WORLD KINECT CORP

Previous wording

This 10-Q Report and the information incorporated by reference in it, or made by us in other reports, filings with the U.S. Securities and Exchange Commission (the "SEC"), press releases, teleconferences, industry conferences or otherwise, contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "could," "would," "will," "might," "continue," "plan," "ability," "achieve," "can," "intend," "may," "potential," "remain," "strategy," "design," "future," "forecast," "likely," "pursue," "schedule," or words or phrases of similar meaning. Specifically, this 10-Q Report includes forward-looking statements regarding (i) expectations regarding macroeconomic conditions, including inflation and its impact on us, (ii) conditions in the aviation, land, and marine markets and their impact on our business, (iii) growth in our core businesses, (iv) the impact of fuel prices and our working capital, liquidity, and capital expenditure requirements, (v) our expectations and estimates regarding tax, legal and accounting matters, accounting standards and environmental credits, including the impact on our financial statements, (vi) our hedging strategy, (vii) our acquisitions, divestitures, restructurings and other strategic transactions (viii) global trade trends and patterns, including the impact of tariffs and global conflicts, and (ix) estimates regarding the financial impact of our derivative and other trading contracts. Our forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in our SEC filings.

Current wording

This 10-Q Report and the information incorporated by reference in it, or made by us in other reports, filings with the U.S. Securities and Exchange Commission (the "SEC"), press releases, teleconferences, industry conferences or otherwise, contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "expect," "estimate," "project," "could," "would," "will," "might," "continue," "plan," "ability," "achieve," "can," "intend," "impact," "may," "potential," "remain," "strategy," "design," "future," "forecast," "pursue," "schedule," or words or phrases of similar meaning. Specifically, this 10-Q Report includes forward-looking statements regarding (i) expectations regarding macroeconomic conditions, including inflation and its impact on us, (ii) conditions in the aviation, land, and marine markets and their impact on our business, (iii) growth in our core businesses, (iv) the impact of fuel prices and our working capital, liquidity, and capital expenditure requirements, (v) our expectations and estimates regarding tax, legal and accounting matters, accounting standards and environmental credits, including the impact on our financial statements, (vi) our hedging strategy, (vii) our acquisitions, divestitures, restructurings and other strategic transactions (viii) global trade trends and patterns, including the impact of tariffs and global conflicts, and (ix) estimates regarding the financial impact of our derivative and other trading contracts. Our forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in our SEC filings.

Previous wording

Management continued to execute these plans in 2026, and as a result of the actions taken during the first half of 2026, we recognized charges for exit activities totaling $6.1 million, comprised of charges associated with various legal matters and contract termination costs of $10.2 million and severance and compensation costs of $4.1 million, which were partially offset by a net noncash gain on the sale of assets of $8.2 million. In addition, as a result of the actions taken in 2026, we wrote off accounts receivable of $3.0 million.

Current wording

Management continued to execute these plans in 2026, and also initiated actions to exit certain businesses within the aviation segment, and as a result of the actions taken during the nine months ended September 30, 2026 within the land and aviation segments, we recognized a net credit for exit activities totaling $1.6 million, comprised of net gains on the sale of assets of $17.0 million, which were partially offset by charges associated with various legal matters and contract termination costs of $8.1 million and severance and compensation costs of $7.3 million. In addition, as a result of the actions taken in 2026, we recognized additional allowances for current expected credit losses of $3.0 million with respect to accounts receivable associated with exited business lines and $23.2 million with respect to notes receivable from an equity method investee, resulting from our decision to discontinue ongoing financial support.

Previous wording

As a result of the actions taken under the 2025 Restructuring Plan, we recognized $45.2 million of restructuring charges associated with the 2025 Restructuring Plan during the year ended December 31, 2025, including $32.7 million of severance and other compensation costs and $12.6 million of other transition related costs. During the six months ended June 30, 2026, we recognized $9.5 million of charges associated with the 2025 Restructuring Plan, consisting primarily of costs associated with the global finance and accounting optimization program as well as additional severance and other compensation costs. We plan to complete the transition activities associated with the global finance and accounting optimization in the fourth quarter of 2026 and expect to recognize an additional $4.4 million in transition costs and one-time charges associated with the planned global finance and accounting initiatives during the year ending December 31, 2026.

