MATXNYSEWater TransportationUS GAAP · USD

Matson, Inc.

Matson, Inc. is a Hawaii-based ocean transportation and logistics company built around two operating segments: Ocean Transportation and Logistics. Its core shipping network connects Hawaii, Alaska, Guam, Micronesia, the South Pacific, and select Asia-U.S. lanes, while Matson Logistics extends that network with brokerage, freight forwarding, warehousing, and supply-chain services across North America and Asia.

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Revenue3,345m USD
−2.3 %y/y
Operating profit (EBIT)500m USD
−9.3 %y/y
EBIT margin14.9%
−1.2 ppy/y
Net income445m USD
−6.6 %y/y
Free cash flow154m USD
−66.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 2,383 m USD2020: EBIT 118 m USD20202021: 3,925 m USD2021: EBIT 1,188 m USD20212022: 4,343 m USD2022: EBIT 1,354 m USD20222023: 3,095 m USD2023: EBIT 343 m USD20232024: 3,422 m USD2024: EBIT 551 m USD20242025: 3,345 m USD2025: EBIT 500 m USD20253,345500
RevenueOperating profit (EBIT)
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Business

Share of revenue
Ocean Transportation80 %

Containerized ocean shipping and related terminal services across Hawaii, Alaska, Guam, Micronesia, the South Pacific and Asia lanes.

Logistics Brokerage10 %

Multimodal transportation brokerage including rail intermodal, trucking, specialized hauling and expedited freight.

Freight Forwarding5 %

LCL consolidation, forwarding and NVOCC services for customers needing managed international and domestic cargo movement.

Warehousing and Distribution5 %

Warehousing, transloading, value-added packaging and distribution services supporting supply chains.

Products

Reported · share of revenue
81.8%18.2%FY2025100 %
  • Ocean Transportation81.8 %
  • Logistics18.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Matson serves shippers that need reliable transport into non-contiguous U.S. markets and selected Asia-Pacific routes, including retailers, consumer goods manufacturers, freight forwarders and the U.S. military. Matson Logistics also serves a broad base of industrial and commercial customers that outsource brokerage, forwarding and warehousing needs. Customer relationships matter because the company’s network is schedule-sensitive and many lanes have limited alternatives.

Non-contiguous U.S. market shippers

Hawaii, Alaska and Guam customers buy scheduled ocean freight because these markets depend on reliable maritime supply chains.

Asia-Pacific trade customers

Shippers on China, Japan, Micronesia and South Pacific lanes use Matson for premium, time-sensitive service and route reliability.

Retail and consumer goods shippers

Large retailers and consumer goods manufacturers use Matson for inventory replenishment ahead of key selling seasons.

Freight forwarders and NVOCCs

These intermediaries buy capacity and forwarding services to manage customer cargo across ocean and inland networks.

Logistics outsourcing customers

Industrial and commercial customers buy brokerage, warehousing and supply-chain management to reduce transport complexity.

Strategy

Matson’s strategy is to defend and deepen its core Pacific network while using premium service, reliability and customer relationships to sustain pricing power. The company is also expanding its logistics platform to extend reach beyond ocean transport and to capture more of the customer supply chain. Fleet renewal and dual-fuel vessel construction support service quality, capacity modernization and environmental positioning.

Defend core Pacific market shareShort term

The company’s economics depend on stable service in Hawaii, Alaska and Guam, where reliability is a key differentiator.

Support premium Asia trade lanesMedium term

China and other Asia lanes can drive rate realization, but they are more exposed to trade volatility and competition.

Grow logistics servicesMedium term

Brokerage, forwarding and warehousing diversify revenue beyond ocean freight and deepen customer stickiness.

Modernize the fleetLong term

New vessels improve efficiency, support service continuity and help meet environmental expectations.

Geography

Matson’s business is centered on the U.S. West Coast and the non-contiguous Pacific markets it serves, especially Hawaii, Alaska and Guam. It also has meaningful exposure to China and other Asia-Pacific origins and destinations, while Matson Logistics extends its reach across North America and Asia. Geography matters because service reliability, port access, weather, trade policy and regional demand swings directly affect volumes, rates and operating costs.

Risks

Matson faces route-specific demand swings, competitive pressure and dependence on third-party terminals, vessels and logistics providers. Its China and other international services add exposure to trade policy, foreign-market disruption and rate volatility, while the Jones Act and access to key leases and joint ventures remain structural business risks. Seasonality, weather and customer concentration can also create uneven quarterly results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Jones Act regulatory change1Joint venture and terminal dependence2China trade and foreign-market disruption3Competitive capacity additions4Seasonality and weather disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Jones Act regulatory changeImpact: CriticalLikelihood: Low

    Repeal, waiver or amendment of the Jones Act could erode the company’s protected domestic shipping position.

    Exposure: U.S. domestic ocean transportation

  2. Joint venture and terminal dependenceImpact: HighLikelihood: High

    Matson relies on SSAT and other third parties for stevedoring and terminal services, creating operational and financial exposure.

    Exposure: U.S. West Coast terminals

  3. China trade and foreign-market disruptionImpact: HighLikelihood: Medium

    The China service is exposed to tariffs, trade uncertainty, port conditions and international operating risk.

    ExposureChinaAsia-Pacific lanes
  4. Competitive capacity additionsImpact: HighLikelihood: Medium

    Ocean shipping has limited barriers to entry and competitors can add vessels or shift capacity quickly.

    ExposureHawaiiAlaskaGuamChina
  5. Seasonality and weather disruptionImpact: MediumLikelihood: Low

    Alaska winter conditions and retail shipping cycles create uneven volumes and earnings across quarters.

    ExposureAlaskaHawaiiChina trade
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Accounting

Judgemental items
Voyage revenue recognition and in-transit cargo

Revenue is adjusted for the percentage earned on voyages still underway at period end, affecting quarterly timing.

Impact: Can shift revenue between quarters

Seasonality and dry-docking

Volume patterns and vessel dry-docking create uneven operating income across the year.

Impact: Quarterly margin volatility

Equity-method investment in SSAT

Matson records its share of SSAT income, which depends on terminal volumes and joint venture performance.

Impact: Can materially affect Ocean Transportation segment income

Goodwill and indefinite-life intangible assets

Impairment testing uses discounted cash flow and market multiple assumptions that are sensitive to trade and demand trends.

Impact: Potential non-cash impairment charges

Income tax estimates

Deferred taxes and deductions depend on judgments about future taxable income and tax law changes.

Impact: Can change effective tax rate

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Last updated: 24/09/2026