Matson (MATX) Q1 2026 Earnings
How Did MATX Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +1.90%.
Did MATX Beat Earnings? Q1 2026 Results
Yes. Matson reported Q1 2026 earnings of $1.85 a share on May 4, 2026, beating the $1.61 consensus estimate by 15.1%. Revenue was $757.8M against a $777.6M estimate.
Matson delivered a stronger-than-expected bottom line in Q1 2026, with diluted EPS of $1.85 beating the $1.61 consensus estimate by 15.14%, even as revenue of $757.80 million came in 2.54% below expectations and declined 3.1% year over year. The primary drag on results was the Ocean Transportation segment, where a 9.5% drop in China service container volume, tied to a more traditional Lunar New Year freight cycle, weighed on operating income, which fell 25.8% to $54.60 million. Net income declined 21.7% to $56.60 million, while consolidated operating income slipped 25.2% to $61.40 million versus the year-ago period. Despite the softness, management raised its full-year 2026 outlook, now expecting consolidated operating income to modestly exceed the $499.80 million achieved in 2025, with Q2 2026 operating income anticipated to run roughly $20.00 million above the prior year's $113.00 million, though a near-term headwind from lagging fuel cost recovery is expected to weigh on Q2 before largely reversing in Q3. Several insiders sold shares in the days following the report, adding a note of caution to an otherwise upbeat guidance narrative.
- Higher-than-expected post-Lunar New Year freight demand in China service
- Lower general demand and prior-year competitor dry-docking in Hawaii service
- Lower supply chain management contribution impacting Logistics operating income
- Lower SSAT joint venture contribution due to lower lift volume
- Higher transportation brokerage revenue in Logistics
- Iran conflict impacting fuel prices across all markets
“In the first quarter 2026, Ocean Transportation operating income exceeded our expectations primarily due to higher freight demand post-Lunar New Year in our China service. In our domestic tradelanes, we saw lower year-over-year volume in Hawaii and Alaska. In Logistics, operating income in the first quarter was lower year-over-year, primarily due to a lower contribution from supply chain management.”
Matson CEO, on the earnings call
What Was Matson's Outlook in Q1 2026?
Matson raised its full year 2026 outlook. For full year 2026, the company expects consolidated operating income to modestly exceed the $499.8 million achieved in 2025, with Ocean Transportation operating income to modestly exceed $455.6 million and Logistics operating income to approach $44.2 million. For Q2 2026, consolidated operating income is expected to be approximately $20 million higher than the $113.0 million achieved in Q2 2025. The company expects a negative Q2 impact from lagging fuel cost recovery but full recovery by year-end with most occurring in Q3. Normal operating seasonality is expected with Q2 and Q3 being the strongest quarters. Full year D&A expected at approximately $210 million (including ~$35 million dry-docking amortization), interest income ~$16 million, interest expense ~$6 million, other income ~$7 million, and effective tax rate of approximately 21.0%. Capital expenditures expected at $550-$570 million including ~$400 million in new vessel construction.
MATX YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $757.8M | $782.0M | −3.1% |
| Operating Income | $61.4M | $75.5M | −18.7% |
| Net Income | $56.6M | $72.3M | −21.7% |
MATX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.