olivLaw · US equity research
World Kinect Corporation WKC
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) · SIC 5172 · Vertical: Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172)
World Kinect (WKC) is a global distributor of fuels and energy services for aviation, marine and land transportation, with consolidated revenue of 36.9 billion USD in fiscal 2025. The company reported a record second quarter 2026 amid favorable market volatility and raised its full-year guidance, which makes its profile relevant for readers following energy markets.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, World Kinect Corporation (WKC) stock was 38.00 USD (+0.03% on the day), with market capitalisation 1.9 bn USD, dividend yield 2.26%, beta 0.61, 52-week range 22.59–40.25 USD. Latest reported quarter (Q3 2026): revenue of 13.3 bn USD (+41.3% YoY), net income of 38.0 m USD (+47.9% YoY), diluted EPS 0.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 35.45 – 37.91
- above the upper band · %B 1.04 · band width 6.7%
- SMA 50 / 200
- 36.06 / 30.93
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.41 / 0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −1.1% | +5.4 pp | — |
| 3 months | −1.2% | −0.5% | −0.7 pp | — |
| 6 months | +41.7% | +4.4% | +37.3 pp | — |
| Year to date | +62.2% | +12.3% | +49.9 pp | — |
| 1 year | +47.3% | +13.5% | +33.7 pp | −15.5% |
| 3 years | +86.3% | +76.4% | +9.9 pp | — |
| 5 years | +34.1% | +63.7% | −29.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.8 bn | 9.5 bn | 9.0 bn | 9.4 bn | 9.0 bn | 9.7 bn | 13.6 bn | 13.3 bn |
| Cost of revenue | 9.5 bn | 9.2 bn | 8.8 bn | 9.1 bn | 8.8 bn | 9.4 bn | 13.2 bn | 13.0 bn |
| Gross profit | 258.9 m | 230.4 m | 232.4 m | 249.6 m | 235.4 m | 271.2 m | 365.1 m | 288.1 m |
| Operating income | 29.9 m | -6.6 m | -345.1 m | 62.9 m | -275.9 m | 56.3 m | 96.1 m | 80.1 m |
| Depreciation & amortisation | 31.1 m | 25.6 m | 23.8 m | 23.5 m | 25.2 m | 20.0 m | 20.2 m | 21.8 m |
| Interest expense | 27.0 m | 26.6 m | 28.2 m | 28.4 m | 28.8 m | 27.6 m | 33.2 m | 33.4 m |
| Pre-tax income | -101.2 m | -28.1 m | -448.7 m | 38.8 m | -301.7 m | 32.2 m | 66.3 m | 56.3 m |
| Income tax | 0 | -6.8 m | -109.6 m | 10.7 m | -22.1 m | 6.6 m | 16.6 m | 18.4 m |
| Net income | -101.8 m | -21.1 m | -339.4 m | 25.7 m | -279.7 m | 26.2 m | 48.4 m | 38.0 m |
| Diluted EPS | -1.75 ≈ | -0.37 | -6.06 | 0.46 | -5.08 ≈ | 0.50 | 0.94 | 0.70 |
| Operating cash flow | 120.3 m | 114.4 m | 28.2 m ≈ | 116.1 m ≈ | 34.2 m | -46.4 m | -21.3 m ≈ | 175.2 m ≈ |
| Capex | 17.9 m | 15.2 m | 15.0 m | 14.1 m | 21.4 m | 13.8 m | 13.8 m ≈ | 10.8 m ≈ |
| Dividends paid | 9.9 m | 9.7 m | 9.5 m ≈ | 11.1 m ≈ | 11.0 m | 10.7 m | 10.2 m ≈ | 11.7 m ≈ |
| Share repurchases | 42.6 m | 10.0 m | 35.0 m ≈ | 0 ≈ | 40.0 m | 75.0 m | 14.3 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.8 bn | 36.8 bn | 20.4 bn | 31.3 bn | 59.0 bn | 47.7 bn | 42.2 bn | 36.9 bn |
| Revenue YoY | +18.0% | −7.4% | −44.7% | +53.9% | +88.4% | −19.2% | −11.6% | −12.5% |
| Net income | 127.7 m | 178.9 m | 109.6 m | 73.7 m | 114.1 m | 52.9 m | 67.4 m | -614.4 m |
| Net income YoY | unavailable | +40.1% | −38.7% | −32.8% | +54.8% | −53.6% | +27.4% | −1,011.6% |
| Diluted EPS | 1.89 | 2.69 | 1.71 | 1.16 | 1.82 | 0.86 | 1.13 | -10.99 |
| Diluted EPS YoY | unavailable | +42.3% | −36.4% | −32.2% | +56.9% | −52.7% | +31.4% | −1,072.6% |
| net % | 0.3% | 0.5% | 0.5% | 0.2% | 0.2% | 0.1% | 0.2% | -1.7% |
| Free cash flow | -254.8 m | 147.9 m | 552.8 m | 134.0 m | 59.9 m | 183.7 m | 191.7 m | 227.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 193.5 m USD
- Financial debt
- 11.9 m USD
- Net debt
- -181.6 m USD
- Equity
- 1.3 bn USD
- Total assets
- 5.9 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 1.06x
- ROE
- -37.6%
- ROA
- -9.8%
- FCF margin
