Key Highlights

  • Revenue rose 41% to $13.27 billion in the third quarter, from $9.39 billion a year earlier.
  • Diluted EPS was $0.70, up from $0.46, while adjusted EPS reached $0.99 against $0.54.
  • Marine Gross Profit climbed 131% to $59 million.
  • Operating cash flow was $175 million and free cash flow was $164 million.
  • Full year 2026 adjusted EPS guidance was raised to $3.52 to $3.62 from $3.20 to $3.40.

Revenue jumps 41% even as gallons sold fall

World Kinect (NYSE:WKC), which operates as World Fuel, is a Miami-based provider of aviation, marine and ground transportation fuels and related services. The company reported third quarter 2026 results on October 29, 2026.

Revenue rose 41% to $13.27 billion from $9.39 billion a year earlier, while total Volume slipped 6% to 4,038 million gallons and gallon equivalents from 4,283 million. Higher fuel prices, not extra volume, therefore drove the top line.

Gross profit was $288 million, up 15% from $250 million.

Marine more than doubles its gross profit

The Marine segment delivered the sharpest swing. Gross profit rose 131% to $59 million from $26 million, and income from operations reached $36.8 million against $4.7 million a year ago. The company credited its core resale Business and certain physical locations, which continue to benefit from increased bunker fuel prices and global Supply dynamics.

Aviation gross profit rose 4% to $148 million, helped by the Universal Trip Support Services Acquisition that closed in the fourth quarter of 2025 and growth in core commercial fuel, mainly in Europe and Latin America.

Land gross profit was flat at $81 million, yet income from operations rose to $27.8 million from $11.7 million. The company said Land adjusted income from operations increased 102%, reflecting its portfolio transformation and a higher contribution from retail and cardlock operations.

Operating profit grows, but Credit losses and corporate costs stand out

Income from operations rose 27% to $80 million from $63 million. Operating expenses were $208 million, up 11%, though adjusted operating expenses fell 3% to $176 million.

Two items stand out. The provision for credit losses in the Cash Flow Statement was $25.7 million, against $1.6 million a year earlier. Unallocated corporate overhead also widened to a $61.9 million expense from $30.7 million.

Net income attributable to the company was $38.0 million, or $0.70 per diluted share, compared with $25.7 million, or $0.46. Adjusted EBITDA rose 35% to $127 million from $94 million.

Cash flow, Balance Sheet and share count

Operating cash flow was $175.1 million, up from $116.1 million, and free cash flow was $164 million. Receivables stood at $3.13 billion and payables at $3.73 billion as of September 30, 2026.

Cash and cash equivalents were $217.9 million, and Long Term Debt was $683.9 million plus $9.9 million of current maturities. There were no share repurchases in the quarter, though the company bought back $89.3 million of stock in the first nine months, and shares outstanding were 51.2 million, down from 54.1 million at December 31, 2025.

Raised outlook and what to watch next

For the full year 2026, the company raised adjusted EPS guidance to a range of $3.52 to $3.62 per share, from $3.20 to $3.40. Adjusted EPS for the first nine months was already $3.02, compared with $1.60 a year earlier, so the new range implies a fourth quarter of roughly $0.50 to $0.60 on a calculated basis.

Chief Executive Officer Ira M. Birns said the actions taken to reshape the company are creating a stronger, more focused business.

Readers following the company will likely watch whether Marine profit holds as bunker pricing evolves, whether Land keeps improving, and how corporate overhead and credit provisions develop.