0001104659-26-055178 | 10-Q | XBRL Viewer

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PROPERTY AND EQUIPMENT (Details) $ in Millions	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($) item
Property and equipment
Property and Equipment	$ 4,051.6	$ 4,007.0
Less: Accumulated Depreciation	(1,541.0)	(1,507.6)
Total Property and Equipment, net	$ 2,510.6	2,499.4
Number of vessels under agreements for construction \| item	3
Vessels
Property and equipment
Property and Equipment	$ 2,407.7	2,405.0
Containers and equipment
Property and equipment
Property and Equipment	962.1	943.0
Terminal equipment and other property
Property and equipment
Property and Equipment	171.7	171.7
New vessel construction in progress
Property and equipment
Property and Equipment	$ 461.1	$ 443.2
Number of vessels under agreements for construction \| item	3	3
Other construction in progress
Property and equipment
Property and Equipment	$ 49.0	$ 44.1

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited and include the accounts of Matson, Inc. and all wholly-owned subsidiaries, after elimination of intercompany amounts and transactions. Significant investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. The Company accounts for its investment in SSAT using the equity method of accounting.

Due to the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim periods, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete consolidated financial statements.

The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Fiscal Period: The period end for Matson covered by this report is March 31, 2026. The period end for MatNav and its subsidiaries covered by this report is March 27, 2026.

Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Use of Estimates: The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for but not limited to: useful lives of property and equipment, impairment of investments; impairment of long-lived assets, intangible assets and goodwill; capitalized interest; allowance for credit losses; legal contingencies; insurance reserves and other related liabilities; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; estimates of income (loss) from SSAT; and income tax estimates. Future results could be materially affected if actual results differ from these estimates and assumptions.

Recognition of Revenues and Expenses: Revenue and expenses in the Company’s Condensed Consolidated Financial Statements are presented net of elimination of intercompany amounts and transactions. The following is a description of the Company’s principal revenue generating activities by segment, and the Company’s revenue and expense recognition policy for each activity for the periods presented:


	Three Months Ended
	March 31,
Ocean Transportation (in millions) (1)	2026			2025
Ocean Transportation services	$	601.4		$	632.9
Terminal and other related services		2.2			2.5
Fuel sales		2.9			2.0
Total	$	606.5		$	637.4

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and general and administrative expenses, are charged to operating costs as incurred.

◾	Terminal and other related services revenue is recognized as the services are performed. Terminal and other related service costs are recognized as incurred.

◾	Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.


	Three Months Ended
	March 31,
Logistics (in millions) (1)	2026		2025
Transportation Brokerage and Freight Forwarding services	$	134.9	$	127.3
Warehousing services		9.3		9.0
Supply Chain Management services		7.1		8.3
Total	$	151.3	$	144.6

(1)	Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Transportation Brokerage and Freight Forwarding services revenue, and Supply Chain Management services revenue categories which are denominated in foreign currencies.

◾

Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices.

◾	Warehousing services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the

customer. Storage related costs are recognized as incurred. Other Warehousing services revenue and related costs are recognized in proportion to the services performed.

◾	Supply Chain Management and other services revenue, and related costs are recognized in proportion to the services performed.

The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the customer. Deferred revenue is included in other liabilities in the Company’s Condensed Consolidated Financial Statements. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income.

Capitalized Interest: The Company capitalizes interest costs during the period as the qualified assets are being readied for their intended use. The Company determined that vessel construction costs are considered qualifying assets for the purposes of capitalizing interest on these assets. The amount of capitalized interest is calculated based on the amount of expenditures incurred related to the construction of these vessels using a weighted average interest rate. The weighted average interest rate is determined using the Company’s average borrowings outstanding during the period. Capitalized interest is included in vessel construction in progress in property and equipment in the Company’s Condensed Consolidated Balance Sheets (see Note 5). The Company capitalized $0.9 million and $1.1 million of interest related to the construction of new vessels for the three months ended March 31, 2026 and 2025, respectively.

Dividends: The Company’s first quarter 2026 cash dividend of $0.36 per share was paid on March 5, 2026. On April 23, 2026, the Company’s Board of Directors declared a cash dividend of $0.36 per share payable on June 4, 2026 to shareholders of record on May 7, 2026.

Repurchase of Shares: During the three months ended March 31, 2026 and 2025, the Company repurchased approximately 0.4 million and 0.5 million shares for a total cost of $54.4 million and $69.2 million, respectively. As of March 31, 2026, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 0.8 million shares. On April 23, 2026, the Company’s Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company’s existing share repurchase program and extended the program to December 31, 2029.

Recently adopted accounting pronouncements: In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides optional simplified methods for estimating credit losses on current accounts receivable. ASU 2025-05 is effective for interim and annual periods beginning after December 31, 2025. The adoption of ASU 2025-05 during the three months ended March 31, 2026 did not have a material impact on the Company’s consolidated financial statements.

New Accounting Pronouncements: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure of certain expenses in the financial statements including employee compensation and depreciation and amortization of intangible assets on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be adopted either: (i) prospectively to the financial statements issued for reporting periods after the effective date of the ASU or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the effects of adopting ASU 2024-03 but does not expect it will have a material impact on the Company’s consolidated financial statements.

DESCRIPTION OF THE BUSINESS	3 Months Ended
Mar. 31, 2026
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS	1. DESCRIPTION OF THE BUSINESS Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics. Ocean Transportation: Matson’s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. MatNav also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav in Hawaii and Alaska. Matson has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT currently provides terminal and stevedoring services to various carriers at seven terminal facilities on the U.S. West Coast, including three facilities dedicated for MatNav’s use. Matson records its share of income from SSAT in costs and expenses in the Condensed Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT’s operations. Logistics: Matson’s Logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics extends the geographic reach of Matson’s transportation network throughout North America and Asia, and provides a variety of logistics services to its customers including: (i) multimodal transportation brokerage of domestic and international rail intermodal services, long-haul and regional highway trucking services, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively, “Transportation Brokerage” services); (ii) less-than-container load (“LCL”) consolidation and freight forwarding services (collectively, “Freight Forwarding” services); (iii) warehousing, trans-loading, value-added packaging and distribution services (collectively, “Warehousing” services); and (iv) purchase order management, booking services, and non-vessel operating common carrier (“NVOCC”) freight forwarding services (collectively, “Supply Chain Management” services).

