Matson, Inc.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
MATX$211.93-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001104659-26-055178
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001104659-26-090003
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 87 current paragraphs.
20 unchanged; 44 reworded; 17 added; 5 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 15 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
In the China service, the Company’s container volume in the second quarter 2026 increased 15.2 percent year-over-year primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025. In the second quarter 2026, momentum in the China service carried over from the post-Lunar New Year period, and the Company’s CLX and MAX services saw higher-
Current report
Operating Income for the three months ended June 30, 2026 increased by $45.9 million, or 40.6 percent, compared to the three months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating income of $45.4 million and an increase in Logistics operating income of $0.5 million.
Current report
Consolidated Results – Six months ended June 30, 2026 compared with 2025:
Current report
Consolidated Operating Revenues for the six months ended June 30, 2026 increased by $114.7 million, or 7.1 percent, compared to the six months ended June 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $60.9 million and an increase in Logistics revenue of $53.8 million.
Current report
Operating Costs and Expenses for the six months ended June 30, 2026 increased by $89.5 million, or 6.3 percent, compared to the six months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $34.5 million and an increase in Logistics operating costs and expenses of $55.0 million.
Current report
Operating Income for the six months ended June 30, 2026 increased by $25.2 million, or 12.9 percent, compared to the six months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating income of $26.4 million, partially offset by a decrease in Logistics operating income of $1.2 million.
Current report
Ocean Transportation revenue increased $91.8 million, or 13.6 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher volume and freight rates in the China service.
Current report
Ocean Transportation operating income increased $45.4 million, or 46.0 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.
Current report
Ocean Transportation Operating Results – Six months ended June 30, 2026 compared with 2025:
Current report
Ocean Transportation revenue increased $60.9 million, or 4.6 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher freight rates and volume in the China service.
Current report
On a year-over-year FEU basis, Hawaii service container volume decreased 3.3 percent primarily due to lower general demand; Alaska service volume decreased 2.2 percent primarily due to lower general demand; China service volume increased 3.6 percent primarily due to significantly higher demand in the second quarter 2026 compared to the second quarter 2025, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 2.3 percent; and Other containers volume decreased 7.7 percent.
Current report
Ocean Transportation operating income increased $26.4 million, or 15.3 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.
Current report
The Company’s SSAT terminal joint venture investment contributed $9.8 million during the six months ended June 30, 2026, compared to $13.9 million during the six months ended June 30, 2025. The decrease was primarily due to lower lift volume.
Current report
Logistics operating income increased $0.5 million, or 3.5 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.
Current report
Logistics Operating Results – Six months ended June 30, 2026 compared with 2025:
Current report
Logistics revenue increased $53.8 million, or 18.0 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.
Current report
Logistics operating income decreased $1.2 million, or 5.2 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The decrease was primarily due to a lower contribution from warehousing, partially offset by a higher contribution from freight forwarding.
Removed paragraphs (5)
Previous report
In the China service, the Company’s container volume in the first quarter 2026 decreased 9.5 percent year-over-year primarily due to lower general demand from a more traditional Lunar New Year freight cycle. The Company saw higher than expected freight demand post-Lunar New Year and the uptick in freight demand has continued to build in the second quarter as demand strengthens and volume returns to a more traditional seasonal pattern. The Company also
Previous report
Operating Income for the three months ended March 31, 2026 decreased by $20.7 million, or 25.2 percent, compared to the three months ended March 31, 2025. The decrease was due to a decrease in Ocean Transportation operating income of $19.0 million, and a decrease in Logistics operating income of $1.7 million.
Previous report
Ocean Transportation revenue decreased $30.9 million, or 4.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to lower volume in the China service.
Previous report
Ocean Transportation operating income decreased $19.0 million, or 25.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to a lower contribution from the China service.
Previous report
Logistics operating income decreased $1.7 million, or 20.0 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to a lower contribution from supply chain management.
Reworded paragraphs (44)
Previous wording
The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “First Quarter 2026 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part II, Item 1A under the caption “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2025. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.
Current wording
The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “Second Quarter 2026 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part II, Item 1A under the caption “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2025. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.
Previous wording
FIRST** QUARTER 2026 DISCUSSION AND OUTLOOK FOR 2026**
Current wording
SECOND** QUARTER 2026 DISCUSSION AND OUTLOOK FOR 2026**
Previous wording
Ocean Transportation: The Company’s container volume in the Hawaii service in the first quarter 2026 was 5.6 percent lower year-over-year primarily due to lower general demand and the dry-docking of a competitor’s vessel in the year ago period. Hawaii’s economy is expected to experience modest growth supported by construction activity, while tourism remains soft and inflationary pressures persist. The Company expects volume in full year 2026 to be comparable to the level achieved in 2025, reflecting similar economic conditions and stable market share.
