MARKETS / NYSE / MATX

NYSE · WATER TRANSPORTATION · LARGE CAP

Matson, Inc. MATX

18 fiscal years on record · USD · FY2025 reported · SEC filings only

12 YEARS OF DIVIDEND GROWTH

Revenue

$3.3B

▼ 2.3% YoY

Net income

$444.8M

▼ 6.6% YoY

Free cash flow

$153.7M

▼ 66.4% YoY

In brief

What this company does

Matson, Inc. provides ocean transportation and logistics services. As of December 31, 2025, Matson had 4,170 employees worldwide, of which 161 were based in international locations and 2,843 were covered by collective bargaining agreements with unions. The Company consists of two segments, Ocean Transportation and Logistics. Ocean Transportation, conducted through MatNav, provides ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. The Company's 10 largest Ocean Transportation customers account for approximately 19 percent of its Ocean Transportation revenue. Logistics, conducted through Matson Logistics, extends the geographic reach of Matson's transportation network throughout North America and Asia, providing multimodal transportation brokerage, less-than-container-load consolidation and freight forwarding, warehousing, trans-loading and distribution, and supply chain management services. MatNav was founded in 1882.

Written from the business description in Matson, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.3B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.3 · Net income 0.4

Compound annual growth

Revenue

−8.3%

+7.0%

+5.9%

+6.1%

Net income

−25.2%

+18.2%

+15.8%

+11.1%

EPS, diluted

−20.1%

+25.5%

+19.4%

+13.0%

Dividend / share

+4.7%

+9.2%

+7.2%

+0.7%

Returned to shareholders

−7.9%

+54.8%

+26.4%

+13.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.0% a year over five years — but profit grew faster: net income at +18.2%, earnings per share at +25.5%.

The share count fell from 0.04B to 0.03B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

13 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 14.9% · Net 13.3%

ROE

FY2025 · ROE 16.4%

Gross margin114.8%

Operating margin14.9%

Net margin13.3%

Return on assets9.6%

EBITDAUSD 647.2M

Each USD of equity produced 16 cents of profit this year.

Cash & shareholders

USD 348.2M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 0.2

Net buybacks $M Dividends $M

FY2025 · Dividends 44.9 · Net buybacks 303.3

Dividends paidUSD 44.9M

Net buybacksUSD 303.3M

Share of profit78.3%

Consecutive raises12 years

USD 44.9M in dividends and USD 303.3M in buybacks — 78% of the year's profit went back to shareholders.

Total assetsUSD 4.6B

EquityUSD 2.8B

CashUSD 141.9M

Gross debtUSD 351.8M

Net debtUSD 209.9M

Current ratio0.89×

Net debt stands at 8% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	3.3	3.4	3.1	4.3	3.9	2.4	2.2	2.2	2.0	1.9	1.9	1.7	1.6	1.6	1.5	1.4	1.4	1.9
Operating income $B	0.5	0.6	0.3	1.4	1.2	0.3	0.1	0.2	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0	0.1
EBITDA $B	0.6	0.7	0.5	1.5	1.3	0.4	0.2	0.3	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.2
Income tax $B	0.1	0.1	0.1	0.3	0.2	0.1	0.0	0.0	−0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1
Net income $B	0.4	0.5	0.3	1.1	0.9	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.0	0.1
Free cash flow $B	0.2	0.5	0.3	1.1	·	·	·	·	−0.1	−0.0	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.2
EPS, diluted $	13.81	13.93	8.32	27.07	21.47	4.44	1.91	2.53	5.35	1.87	2.34	1.63	1.25	1.08	0.81	2.22	1.08	3.19
Dividend / sh $	1.40	1.32	1.26	1.22	1.06	0.90	0.86	0.82	0.78	0.74	0.70	0.66	0.62	0.93	1.26	1.26	1.26	1.23
Payout %	10	9	15	5	5	20	45	32	15	40	30	41	50	86	155	57	118	39
ROE %	16.4	18.9	12.6	53.7	70.6	21.9	10.6	15.2	39.4	17.2	25.3	20.2	17.4	6.5	3.0	8.3	4.1	12.3
Shares out B	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Matson, Inc.vsCarnival Corp. Ltd.Same industry: Water Transportation Matson, Inc.vsBrookfield Infrastructure Partners L.p.Same industry: Water Transportation Matson, Inc.vsRoyal Caribbean Cruises Ltd.Same industry: Water Transportation Matson, Inc.vsNorwegian Cruise Line Holdings Ltd.Same industry: Water Transportation Matson, Inc.vsZIM Integrated Shipping Services Ltd.Same industry: Water Transportation Matson, Inc.vsViking Holdings Ltd.Same industry: Water Transportation Matson, Inc.vsKirby Corp.Same industry: Water Transportation

Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 17 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityWater Transportation

Listed onNYSE

Incorporated inHawaii

Fiscal year endsDecember 31

Data on record since2008