Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 71

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 and daily borrowings, and an increase in foreign currency gains.

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Income Taxes. For the six months ended June 30, 2025, we recognized income tax benefit of $116.4 million, compared to income tax expense of $13.0 million for the six months ended June 30, 2024. The decrease of $129.4 million was primarily attributable to lower income before income taxes as well as changes in the mix of our worldwide earnings, in addition to a net discrete tax benefit of $11.7 million as compared to a net discrete tax benefit of $0.2 million for the six 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 Six Months Ended June 30, 20252024ChangeRevenue$9,379.3 $10,512.9 $(1,133.6)Gross profit$253.6 $236.2 $17.5 Operating expenses125.8 124.2 1.6 Income (loss) from operations$127.8 $112.0 $15.8 Operational metrics:Aviation segment volumes (gallons)3,556.2 3,498.1 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