Current wording

As a result of the actions taken under the 2025 Restructuring Plan, we recognized $45.2 million of restructuring charges associated with the 2025 Restructuring Plan during the year ended December 31, 2025, including $32.7 million of severance and other compensation costs and $12.6 million of other transition related costs. During the nine months ended September 30, 2026, we recognized $15.7 million of charges associated with the 2025 Restructuring Plan, consisting primarily of costs associated with the global finance and accounting optimization program as well as additional severance and other compensation costs. We plan to complete the transition activities associated with the global finance and accounting optimization in the fourth quarter of 2026 and expect to recognize an additional $2.0 million in transition costs and one-time charges associated with the planned global finance and accounting initiatives during the year ending December 31, 2026.

Previous wording

In our land segment, we continue to focus on improving capital efficiency by optimizing asset utilization, leveraging the capabilities of our acquisitions, and realigning our operational platform. In 2025, we launched an initiative designed to further streamline our operating model and enhance organizational efficiency and effectiveness. On April 9, 2025, we closed the Watson Fuels sale, and in the fourth quarter of 2025 and into 2026, we committed to and initiated actions to exit certain operations within the land segment, including direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, that are no longer profitable or not aligned with the Company's core business and corporate strategy. In June 2026, we closed on the sale of a majority of the Land Fuel Transportation and Lubricants disposal group. See Note 2. Acquisitions and Divestitures and Note 14. Restructuring and Exit Activities for additional information about the actions taken and related impairment charges.

Current wording

In our land segment, we continue to focus on improving capital efficiency, leveraging the capabilities of our acquisitions, and realigning our operational platform. In 2025, we launched an initiative designed to further streamline our operating model and enhance organizational efficiency and effectiveness. On April 9, 2025, we closed the Watson Fuels sale, and in the fourth quarter of 2025 and into 2026, we committed to and initiated actions to exit certain operations within the land segment, including direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, that are no longer profitable or not aligned with the Company's core business and corporate strategy. In June 2026, we closed on the sale of a majority of the Land Fuel Transportation and Lubricants disposal group. See Note 2. Acquisitions and Divestitures and Note 14. Restructuring and Exit Activities for additional information about the actions taken and related impairment charges.

Previous wording

We believe that our marine business is well-positioned to generate relatively moderate levels of earnings in stable markets and provide additional value in volatile and credit constrained markets. Due to the generally spot nature of sales in our marine business, we have traditionally benefited from elevated fuel prices and volatility as well as a constrained credit environment, as seen during the first half of 2026, with the increase in global oil prices and related volatility resulting in a significant improvement in marine segment profitability.

Current wording

We believe that our marine business is well-positioned to generate relatively moderate levels of earnings in stable markets and provide additional value in volatile and credit constrained markets. Due to the generally spot nature of sales in our marine business, we have traditionally benefited from elevated fuel prices and volatility as well as a constrained credit environment, as seen during the first nine months of 2026, with the increase in global oil prices and related volatility resulting in a significant improvement in marine segment profitability.

Previous wording

Revenue. Our consolidated revenue for the three months ended June 30, 2026 was $13.6 billion, an increase of $4.5 billion, or 50%, compared to the three months ended June 30, 2025, attributable to increased revenue of $3.2 billion, $0.9 billion, and $0.4 billion in our aviation, marine, and land segments, respectively, as discussed further below.

Current wording

Revenue. Our consolidated revenue for the three months ended September 30, 2026 was $13.3 billion, an increase of $3.9 billion, or 41%, compared to the three months ended September 30, 2025, attributable to increased revenue of $2.8 billion, $0.8 billion, and $0.3 billion in our aviation, marine, and land segments, respectively, as discussed further below.

Previous wording

Gross Profit. Our gross profit for the three months ended June 30, 2026 was $365.1 million, an increase of $132.7 million, or 57%, compared to the three months ended June 30, 2025, attributable to increased gross profit of $70.0 million, $52.6 million, and $10.1 million in our aviation, marine, and land segments, respectively, as discussed further below.

Current wording

Gross Profit. Our gross profit for the three months ended September 30, 2026 was $288.1 million, an increase of $38.5 million, or 15%, compared to the three months ended September 30, 2025, attributable to increased gross profit of $33.3 million and $5.2 million in our marine and aviation segments, respectively, as discussed further below.

