Q1 26 EPS
$1.85
BEAT +15.14%
Est. $1.61
Q1 26 Revenue
$757.8M
MISS 2.54%
Est. $777.6M
vs S&P Since Q1 26
+20.7%
BEATING MARKET
MATX +23.1% vs S&P +2.4%
Market Reaction
Did MATX Beat Earnings? Q1 2026 Results
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 prim… Read more 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.
Key Takeaways
- • 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
MATX Forward Guidance & Outlook
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
Q1 2026 vs Q1 2025, source: SEC Filings
MATX Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Matt Cox, Q1 2026 Earnings Press Release
MATX Earnings Trends
MATX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MATX EPS Trend
Earnings per share: estimate vs actual
MATX Revenue Trend
Quarterly revenue: estimate vs actual
MATX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.61 | $1.85 | +15.14% | $757.8M | -2.54% |
| Q4 25 BEAT FY | $3.69 | $4.60 | +24.83% | $851.9M | +0.54% |
| FY Full Year | $13.01 | $13.81 | +6.19% | $3.34B | +0.14% |
| Q3 25 BEAT | $3.25 | $4.24 | +30.33% | $880.1M | +5.10% |
| Q2 25 BEAT | $2.28 | $2.92 | +28.07% | $830.5M | +2.64% |
| Q1 25 MISS | $2.27 | $2.18 | -3.82% | $782.0M | -1.24% |