Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 126

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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.3 million compared to a net discrete tax expense of $4.9 million for the three months ended June 30, 2024. See Note 12. Income Taxes for additional information.

Aviation Segment Results of Operations

The following provides a summary of our aviation segment results of operations for the periods indicated (in millions, except price per gallon):

For the Three Months Ended June 30, 20252024ChangeRevenue$4,725.1 $5,368.7 $(643.6)Gross profit$138.0 $127.7 $10.2 Operating expenses66.3 59.7 6.6 Income (loss) from operations$71.7 $68.0 $3.7 Operational metrics:Aviation segment volumes (gallons)1,856.0 1,825.0 31.0 Aviation segment average price per gallon$2.31 $2.74 $(0.43)

Revenues in our aviation segment were $4.7 billion for the three months ended June 30, 2025, a decrease of $643.6 million, or 12%, compared to the three months ended June 30, 2024. The decrease in revenue was driven by lower average prices, partially offset by an increase in volume. Average jet fuel price per gallon sold decreased by 16%. Total aviation volumes increased by 31.0 million gallons, or 2%, to 1.9 billion gallons.

Aviation segment gross profit for the three months ended June 30, 2025 was $138.0 million, an increase of $10.2 million, or 8%, compared to the three months ended June 30, 2024. The increase in gross profit was primarily attributable to higher profit contribution from our operated airport locations in Europe and our business and general aviation activities, partially offset by a decrease in gross profit attributable to the Avinode sale, which closed during the second quarter of 2024.

Income from operations in our aviation segment for the three months ended June 30, 2025 was $71.7 million, an increase of $3.7 million, or 5%, compared to the three months ended June 30, 2024, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher provision for credit losses compared to the three months