Matson, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
MATX$207.00-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · Years Ended December 31, | ||||||||||
| (In millions) · · 2025 · · 2024 · · 2023 | ||||||||||
| Cash Flows From Operating Activities: | | | | | | | | | | |
| Net income | | $444.8 | | $476.4 | | $297.1 | | |||
| Reconciling adjustments: | | | | | | | | | | |
| Depreciation and amortization | | 166.9 | | 153.1 | | 142.2 | | |||
| Amortization of operating lease right-of-use assets | | | 133.1 | | | 133.7 | | | 142.0 | |
| Deferred income taxes, net | | 8.2 | | 20.9 | | 19.6 | | |||
| (Gain) Loss on disposal of property and equipment | | (4.4) | | (2.3) | | 0.6 | | |||
| Share-based compensation expense | | 22.7 | | 26.5 | | 23.8 | | |||
| (Income) Loss from SSAT | | (32.5) | | 1.0 | | (2.2) | | |||
| Distributions from SSAT | | 21.0 | | 14.0 | | — | | |||
| Other | | | (7.0) | | | (10.3) | | | (0.5) | |
| Changes in assets and liabilities: | | | | | | | | | | |
| Accounts receivable, net | | 12.3 | | 9.8 | | (10.9) | | |||
| Deferred dry-docking payments | | (49.4) | | (30.2) | | (24.1) | | |||
| Deferred dry-docking amortization | | 28.9 | | 27.2 | | 25.3 | | |||
| Prepaid expenses and other assets | | (24.9) | | 94.8 | | 33.5 | | |||
| Accounts payable, accruals and other liabilities | | (33.8) | | (5.6) | | 10.9 | | |||
| Operating lease assets and liabilities, net | | | (128.1) | | | (139.5) | | | (144.8) | |
| Other long-term liabilities | | (10.7) | | (1.7) | | (2.0) | | |||
| Net cash provided by operating activities | | 547.1 | | 767.8 | | 510.5 | | |||
| | | | | | | | | | | |
| Cash Flows From Investing Activities: | | | | | | | | | | |
| Capitalized vessel construction expenditures | | | (244.3) | | | (95.6) | | | (52.9) | |
| Capital expenditures (excluding vessel construction expenditures) | | (149.1) | | (214.5) | | (195.5) | | |||
| Proceeds from disposal of property and equipment, net | | 9.1 | | 5.9 | | 1.2 | | |||
| Payments for asset acquisitions | | | — | | | (0.8) | | | (12.4) | |
| Cash and interest deposits into Capital Construction Fund | | (118.6) | | (120.7) | | (128.5) | | |||
| Withdrawals from Capital Construction Fund | | 237.3 | | 89.6 | | 49.9 | | |||
| Net cash used in investing activities | | (265.6) | | (336.1) | | (338.2) | | |||
| | | | | | | | | | | |
| Cash Flows From Financing Activities: | | | | | | | | | | |
| Repayments of debt | | | (39.7) | | (39.7) | | (76.9) | | ||
| Payments of deferred loan fees | | | (2.1) | | — | | — | | ||
| Dividends paid | | | (44.9) | | (44.8) | | (45.0) | | ||
| Repurchase of Matson common stock | | | (303.3) | | | (199.1) | | | (155.2) | |
| Tax withholding related to net share settlements of restricted stock units | | | (16.4) | | | (17.6) | | | (12.6) | |
| Net cash used in financing activities | | (406.4) | | (301.2) | | (289.7) | | |||
| | | | | | | | | | | |
| Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | | (124.9) | | 130.5 | | (117.4) | | |||
| Cash, Cash Equivalents and Restricted Cash, Beginning of Year | | 266.8 | | 136.3 | | 253.7 | | |||
| Cash, Cash Equivalents and Restricted Cash, End of Year | | $141.9 | | $266.8 | | $136.3 | | |||
| | | | | | | | | | | |
| Reconciliation of Cash, Cash Equivalents, and Restricted Cash, End of Year: | | | | | | | | | | |
| Cash and Cash Equivalents | | $141.9 | | $266.8 | | $134.0 | | |||
| Restricted Cash | | | — | | | — | | | 2.3 | |
| Total Cash, Cash Equivalents and Restricted Cash, End of Year | | $141.9 | | $266.8 | | $136.3 | | |||
| | | | | | | | | | | |
| Supplemental Cash Flow Information: | | | | | | | | | | |
| Interest paid, net of capitalized interest | | $5.3 | | $5.9 | | $11.1 | | |||
| Income tax paid, net of income tax refunds (see Note 10) | | $86.1 | | $(26.5) | | $7.5 | | |||
| | | | | | | | | | | |
| Non-cash Information: | | | | | | | | | | |
| Capital expenditures included in accounts payable, accruals and other liabilities | | $2.3 | | $7.9 | | $10.8 | | |||
| Non-cash payments for intangible asset acquisitions | | $— | | $— | | $2.7 | | |||
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