Previous wording

Non-Operating Income (Expense), net. For the six months ended June 30, 2026, we had net non-operating expense of $53.8 million compared to net non-operating expense of $125.1 million for the six months ended June 30, 2025. The decrease in non-operating expense of $71.3 million during the six months ended June 30, 2026 was primarily attributable to the $81.7 million loss on the sale of Watson Fuels during the six months ended June 30, 2025, partially offset by increased foreign currency losses and higher interest expense during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Current wording

Non-Operating Income (Expense), net. For the three months ended September 30, 2026, we had net non-operating expense of $23.8 million compared to net non-operating expense of $24.0 million for the three months ended September 30, 2025. The decrease of $0.2 million during the three months ended September 30, 2026 was primarily attributable to an increase in other income, largely offset by higher interest expense.

Previous wording

Income Taxes. For the three months ended June 30, 2026, we recognized an income tax expense of $16.6 million, compared to income tax benefit of $109.6 million for the three months ended June 30, 2025. The increase of $126.1 million was primarily attributable to asset impairment benefits recognized during the three months ended June 30, 2025 and changes in the mix of our worldwide earnings, as well as a net discrete tax benefit of $1.0 million for the three months ended June 30, 2026 compared to a net discrete tax benefit of $12.3 million for the three months ended June 30, 2025. See Note 11. Income Taxes for additional information.

Current wording

Income Taxes. For the three months ended September 30, 2026, we recognized an income tax expense of $18.4 million, compared to income tax expense of $10.7 million for the three months ended September 30, 2025. The increase of $7.8 million was primarily attributable to a net discrete tax expense of $4.5 million for the three months ended September 30, 2026 compared to a net discrete tax benefit of $1.0 million for the three months ended September 30, 2025 and higher income before income taxes, partially offset by changes in the mix of our worldwide earnings. See Note 11. Income Taxes for additional information.

Previous wording

Aviation segment gross profit for the three months ended June 30, 2026 was $208.0 million, an increase of $70.0 million, or 51%, compared to the three months ended June 30, 2025. The increase in gross profit was primarily attributable to stronger physical inventory-related profitability in our core commercial business, driven by elevated jet fuel price volatility during the three months ended June 30, 2026, in addition to the contribution from Universal TSS acquired in the fourth quarter of 2025.

Current wording

Aviation segment gross profit for the three months ended September 30, 2026 was $147.9 million, an increase of $5.2 million, or 4%, compared to the three months ended September 30, 2025. The increase in gross profit was primarily attributable to the contribution from the Universal TSS acquisition that closed in the fourth quarter of 2025 and growth in our core commercial fuel business, principally in Europe and Latin America, partially offset by lower physical inventory-related profitability in our core commercial business during the three months ended September 30, 2026.

Previous wording

Income from operations in our aviation segment for the three months ended June 30, 2026 was $104.8 million, an increase of $33.2 million, or 46%, compared to the three months ended June 30, 2025, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to the incremental operating costs associated with the Universal TSS business acquired in the fourth quarter of 2025 as well as higher incentive compensation costs during the three months ended June 30, 2026.

Current wording

Income from operations in our aviation segment for the three months ended September 30, 2026 was $77.5 million, an increase of $0.4 million, or 1%, compared to the three months ended September 30, 2025, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to the incremental operating costs associated with the Universal TSS business acquired in the fourth quarter of 2025, partially offset by gains recognized on the sale of assets associated with business exits during the three months ended September 30, 2026.

Previous wording

Revenues in our land segment were $2.9 billion for the three months ended June 30, 2026, an increase of $442.9 million, or 18%, compared to the three months ended June 30, 2025. The increase in revenue was principally driven by higher average prices, partially offset by a decrease in volume. Average fuel prices increased by 13%. Total volumes decreased by 115.1 million, or 9%, to 1.2 billion gallons or gallon equivalents, primarily attributable to decreased volumes in our European power business, which is considered non-core and in the process of being exited, as well as the Land Fuel Transportation and Lubricants business sold during the second quarter of 2026.

Current wording

Revenues in our land segment were $2.9 billion for the three months ended September 30, 2026, an increase of $320.1 million, or 13%, compared to the three months ended September 30, 2025. The increase in revenue was principally driven by higher average prices, partially offset by a decrease in volume. Average fuel prices increased by 18%. Total volumes decreased by 178.2 million, or 13%, to 1.2 billion gallons or gallon equivalents, primarily attributable to decreased volumes in our European power business, which is considered non-core and in the process of being exited, as well as the Land Fuel Transportation and Lubricants business sold during the second quarter of 2026.

Previous wording

Land segment gross profit for the three months ended June 30, 2026 was $77.5 million, an increase of $10.1 million, or 15%, compared to the three months ended June 30, 2025. The increase in gross profit was principally driven by an increased contribution from our government business as well as higher contributions from our cardlock network and retail operations in North America.

