Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 8

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 had net non-operating expense of $24.0 million compared to net non-operating expense of $22.6 million for the three months ended September 30, 2024. The increase in non-operating expense of $1.4 million during the three months ended September 30, 2025 was primarily attributable to an increase in foreign currency losses.

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Income Taxes. For the three months ended September 30, 2025, we recognized an income tax expense of $10.7 million, compared to income tax expense of $14.6 million for the three months ended September 30, 2024. The decrease of $4.0 million was primarily attributable to changes in the discrete tax expense. 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 September 30, 20252024ChangeRevenue$4,868.1 $5,218.4 $(350.3)Gross profit$142.8 $129.0 $13.8 Operating expenses65.7 60.3 5.3 Income (loss) from operations$77.1 $68.7 $8.4 Operational metrics:Aviation segment volumes (gallons)1,829.1 1,904.6 (75.5)Aviation segment average price per gallon$2.42 $2.53 $(0.11)

Revenues in our aviation segment were $4.9 billion for the three months ended September 30, 2025, a decrease of $350.3 million, or 7%, compared to the three months ended September 30, 2024. The decrease in revenue was driven by lower average prices and a decrease in volume. Average jet fuel price per gallon sold decreased by 4%. Total aviation volumes decreased by 75.5 million gallons, or 4%, to 1.8 billion gallons, driven largely by a reduction in lower margin activity.

Aviation segment gross profit for the three months ended September 30, 2025 was $142.8 million, an increase of $13.8 million, or 11%, compared to the three months ended September 30, 2024. The increase in gross profit was primarily attributable to higher profit contribution from our operated airport locations