Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 14

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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498.1 58.1 Aviation segment average price per gallon$2.40 $2.80 $(0.40)

Revenues in our aviation segment were $9.4 billion for the six months ended June 30, 2025, a decrease of $1.1 billion, or 11%, compared to the six 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 14%. Total aviation volumes increased by 58.1 million gallons, or 2%, to 3.6 billion gallons.

Our aviation segment gross profit for the six months ended June 30, 2025 was $253.6 million, an increase of $17.5 million, or 7%, compared to the six months ended June 30, 2024. The increase in gross profit during the six months ended June 30, 2025 as compared to the prior year 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 six months ended June 30, 2025 was $127.8 million, an increase of $15.8 million compared to the six months ended June 30, 2024. The increase in gross profit discussed above was partially offset by an increase in operating expenses of $1.6 million primarily attributable to increased restructuring charges as discussed under "Restructuring and Exit Activities" above, higher provision for credit losses compared to the six months ended June 30, 2024, which benefited from the recovery of a receivable previously written off as uncollectible, and higher general and administrative and compensation costs associated with increased business and general aviation activity. These increased expenses were partially offset by lower compensation and general and administrative expenses associated with the Avinode sale.

33

Land Segment Results of Operations

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

For the Six Months Ended June 30, 20252024ChangeRevenue$5,290.3 $6,709.0 $(1,418.7)Gross profit$146.4 $178.1 $(31.7)Operating expenses558