Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 8

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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ating income of $71.4 million for the three months ended June 30, 2024. The increase in non-operating expense of $175.0 million during the three months ended June 30, 2025 was primarily attributable to the $81.7 million loss on the sale of Watson Fuels during the three months ended June 30, 2025 compared to the $96.0 million gain recognized on the sale of Avinode during the three months ended June 30, 2024, as discussed in Note 3. Acquisitions and Divestitures.

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Income Taxes. For the three months ended June 30, 2025, we recognized an income tax benefit of $109.6 million, compared to income tax expense of $9.7 million for the three months ended June 30, 2024. The decrease of $119.3 million was primarily attributable to lower income before income taxes as well as changes in the mix of our worldwide earnings, and a net discrete tax benefit of $12.3 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