- 0.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 20.4 bn | 31.3 bn | 59.0 bn | 47.7 bn | 42.2 bn | 36.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 19.5 bn | 30.5 bn | 58.0 bn | 46.7 bn | 41.1 bn | 36.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 851.8 m | 788.2 m | 1.1 bn | 1.1 bn | 1.0 bn | 947.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 137.9 m | 142.6 m | 273.2 m | 198.0 m | 210.6 m | -564.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 85.8 m | 81.0 m | 107.8 m | 104.5 m | 106.4 m | 98.2 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 223.7 m ≈ | 223.6 m ≈ | 381.0 m ≈ | 302.5 m ≈ | 317.0 m ≈ | -466.5 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 48.6 m | 47.2 m | 117.4 m | 135.5 m | 116.0 m | 112.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 161.7 m | 100.0 m | 145.1 m | 66.7 m | 95.5 m | -739.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 52.1 m | 25.8 m | 29.2 m | 13.0 m | 27.6 m | -127.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 109.6 m | 73.7 m | 114.1 m | 52.9 m | 67.4 m | -614.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.71 | 1.16 | 1.82 | 0.86 | 1.13 | -10.99 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 64.0 m | 63.3 m | 62.7 m | 61.7 m | 59.5 m | 55.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.40 | 0.48 | 0.52 | 0.56 | 0.68 | 0.77 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 658.8 m | 652.2 m | 298.4 m | 304.3 m | 382.9 m | 193.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 1.2 bn | 2.4 bn | 3.3 bn | 2.7 bn | 2.4 bn | 2.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 344.3 m | 477.9 m | 779.9 m | 664.6 m | 513.5 m | 454.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 2.6 bn | 4.0 bn | 5.2 bn | 4.5 bn | 4.0 bn | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 342.6 m | 348.9 m | 484.2 m | 515.3 m | 513.3 m | 348.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 858.6 m | 861.9 m | 1.2 bn | 1.2 bn | 1.2 bn | 737.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 202.8 m | 189.1 m | 336.2 m | 299.7 m | 261.2 m | 311.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 4.5 bn | 5.9 bn | 8.2 bn | 7.4 bn | 6.7 bn | 5.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 1.2 bn | 2.4 bn | 3.5 bn | 3.1 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 22.9 m | 30.6 m | 15.8 m | 78.8 m | 84.0 m | 11.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 1.7 bn | 3.1 bn | 4.6 bn | 4.0 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 2.6 bn | 4.0 bn | 6.2 bn | 5.4 bn | 4.8 bn | 4.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.9 bn | 1.9 bn | 2.0 bn | 1.9 bn | 2.0 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Shares outstanding at year end | — | 63.4 m | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 604.1 m | 173.2 m | 138.5 m | 271.3 m | 259.9 m | 292.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 51.3 m | 39.2 m | 78.6 m | 87.6 m | 68.2 m | 65.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 552.8 m ≈ | 134.0 m ≈ | 59.9 m ≈ | 183.7 m ≈ | 191.7 m ≈ | 227.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | 72.8 m | -58.3 m | -724.9 m | -101.1 m | 64.5 m | -170.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -213.0 m | -113.6 m | 237.3 m | -152.4 m | -230.6 m | -315.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 25.6 m | 28.7 m | 31.0 m | 34.0 m | 38.5 m | 41.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 68.3 m | 50.5 m | 48.7 m | 60.1 m | 100.0 m | 85.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation23
- Returns98
- Quality31
- Balance sheet54
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.12 – 61.87 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)42.34 – 61.87 (Mid 49.96)WACC 9.3% · starting FCFF 185.2 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -16.9%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)10.12 – 13.61 (Mid 11.61)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.2% | 0 (on a fixed band) | 14% |
| Net margin · Quality | -0.4% | 83 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -14.5% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -4.7x | 100 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | -0.4x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 39.6x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | 4.2% | 53 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 8.9% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 53.2% | 95 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns98/100 · 2/2 factors with a value
- Valuation23/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WORLD KINECT CORPORATION (WKC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 36.9 bn USD in 2025; YoY growth -12.5%; net margin -0.4%; ROE -11.5%; net debt/EBITDA -4.7x.