Current wording
Ocean Transportation: The Company’s container volume in the Hawaii service in the second quarter 2026 was 1.1 percent lower year-over-year primarily due to lower general demand. Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, but continues to face headwinds from higher energy-related inflation. The Company expects volume in full year 2026 to approach the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.
Previous wording
expects this demand strength to continue through peak season. In the second quarter 2026, the Company expects higher volume compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025. The Company expects volume in full year 2026 to be moderately higher than the level achieved in 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
Current wording
than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane. The Company expects its China service to be at or near capacity through peak season. For the fourth quarter 2026, the Company expects demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in thefourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. As such, the Company expects volume in full year 2026 to be higher than the level achieved in 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
Previous wording
In the Guam service, the Company’s container volume in the first quarter 2026 was flat year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
Current wording
In the Guam service, the Company’s container volume in the second quarter 2026 increased 4.4 percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
Previous wording
In the Alaska service, the Company’s container volume in the first quarter 2026 decreased 2.0 percent year-over-year. The decrease was primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period. In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
Current wording
In the Alaska service, the Company’s container volume in the second quarter 2026 decreased 2.3 percent year-over-year primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to approach the level achieved last year.
Previous wording
The contribution from the Company’s SSAT joint venture investment was $5.0 million in the first quarter 2026, or $1.6 million lower than first quarter 2025. The decrease was primarily due to lower lift volume. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.
Current wording
The contribution from the Company’s SSAT joint venture investment was $4.8 million in the second quarter 2026, or $2.5 million lower than second quarter 2025. The decrease was primarily due to lower lift volume and higher operating expenses. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.
Previous wording
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the second quarter 2026 to be approximately $20 million higher than the $98.6 million achieved in the second quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to modestly exceed the level achieved in full year 2025.
Current wording
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the $147.4 million achieved in the third quarter 2025. The Company also expects Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the $136.0 million achieved in the fourth quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to be higher than the $455.6 million achieved in full year 2025.
Previous wording
Logistics: Operating income for the Company’s Logistics segment was $6.8 million in the first quarter 2026, or $1.7 million lower compared to the level achieved in the first quarter 2025. The decrease was primarily due to a lower contribution from supply chain management. For the second quarter 2026, the Company expects Logistics operating income to approach the $14.4 million achieved in the second quarter 2025. For full year 2026, the Company expects Logistics operating income to approach the $44.2 million achieved in full year 2025.
Current wording
Logistics: Operating income for the Company’s Logistics segment was $14.9 million in the second quarter 2026, or $0.5 million higher compared to the level achieved in the second quarter 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing. For the third and fourth quarters 2026, the Company expects Logistics operating income to be modestly higher than the $13.6 million and $7.7 million achieved in the third and fourth quarters 2025, respectively. For full year 2026, the Company expects Logistics operating income to be higher than the $44.2 million achieved in full year 2025.
Previous wording
Consolidated Operating Income: To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. While the Company has effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter the Company expects a negative impact from the lag in the recovery of fuel costs. For the second quarter 2026, the Company expects consolidated operating income to be approximately $20 million higher than the $113.0 million achieved in the second quarter 2025. For full year 2026, the Company expects consolidated operating income to modestly exceed the level achieved in full year 2025 based on the Company’s expectations of China demand strength in the second quarter continuing through peak season, continued solid U.S. consumer demand and a stable trading environment in the Transpacific Tradelane. For 2026 compared to 2025, the Company continues to expect a more normal operating seasonality pattern with consolidated operating income in the second and third quarters being the strongest relative to the first and fourth quarters.
Current wording
Consolidated Operating Income: To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. The Company continues to expect to fully recover fuel costs by the end of the year. For the third quarter 2026, the Company expects consolidated operating income to be approximately 45 percent higher than the level achieved in the third quarter 2025. For full year 2026, the Company expects consolidated operating income to be higher than the level achieved in full year 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
Previous wording
Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $210 million, inclusive of dry-docking amortization of approximately $35 million.
Current wording
Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $205 million, inclusive of dry-docking amortization of approximately $35 million.