Current wording

Land segment gross profit for the three months ended September 30, 2026 was $81.4 million, flat compared to gross profit of $81.4 million for the three months ended September 30, 2025, primarily attributable to higher contributions from our cardlock network and retail operations in North America, which were largely offset by the impact of the business activity exits initiated in the fourth quarter of 2025.

Previous wording

Income from operations in our land segment for the three months ended June 30, 2026 was $6.3 million, an increase of $373.2 million, or 102%, compared to the three months ended June 30, 2025, driven by a decrease in operating expenses as well as the increase in gross profit discussed above. The decrease in operating expenses was primarily attributable to lower asset impairment charges compared to the three months ended June 30, 2025, partially offset by restructuring and exit activity charges during the three months ended June 30, 2026 resulting from the business exits initiated during the fourth quarter of 2025.

Current wording

Income from operations in our land segment for the three months ended September 30, 2026 was $27.8 million, an increase of $16.0 million, or 136%, compared to the three months ended September 30, 2025, driven by a decrease in operating expenses primarily attributable to the cost reduction impact of the business exits initiated in the fourth quarter of 2025.

Previous wording

Revenues in our marine segment were $2.8 billion for the three months ended June 30, 2026, an increase of $870.6 million, or 46%, compared to the three months ended June 30, 2025. The increase in revenue was driven by higher average fuel prices, partially offset by a decrease in volume. The average price per metric ton of bunker fuel sold increased by 63%. Total volumes decreased by 0.4 million metric tons, or 10%, to 3.5 million, driven by reduced demand driven by the conflict in the Middle East and a reduction in lower margin activity.

Current wording

Revenues in our marine segment were $2.8 billion for the three months ended September 30, 2026, an increase of $779.2 million, or 39%, compared to the three months ended September 30, 2025. The increase in revenue was driven by higher average fuel prices, partially offset by a decrease in volume. The average price per metric ton of bunker fuel sold increased by 52%. Total volumes decreased by 0.3 million metric tons, or 8%, to 3.7 million, due to reduced demand driven by the conflict in the Middle East.

Previous wording

Marine segment gross profit for the three months ended June 30, 2026 was $79.7 million, an increase of $52.6 million, or 195%, primarily driven by a higher profit contribution from our core resale business and certain physical locations, which benefited from increased bunker fuel prices and elevated market volatility.

Current wording

Marine segment gross profit for the three months ended September 30, 2026 was $58.8 million, an increase of $33.3 million, or 131%, primarily driven by a higher profit contribution from our core resale business and certain physical locations, which benefited from increased bunker fuel prices and elevated market volatility.

Previous wording

Income from operations in our marine segment for the three months ended June 30, 2026 was $22.2 million, an increase of $47.8 million, or 187%, compared to the three months ended June 30, 2025, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses attributable to credit losses incurred during the three months ended June 30, 2026, primarily driven by the deteriorating financial condition of a customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, as well as higher incentive compensation costs.

Current wording

Income from operations in our marine segment for the three months ended September 30, 2026 was $36.8 million, an increase of $32.1 million, or 680%, compared to the three months ended September 30, 2025, principally driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses attributable to an increase in reserves for credit losses.

Previous wording

Revenue. Our consolidated revenue for the six months ended June 30, 2026 was $23.3 billion, an increase of $4.8 billion, or 26%, compared to the six months ended June 30, 2025, attributable to increased revenue of $3.6 billion, $1.0 billion, and $0.2 billion in our aviation, marine, and land segments, respectively, as discussed further below.

Current wording

Revenue. Our consolidated revenue for the nine months ended September 30, 2026 was $36.5 billion, an increase of $8.7 billion, or 31%, compared to the nine months ended September 30, 2025, attributable to increased revenue of $6.4 billion, $1.8 billion, and $0.5 billion in our aviation, marine, and land segments, respectively, as discussed further below.

Previous wording

Gross Profit. Our gross profit for the six months ended June 30, 2026 was $636.3 million, an increase of $173.5 million, or 37%, compared to the six months ended June 30, 2025, attributable to increased gross profit of $92.6 million and $83.3 million in our aviation and marine segments, respectively, partially offset by decreased gross profit of $2.4 million in our land segment, as discussed further below.

Current wording

Gross Profit. Our gross profit for the nine months ended September 30, 2026 was $924.4 million, an increase of $212.0 million, or 30%, compared to the nine months ended September 30, 2025, attributable to increased gross profit of $116.6 million and $97.8 million in our marine and aviation segments, respectively, partially offset by decreased gross profit of $2.4 million in our land segment, as discussed further below.

