Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 72

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 of 2024.

Income from operations in our aviation segment for the nine months ended September 30, 2025 was $204.9 million, an increase of $24.3 million, or 13%, compared to the nine months ended September 30, 2024, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher general and administrative and compensation costs associated with increased business and general aviation activity, increased restructuring charges as discussed in Note 15. Restructuring and Exit Activities, and a higher provision for credit losses compared to the nine months ended September 30, 2024, which benefited from the recovery of a receivable previously written off as uncollectible. 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 Nine Months Ended September 30, 20252024ChangeRevenue$7,825.9 $9,860.6 $(2,034.7)Gross profit$227.8 $280.1 $(52.2)Operating expenses628.3 250.7 377.6 Income (loss) from operations$(400.4)$29.4 $(429.8)Operational metrics:Land segment volumes (gallons) (1)4,220.0 4,542.9 (322.9)Land segment average price per gallon$1.85 $2.17 $(0.32)

(1)Includes gallons and gallon equivalents of British Thermal Units (BTU) for our natural gas sales and Kilowatt Hours (kWh) for our power business.

Revenues in our land segment were $7.8 billion for the nine months ended September 30, 2025, a decrease of $2.0 billion, or 21%, compared to the nine months ended September 30, 2024. The decrease in revenue was driven by lower average fuel prices and a decrease in volumes. Average fuel prices decreased by 15%. Total volumes decreased by 322.9 million, or 7%, to 4.2 billion gallons or gallon equivalents, primarily attributable to the sale of Watson Fuels and our fuel business in Brazil.

Our land segment gross profit for