Previous wording
*Interest Income:*The Company expects interest income for the full year 2026 to be approximately $16 million.
Current wording
*Interest Income:*The Company expects interest income for the full year 2026 to be approximately $18 million.
Previous wording
Interest Expense, Net: The Company expects interest expense for the full year 2026 to be approximately $6 million.
Current wording
Interest Expense, Net: The Company expects interest expense, net for the full year 2026 to be approximately $6 million.
Previous wording
*Other Income (Expense):*The Company expects full year 2026 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
Current wording
*Other Income (Expense), Net:*The Company expects full year 2026 other income (expense), net to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
Previous wording
Income Taxes: In the first quarter 2026, the Company’s effective tax rate was 16.6 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
Current wording
Income Taxes: For the second quarter 2026, the Company’s effective tax rate was 21.0 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
Previous wording
Capital and Vessel Dry-docking Expenditures: For the first quarter 2026, the Company made capital expenditure payments excluding new vessel construction expenditures of $30.3 million, new vessel construction expenditures (including capitalized interest and owner’s items) of $18.0 million, and dry-docking payments of $11.9 million. For the full year 2026, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, new vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.
Current wording
Capital and Vessel Dry-docking Expenditures: For the second quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $25.4 million, vessel construction expenditures (including capitalized interest and owner’s items) of $181.8 million, and dry-docking payments of $12.7 million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.
Previous wording
Consolidated Operating Revenues for the three months ended March 31, 2026 decreased by $24.2 million, or 3.1 percent, compared to the three months ended March 31, 2025. The decrease was due to a decrease in Ocean Transportation revenue of $30.9 million, offset by an increase in Logistics revenue of $6.7 million.
Current wording
Consolidated Operating Revenues for the three months ended June 30, 2026 increased by $138.9 million, or 16.7 percent, compared to the three months ended June 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $91.8 million and an increase in Logistics revenue of $47.1 million.
Previous wording
Operating Costs and Expenses for the three months ended March 31, 2026 decreased by $3.5 million, or 0.5 percent, compared to the three months ended March 31, 2025. The decrease was due to a decrease in Ocean Transportation operating costs and expenses of $11.9 million, offset by an increase in Logistics operating costs and expenses of $8.4 million.
Current wording
Operating Costs and Expenses for the three months ended June 30, 2026 increased by $93.0 million, or 13.0 percent, compared to the three months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $46.4 million and an increase in Logistics operating costs and expenses of $46.6 million.
Previous wording
Interest Income was $6.1 million for the three months ended March 31, 2026, compared to $9.4 million for the three months ended March 31, 2025. The decrease in interest income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due to lower amounts of cash and cash equivalent, and CCF funds that were invested in interest bearing accounts during the three months ended March 31, 2026.
Current wording
Interest Income was $5.0 million for the three months ended June 30, 2026, compared to $8.0 million for the three months ended June 30, 2025. The decrease in interest income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due to lower amounts of cash and cash equivalents, and CCF funds that were invested in interest bearing accounts during the three months ended June 30, 2026.
Previous wording
Interest Expense, net was $1.6 million for the three months ended March 31, 2026, compared to $1.7 million for the three months ended March 31, 2025. Interest expense incurred during the quarter ended March 31, 2026 was lower due to a reduction in outstanding debt during the period, which was offset by a reduction in capitalized interest related to the construction of new vessels for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Current wording
Interest Expense, Net was $1.6 million for the three months ended June 30, 2026, compared to $1.7 million for the three months ended June 30, 2025. Interest expense, net incurred during the quarter ended June 30, 2026 was lower due to a reduction in outstanding debt during the period, which was offset by a reduction in capitalized interest related to the construction of three new vessels for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Previous wording
Other Income (Expense), net was $2.0 million for the three months ended March 31, 2026, compared to $2.4 million for the three months ended March 31, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The decrease in other income (expense), net, was due to a decrease in the amortization of favorable adjustments related to the Company’s pension and post-retirement plan liabilities.
Current wording
Other Income (Expense), Net was $1.6 million for the three months ended June 30, 2026, compared to $2.4 million for the three months ended June 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The decrease in other income (expense), net was due to a decrease in the amortization of favorable adjustments related to the Company’s pension and post-retirement plan liabilities.
Previous wording
Income Taxes were $11.3 million, or 16.6 percent of income before taxes, for the three months ended March 31, 2026, compared to $19.9 million, or 21.6 percent of income before taxes, for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2026 benefited from higher discrete tax adjustments that lowered the effective tax rate for that period, compared to the same prior year period.
