Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 132

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 primarily attributable to higher profit contribution from our operated airport locations in Europe and our business and general aviation activities, partially offset by a decrease in gross profit attributable to the Avinode sale, which closed during the second quarter of 2024.

Income from operations in our aviation segment for the six months ended June 30, 2025 was $127.8 million, an increase of $15.8 million compared to the six months ended June 30, 2024. The increase in gross profit discussed above was partially offset by an increase in operating expenses of $1.6 million primarily attributable to increased restructuring charges as discussed under "Restructuring and Exit Activities" above, higher provision for credit losses compared to the six months ended June 30, 2024, which benefited from the recovery of a receivable previously written off as uncollectible, and higher general and administrative and compensation costs associated with increased business and general aviation activity. 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 Six Months Ended June 30, 20252024ChangeRevenue$5,290.3 $6,709.0 $(1,418.7)Gross profit$146.4 $178.1 $(31.7)Operating expenses558.6 163.9 394.7 Income (loss) from operations$(412.2)$14.2 $(426.4)Operational metrics:Land segment volumes (gallons) (1)2,837.6 3,047.4 (209.8)Land segment average price per gallon$1.86 $2.20 $(0.34)

(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 $5.3 billion for the six months ended June 30, 2025, a decrease of $1.4 billion, or 21%, compared to the six months ended June 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 209.8 million, or 7%, to