Matson, Inc. has announced its financial results for the fourth quarter and full year 2025, showing a resilient performance despite a slight dip in consolidated revenue. The company reported a net income of $143.1 million for Q4 2025, up from $128.0 million in the same period last year, supported by stronger-than-expected performance in its China service.
Financial performance highlights
The fourth quarter was defined by steady demand in key trade lanes and a significant boost from a stabilized geopolitical environment following the U.S.-China trade deal signed in late October 2025.
| Metric | Q4 2024 | Q4 2025 |
| Net Income | $128.0 million | $143.1 million |
| Earnings Per Share (EPS) | $3.80 | $4.60 |
| Consolidated Revenue | $890.3 million | $851.9 million |
Regional trade lane performance
Matson’s performance varied across its diverse Pacific network:
-
China: Volume decreased 7.2% year-over-year, but results exceeded expectations due to high freight rates driven by e-commerce demand and reduced tariff uncertainty.
-
Hawaii: Volumes rose 0.6%, though the economy remains sluggish due to high interest rates and soft tourism.
-
Guam: Experienced a 4.4% increase in volume thanks to general demand.
-
Alaska: Volume fell 3.3%, primarily due to having one fewer northbound sailing compared to the previous year.
2026 outlook and seasonality
Chairman and CEO Matt Cox indicated that 2026 will likely see a return to “normal” seasonality, with the second and third quarters expected to be the strongest.
For the first quarter of 2026, Matson anticipates Ocean Transportation operating income of approximately $50 million, which is lower than Q1 2025 due to projected lower volumes in the China service.
However, for the full year 2026, the company expects consolidated operating income to approach 2025 levels, assuming continued solid U.S. consumer demand and a stable Transpacific trading environment.
“Matson had a solid finish to the year… our China service benefited from a more stable trading environment as a result of the U.S.-China trade and economic deal announced on October 30, 2025.” — Matt Cox, Chairman and CEO of Matson
