World Kinect Raises 2026 Adjusted Earnings Outlook Again

The Tip Desk · October 31, 2026 · 3 min read

The fuel distributor lifted full-year adjusted EPS guidance to $3.52–$3.62 after third-quarter gross profit of $288 million.

World Kinect Corporation (WKC), operating as World Fuel, raised its full-year 2026 adjusted earnings guidance for a third consecutive quarter, even as third-quarter gross profit cooled from a second-quarter record.

The Miami-based global provider of aviation, marine and ground-based transportation fuels now expects adjusted EPS of $3.52 to $3.62 a share for the full year, up from a prior range of $3.20 to $3.40. That followed increases after the first and second quarters.

For the three months ended September 30, 2026, gross profit was $288 million, down from a record $365 million in the prior quarter. Year-over-year growth slowed to 15% from 57% in the second quarter. Adjusted gross profit was $279 million. Revenue was $13.27 billion. Volume was 4.04 billion gallons and gallon equivalents.

GAAP net income attributable to World Kinect was $38 million, or $0.70 a share. Adjusted net income was $51 million, or $0.99 a share. Adjusted EBITDA was $127 million. Operating margin was 28%, and adjusted operating margin was 37%.

Aviation remained the largest profit contributor. Segment gross profit was $148 million, down from a record $208 million in the second quarter, as year-over-year growth slowed to 4% from 51%. The company said the result was primarily attributable to the Universal Trip Support Services acquisition that closed in the fourth quarter of 2025 and growth in the core commercial fuel business, principally in Europe and Latin America. Aviation revenue was $7.65 billion.

Marine gross profit was $59 million, down from a record $80 million in the second quarter. Year-over-year growth remained elevated at 131%, versus 195% in the second quarter. The company said the increase was primarily driven by higher profit contribution from the core resale business and certain physical locations that continue to benefit from increased bunker fuel prices and global supply dynamics. Marine revenue was $2.77 billion.

Land was the clearest sequential improvement. Land gross profit was $81 million. Income from operations was $28 million, versus $6 million in the second quarter. Land adjusted income from operations increased 102% year-over-year, which the company said principally reflected the benefits of the land portfolio transformation and higher contribution from retail and cardlock operations. Land revenue was $2.86 billion.

Chief Executive Officer Ira M. Birns said the company delivered another strong quarter, supported by healthy fundamentals in Aviation, strong performance in Marine and continued progress in Land, and that actions taken to reshape the company are creating a stronger, more focused business. Chief Financial Officer Mike Tejada said third-quarter results reflected strong execution across the business and continued improvement in Land.

Operating cash flow was $175 million and free cash flow was $164 million, versus $102 million of free cash flow in the year-ago quarter. Cash and cash equivalents were $217.9 million at September 30. Tejada said the company generated $164 million of free cash flow during the quarter, further strengthening financial flexibility to invest in the business and return capital to shareholders.

Restructuring and exit costs were a $1.5 million net credit in the third quarter, including $6.2 million of restructuring charges and a $7.7 million net credit from exits in Land and Aviation, versus $4.9 million of charges in the year-ago quarter. The company also recorded a $23.2 million exit-cost provision for credit losses in the quarter, excluded from adjusted results.

For the nine months ended September 30, 2026, revenue was $36.55 billion, gross profit was $924 million, and adjusted EPS was $3.02 a share.