DESCRIPTION OF THE BUSINESS

3 Months Ended

Mar. 31, 2026

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS

1. DESCRIPTION OF THE BUSINESS

Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics.

Ocean Transportation: Matson’s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. MatNav also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav in Hawaii and Alaska.

Matson has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT currently provides terminal and stevedoring services to various carriers at seven terminal facilities on the U.S. West Coast, including three facilities dedicated for MatNav’s use. Matson records its share of income from SSAT in costs and expenses in the Condensed Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT’s operations.

Logistics: Matson’s Logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics extends the geographic reach of Matson’s transportation network throughout North America and Asia, and provides a variety of logistics services to its customers including: (i) multimodal transportation brokerage of domestic and international rail intermodal services, long-haul and regional highway trucking services, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively, “Transportation Brokerage” services); (ii) less-than-container load (“LCL”) consolidation and freight forwarding services (collectively, “Freight Forwarding” services); (iii) warehousing, trans-loading, value-added packaging and distribution services (collectively, “Warehousing” services); and (iv) purchase order management, booking services, and non-vessel operating common carrier (“NVOCC”) freight forwarding services (collectively, “Supply Chain Management” services).

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Total recognized in other comprehensive (income) loss	$ 0.5	$ 0.8
Pension Benefits
Components of Net Periodic Benefit Cost (credit):
Service cost	1.2	1.1
Interest cost	2.6	2.6
Expected return on plan assets	(4.4)	(4.4)
Net periodic benefit cost (credit)	(0.6)	(0.7)
Post-retirement benefits
Components of Net Periodic Benefit Cost (credit):
Service cost	0.1
Interest cost	0.2	0.3
Amortization of net actuarial loss (gain)	(0.2)	(0.2)
Amortization of prior service credit	(0.5)	(0.9)
Net periodic benefit cost (credit)	$ (0.4)	$ (0.8)

GOODWILL AND INTANGIBLE ASSETS - GOODWILL (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Goodwill
Total Goodwill	$ 327.8	$ 327.8
Ocean Transportation
Goodwill
Total Goodwill	222.6	222.6
Logistics
Goodwill
Total Goodwill	$ 105.2	$ 105.2

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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CAPITAL CONSTRUCTION FUND

3 Months Ended

Mar. 31, 2026

CAPITAL CONSTRUCTION FUND

CAPITAL CONSTRUCTION FUND

7. CAPITAL CONSTRUCTION FUND

The Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. A summary of the activities within the CCF cash and cash equivalents, and investments account for the three months ended March 31, 2026 and 2025 consisted of the following:


		Three Months Ended
		March 31,
(In millions)		2026			2025
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period		$	307.2		$	230.7
Proceeds from U.S. Treasury debt securities at maturity			54.9			20.3
Interest income on cash and cash equivalents, and CCF investments			3.8			4.1
Repurchase of assigned accounts receivable			1.2			100.7
Qualifying withdrawal payments for vessel construction expenditures			(17.4)			(65.0)
Total CCF cash and cash equivalents balance at end of period			349.7			290.8

CCF Investments:
CCF investments balance at beginning of period			225.5			411.9
Sale of U.S. Treasury debt securities at maturity			(54.9)			(20.3)
Accretion of CCF investments			1.2			3.0
Total CCF investments balance at end of period			171.8			394.6
Total CCF cash and cash equivalents, and investments balance at end of period		$	521.5		$	685.4

CCF Cash and Cash Equivalents: Cash on deposit in the CCF account is invested in a short-term U.S. Treasury obligations fund with daily liquidity. At March 31, 2026, these short-term securities had a weighted average life of 103 days.

CCF Investments: The cost of CCF investments accretes to face value on a straight-line basis until maturity. Such accretion is included in interest income in the Condensed Consolidated Statements of Income and Comprehensive Income.

As of March 31, 2026, CCF investments maturities are as follows:


		As of
		March 31, 2026
Year (in millions)		Cost		Fair Value
Remainder of 2026		$	119.3	$	119.5
2027			52.5		52.7
Total CCF investments		$	171.8	$	172.2

CCF cash and cash equivalents, and investments are classified as a long-term asset in the Company’s Condensed Consolidated Balance Sheets as the Company intends to use withdrawals to fund qualified milestone progress payments for the construction of three new Jones Act vessels.

CCF Assigned Accounts Receivable: As of March 31, 2026 and December 31, 2025, eligible accounts receivable of $82.0 million and $82.3 million were assigned to the CCF, respectively. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

Schedule of property and equipment


		March 31,			December 31,
(In millions)		2026			2025
Cost:
Vessels		$	2,407.7		$	2,405.0
Containers and equipment			962.1			943.0
Terminal equipment and other property			171.7			171.7
New vessel construction in progress			461.1			443.2
Other construction in progress			49.0			44.1
Total Property and Equipment			4,051.6			4,007.0
Less: Accumulated Depreciation			(1,541.0)			(1,507.6)
Total Property and Equipment, net		$	2,510.6		$	2,499.4

SIGNIFICANT ACCOUNTING POLICIES - CAPITALIZED INTEREST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Vessels
Capitalized Interest
Interest Costs Capitalized	$ 0.9	$ 1.1

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

INCOME TAXES

Schedule of income tax expense


		Three Months Ended March 31,
(In millions)		2026			2025
Current:
Federal		$	7.7		$	16.2
State			1.5			2.6
Foreign			0.8			0.7
Total current tax expense			10.0			19.5
Deferred:
Federal			1.2			0.1
State			0.1			0.3
Total deferred tax expense			1.3			0.4
Total income taxes		$	11.3		$	19.9