Current wording
Income Taxes were $34.5 million, or 21.0 percent of income before taxes, for the three months ended June 30, 2026, compared to $27.0 million, or 22.2 percent of income before taxes, for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 benefited from higher discrete tax adjustments that lowered the effective tax rate for that period, compared to the same prior year period.
Previous wording
On a year-over-year FEU basis, Hawaii service container volume decreased 5.6 percent primarily due to lower general demand and the dry docking of a competitor’s vessel in the year ago period; Alaska service volume decreased 2.0 percent primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period; China service volume was 9.5 percent lower primarily due to lower general demand from a more traditional Lunar New Year freight cycle; Guam service volume was flat; and Other containers volume decreased 2.9 percent.
Current wording
On a year-over-year FEU basis, Hawaii service container volume decreased 1.1 percent primarily due to lower general demand; Alaska service volume decreased 2.3 percent primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing; China service volume increased 15.2 percent primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 4.4 percent; and Other containers volume decreased 11.4 percent.
Previous wording
The Company’s SSAT terminal joint venture investment contributed $5.0 million during the three months ended March 31, 2026, compared to $6.6 million during the three months ended March 31, 2025. The decrease was primarily due to lower lift volume.
Current wording
The Company’s SSAT terminal joint venture investment contributed $4.8 million during the three months ended June 30, 2026, compared to $7.3 million during the three months ended June 30, 2025. The decrease was primarily due to lower lift volume and higher operating expenses.
Previous wording
Logistics revenue increased $6.7 million, or 4.6 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The increase was primarily due to higher revenue in transportation brokerage.
Current wording
Logistics revenue increased $47.1 million, or 30.4 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.
Previous wording
Changes in the Company’s cash and cash equivalents for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, are as follows:
Current wording
Changes in the Company’s cash and cash equivalents for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, are as follows:
Previous wording
Changes in net cash provided by operating activities for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, were due to the following:
Current wording
Changes in net cash provided by operating activities for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were due to the following:
Previous wording
Net income was $56.6 million for the three months ended March 31, 2026, compared to $72.3 million for the three months ended March 31, 2025. Income from SSAT was $5.0 million for the three months ended March 31, 2026, compared to $6.6 million for the three months ended March 31, 2025. The decrease in income from SSAT was primarily due to lower lift volume during the three months ended March 31, 2026, compared to the same prior year period. There were no distributions received from SSAT during the three months ended March 31, 2026 and 2025. Changes in accounts receivable were primarily due to the timing of collections associated with those receivables.
Current wording
Net income was $186.0 million for the six months ended June 30, 2026, compared to $167.0 million for the six months ended June 30, 2025. Income from SSAT was $9.8 million for the six months ended June 30, 2026, compared to $13.9 million for the six months ended June 30, 2025. The decrease in income from SSAT was primarily due to lower lift volume and higher operating expenses during the six months ended June 30, 2026, compared to the same prior year period. There were no distributions received from SSAT during the six months ended June 30, 2026 and 2025. Changes in accounts receivable, net were primarily due to an increase in revenue and the timing of collections associated with those receivables. Changes in accounts payable, accruals and other liabilities were due to higher liability balances resulting from higher operating costs and the timing of payments associated with those liabilities. Changes in operating lease assets and liabilities, net were primarily due to new operating lease additions and renewals, offset by operating lease payments and terminations. Deferred dry-docking payments for the six months ended June 30, 2026 were $24.6 million, compared to $23.8 million for the six months ended June 30, 2025. Changes in deferred dry-docking are primarily due to the timing of vessel dry-dock related activities and the payments associated with those activities.
Previous wording
Changes in net cash used in investing activities for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, were due to the following:
Current wording
Changes in net cash used in investing activities for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were due to the following:
Previous wording
During the three months ended March 31, 2026, cash deposits into the CCF included $4.6 million of interest income and $1.2 million from the repurchase of assigned accounts receivable, compared to $4.7 million of interest income and $100.7 million from the repurchase of assigned accounts receivable for the same prior year period. During the three months ended March 31, 2026, cash withdrawals from the CCF for the payment of vessel construction milestone payments were $17.4 million, compared to $65.0 million for the same prior year period. The decrease in vessel construction milestone payments was due to the timing of milestone payments related to the Company’s fleet renewal program. Qualifying withdrawal payments relate to milestone payments for the construction of three new Aloha Class vessels. Capital expenditures (excluding vessel construction expenditures) were $30.3 million for the three months ended March 31, 2026, compared to $22.5 million for the three months ended March 31, 2025. Capital expenditures (excluding vessel construction expenditures) primarily relate to vessel related expenditures, the acquisition of containers, chassis and other equipment, and expenditures on other capital related projects. The increase in capital expenditures for the three months ended March 31, 2026, compared to the same prior year period primarily related to the timing of when vessel maintenance activities are performed and when other capital related projects are incurred.
