenance capital expenditures, $44.6 million in dividends, and $262.7 million in share repurchases. In the second quarter alone, the company repurchased approximately 0.3 million shares for a total cost of $67.8 million. On April 23, 2026, the board announced an addition of 3.0 million shares to the existing share repurchase authorization, demonstrating continued confidence in returning capital to shareholders.
The company’s balance sheet remained strong as of June 30, 2026, with total assets of $4,713.5 million and total shareholders’ equity of $2,773.1 million. Total debt stood at $341.3 million, down $9.8 million from the first quarter.
Cash and cash equivalents totaled $119.3 million, while the Capital Construction Fund (CCF) held $345.8 million. Combined, these resources exceed the company’s remaining milestone payments for new vessel construction, with the CCF covering approximately 90% of remaining obligations.
Capital Expenditures and Fleet Expansion
Matson provided a detailed update on its capital expenditure plans for fiscal year 2026, with total estimated spending of $550 million to $570 million. This includes $400 million in vessel construction milestone payments and related costs, and $150 million to $170 million in maintenance and other capital expenditures.
The following breakdown shows the company’s capital spending plans and funding sources.
The company paid approximately $180 million in milestone payments during the second quarter from its Capital Construction Fund. Remaining milestone payments for 2026 include approximately $50 million in the third quarter and $127 million in the fourth quarter, for a total of $177 million. Management emphasized that the combination of cash and CCF balances provides ample funding for these commitments.
The presentation highlighted progress on the company’s three new Aloha Class vessels, with the targeted delivery schedule remaining unchanged. The first vessel, Makua, is expected to be delivered in the first quarter of 2027.
In July 2026, the bow section was mounted on Makua, marking a significant construction milestone. Management noted that the new vessels will have operating costs very similar to the current fleet but with greater capacity, which should improve profitability when fully utilized and support the company’s Southeast Asia expansion strategy.
Forward-Looking Statements and 2026 Outlook
Based on the strong second-quarter performance and positive momentum heading into the second half of the year, Matson raised its full-year 2026 outlook across all key metrics.
The following table presents the company’s detailed guidance for the third quarter, fourth quarter, and full year 2026.
For the third quarter of 2026, management expects ocean transportation operating income to be approximately 45% higher than the $147.4 million achieved in the third quarter of 2025. This substantial increase is expected to be driven by continued strength in China service, with the company operating at or near capacity through peak season. Logistics operating income is expected to be modestly higher than the $13.6 million achieved in the prior-year period, bringing consolidated operating income to approximately 45% above the $161.0 million reported in the third quarter of 2025.
For the fourth quarter, management projects a return to more traditional seasonality patterns. Ocean transportation operating income is expected to be modestly lower than the $136.0 million achieved in the fourth quarter of 2025, reflecting the comparison against an unusually strong prior-year period that benefited from extended demand following the U.S.-China trade agreement. Logistics operating income is expected to be modestly higher than the $7.7 million reported in the fourth quarter of 2025.
For the full year 2026, Matson expects consolidated operating income to exceed the $499.8 million achieved in 2025, with both ocean transportation and logistics segments contributing to the improvement. Ocean transportation operating income is projected to surpass the $455.6 million reported in 2025, while logistics operating income is expected to exceed the $44.2 million from the prior year.
Additional full-year guidance includes depreciation and amortization of approximately $205 million (including approximately $35 million in dry-docking amortization), interest income of approximately $18 million, net interest expense of approximately $6 million, other income of approximately $7 million, and a GAAP effective tax rate of approximately 21.0%. The company expects dry-docking payments of approximately $45 million and anticipates recovery of fuel costs by year-end.
Management expressed confidence in the company’s positioning for the second half of 2026, citing the China service’s continued operation at or near capacity, expectations for a resilient U.S. consumer supporting freight demand in the transpacific trade lane, and a particularly strong outlook for the third quarter. The company continues to navigate geopolitical uncertainty related to the Iran conflict and tariffs, but noted that its business has historically performed well during global supply chain disruptions due to its schedule reliability and high service standards.
The presentation concluded with management reiterating that Southeast Asia expansion remains a key strategic priority, with expectations to grow alongside customers as they diversify and expand their manufacturing bases in the region. The company has made significant progress in building out its regional service offering as a viable extension of the China service, with the product offering resonating with customers seeking speed and reliability.
As detailed in the following EBITDA reconciliation, the company’s strong operational performance translates to robust cash generation, supporting both growth investments and shareholder returns.
With EBITDA of $211.0 million in the second quarter and $733.7 million on a trailing twelve-month basis, Matson has demonstrated the financial strength to execute its strategic initiatives while maintaining a disciplined approach to capital allocation and balance sheet management.
Full presentation:
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## 研究交付要求

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