DESCRIPTION OF THE BUSINESS (Details)	3 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Mar. 31, 2026 facility segment	Mar. 31, 2025 segment
DESCRIPTION OF THE BUSINESS
Number of reportable segments \| segment	2	2
Ocean Transportation \| SSAT
DESCRIPTION OF THE BUSINESS
Ownership interest in SSAT (as a percent)	35.00%
Number of terminal facilities on which SSAT provides terminal and stevedoring services on the U.S. West Coast	7
MatNav \| SSAT
DESCRIPTION OF THE BUSINESS
Number of terminal facilities on which SSAT provides terminal and stevedoring services on the U.S. West Coast	3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value measurement


								Quoted Prices in			Significant			Significant
		Total						Active Markets			Observable			Unobservable
		Carrying Value			Total			(Level 1)			Inputs (Level 2)			Inputs (Level 3)

(In millions)		March 31, 2026			Fair Value Measurements at March 31, 2026
Cash and cash equivalents		$	100.1		$	100.1		$	100.1		$	—		$	—
CCF - Cash and cash equivalent		$	349.7		$	349.7		$	349.7		$	—		$	—
CCF - Investments		$	171.8		$	172.2		$	172.2		$	—		$	—
Fixed rate debt		$	351.1		$	282.6		$	—		$	282.6		$	—

(In millions)		December 31, 2025			Fair Value Measurements at December 31, 2025
Cash and cash equivalents		$	141.9		$	141.9		$	141.9		$	—		$	—
CCF - Cash and cash equivalent		$	307.2		$	307.2		$	307.2		$	—		$	—
CCF - Investments		$	225.5		$	226.4		$	226.4		$	—		$	—
Fixed rate debt		$	361.2		$	293.6		$	—		$	293.6		$	—

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2026

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2026 consisted of the following:


							Non-						Accumulated
				Post-			Qualified						Other
	Pension			Retirement			Pension						Comprehensive
(In millions)	Benefits			Benefits			Benefits			Other			Income (Loss)
Balance at December 31, 2025	$	(8.6)		$	8.9		$	(0.7)		$	2.0		$	1.6
Amortization of prior service credit		—			(0.4)			—			—			(0.4)
Amortization of net actuarial gain (loss)		—			(0.1)			—			—			(0.1)
Foreign currency exchange		—			—			—			(0.2)			(0.2)
Other adjustments		—			—			—			0.2			0.2
Balance at March 31, 2026	$	(8.6)		$	8.4		$	(0.7)		$	2.0		$	1.1

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2025 consisted of the following:


							Non-						Accumulated
				Post-			Qualified						Other
	Pension			Retirement			Pension						Comprehensive
(In millions)	Benefits			Benefits			Benefits			Other			Income (Loss)
Balance at December 31, 2024	$	(14.0)		$	8.1		$	(0.4)		$	(0.2)		$	(6.5)
Amortization of prior service credit		—			(0.7)			—			—			(0.7)
Amortization of net actuarial gain (loss)		—			(0.1)			—			—			(0.1)
Foreign currency exchange		—			—			—			0.3			0.3
Other adjustments		—			—			—			0.2			0.2
Balance at March 31, 2025	$	(14.0)		$	7.3		$	(0.4)		$	0.3		$	(6.8)

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2026

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

3. REPORTABLE SEGMENTS

Reportable segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s CODM is its Chief Executive Officer.

The Company identified two reportable segments on the basis of internal information provided to the CODM: Ocean Transportation and Logistics which are described in Note 1. Each segment is managed separately based upon fundamental differences in the operations of each segment. The Company’s Ocean Transportation service primarily involves the transportation of customer cargo on Company owned and chartered vessels. The Company’s Logistics service provides customers with logistics solutions primarily using third-party purchased transportation. The Company’s CODM assesses the performance of each segment using operating income. The Company’s CODM reviews the performance of each segment using monthly internal reports which provide variance analysis of actual results by segment compared to budget, forecast and prior year. The Company’s CODM uses this information when making decisions about the allocation of operating and capital resources to each segment. Segment balance sheet information is not provided to the CODM as capital decisions are based upon the Company’s consolidated balance sheet.

Reportable segment financial information for the three months ended March 31, 2026 and 2025 are as follows:


		Three Months Ended								Three Months Ended
		March 31, 2026								March 31, 2025
(In millions)		Ocean Transportation			Logistics		Total			Ocean Transportation			Logistics			Total
Operating Revenue (1)(2)		$	606.5		$	151.3	$	757.8		$	637.4		$	144.6		$	782.0

Operating Expenses:
Operating costs:
Direct cargo expense			(234.8)			—		(234.8)			(238.2)			—			(238.2)
Vessel operating expense			(138.7)			—		(138.7)			(147.4)			—			(147.4)
Operating overhead (3)			(81.7)			—		(81.7)			(87.1)			—			(87.1)
Direct operating costs			—			(126.5)		(126.5)			—			(117.8)			(117.8)
Depreciation and amortization			(39.1)			(3.1)		(42.2)			(37.2)			(3.4)			(40.6)
Total operating costs			(494.3)			(129.6)		(623.9)			(509.9)			(121.2)			(631.1)
Income from SSAT			5.0			—		5.0			6.6			—			6.6
General and administrative			(62.6)			(14.9)		(77.5)			(60.5)			(14.9)			(75.4)
Total Costs and Expenses			(551.9)			(144.5)		(696.4)			(563.8)			(136.1)			(699.9)

Operating Income:		$	54.6		$	6.8		61.4		$	73.6		$	8.5			82.1
Interest income								6.1									9.4
Interest expense, net								(1.6)									(1.7)
Other income (expense), net								2.0									2.4
Income before Taxes								67.9									92.2
Income taxes								(11.3)									(19.9)
Net Income							$	56.6								$	72.3

Capital Expenditures (4)		$	47.1		$	1.2	$	48.3		$	88.1		$	1.1		$	89.2

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $17.8 million and $21.4 million for the three months ended March 31, 2026 and 2025, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $29.8 million and $32.6 million for the three months ended March 31, 2026 and 2025, respectively.

(3)	Ocean Transportation operating overhead includes dry-docking amortization of $7.7 million and $6.6 million for the three months ended March 31, 2026 and 2025, respectively.

(4)	Capital expenditures exclude accrued capital expenditures of $3.2 million and $7.6 million as of March 31, 2026 and 2025, respectively.

