Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 127

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 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 in Europe, increased government sales, and our business and general aviation activities.

Income from operations in our aviation segment for the three months ended September 30, 2025 was $77.1 million, an increase of $8.4 million, or 12%, compared to the three 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 an increase in incentive compensation costs.

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 Three Months Ended September 30, 20252024ChangeRevenue$2,535.6 $3,151.6 $(616.0)Gross profit$81.4 $101.9 $(20.6)Operating expenses69.6 86.8 (17.1)Income (loss) from operations$11.7 $15.2 $(3.4)Operational metrics:Land segment volumes (gallons) (1)1,382.5 1,495.6 (113.1)Land segment average price per gallon$1.83 $2.11 $(0.27)

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

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Revenues in our land segment were $2.5 billion for the three months ended September 30, 2025, a decrease of $616.0 million, or 20%, compared to the three months ended September 30, 2024. The decrease in revenue was driven by lower average fuel prices and a decrease in volume. Average fuel prices decreased by 13%. Total volumes decreased by 113.1 million, or 8%, to 1.4 billion gallons or gallon equivalents, primarily attributable to the sale of Watson Fuels and our fuel business in Brazil.

Land segment gross profit for the three months ended September 30, 2025 was $81.