Previous wording

Operating Expenses. Total operating expenses for the six months ended June 30, 2026 were $484.0 million, a decrease of $330.5 million, or 41%, compared to the six months ended June 30, 2025. The decrease in operating expenses was primarily attributable to the $443.1 million of goodwill and other asset impairment charges recognized during the six months ended June 30, 2025 as well as the impact of the Watson Fuels sale, partially offset by an increases in bad debt expense incurred during the six months ended June 30, 2026, primarily as a result of the deteriorating financial condition of certain aviation and marine segment customers, including a marine segment customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, and compensation and employee benefit costs, primarily driven by higher incentive compensation costs in our aviation and marine segments, as well as costs associated with the Universal TSS business acquired in the fourth quarter of 2025.

Current wording

Operating Expenses. Total operating expenses for the nine months ended September 30, 2026 were $691.9 million, a decrease of $309.3 million, or 31%, compared to the nine months ended September 30, 2025. The decrease in operating expenses was primarily attributable to the $443.1 million of goodwill and other asset impairment charges recognized during the nine months ended September 30, 2025 as well as the impact of the Watson Fuels sale, partially offset by an increase in the allowance for current expected credit losses incurred during the nine months ended September 30, 2026 and compensation and employee benefit costs, primarily driven by higher incentive compensation costs in our aviation and marine segments, as well as costs associated with the Universal TSS business acquired in the fourth quarter of 2025. The increase in current expected credit losses during the nine months ended September 30, 2026 was a result of the deteriorating financial condition of certain aviation and marine segment customers, including a marine segment customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, as well as an allowance recognized with respect to notes receivable from an equity method investee reported as corporate and other, resulting from our decision to discontinue ongoing financial support.

Previous wording

Non-Operating Income (Expense), net. For the three months ended June 30, 2026, we had net non-operating expense of $29.8 million compared to net non-operating expense of $103.6 million for the three months ended June 30, 2025. The decrease in non-operating expense of $73.9 million during the three months ended June 30, 2026 was primarily attributable to the $81.7 million loss on the sale of Watson Fuels during the three months ended June 30, 2025, partially offset by increased foreign currency losses and higher interest expense during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Current wording

Non-Operating Income (Expense), net. For the nine months ended September 30, 2026, we had net non-operating expense of $77.6 million compared to net non-operating expense of $149.2 million for the nine months ended September 30, 2025. The decrease of $71.5 million during the nine months ended September 30, 2026 was primarily attributable to the $81.7 million loss on the sale of Watson Fuels during the nine months ended September 30, 2025, partially offset by increased foreign currency losses and higher interest expense during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

Income Taxes. For the six months ended June 30, 2026, we recognized income tax expense of $23.2 million, compared to income tax benefit of $116.4 million for the six months ended June 30, 2025. The increase of $139.6 million was primarily attributable to asset impairment benefits recognized during the six months ended June 30, 2025 and changes in the mix of our worldwide earnings, in addition to a net discrete tax benefit of $3.1 million as compared to a net discrete tax benefit of $11.7 million for the six months ended June 30, 2025. See Note 11. Income Taxes for additional information.

Current wording

Income Taxes. For the nine months ended September 30, 2026, we recognized income tax expense of $41.6 million, compared to income tax benefit of $105.8 million for the nine months ended September 30, 2025. The increase of $147.4 million was primarily attributable to tax benefits on asset impairments recognized during the nine months ended September 30, 2025, higher income before income taxes, and a net discrete tax expense of $1.4 million as compared to a net discrete tax benefit of $12.8 million for the nine months ended September 30, 2025. These increases were partially offset by changes in the mix of our worldwide earnings. See Note 11. Income Taxes for additional information.

Previous wording

Revenues in our aviation segment were $8.0 billion for the three months ended June 30, 2026, an increase of $3.2 billion, or 68%, compared to the three months ended June 30, 2025. The increase in revenue was driven by higher average prices, partially offset by a decrease in volume. Average jet fuel price per gallon sold increased by 83%. Total aviation volumes decreased by 96.1 million gallons, or 5%, to 1.8 billion gallons, driven primarily by a reduction in lower margin activity.

Current wording

Revenues in our aviation segment were $20.7 billion for the nine months ended September 30, 2026, an increase of $6.4 billion, or 45%, compared to the nine months ended September 30, 2025. The increase in revenue was driven by higher average prices, partially offset by a decrease in volume. Average jet fuel price per gallon sold increased by 52%. Total aviation volumes decreased by 152.2 million gallons, or 3%, to 5.2 billion gallons.

Previous wording

Our aviation segment gross profit for the six months ended June 30, 2026 was $346.2 million, an increase of $92.6 million, or 37%, compared to the six months ended June 30, 2025. The increase in gross profit was primarily attributable to stronger physical inventory-related profitability in our core commercial business, driven by elevated jet fuel price volatility during the six months ended June 30, 2026 and the contribution from Universal TSS acquired in the fourth quarter of 2025, as well as higher contribution from increased government activity in the core resale business.

Current wording

Our aviation segment gross profit for the nine months ended September 30, 2026 was $494.2 million, an increase of $97.8 million, or 25%, compared to the nine months ended September 30, 2025. The increase in gross profit was primarily attributable to the contribution from Universal TSS acquired in the fourth quarter of 2025 and a higher contribution from increased government activity in the core resale business, as well as stronger physical inventory-related profitability in our core commercial business, driven by elevated jet fuel price volatility during the nine months ended September 30, 2026.

Previous wording

Income from operations in our aviation segment for the six months ended June 30, 2026 was $162.5 million, an increase of $34.6 million, or 27%, compared to the six months ended June 30, 2025, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to increased costs associated with the Universal TSS acquisition during the fourth quarter of 2025 and higher incentive compensation costs, as well as a higher allowance for credit losses as a result of increased accounts receivable exposure driven by elevated jet fuel prices during the first half of 2026.

Current wording

Income from operations in our aviation segment for the nine months ended September 30, 2026 was $240.0 million, an increase of $35.1 million, or 17%, compared to the nine months ended September 30, 2025, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to increased costs associated with the Universal TSS acquisition during the fourth quarter of 2025, as well as higher incentive compensation costs and a higher allowance for credit losses as a result of increased accounts receivable exposure driven by elevated jet fuel prices during the nine months ended September 30, 2026. These increased costs were partially offset by gains on the sale of assets associated with business exits during the nine months ended September 30, 2026.

Previous wording

Revenues in our land segment were $5.4 billion for the six months ended June 30, 2026, an increase of $0.2 billion, or 3%, compared to the six months ended June 30, 2025. The increase in revenue was driven by higher average fuel prices, partially offset by a decrease in volumes. Average fuel prices increased by 13%. Total volumes decreased by 252.2 million, or 9%, to 2.6 billion gallons or gallon equivalents, primarily attributable to the sale of Watson Fuels, as well as decreased volumes in our European power business, which is considered non-core and in the process of being exited, and the sale of our Land Fuel Transportation and Lubricants business in the second quarter of 2026.

Current wording

Revenues in our land segment were $8.3 billion for the nine months ended September 30, 2026, an increase of $0.5 billion, or 6%, compared to the nine months ended September 30, 2025. The increase in revenue was driven by higher average fuel prices, partially offset by a decrease in volumes. Average fuel prices increased by 18%. Total volumes decreased by 430.3 million, or 10%, to 3.8 billion gallons or gallon equivalents, primarily attributable to decreased volumes in our European power business, which is considered non-core and in the process of being exited, the sale of our Land Fuel Transportation and Lubricants business in the second quarter of 2026, and the sale of Watson Fuels.

Previous wording

Our land segment gross profit for the six months ended June 30, 2026 was $144.1 million, a decrease of $2.4 million, or 2%, compared to the six months ended June 30, 2025. The decrease in gross profit was principally due to the Watson Fuels sale and unfavorable market conditions in our natural gas business, partially offset by an increased contribution from our government business as well as higher contributions from our cardlock network and retail operations in North America.

Current wording

Our land segment gross profit for the nine months ended September 30, 2026 was $225.4 million, a decrease of $2.4 million, or 1%, compared to the nine months ended September 30, 2025. The decrease in gross profit was principally due to the impact of our exit of certain business activities and unfavorable market conditions in our natural gas business, primarily during the first quarter of 2026, partially offset by higher contributions from our cardlock network and retail operations in North America as well as an increased contribution from our government business.

Previous wording

Income from operations in our land segment for the six months ended June 30, 2026 was $8.6 million compared to a loss from operations of $412.2 million for the six months ended June 30, 2025, driven by a decrease in operating expenses, partially offset by the decrease in gross profit discussed above. The decrease in operating expenses was primarily attributable to lower asset impairment charges compared to the six months ended June 30, 2025, as well as the impact of the Watson Fuels sale and the cost reduction impact of the business exits initiated in the fourth quarter of 2025.

Current wording

Income from operations in our land segment for the nine months ended September 30, 2026 was $36.3 million compared to a loss from operations of $400.4 million for the nine months ended September 30, 2025, driven by a decrease in operating expenses, partially offset by the decrease in gross profit discussed above. The decrease in operating expenses was primarily attributable to lower asset impairment charges compared to the nine months ended September 30, 2025, as well as the impact of the Watson Fuels sale and the cost reduction impact of the business exits initiated in the fourth quarter of 2025.

Previous wording

Revenues in our marine segment were $4.8 billion for the six months ended June 30, 2026, an increase of $1.0 billion, or 26%, compared to the six months ended June 30, 2025. The increase in revenue was driven by higher average prices, partially offset by a decrease in volume. The average price per metric ton of bunker fuel sold increased by 31%. Total volumes decreased by 0.3 million metric tons, or 3%, to 7.3 million.

Current wording

Revenues in our marine segment were $7.6 billion for the nine months ended September 30, 2026, an increase of $1.8 billion, or 31%, compared to the nine months ended September 30, 2025. The increase in revenue was primarily driven by higher average prices, partially offset by a decrease in volume. The average price per metric ton of bunker fuel sold increased by 38%. Total volumes decreased by 0.6 million metric tons, or 5%, to 11.1 million, due to reduced demand driven by the conflict in the Middle East.

Previous wording

Our marine segment gross profit for the six months ended June 30, 2026 was $146.0 million, an increase of $83.3 million, or 133%, primarily driven by a higher profit contribution from our core resale business and certain physical locations, which benefited from increased bunker fuel prices and elevated market volatility.

Current wording

Our marine segment gross profit for the nine months ended September 30, 2026 was $204.8 million, an increase of $116.6 million, or 132%, compared to the nine months ended September 30, 2025 primarily driven by a higher profit contribution from our core resale business and certain physical locations, which benefited from increased bunker fuel prices and elevated market volatility.

Previous wording

Income from operations in our marine segment for the six months ended June 30, 2026 was $55.2 million compared to a loss from operations of $10.8 million for the six months ended June 30, 2025, attributable to the increase in gross profit discussed above, partially offset by an increase in operating expenses due to credit losses incurred during the six months ended June 30, 2026, primarily driven by the deteriorating financial condition of a customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, as well as higher incentive compensation costs. These increases were partially offset by lower asset impairment charges during the six months ended June 30, 2026 as a result of the Falmouth impairment recognized during the six months ended June 30, 2025.

Current wording

Income from operations in our marine segment for the nine months ended September 30, 2026 was $92.0 million compared to a loss from operations of $6.1 million for the nine months ended September 30, 2025, attributable to the increase in gross profit discussed above, partially offset by an increase in operating expenses due to credit losses incurred during the nine months ended September 30, 2026, primarily driven by the deteriorating financial condition of a customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, as well as higher incentive compensation costs. These increases were partially offset by lower asset impairment charges during the nine months ended September 30, 2026 as a result of the Falmouth impairment recognized during the nine months ended September 30, 2025.

Previous wording

Convertible Notes. As of June 30, 2026, we have outstanding $350.0 million aggregate principal amount of Convertible Notes which mature on July 1, 2028, unless earlier converted, redeemed or repurchased. The Convertible Notes are senior, unsecured obligations that bear interest at a rate of 3.250% per year, payable semiannually in arrears on January 1 and July 1 of each year. Upon conversion, the Convertible Notes will be settled in cash up to the aggregate principal amount of the Convertible Notes to be converted, and in cash, shares of common stock or any combination thereof, at our option, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount. See Note 7. Debt, Interest Income, Expense, and Other Finance Costs for additional information.

Current wording

Convertible Notes. As of September 30, 2026, we have outstanding $350.0 million aggregate principal amount of Convertible Notes which mature on July 1, 2028, unless earlier converted, redeemed or repurchased. The Convertible Notes are senior, unsecured obligations that bear interest at a rate of 3.250% per year, payable semiannually in arrears on January 1 and July 1 of each year. Upon conversion, the Convertible Notes will be settled in cash up to the aggregate principal amount of the Convertible Notes to be converted, and in cash, shares of common stock or any combination thereof, at our option, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount. See Note 7. Debt, Interest Income, Expense, and Other Financing Costs for additional information.