Ocean Transportation’s operating expenses includes the following:

●	Operating costs includes:

o

Direct Cargo Expense includes terminal handling costs including labor, stevedoring and wharfage, outside purchased transportation and other related costs.

o

Vessel Operating Expense includes crew wages and related costs; fuel; pilots, tugs, lines and related costs; vessel charter expenses; and other vessel operating related expenses.

o

Operating Overhead Expense includes vessel repair and maintenance costs, inactive vessel costs, dry-docking amortization, equipment lease costs, equipment repair costs, insurance, port engineers and other maintenance costs, other vessel and shoreside related overhead and other indirect costs.

o

Depreciation and Amortization Expense includes depreciation of property and equipment and amortization of intangible assets.

●	Income from SSAT includes the Company’s share of income from its equity investment in SSAT and has been aggregated into the Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business (see Note 4).

●	General and Administrative Expense includes employee salaries, wages and other related costs, equipment maintenance, computer hardware and software, professional fees and other general and administrative expenses.

Logistics’ operating expenses includes the following:

●	Operating costs includes:

o

Direct Operating Expense includes transportation costs, transportation brokerage expenses, agency commissions, leases of warehouses, cross-dock and other facility operating costs, wages and other related costs, and other operating overhead.

o

Depreciation and Amortization Expense includes depreciation of property and equipment and amortization of intangible assets.

●	General and Administrative Expense includes employee salaries, wages and other related costs, computer hardware and software, professional fees and other general and administrative expenses.

The Company’s Ocean Transportation segment provides ocean transportation services to the Logistics segment, and the Logistics segment provides logistics services to the Ocean Transportation segment in certain transactions. Accordingly, inter-segment revenue of $47.6 million and $54.0 million for the three months ended March 31, 2026 and 2025, respectively, have been eliminated from consolidated operating revenues. In arrangements where the customer purchases ocean transportation and logistics services, the revenues are allocated to each reportable segment based upon the contractual amounts for each type of service.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CAPITAL CONSTRUCTION FUND (Tables)

3 Months Ended

Mar. 31, 2026

CAPITAL CONSTRUCTION FUND

Schedule of capital construction fund


		Three Months Ended
		March 31,
(In millions)		2026			2025
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period		$	307.2		$	230.7
Proceeds from U.S. Treasury debt securities at maturity			54.9			20.3
Interest income on cash and cash equivalents, and CCF investments			3.8			4.1
Repurchase of assigned accounts receivable			1.2			100.7
Qualifying withdrawal payments for vessel construction expenditures			(17.4)			(65.0)
Total CCF cash and cash equivalents balance at end of period			349.7			290.8

CCF Investments:
CCF investments balance at beginning of period			225.5			411.9
Sale of U.S. Treasury debt securities at maturity			(54.9)			(20.3)
Accretion of CCF investments			1.2			3.0
Total CCF investments balance at end of period			171.8			394.6
Total CCF cash and cash equivalents, and investments balance at end of period		$	521.5		$	685.4

Schedule of maturities of capital construction fund investments


		As of
		March 31, 2026
Year (in millions)		Cost		Fair Value
Remainder of 2026		$	119.3	$	119.5
2027			52.5		52.7
Total CCF investments		$	171.8	$	172.2

SIGNIFICANT ACCOUNTING POLICIES - PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expenses and Other Assets:
Total	$ 78.4	$ 73.2
Other Long-term Assets:
Total	$ 97.0	$ 96.7

INVESTMENT IN SSAT (Details) - USD ($) $ in Millions	3 Months Ended
INVESTMENT IN SSAT (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments in affiliates
Investment in SSAT	$ 101.5		$ 96.2
Operating lease right-of-use assets	345.6		369.6
Long-term operating lease liabilities	230.0		246.8
Financial information for equity method investment
Current assets	436.4		471.9
Non-current assets	4,146.6		4,163.7
Total Assets	4,583.0		4,635.6
Current liabilities	529.9		527.4
Non-current liabilities	1,323.0		1,349.2
Total Liabilities and Shareholders' Equity	4,583.0		4,635.6
Company's share of income (loss) from SSAT	5.0	$ 6.6
Ocean Transportation
Financial information for equity method investment
Company's share of income (loss) from SSAT	5.0	6.6
SSAT
Investments in affiliates
Investment in SSAT	101.5		$ 96.2
Financial information for equity method investment
Operating revenue	282.7	311.5
Operating costs and expenses	(285.4)	(297.5)
Operating (loss) income	(2.7)	14.0
Net Income (Loss)	4.0	17.7
SSAT
Financial information for equity method investment
Company's share of income (loss) from SSAT	$ 5.0	$ 6.6

INVESTMENT IN SSAT (Tables)

3 Months Ended

Mar. 31, 2026

INVESTMENT IN SSAT

Schedule of condensed income statement information for SSAT


	Three Months Ended
	March 31,
(In millions)	2026			2025
Operating revenue	$	282.7		$	311.5
Operating costs and expenses		(285.4)			(297.5)
Operating (loss) income		(2.7)			14.0
SSAT’s Net Income (1)	$	4.0		$	17.7
Company’s Share of SSAT’s Net Income (2)	$	5.0		$	6.6

(1)	Includes earnings and losses from equity method investment held by SSAT less earnings and losses allocated to non-controlling interests.