The estimated value range is 26.23–37.74 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.78 USD, the price of 38.00 USD leaves a potential of -19.0% (value / price − 1) and a margin of safety of -23.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: -0.4%
- Net debt / EBITDA: -4.7x
- Shareholder yield (distributions): 8.9%
- Payout ratio (FCF): 53.2%
What contradicts it
- ROIC: -3.2%
- Revenue CAGR 3Y: -14.5%
- Interest coverage: -0.4x
- Current ratio: 1.0x
- EV/EBITDA: 39.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +47% / +86% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| DLXYDelixy Holdings Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +49% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for WKC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
World Kinect (WKC) is a global distributor of fuels and energy services for aviation, marine and land transportation, with consolidated revenue of 36.9 billion USD in fiscal 2025 1. The company reported a record second quarter 2026 amid favorable market volatility and raised its full-year guidance, which makes its profile relevant for readers following energy markets.
SWOT
Strengths
- The global supply network and on-airport fueling operations give the company a clear strategic advantage in aviation 1.
- Second quarter 2026 results show the company's ability to capture market volatility, with record gross profit in aviation and marine 3.
- The integrated fuel offering, price risk management and logistics services make the company hard to replace for large customers 1.
Weaknesses
- The company recorded goodwill and asset impairments and a net loss in fiscal 2025, showing the vulnerability of some acquisitions and segments 1.
- The unsecured credit policy exposes the company to receivable losses when customers in cyclical industries come under stress 1.
- Restructuring and exit costs in the land segment weighed on fiscal 2025 results 1.
Opportunities
- Growing demand for sustainable aviation fuel and marine alternatives could open new revenue lines 1.
- A focus on higher-margin activities such as cardlock and natural gas could improve return on capital 1.
- Planned savings from the finance and accounting optimization program could support margins in the coming years 1.
Risks
- Customer credit riskhigh
The company extends credit without significant collateral, and a sudden deterioration in the situation of transport customers could lead to receivable losses above historical levels 1.
- Energy price volatilityhigh
Sudden changes in crude oil and fuel prices can affect credit limits, inventory values and the effectiveness of hedging 1.
- Asset and goodwill impairmentmedium
Results weaker than expected could lead to further goodwill and asset impairments, as happened in fiscal 2025 1.
- Cybersecuritymedium
Dependence on complex information systems exposes the company to cyberattacks and disruptions that could affect transactions and customers 1.
- Climate and environmental regulationmedium
Changing emissions and sustainability rules can raise compliance costs and alter demand for the company's products 12.
Investment thesis
What would need to be true (bull case)
- If market volatility and profit in aviation and marine are sustained, results could remain solid, and the raised guidance signals management's confidence 3.
- The restructuring program and the focus on higher-margin activities could improve return on capital in future periods 1.
- The dividend increase and share repurchases show a policy of returning capital to shareholders, which could continue if cash flows stay strong 3.
What would break the thesis
- Second quarter 2026 results could be influenced by exceptional market conditions, and a normalization of volatility could significantly reduce profit 3.
- Fiscal 2025 showed the company's vulnerability, with large goodwill impairments, a net loss and restructuring costs, and further exit charges are still expected 1.
- Credit risk and climate regulation could affect margins and volumes over the medium term, especially if demand for fossil fuels declines 12.