Current wording
During the six months ended June 30, 2026, cash deposits into the CCF included $7.9 million of interest income and $1.6 million from the repurchase of assigned accounts receivable, compared to $8.4 million of interest income and $100.7 million from the repurchase of assigned accounts receivable for the same prior year period. During the six months ended June 30, 2026, cash withdrawals from the CCF for the payment of vessel construction milestone payments were $197.7 million, compared to $100.7 million for the same prior year period. The increase in vessel construction milestone payments was due to progress made in the construction of three new vessels and the timing of related milestone payments. Capital expenditures (excluding vessel construction expenditures) were $55.7 million for the six months ended June 30, 2026, compared to $71.4 million for the six months ended June 30, 2025. Capital expenditures (excluding vessel construction expenditures) primarily relate to vessel maintenance related expenditures, the acquisition of containers, chassis and other equipment, and expenditures on other capital related projects. The decrease in capital expenditures for the six months ended June 30, 2026, compared to the same prior year period primarily related to the timing of when vessel maintenance activities are performed and when expenditures on other capital related projects are incurred.
Previous wording
Changes in net cash used in financing activities for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, were due to the following:
Current wording
Changes in net cash used in financing activities for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were due to the following:
Previous wording
During the three months ended March 31, 2026, the Company paid $52.8 million to repurchase Matson common stock, compared to $66.9 million during the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company paid$10.1 million in scheduled fixed interest debt payments, compared to $10.1 million during the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company paid $25.1 million in withholding taxes related to vested restricted stock units, compared to $16.1 million during the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company paid $11.0 million in dividends, compared to $11.3 million during the three months ended March 31, 2025. The decrease in dividend payments was due to a reduction in common stock outstanding, partially offset by an increase in dividends declared per share of common stock by the Company.
Current wording
During the six months ended June 30, 2026, the Company paid $119.8 million to repurchase Matson common stock, compared to $160.4 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid$19.9 million in scheduled fixed interest debt payments, compared to $19.9 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid $25.1 million in withholding taxes related to vested restricted stock units, compared to $16.3 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid $22.0 million in dividends, compared to $22.3 million during the six months ended June 30, 2025. The decrease in dividend payments was due to a reduction in common stock outstanding, partially offset by an increase in dividends declared per share of common stock by the Company.
Previous wording
Working Capital: The Company had a working capital deficit of $93.5 million at March 31, 2026, compared to a working capital deficit of $55.5 million at December 31, 2025. Working capital is primarily impacted by the amount of net cash provided by operating activities, the amount of capital expenditures, thetiming of collections associated with accounts receivable, prepaid expenses and other assets, and by the amount and timing of payments associated with accounts payable, accruals, income taxes and other liabilities. The decrease in the Company’s working capital at March 31, 2026, compared to December 31, 2025 is primarily due to lower cash and cash equivalents as described above.
Current wording
Working Capital: The Company had a working capital deficit of $67.8 million at June 30, 2026, compared to a working capital deficit of $55.5 million at December 31, 2025. Working capital is primarily impacted by the amount of net cash provided by operating activities, the amount of capital expenditures, thetiming of collections associated with accounts receivable, prepaid expenses and other assets, and by the amount and timing of payments associated with accounts payable, accruals, income taxes and other liabilities. The decrease in the Company’s working capital at June 30, 2026, compared to December 31, 2025 is primarily due to a decrease in cash and cash equivalents as described above.
Previous wording
Capital Construction Fund:* *The Company’s CCF is described in Note 7 of Part I, Item 1 above. The Company utilizes its CCF to fund milestone payments for the construction of new vessels. Cash on deposit and CCF investments as of March 31, 2026 and December 31, 2025 are as follows:
Current wording
Capital Construction Fund:* *The Company’s CCF is described in Note 7 of Part I, Item 1 above. The Company utilizes its CCF to fund milestone payments for the construction of three new vessels. Cash on deposit and CCF investments as of June 30, 2026 and December 31, 2025 are as follows:
Previous wording
The CCF decreased by $11.2 million during the three months ended March 31, 2026 due to vessel milestone payments of $16.3 million, offset by approximately $5.1 million of cash deposited into the CCF from interest income and the repurchase of assigned receivables.