(2)	The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

SHARE-BASED COMPENSATION (Details) - Time Based And Performance Based Shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
SHARE-BASED AWARDS
Shares granted	260,900
Weighted average grant date fair value (in dollars per share)	$ 116.28
Total unrecognized compensation cost	$ 36.5
Unrecognized compensation cost over weighted average period to be recognized	2 years 1 month 6 days
Selling, general and administrative expenses
SHARE-BASED AWARDS
Total stock-based compensation cost	$ 5.5	$ 5.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 56.6	$ 72.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

PENSION AND POST-RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2026

PENSION AND POST-RETIREMENT PLANS

Schedule of components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss)


		Pension Benefits						Post-retirement Benefits
		Three Months Ended March 31,						Three Months Ended March 31,
(In millions)		2026			2025			2026			2025
Components of Net Periodic Benefit Cost (credit):
Service cost		$	1.2		$	1.1		$	0.1		$	—
Interest cost			2.6			2.6			0.2			0.3
Expected return on plan assets			(4.4)			(4.4)			—			—
Amortization of net actuarial loss (gain)			—			—			(0.2)			(0.2)
Amortization of prior service credit			—			—			(0.5)			(0.9)
Net periodic benefit cost (credit)		$	(0.6)		$	(0.7)		$	(0.4)		$	(0.8)

CAPITAL CONSTRUCTION FUND - CCF CASH and CASH EQUIVALENTS, and INVESTMENT ACCOUNT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period	$ 307.2	$ 230.7
Proceeds from U.S. Treasury debt securities at maturity	54.9	20.3
Interest income on cash and cash equivalents, and CCF investments	3.8	4.1
Repurchase of assigned accounts receivable	1.2	100.7
Qualifying withdrawal payments for vessel construction expenditures	(17.4)	(65.0)
Total CCF cash and cash equivalents balance at end of period	349.7	290.8
CCF Investments:
CCF investments balance at beginning of period	225.5	411.9
Sale of U.S. Treasury debt securities at maturity	(54.9)	(20.3)
Accretion of CCF investments	1.2	3.0
Total CCF investments balance at end of period	171.8	394.6
Total CCF cash and cash equivalents, and investments balance at end of period	$ 521.5	$ 685.4	$ 532.7
Weighted average life of securities held within the fund	103 days

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

The Company’s income taxes are described in Note 10 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

On July 4, 2025, new legislation commonly referred to as the One Big Beautiful Bill Act (the “Act”) was signed into law. Among other things, the Act provides for numerous changes to existing tax law including extending or making permanent certain tax provisions of the Tax Cuts and Jobs Act of 2017 that were set to expire. Certain provisions of the Act were effective in fiscal 2025, while others are effective in fiscal 2026 and future years. The application of the Act did not have a material impact on the Company’s effective tax rate during the three months ended March 31, 2026.

Income Taxes: Income taxes consist of the following for the three months ended March 31, 2026 and 2025:


		Three Months Ended March 31,
(In millions)		2026			2025
Current:
Federal		$	7.7		$	16.2
State			1.5			2.6
Foreign			0.8			0.7
Total current tax expense			10.0			19.5
Deferred:
Federal			1.2			0.1
State			0.1			0.3
Total deferred tax expense			1.3			0.4
Total income taxes		$	11.3		$	19.9

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND OTHERS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions				3 Months Ended
	Jun. 04, 2026	May 07, 2026	Apr. 23, 2026	Mar. 31, 2026	Mar. 31, 2025
Dividends
Dividends declared per share (in dollars per share)				$ 0.36	$ 0.34
Shares repurchased (in shares)				0.4	0.5
Shares repurchased				$ 54.4	$ 69.2
Maximum number of shares remaining to be repurchased				0.8
Subsequent Event
Dividends
Increase in number of shares for repurchase program (in shares)			3.0
2026 Q2 Dividends \| Subsequent Event
Dividends
Dividends declared date			Apr. 23, 2026
Dividends declared per share (in dollars per share)	$ 0.36
Dividends Paid date	Jun. 04, 2026
Dividends record date		May 07, 2026

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 2,759.0	$ 2,652.0
Other adjustments		0.5
Balance at the end of the period	2,730.1	2,633.2
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(8.6)	(14.0)
Balance at the end of the period	(8.6)	(14.0)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	8.9	8.1
Amortization of prior service cost	(0.4)	(0.7)
Amortization of net actuarial gain (loss)	(0.1)	(0.1)
Balance at the end of the period	8.4	7.3
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.7)	(0.4)
Balance at the end of the period	(0.7)	(0.4)
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	2.0	(0.2)
Foreign currency exchange	(0.2)	0.3
Other adjustments	0.2	0.2
Balance at the end of the period	2.0	0.3
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	1.6	(6.5)
Amortization of prior service cost	(0.4)	(0.7)
Amortization of net actuarial gain (loss)	(0.1)	(0.1)
Foreign currency exchange	(0.2)	0.3
Other adjustments	0.2	0.2
Balance at the end of the period	$ 1.1	$ (6.8)

DEBT - REVOLVING CREDIT FACILITY (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility	$ 550.0
Funds available under the revolving credit facility	544.3
Standby commercial letters of credit
Debt
Used portion of revolving credit facility	$ 5.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

INCOME TAXES - INCOME TAX EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current:
Federal	$ 7.7	$ 16.2
State	1.5	2.6
Foreign	0.8	0.7
Total current tax expense	10.0	19.5
Deferred:
Federal	1.2	0.1
State	0.1	0.3
Total deferred tax expense	1.3	0.4
Total income taxes	$ 11.3	$ 19.9

CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
CAPITAL CONSTRUCTION FUND
Accounts receivable, net	$ 257.9	$ 256.8
Eligible Accounts Receivable Assigned to CCF
CAPITAL CONSTRUCTION FUND
Accounts receivable, net	$ 82.0	$ 82.3

LEASES

3 Months Ended

Mar. 31, 2026

LEASES

LEASES

9. LEASES

The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2026 and 2025 consisted of the following:


		Three Months Ended
		March 31,
(In millions)		2026		2025
Operating lease cost		$	37.8	$	38.2
Short-term lease cost			1.4		1.6
Variable lease cost			0.1		0.1
Total			39.3		39.9
Sublease income			(0.3)		(3.6)
Total lease cost, net		$	39.0	$	36.3

Future minimum lease payments of operating lease liabilities that have non-cancelable lease terms in excess of one year at March 31, 2026 are as follows:


		As of
Year (in millions)		March 31, 2026
Remainder of 2026		$	107.9
2027			108.3
2028			57.9
2029			35.5
2030			24.8
Thereafter			73.3
Total lease payments			407.7
Less: Interest			(52.4)
Present value of operating lease liabilities			355.3
Less: Short-term portion			(125.3)
Long-term operating lease liabilities		$	230.0

