Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 70

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 70
---
 or 14%, compared to the nine months ended September 30, 2024, attributable to decreased revenue of $2.0 billion, $1.5 billion, and $1.0 billion in our land, aviation, and marine segments, respectively, as discussed further below.

Gross Profit. Our gross profit for the nine months ended September 30, 2025 was $712.4 million, a decrease of $55.0 million, or 7%, compared to the nine months ended September 30, 2024, attributable to decreased gross profit of $52.2 million and $34.0 million in our land and marine segments, respectively, partially offset by increased gross profit of $31.2 million in our aviation segment, as discussed further below.

Operating Expenses. Total operating expenses for the nine months ended September 30, 2025 were $1.0 billion, an increase of $414.5 million, or 71%, compared to the nine months ended September 30, 2024. The increase in operating expenses was primarily attributable to goodwill and other asset impairment charges of $443.1 million recognized during the nine months ended September 30, 2025, as discussed in Note 4. Goodwill and Note 6. Fair Value Measurements, and increased restructuring charges, as discussed in Note 15. Restructuring and Exit Activities. These increases were 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, as well as reduced compensation costs associated with cost reduction initiatives as part of our restructuring program.

Non-Operating Income (Expense), net. For the nine months ended September 30, 2025, we had net non-operating expense of $149.2 million compared to net non-operating income of $16.0 million for the nine months ended September 30, 2024. The increase in non-operating expense of $165.2 million during the nine months ended September 30, 2025 was primarily attributable to the $81.7 million loss on the sale of Watson Fuels during the nine months ended September 30, 2025 compared to the $96.0 million gain recognized on the sale of Avinode during the nine months ended September 30, 2024, as discussed in Note 3. Acquisitions and Divestitures, partially offset by a decrease in interest expense, driven by a decrease in our average interest rates