Kirby Corporation (KEX)

Pretax margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Earnings before tax but after interest (EBT)	US$ in thousands	362,763	294,125	164,975	-290,601	-461,351
Revenue	US$ in thousands	3,265,880	3,091,640	2,784,750	2,246,660	2,171,410
Pretax margin		11.11%	9.51%	5.92%	-12.93%	-21.25%

December 31, 2024 calculation

Pretax margin = EBT ÷ Revenue
= $362,763K ÷ $3,265,880K
= 11.11%

The pretax margin of Kirby Corporation has shown a significant improvement over the years based on the provided data. In December 31, 2020, the pretax margin was at a negative 21.25%, indicating that for every dollar of revenue generated, the company incurred more expenses and losses before taxes were factored in. However, by December 31, 2024, the pretax margin had increased to a positive 11.11%, demonstrating a strong recovery and profitability for the company. This positive trend suggests that Kirby Corporation has been able to effectively control its costs and improve its operational efficiency, leading to higher profitability before tax expenses are deducted.