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2026 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Entity File Number	001-34187
Entity Registrant Name	Matson, Inc.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	99-0032630
Entity Address, Address Line One	1411 Sand Island Parkway
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96819
City Area Code	808
Local Phone Number	848-1211
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MATX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	30,263,281
Entity Central Index Key	0000003453
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Intangible assets
Total Intangible Assets, net	$ 143.5	$ 146.6
Trade name - Logistics
Intangible assets
Indefinite-Lived intangible asset	27.3	27.3
Customer Relationships
Intangible assets
Less: Accumulated Amortization	(131.0)	(127.9)
Total	247.2	247.2
Total amortization expense	116.2	119.3
Ocean Transportation \| Customer Relationships
Intangible assets
Total	140.6	140.6
Logistics \| Customer Relationships
Intangible assets
Total	$ 106.6	$ 106.6

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

12. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The Company uses Level 1 inputs for the fair values of its cash and cash equivalents, and CCF cash and cash equivalents and investments, and Level 2 inputs for fixed rate debt. The fair values of cash and cash equivalents, and CCF cash and cash equivalents approximate their carrying values due to the nature of the instruments. The fair value of CCF investments is calculated based upon quoted prices available in active markets. The fair value of fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

The carrying value and fair value of the Company’s financial instruments as of March 31, 2026 and December 31, 2025 are as follows:


								Quoted Prices in			Significant			Significant
		Total						Active Markets			Observable			Unobservable
		Carrying Value			Total			(Level 1)			Inputs (Level 2)			Inputs (Level 3)

(In millions)		March 31, 2026			Fair Value Measurements at March 31, 2026
Cash and cash equivalents		$	100.1		$	100.1		$	100.1		$	—		$	—
CCF - Cash and cash equivalent		$	349.7		$	349.7		$	349.7		$	—		$	—
CCF - Investments		$	171.8		$	172.2		$	172.2		$	—		$	—
Fixed rate debt		$	351.1		$	282.6		$	—		$	282.6		$	—

(In millions)		December 31, 2025			Fair Value Measurements at December 31, 2025
Cash and cash equivalents		$	141.9		$	141.9		$	141.9		$	—		$	—
CCF - Cash and cash equivalent		$	307.2		$	307.2		$	307.2		$	—		$	—
CCF - Investments		$	225.5		$	226.4		$	226.4		$	—		$	—
Fixed rate debt		$	361.2		$	293.6		$	—		$	293.6		$	—

CAPITAL CONSTRUCTION FUND - INVESTMENT MATURITY (Details) $ in Millions	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
CAPITAL CONSTRUCTION FUND
Remainder of 2026	$ 119.3
2027	52.5
Total CCF investments	171.8	$ 225.5	$ 394.6	$ 411.9
Remainder of 2026	119.5
2027	52.7
Total CCF investments	$ 172.2
Number of vessels under agreements for construction \| item	3

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

16. COMMITMENTS AND CONTINGENCIES

The Company’s commitments and contingencies are described in Note 17 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Contingencies and other litigation related matters are described as follows:

Environmental Matters: The Company faces certain risks that could result in material expenditures related to environmental remediation. The Company believes that based on all information currently available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations.

Other Matters: The Company and its subsidiaries are parties to, or may be contingently liable in connection with, other legal actions arising in the normal course of their businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on the Company’s financial condition, results of operations, or cash flows.

SIGNIFICANT ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Recognition of Revenues and Expenses
Total	$ 757.8	$ 782.0
Ocean Transportation
Recognition of Revenues and Expenses
Ocean Transportation services	601.4	632.9
Terminal and other related services	2.2	2.5
Fuel sales	2.9	2.0
Total	$ 606.5	$ 637.4
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency	3.00%	3.00%
Logistics
Recognition of Revenues and Expenses
Transportation Brokerage and Freight Forwarding services	$ 134.9	$ 127.3
Warehousing services	9.3	9.0
Supply Chain Management services	7.1	8.3
Total	$ 151.3	$ 144.6
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency	3.00%	3.00%

REPORTABLE SEGMENTS (Details) $ in Millions	3 Months Ended
REPORTABLE SEGMENTS (Details) $ in Millions	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($) segment
Segment results
Number of segments \| segment	2	2
Total Operating Revenue	$ 757.8	$ 782.0
Operating costs:
Direct cargo expense	(234.8)	(238.2)
Vessel operating expense	(138.7)	(147.4)
Operating overhead	(81.7)	(87.1)
Direct operating costs	(126.5)	(117.8)
Depreciation and amortization	(42.2)	(40.6)
Total operating costs	(623.9)	(631.1)
Income from SSAT	5.0	6.6
General and administrative	(77.5)	(75.4)
Total Costs and Expenses	(696.4)	(699.9)
Operating Income	61.4	82.1
Interest income	6.1	9.4
Interest expense	(1.6)	(1.7)
Other income (expense), net	2.0	2.4
Income before Taxes	67.9	92.2
Income taxes	(11.3)	(19.9)
Net Income	56.6	72.3
Capital Expenditures	48.3	89.2
Capital expenditures included in accounts payable, accruals and other liabilities	3.2	7.6
Operating segments
Segment results
Total Operating Revenue	757.8	782.0
Intersegment Eliminations
Segment results
Total Operating Revenue	47.6	54.0
Ocean Transportation
Operating costs:
Direct cargo expense	(234.8)	(238.2)
Vessel operating expense	(138.7)	(147.4)
Operating overhead	(81.7)	(87.1)
Depreciation and amortization	(39.1)	(37.2)
Total operating costs	(494.3)	(509.9)
Income from SSAT	5.0	6.6
General and administrative	(62.6)	(60.5)
Total Costs and Expenses	(551.9)	(563.8)
Operating Income	54.6	73.6
Capital Expenditures	47.1	88.1
Dry-docking amortization	7.7	6.6
Ocean Transportation \| Operating segments
Segment results
Total Operating Revenue	606.5	637.4
Ocean Transportation \| Intersegment Eliminations
Segment results
Total Operating Revenue	17.8	21.4
Logistics
Operating costs:
Direct operating costs	(126.5)	(117.8)
Depreciation and amortization	(3.1)	(3.4)
Total operating costs	(129.6)	(121.2)
General and administrative	(14.9)	(14.9)
Total Costs and Expenses	(144.5)	(136.1)
Operating Income	6.8	8.5
Capital Expenditures	1.2	1.1
Logistics \| Operating segments
Segment results
Total Operating Revenue	151.3	144.6
Logistics \| Intersegment Eliminations
Segment results
Total Operating Revenue	$ 29.8	$ 32.6

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

13. EARNINGS PER SHARE

Basic earnings per share is determined by dividing net income by the weighted average common shares outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of non-vested restricted stock units. The computation of weighted average common shares outstanding excluded a nominal amount of anti-dilutive restricted stock units for each period ended March 31, 2026 and 2025.