Current wording
The Company’s CCF decreased by $186.9 million during the six months ended June 30, 2026 due to vessel milestone payments of $196.1 million, offset by approximately $9.2 million of cash deposited into the CCF.
Previous wording
Debt: The Company’s debt is described in Note 8 of Part I, Item 1 above. The Company utilizes a mix of fixed and variable debt for liquidity and to fund the Company’s operations. Total Debt as of March 31, 2026 and December 31, 2025 are as follows:
Current wording
Debt: The Company’s debt is described in Note 8 of Part I, Item 1 above. The Company utilizes a mix of fixed and variable debt for liquidity and to fund the Company’s operations. Total Debt as of June 30, 2026 and December 31, 2025 consisted of the following:
Previous wording
Total Debt decreased by $10.1 million during the three months ended March 31, 2026, compared to December 31, 2025, due to scheduled fixed interest debt repayments.
Current wording
Total Debt decreased by $19.9 million during the six months ended June 30, 2026, compared to December 31, 2025, due to scheduled fixed interest debt repayments.
Previous wording
As of March 31, 2026, the Company had $544.3 million of remaining borrowing availability under the revolving credit facility.
Current wording
As of June 30, 2026, the Company had $544.2 million of remaining borrowing availability under the revolving credit facility.
Previous wording
Capital Expenditures: Except as described below, during the three months ended March 31, 2026, there were no material changes to the Company’s expected capital expenditures for the years ending December 31, 2026 and 2027 as described in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
Capital Expenditures: During the six months ended June 30, 2026, there were no material changes to the Company’s expected capital expenditures for the year ending December 31, 2026 as described in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
During the three months ended March 31, 2026, the Company paid $16.3 million in milestone payments under the vessel construction agreements, compared to $65.0 million for the three months ended March 31, 2025. The following represents the estimated timing of future milestone payments under the vessel construction agreements as of March 31, 2026:
Current wording
During the six months ended June 30, 2026, the Company paid $179.8 million in milestone payments under the vessel construction agreements, compared to $100.7 million for the six months ended June 30, 2025. The following represents the estimated timing of future milestone payments under the vessel construction agreements as of June 30, 2026:
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Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Changes in operating revenue, operating costs and expenses, and operating income are further described below in the Analysis of Operating Revenue and Income by Segment.
Current report — wording carried from elsewhere
Interest Income was $11.1 million for the six months ended June 30, 2026, compared to $17.4 million for the six months ended June 30, 2025. The decrease in interest income for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due to lower amounts of cash and cash equivalents, and CCF funds that were invested in interest bearing accounts during the six months ended June 30, 2026.
Current report — wording carried from elsewhere
Interest Expense, Net was $3.2 million for the six months ended June 30, 2026, compared to $3.4 million for the six months ended June 30, 2025. Interest expense, net incurred during the six months ended June 30, 2026 was lower due to a reduction in outstanding debt during the period, which was offset by a reduction in capitalized interest related to the construction of three new vessels for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Other Income (Expense), Net was $3.6 million for the six months ended June 30, 2026, compared to $4.8 million for the six months ended June 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The decrease in other income (expense), net was due to a decrease in the amortization of favorable adjustments related to the Company’s pension and post-retirement plan liabilities.
Current report — wording carried from elsewhere
Income Taxes were $45.8 million, or 19.8 percent of income before taxes, for the six months ended June 30, 2026, compared to $46.9 million, or 21.9 percent of income before taxes, for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 benefited from higher discrete tax adjustments related to share-based payment awards and other adjustments that lowered the effective tax rate for that period, compared to the same prior year period.
Current report — wording carried from elsewhere
On April 23, 2026, the Company’s Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company’s existing share repurchase program and extended the program to December 31, 2029. The maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 3.4 million shares at June 30, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Changes in accounts payable, accruals and other liabilities were due to the timing of payments associated with those liabilities. Changes in operating lease assets and liabilities were primarily due to new operating lease additions and renewals, offset by operating lease payments and terminations. Deferred dry-docking payments for the three months ended March 31, 2026 were $11.9 million, compared to $10.4 million for the three months ended March 31, 2025. Changes in deferred dry-docking are primarily due to the timing of vessel dry-dock related activities and the payments associated with those activities.