Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 13

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 13
---
2025, we recognized income tax benefit of $105.8 million, compared to income tax expense of $27.6 million for the nine months ended September 30, 2024. The decrease of $133.4 million was primarily attributable to lower income before income taxes as well as changes in the mix of our worldwide earnings, in addition to a net discrete tax benefit of $12.8 million as compared to a net discrete tax expense of $2.7 million for the nine months ended September 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 Nine Months Ended September 30, 20252024ChangeRevenue$14,247.4 $15,731.3 $(1,483.9)Gross profit$396.4 $365.2 $31.2 Operating expenses191.5 184.5 6.9 Income (loss) from operations$204.9 $180.6 $24.3 Operational metrics:Aviation segment volumes (gallons)5,385.3 5,402.7 (17.4)Aviation segment average price per gallon$2.41 $2.70 $(0.30)

Revenues in our aviation segment were $14.2 billion for the nine months ended September 30, 2025, a decrease of $1.5 billion, or 9%, compared to the nine months ended September 30, 2024. The decrease in revenue was driven by lower average prices. Average jet fuel price per gallon sold decreased by 11%. Total aviation volumes were relatively flat compared to the nine months ended September 30, 2024.

Our aviation segment gross profit for the nine months ended September 30, 2025 was $396.4 million, an increase of $31.2 million, or 9%, compared to the nine 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, 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 nine months ended September 30