The computations for basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 are as follows:


		Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
					Weighted		Per						Weighted		Per
					Average		Common						Average		Common
		Net			Common		Share			Net			Common		Share
(In millions, except per share amounts)		Income			Shares		Amount			Income			Shares		Amount
Basic:		$	56.6		30.4		$	1.86		$	72.3		32.8		$	2.20
Effect of Dilutive Securities:			—		0.2			(0.01)			—		0.4			(0.02)
Diluted:		$	56.6		30.6		$	1.85		$	72.3		33.2		$	2.18

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill


	As of March 31, 2026						As of December 31, 2025
	Ocean						Ocean
(In millions)	Transportation		Logistics		Total		Transportation		Logistics		Total
Goodwill	$	222.6	$	105.2	$	327.8	$	222.6	$	105.2	$	327.8

Schedule of intangible assets


		March 31,			December 31,
(In millions)		2026			2025
Customer Relationships:
Ocean Transportation		$	140.6		$	140.6
Logistics			106.6			106.6
Total			247.2			247.2
Less: Accumulated Amortization			(131.0)			(127.9)
Total Customer Relationships, net			116.2			119.3
Trade name – Logistics			27.3			27.3
Total Intangible Assets, net		$	143.5		$	146.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Name Accounting Standards Codification
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+ Details

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment as of March 31, 2026 and December 31, 2025 consisted of the following:


		March 31,			December 31,
(In millions)		2026			2025
Cost:
Vessels		$	2,407.7		$	2,405.0
Containers and equipment			962.1			943.0
Terminal equipment and other property			171.7			171.7
New vessel construction in progress			461.1			443.2
Other construction in progress			49.0			44.1
Total Property and Equipment			4,051.6			4,007.0
Less: Accumulated Depreciation			(1,541.0)			(1,507.6)
Total Property and Equipment, net		$	2,510.6		$	2,499.4

New vessel construction in progress at March 31, 2026 and December 31, 2025 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Aloha Class vessels. Delivery of the vessels are expected during the first quarter 2027, the third quarter 2027 and the second quarter 2028.

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt
Total Debt	$ 351.1	$ 361.2
Less: Current portion	(39.7)	(39.7)
Total Long-term Debt	311.4	321.5
Less: Deferred loan fees	(9.2)	(9.4)
Total Long-term Debt, net of deferred loan fees	302.2	312.1
3.37 %, payable through 2027
Debt
Total Debt	$ 23.1	23.1
Interest rate (as a percent)	3.37%
3.14 %, payable through 2031
Debt
Total Debt	$ 78.7	85.8
Interest rate (as a percent)	3.14%
1.22 %, payable through 2043
Debt
Total Debt	$ 142.4	142.4
Interest rate (as a percent)	1.22%
1.35 %, payable through 2044
Debt
Total Debt	$ 106.9	$ 109.9
Interest rate (as a percent)	1.35%

DEBT - MATURITIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
Debt maturities
Remainder of 2026	$ 29.6
2027	39.7
2028	28.2
2029	28.2
2030	28.2
Thereafter	197.2
Total Debt	$ 351.1

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Components of Lease Cost
Operating lease cost	$ 37.8	$ 38.2
Short-term lease cost	1.4	1.6
Variable lease cost	0.1	0.1
Total	39.3	39.9
Sublease income	(0.3)	(3.6)
Total lease cost, net	$ 39.0	$ 36.3

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Revenue:
Total Operating Revenue	$ 757.8	$ 782.0
Costs and Expenses:
Operating costs	(623.9)	(631.1)
Income from SSAT	5.0	6.6
General and administrative	(77.5)	(75.4)
Total Costs and Expenses	(696.4)	(699.9)
Operating Income	61.4	82.1
Interest income	6.1	9.4
Interest expense, net	(1.6)	(1.7)
Other income (expense), net	2.0	2.4
Income before Taxes	67.9	92.2
Income taxes	(11.3)	(19.9)
Net Income	56.6	72.3
Comprehensive Income (Loss), Net of Income Taxes:
Net Income	56.6	72.3
Other Comprehensive Income (Loss):
Net change in pension and post-retirement liabilities	(0.5)	(0.8)
Other adjustments		0.5
Total Other Comprehensive Income (Loss), Net of Income Taxes	(0.5)	(0.3)
Total Comprehensive Income	$ 56.1	$ 72.0
Basic Earnings Per Share (in dollars per share)	$ 1.86	$ 2.2
Diluted Earnings Per Share (in dollars per share)	$ 1.85	$ 2.18
Weighted Average Number of Shares Outstanding:
Basic (in shares)	30.4	32.8
Diluted (in shares)	30.6	33.2
Ocean Transportation
Operating Revenue:
Total Operating Revenue	$ 606.5	$ 637.4
Logistics
Operating Revenue:
Total Operating Revenue	$ 151.3	$ 144.6

INCOME TAXES - INCOME TAXES PAID, NET OF INCOME TAX REFUNDS BY JURISDICTION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
INCOME TAXES
Income tax paid, net of income tax refunds	$ 2.8	$ 1.6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit loss	$ 8.2	$ 8.6

DEBT

3 Months Ended

Mar. 31, 2026

DEBT

DEBT

8. DEBT

The Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of March 31, 2026 and December 31, 2025, the Company’s debt consisted of the following:


		March 31,			December 31,
(In millions)		2026			2025
Private Placement Term Loans:
3.37 %, payable through 2027		$	23.1		$	23.1
3.14 %, payable through 2031			78.7			85.8
Title XI Debt:
1.22 %, payable through 2043			142.4			142.4
1.35 %, payable through 2044			106.9			109.9
Revolving credit facility, maturity date of July 23, 2030			—			—
Total Debt			351.1			361.2
Less: Current portion			(39.7)			(39.7)
Total Long-term Debt			311.4			321.5
Less: Deferred loan fees			(9.2)			(9.4)
Total Long-term Debt, net of deferred loan fees		$	302.2		$	312.1

Revolving Credit Facility: As of March 31, 2026, the Company had $544.3 million of remaining borrowing availability under its $550 million revolving credit facility. The Company used $5.7 million of the revolving credit facility for letters of credit outstanding as of March 31, 2026. Borrowings under the revolving credit facility are classified as long-term debt in the Company’s Consolidated Balance Sheets, as principal payments are not required until the maturity date.

