Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 131

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 131
---
 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 and daily borrowings.

32

Income Taxes. For the nine months ended September 30, 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