What to watch
- Third quarter 2026 results and delivery against the raised Adjusted EPS guidanceQ3 2026
- Evolution of aviation and marine gross profit after the peaks in volatility2026
- Additional exit costs in the land segment and savings from the finance optimization2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
World Kinect Corporation, headquartered in Miami, Florida, operates through three reportable segments: aviation, land and marine, offering fuel and related products and services to customers in these industries 1. It also supplies natural gas along with a suite of sustainability-related products and services 1. Its core model is reselling fuel, with profitability driven by the volume sold and the unit margin achieved 1.
In 2025 the company launched a restructuring plan, including the exit of unprofitable land segment operations such as direct fuel transportation, lubricants and heating oil 1. The acquisition of Universal TSS, completed in November 2025, added an aviation asset 1. Management aims to focus on higher-margin and more predictable activities such as cardlock, retail and natural gas 1.
Credit risk is concentrated in the transportation industries the company serves, and revenue is exposed to energy and commodity prices 1. The company extends unsecured credit to customers, so receivable losses could affect results if customers' financial condition deteriorates 1.
Segments
Aviation
The aviation segment supplies fuel and services to commercial airlines, cargo carriers, airports and corporate fleets, backed by an extensive network of on-airport fueling operations 1. In fiscal 2025 segment revenue was 18993.6 million USD and the average price per gallon was 2.41 USD 1. In the second quarter of 2026 segment gross profit reached a record 208 million USD, up 51% 3.
Marine
The marine segment markets fuel, lubricants and related services to container, tanker and cruise fleets and to governments, mainly through spot sales 1. The company acts primarily as a reseller and in some cases as a broker earning commissions 1. In the second quarter of 2026 segment gross profit rose 195% to 80 million USD, helped by higher bunker fuel prices and market volatility 3.
Market context
The fuel distribution market is highly fragmented, with numerous competitors ranging from large multinationals to small specialized firms 1. The company's revenue is linked to oil prices and market volatility, and in 2026 high volatility supported margins, which allowed the guidance to be raised 3. Demand in aviation and marine depends on economic cycles, international trade and business and leisure travel 1.
The market is also shaped by climate regulation and the energy transition, including requirements for lower-carbon fuels, which opens room for new products but also adds compliance costs 12. If demand for fossil fuels falls faster than expected, volumes could be affected over the medium term 2.
Trends
- Energy price volatilitymixed
Fuel price volatility supported margins in the second quarter of 2026, especially in aviation and marine, where the company benefits from turbulent market conditions 3. However, very low prices or prolonged volatility can reduce demand for risk management products 1.
- Geopolitical tensions and conflictsmixed
According to management, the conflict in the Middle East created meaningful opportunities for the business 3. Conflicts can however disrupt supply flows and raise customer credit risk 1.
- Trade policy and tariffsheadwind
Uncertainty around U.S. tariffs and trade measures can reduce travel and fuel consumption, and a February 2026 Supreme Court ruling struck down part of the tariffs, but how it will be interpreted remains uncertain 1. If some tariffs were reimposed under different legal authority, demand could again be affected 1.
- Climate regulation and the energy transitionmixed
The regulatory framework for greenhouse gas emissions is shifting quickly, and requirements for lower-emission fuels create both costs and opportunities for the company 1. The company is working to expand its supply of sustainable aviation fuel and marine alternatives 1.
Competitive position
The company competes with major oil companies that sell fuel directly to large airlines and shipping companies, and with smaller specialized firms in particular lines of business 1. Competition is based on service, convenience, reliability, availability of trade credit and price 1.
The company says its advantages are its market knowledge, worldwide footprint, logistics expertise and price risk management offering 1. Smaller, lower-capitalized competitors can however benefit when low prices reduce barriers to entry 1.
- Major oil companies
Sell fuel directly to airlines, shipping companies and large distributors, with much greater capital resources than the company 1.
- Regional specialized firms
Compete in specific lines of business, often with lower cost structures and smaller capital requirements 1.
- Global fuel service providers
Companies with similar international networks that compete on integrated services and secure supply 1.
- Cardlock and retail fuel networks
Compete in the land segment for commercial customers and fuel retail outlets buying under long-term contracts 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- World Kinect CFO Jose-Miguel Tejada Sells 6,000 Shares for $223,000Yahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report17 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Shareholder vote · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Annual report24 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / World Kinect Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / World Kinect Corporation · 24 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / World Kinect Corporation · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.