World Kinect Corporation’s marine segment posted record quarterly gross profit in the second quarter of 2026, with the Miami-headquartered fuel distributor citing elevated bunker fuel prices and heightened market volatility — largely linked to the ongoing conflict in the Middle East — as the principal drivers of the performance.

The marine segment reported gross profit of $79.7m for the three months ended 30 June, an increase of 195% compared with $27.0m in the same period a year earlier. According to the company, the result was driven by higher profit contributions from its core resale business and certain physical locations. The quarter marks the highest marine gross profit in the segment’s history, according to the company’s earnings release.

Marine segment revenue rose to $2.76bn in the quarter, up from $1.89bn in Q2 2025, although volumes fell to approximately 3.5 million metric tonnes from 3.9 million metric tonnes over the same period, indicating that profitability gains were margin-driven rather than volume-led.

The marine result contributed to a company-wide record gross profit of $365m for the quarter, up 57% year-on-year, with adjusted gross profit reaching $350m. Group-wide revenue climbed 50% to $13.59bn.

Chief Executive Officer Ira M. Birns stated: “We delivered an exceptional quarter, reflecting solid execution by our team and the strength of our business during a period of significant market volatility. Continued volatile market conditions associated with the conflict in the Middle East created meaningful opportunities across our business, once again demonstrating our ability to support customers through periods of disruption while delivering strong financial results.”

The marine segment’s income from operations turned sharply positive, reaching $22.2m in Q2 2026 compared with a loss of $25.6m in Q2 2025. For the first half of 2026, the segment generated income from operations of $55.2m, against a loss of $10.8m in the equivalent prior-year period.

The aviation segment also posted a record quarterly gross profit of $208m—an increase of 51% year-on-year—bolstered by jet fuel price volatility and the contribution from Universal Trip Support Services, acquired in Q4 2025. The land segment recorded gross profit of $77.5m and adjusted income from operations of $20m.

Group-wide adjusted EBITDA rose 55% to $135.7m. GAAP net income attributable to World Kinect reached $48.4m, or $0.94 per diluted share, compared with a net loss of $339.4m, or $6.06 per diluted share, in Q2 2025—a period that was heavily impacted by goodwill impairments.

Executive Vice President and CFO Mike Tejada commented: “This performance, together with our expectations for the balance of the year, enabled us to raise our full-year adjusted EPS guidance for the second time this year, while returning capital to shareholders through a 15% dividend increase and additional share repurchases.”

World Kinect raised its full-year 2026 adjusted earnings per share guidance to a range of $3.20 to $3.40, representing an increase of approximately 20% from the midpoint of its previous guidance range of $2.65 to $2.85. The company also repurchased $14m of common stock during the quarter.