Matson (MATX) financial statements
Matson reported revenue of $3.3B in fiscal 2025, up 6.2% a year over 9 years.
Net income was $445M and the operating margin 14.9%, against 8.1% in 2016.
Free cash flow was $154M, and the company returned $45M in dividends and $303M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Matson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.0B | $2.2B | $2.2B | $2.4B | $3.9B | $4.3B | $3.1B | $3.4B | $3.3B |
| Selling, general and admin | $183M | $207M | $221M | $217M | $225M | $236M | $261M | $283M | $304M | $294M |
| Operating income | $157M | $147M | $164M | $129M | $280M | $1.2B | $1.4B | $343M | $551M | $500M |
| Interest expense | $24M | $24M | $19M | $22M | $27M | $23M | $18M | $12M | $8M | $7M |
| Pre-tax income | $130M | $125M | $148M | $108M | $259M | $1.2B | $1.4B | $373M | $599M | $534M |
| Income tax | $49M | -$106M | $39M | $25M | $66M | $244M | $288M | $76M | $123M | $89M |
| Net income | $81M | $231M | $109M | $83M | $193M | $927M | $1.1B | $297M | $476M | $445M |
| EPS (diluted) | $1.87 | $5.35 | $2.53 | $1.91 | $4.44 | $21.47 | $27.07 | $8.32 | $13.93 | $13.81 |
| Diluted shares | 44M | 43M | 43M | 43M | 44M | 43M | 39M | 36M | 34M | 32M |
| Operating margin | 8.1% | 7.2% | 7.4% | 5.9% | 11.8% | 30.3% | 31.2% | 11.1% | 16.1% | 14.9% |
| Net margin | 4.2% | 11.3% | 4.9% | 3.8% | 8.1% | 23.6% | 24.5% | 9.6% | 13.9% | 13.3% |
Balance sheet
Fiscal years, from Matson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $14M | $20M | $20M | $21M | $14M | $282M | $250M | $134M | $267M | $142M |
| Receivables | $190M | $195M | $224M | $206M | $253M | $344M | $268M | $279M | $269M | $257M |
| Total current assets | $274M | $266M | $318M | $290M | $306M | $704M | $760M | $602M | $610M | $472M |
| Property, plant and equipment | $949M | $1.2B | $1.4B | $1.6B | $1.7B | $1.9B | $2.0B | $2.1B | $2.3B | $2.5B |
| Goodwill | $324M | $328M | $328M | $328M | $328M | $328M | $328M | $328M | $328M | $328M |
| Total assets | $2.0B | $2.3B | $2.4B | $2.8B | $2.9B | $3.7B | $4.3B | $4.3B | $4.6B | $4.6B |
| Total current liabilities | $278M | $286M | $371M | $437M | $512M | $612M | $582M | $562M | $560M | $527M |
| Long-term debt | $707M | $826M | $814M | $910M | $686M | $550M | $428M | $389M | $351M | $312M |
| Total liabilities | $1.5B | $1.6B | $1.7B | $2.0B | $1.9B | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $495M | $677M | $755M | $806M | $961M | $1.7B | $2.3B | $2.4B | $2.7B | $2.8B |
| Net debt | $725M | $837M | $837M | $937M | $730M | $332M | $255M | $295M | $124M | $210M |
Cash flow
Fiscal years, from Matson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $158M | $225M | $305M | $249M | $430M | $984M | $1.3B | $510M | $768M | $547M |
| Capital spending | $4M | $1M | $4M | $8M | $25M | $6M | $6M | $11M | $310M | $393M |
| Free cash flow | $154M | $224M | $301M | $240M | $405M | $978M | $1.3B | $500M | $458M | $154M |
| Stock-based compensation | $11M | $11M | $12M | $11M | $19M | $19M | $18M | $24M | $26M | $23M |
| Dividends paid | $32M | $34M | $35M | $37M | $39M | $46M | $48M | $45M | $45M | $45M |
| Share buybacks (net) | -$38M | -$19M | — | — | — | -$198M | -$397M | -$155M | -$199M | -$303M |
| Net borrowing | $254M | -$30M | -$31M | -$42M | $109M | -$59M | -$112M | -$77M | -$40M | -$40M |
| Free cash flow margin | 7.9% | 10.9% | 13.5% | 10.9% | 17.0% | 24.9% | 29.2% | 16.1% | 13.4% | 4.6% |
| Dividends per share | $0.74 | $0.78 | $0.82 | $0.86 | $0.90 | $1.06 | $1.22 | $1.26 | $1.31 | $1.39 |
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Open MATX in InvestinglyQuestions
What was Matson's revenue in 2025?
$3.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Matson generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Matson's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.