KEX — what changed in the latest 10-Q
A section-by-section comparison of KEX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-05 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −24 | ~40 | 40 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | Text added/removed | +1 | −1 | 0 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-05
KMT revenues for the 2026 second quarter and first six months increased 9% and 7%, respectively, compared to the 2025 second quarter and first six months, primarily due to higher term pricing in the inland market and increased fuel rebills in the inland and coastal markets, partially offset by lower…
second quarter and first six months, the inland tank barge fleet contributed 81% and 82%, respectively, and the coastal fleet contributed 19% and 18%, respectively, of KMT revenues.
Inland tank barge utilization levels averaged in the low-90% range during both the 2026 first and second quarters and the low-to-mid-90% range during both the 2025 first and second quarters. The 2026 and 2025 first quarters were impacted by high winds and heavy fog along the Gulf Coast, ice on the I…
KMT operating margin was 16.4% and 17.2% for the 2026 second quarter and first six months, respectively, compared to 20.1% and 19.2% for the 2025 second quarter and first six months, respectively.
KDS operating margin was 9.9% and 8.4% for the 2026 second quarter and first six months, respectively, compared to 9.8% and 8.6% for the 2025 second quarter and first six months, respectively.
Text removed vs the prior filing · source: 10-Q · 2026-05-08
KMT revenues and operating income for the 2026 first quarter increased 4% compared to the 2025 first quarter, primarily due to higher term pricing and decreased planned shipyards in the coastal market, partially offset by lower spot pricing in the inland market as compared to the 2025 first quarter.…
Inland tank barge utilization levels averaged in the low-90% range during the 2026 first quarter and the low-to-mid-90% range during the 2025 first quarter. The 2026 and 2025 first quarters were impacted by high winds and heavy fog along the Gulf Coast, ice on the Illinois and Upper Mississippi Rive…
During the 2026 first quarter, approximately 65% of KMT inland revenues were under term contracts and 35% were spot contract revenues. During the 2025 first quarter, approximately 70% of KMT inland revenues were under term contracts and 30% were spot
KMT operating margin was 18.0% for the 2026 first quarter compared to 18.2% for the 2025 first quarter.
KDS operating margin was 6.7% for the 2026 first quarter compared to 7.3% for the 2025 first quarter.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-05
The Company continues to be subject to the risk factors previously disclosed in its “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A, “Risk Factors,” of its Quarterly Report on Form 10-Q for the quarter ended M…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
The Company continues to be subject to the risk factors previously disclosed in its “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Since the Company filed its Form 10-K for the year ended December 31, 2025, the U.S. government issu…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice