Matson, Inc. (MATX) Earnings
Matson, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $6.09. MATX has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +38.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $3.79 | $4.27 | +12.7% | $969M | +8.4% |
| May 4, 2026 | $1.65 | $1.85 | +12.1% | $758M | -2.5% |
| Feb 24, 2026 | $2.32 | $4.60 | +98.3% | $852M | +7.2% |
| Nov 4, 2025 | $3.25 | $4.24 | +30.5% | $880M | +5.1% |
| Jul 31, 2025 | $2.18 | $2.92 | +33.9% | $831M | -0.9% |
| Aug 1, 2024 | $3.00 | $3.31 | +10.3% | $847M | +0.9% |
| Apr 30, 2024 | $1.04 | $1.04 | +0.0% | $722M | -1.1% |
| Feb 20, 2024 | $1.51 | $1.78 | +17.9% | $789M | +7.5% |
| Aug 1, 2023 | $1.92 | $2.26 | +17.7% | $773M | -0.9% |
| May 4, 2023 | $0.76 | $0.94 | +23.7% | $705M | -0.4% |
| Feb 21, 2023 | $1.96 | $2.10 | +7.1% | $802M | +13.8% |
| Nov 2, 2022 | $7.07 | $6.89 | -2.5% | $1.1B | +1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 3, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Global Ocean Market Resilience * Broader international ocean freight markets have been stronger than expected in 2024, with strength beyond just Trans-Pacific trade * Trades including South American, Asia-Europe, and African routes have remained resilient despite the Middle East conflict, absorbing much of global carrier capacity * Carriers have managed capacity deployment in an orderly way, avoiding extreme cargo backlogs or large surplus capacity, supporting stable pricing - Southeast Asia Service Expansion * Matson has built out organized services in North/South Vietnam and Thailand from a zero base over the past few years, positioning itself as the fastest and most reliable carrier in these origins * Southeast Asia cargo now accounts for 20% to 25% of total volume on Matson's China-focused services * Matson targets the premium market segment in Southeast Asia, serving cargo that requires fast, reliable delivery (including cargo shifted from air freight), and achieves significant premium pricing relative to broader market rates - 2027 Vessel Delivery Plan * New vessels are on track for on-time delivery starting in the first quarter of 2027 * The first new vessel will be timed to support peak season demand in the second and third quarters of 2027 * Retired smaller vessels from the Trans-Pacific/China service will be redeployed to Matson's U.S. domestic trades (Hawaii and Alaska)
Guidance
- Matson expects current strong, satisfactory Trans-Pacific freight rates will hold through the end of the 2024 peak shipping season - Consistent with historical patterns, management forecasts that freight rates will step down after peak season in the fourth quarter of 2024, and this expectation is already incorporated into Matson's full-year and third-quarter guidance - The company projects a 45% year-over-year increase in third-quarter ocean transportation operating income, driven by both higher freight rates and a more normal volume environment compared to 2023's unusual third quarter - Management expects new 2027 vessels will deliver incremental bottom-line profitability, with most additional capacity utilized during peak Q2/Q3 periods, and lower utilization in off-peak Q1/Q4
Segment performance
No detailed financial performance data for Matson's product segments is provided in the excerpted transcript. Only high-level commentary on ocean transportation rates and volumes is included in this Q&A portion.
Risks & headwinds
No discussion of business risks or operational failures is included in the excerpted transcript.
Analyst Q&A
Q: How much of current rate strength comes from the value of Matson's differentiated offering versus fuel price impacts, and what should we expect for fuel pass-through in Q3? /
A: CFO Joel notes that very little of recent rate movement is tied to fuel costs. Most fuel-related rate adjustments for Trans-Pacific and China services were implemented in early Q2 (March-April timeframe), and all pricing changes since that point have been market-driven rather than fuel-driven. / A: CEO Matt Cox adds that broader global capacity has tightened broadly this year across multiple trade routes, allowing Matson to achieve very satisfactory current rates that are expected to hold through the end of peak season, with rates expected to decline after peak season in Q4, per historical patterns.
Q: How should we expect Matson's pricing to behave after the 2024 peak season, and what is your outlook on 2027 vessel capacity given current market conditions? /
A: Management confirms that, consistent with historical trend, rates are expected to step down after peak season in Q4 2024, and this expected movement is already fully incorporated into the company's current Q3 and full-year guidance. / A: On 2027 vessel deliveries, management notes the vessels are on track for on-time delivery starting Q1 2027, and additional capacity is still expected to be well utilized. The new capacity will support Matson's Southeast Asia expansion strategy, and retired smaller vessels will be redeployed to U.S. domestic Hawaii and Alaska trades.
Q: What drives the projected 45% YoY increase in Q3 ocean transportation operating income, and how does Southeast Asia cargo compare to China-origin cargo on profitability, pricing, and customer base? /
A: The 45% projected increase comes from both higher current freight rates and a more normal volume environment: 2023 Q3 saw unusually muted volumes after a front-loaded cargo rush from tariff impacts, so 2024 volumes are expected to be meaningfully higher. / A: Southeast Asia cargo has slightly lower all-in freight rates and slightly higher operating costs (due to equipment positioning and connecting carrier payments) than China-origin cargo, but still delivers strong, satisfactory bottom-line yields. The customer base is largely the same set of beneficial cargo owners that already use Matson for China-origin cargo, as many of these customers have multi-country production footprints, and the same premium fast-reliable value proposition applies.
Q: How does the cost structure of the new 2027 vessels compare to the existing vessels they will replace, and will profitability improve immediately upon delivery? /
A: CFO Joel notes that daily operating costs and fuel burn are very similar between the new larger vessels and the older smaller vessels being replaced. The new vessels add incremental capacity with no meaningful change to per-vessel operating costs. / A: Management expects the additional capacity will deliver incremental bottom-line profitability almost immediately upon deployment. Most of the extra capacity will be utilized during Q2 and Q3 peak seasons, with lower utilization expected in off-peak Q1 and Q4.