Previous wording

See Note 7. Debt, Interest Income, Expense, and Other Finance Costs for additional information.

Current wording

See Note 7. Debt, Interest Income, Expense, and Other Financing Costs for additional information.

Previous wording

The following table reflects the major categories of cash flows for the six months ended June 30, 2026 and 2025 (in millions). For additional details, please see the unaudited Condensed Consolidated Statements of Cash Flows within this 10-Q Report.

Current wording

The following table reflects the major categories of cash flows for the nine months ended September 30, 2026 and 2025 (in millions). For additional details, please see the unaudited Condensed Consolidated Statements of Cash Flows within this 10-Q Report.

Previous wording

Operating Activities. For the six months ended June 30, 2026, net cash used in operating activities was $67.7 million, compared to $142.6 million net cash provided during the six months ended June 30, 2025. The $210.3 million decrease in operating cash flows was principally due to an increase in net cash used for accounts payable and accounts receivable, inventory, and in our derivative activities, driven by the increasing price environment during the six months ended June 30, 2026, partially offset by an increase in our net income adjusted for noncash items (see "Results of Operations" for further details of the drivers impacting our net income).

Current wording

Operating Activities. For the nine months ended September 30, 2026, net cash provided by operating activities was $107.5 million, compared to $258.7 million net cash provided during the nine months ended September 30, 2025. The $151.2 million decrease in operating cash flows was principally due to an increase in net cash used for accounts payable and accounts receivable, inventory, and in our derivative activities, driven by the increasing price environment during the nine months ended September 30, 2026, partially offset by increased cash provided by our RPA programs and an increase in our net income adjusted for noncash items (see "Results of Operations" for further details of the drivers impacting our net income).

Previous wording

Investing Activities. For the six months ended June 30, 2026, net cash provided by investing activities was $64.7 million, compared to net cash used of $4.8 million during the six months ended June 30, 2025. The net cash provided by investing activities for the six months ended June 30, 2026 was primarily driven by proceeds received from the Land Fuel Transportation and Lubricants sale of $84.5 million and capital expenditures of $27.6 million. Net cash used in investing activities for the six months ended June 30, 2025 was primarily driven by capital expenditures of $30.1 million and asset acquisitions of $13.0 million, partially offset by $23.4 million net proceeds from the Watson Sale and $18.0 million of cash received from the net repayment of notes receivable.

Current wording

Investing Activities. For the nine months ended September 30, 2026, net cash provided by investing activities was $47.4 million, compared to net cash used of $4.8 million during the nine months ended September 30, 2025. The net cash provided by investing activities for the nine months ended September 30, 2026 was primarily driven by proceeds received from the sale of our Land Fuel Transportation and Lubricants and other businesses of $93.2 million, partially offset by capital expenditures of $38.4 million. Net cash used in investing activities for the nine months ended September 30, 2025 was primarily driven by capital expenditures of $44.2 million and asset acquisitions of $13.3 million, partially offset by $23.4 million net proceeds from the Watson Fuels sale and $27.1 million of cash received from the net repayment of notes receivable.

Previous wording

Financing Activities. For the six months ended June 30, 2026, net cash used in financing activities was $57.5 million compared to net cash used of $131.1 million for the six months ended June 30, 2025. The net cash used in financing activities for the six months ended June 30, 2026 was principally attributable to repurchases of common stock of $89.3 million and dividend payments of $20.9 million, partially offset by net borrowings of debt of $49.7 million. Net cash used in financing activities for the six months ended June 30, 2025 was primarily attributable to net repayments of debt of $58.8 million driven by the repayment of secured borrowings associated with the transfer of transaction taxes as well as net repayments under our Credit Facility, repurchases of common stock of $45.0 million, and dividend payments of $19.2 million.

Current wording

Financing Activities. For the nine months ended September 30, 2026, net cash used in financing activities was $127.2 million compared to net cash used of $163.7 million for the nine months ended September 30, 2025. The net cash used in financing activities for the nine months ended September 30, 2026 was principally attributable to repurchases of common stock of $89.3 million, dividend payments of $32.6 million, and net repayments of debt of $8.2 million. Net cash used in financing activities for the nine months ended September 30, 2025 was principally attributable to net repayments of debt of $80.7 million driven by the repayment of secured borrowings associated with the transfer of transaction taxes as well as net repayments under our Credit Facility, repurchases of common stock of $45.0 million, and dividend payments of $30.3 million.