Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 7

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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(78.0)98.9 Total non-operating income (expense), net(103.6)71.4 Income (loss) before income taxes(448.7)116.6 Provision for income taxes(109.6)9.7 Net income (loss) including noncontrolling interest(339.1)106.9 Net income (loss) attributable to noncontrolling interest0.3 (1.4)Net income (loss) attributable to World Kinect$(339.4)$108.3 Basic earnings (loss) per common share$(6.06)$1.81 Diluted earnings (loss) per common share$(6.06)$1.81 

Revenue. Our consolidated revenue for the three months ended June 30, 2025 was $9.0 billion, a decrease of $1.9 billion, or 18%, compared to the three months ended June 30, 2024, attributable to decreased revenue of $867.5 million, $643.6 million, and $410.9 million in our land, aviation, and marine segments, respectively, as discussed further below.

Gross Profit. Our gross profit for the three months ended June 30, 2025 was $232.4 million, a decrease of $12.8 million, or 5%, compared to the three months ended June 30, 2024, attributable to decreased gross profit of $13.4 million and $9.6 million in our land and marine segments, respectively, partially offset by increased gross profit of $10.2 million in our aviation segment, as discussed further below.

Operating Expenses. Total operating expenses for the three months ended June 30, 2025 were $577.5 million compared to $200.0 million for the three months ended June 30, 2024. The increase in operating expenses was primarily attributable to goodwill and other asset impairment charges of $398.6 million recognized during the three months ended June 30, 2025, as discussed in Note 4. Goodwill and Note 6. Fair Value Measurements, partially offset by lower compensation and employee benefit costs and general and administrative expenses primarily driven by the sales of Avinode, Brazil, and Watson Fuels.

Non-Operating Income (Expense), net. For the three months ended June 30, 2025, we had net non-operating expense of $103.6 million compared to net non-oper