Debt Maturities: As of March 31, 2026, debt maturities are as follows:


		As of
Year (in millions)		March 31, 2026
Remainder of 2026		$	29.6
2027			39.7
2028			28.2
2029			28.2
2030			28.2
Thereafter			197.2
Total Debt		$	351.1

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLES

6. GOODWILL AND INTANGIBLES

Goodwill by segment as of March 31, 2026 and December 31, 2025 consisted of the following:


	As of March 31, 2026						As of December 31, 2025
	Ocean						Ocean
(In millions)	Transportation		Logistics		Total		Transportation		Logistics		Total
Goodwill	$	222.6	$	105.2	$	327.8	$	222.6	$	105.2	$	327.8

Intangible assets as of March 31, 2026 and December 31, 2025 consisted of the following:


		March 31,			December 31,
(In millions)		2026			2025
Customer Relationships:
Ocean Transportation		$	140.6		$	140.6
Logistics			106.6			106.6
Total			247.2			247.2
Less: Accumulated Amortization			(131.0)			(127.9)
Total Customer Relationships, net			116.2			119.3
Trade name – Logistics			27.3			27.3
Total Intangible Assets, net		$	143.5		$	146.6

The Company evaluates its goodwill and intangible assets for possible impairment in the fourth quarter, or whenever events or changes in circumstances indicate that it is more likely than not that the fair value is less than its carrying amount. The Company has reporting units within the Ocean Transportation and Logistics reportable segments. The Company considered the general economic and market conditions and its impact on the performance of each of the Company’s reporting units. Based on the Company’s assessment of its market capitalization, future forecasts and the amount of excess of fair value over the carrying value of the reporting units in the 2025 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended March 31, 2026.

The Company continues to monitor events and changes in circumstances that could negatively impact the key assumptions used in determining the fair value, including the amount and timing of estimated future cash flows generated by the reporting units, long-term growth and discount rates, comparable company market valuations, and industry and economic trends, including the impact of tariffs. It is possible that future changes in such circumstances, including future changes in the assumptions and estimates used in assessing the fair value of the reporting unit, could require the Company to record a non-cash impairment charge.

PENSION AND POST-RETIREMENT PLANS

3 Months Ended

Mar. 31, 2026

PENSION AND POST-RETIREMENT PLANS

PENSION AND POST-RETIREMENT PLANS

15. PENSION AND POST-RETIREMENT PLANS

The Company’s pension and post-retirement plans are described in Note 11 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss) for the qualified pension plans and the post-retirement benefit plans for the three months ended March 31, 2026 and 2025 consisted of the following:


		Pension Benefits						Post-retirement Benefits
		Three Months Ended March 31,						Three Months Ended March 31,
(In millions)		2026			2025			2026			2025
Components of Net Periodic Benefit Cost (credit):
Service cost		$	1.2		$	1.1		$	0.1		$	—
Interest cost			2.6			2.6			0.2			0.3
Expected return on plan assets			(4.4)			(4.4)			—			—
Amortization of net actuarial loss (gain)			—			—			(0.2)			(0.2)
Amortization of prior service credit			—			—			(0.5)			(0.9)
Net periodic benefit cost (credit)		$	(0.6)		$	(0.7)		$	(0.4)		$	(0.8)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Income
Net Income, Basic	$ 56.6	$ 72.3
Net Income, Diluted	$ 56.6	$ 72.3
Weighted Average Common Shares
Basic (in shares)	30.4	32.8
Effect of Dilutive Securities (in shares)	0.2	0.4
Diluted (in shares)	30.6	33.2
Dividends
Net income, Basic (in dollars per share)	$ 1.86	$ 2.2
Effect of dilutive securities (in dollars per shares)	(0.01)	(0.02)
Net income, Diluted (in dollars per share)	$ 1.85	$ 2.18

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

Schedule of basic and diluted earnings per share


		Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
					Weighted		Per						Weighted		Per
					Average		Common						Average		Common
		Net			Common		Share			Net			Common		Share
(In millions, except per share amounts)		Income			Shares		Amount			Income			Shares		Amount
Basic:		$	56.6		30.4		$	1.86		$	72.3		32.8		$	2.20
Effect of Dilutive Securities:			—		0.2			(0.01)			—		0.4			(0.02)
Diluted:		$	56.6		30.6		$	1.85		$	72.3		33.2		$	2.18

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

LEASES

Schedule of components of lease cost


		Three Months Ended
		March 31,
(In millions)		2026		2025
Operating lease cost		$	37.8	$	38.2
Short-term lease cost			1.4		1.6
Variable lease cost			0.1		0.1
Total			39.3		39.9
Sublease income			(0.3)		(3.6)
Total lease cost, net		$	39.0	$	36.3

Schedule of maturities of operating lease liabilities


		As of
Year (in millions)		March 31, 2026
Remainder of 2026		$	107.9
2027			108.3
2028			57.9
2029			35.5
2030			24.8
Thereafter			73.3
Total lease payments			407.7
Less: Interest			(52.4)
Present value of operating lease liabilities			355.3
Less: Short-term portion			(125.3)
Long-term operating lease liabilities		$	230.0

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying value
Fair value of financial instruments
Cash and cash equivalents	$ 100.1	$ 141.9
CCF - Cash and cash equivalent	349.7	307.2
CCF - Investments	171.8	225.5
Fixed rate debt	351.1	361.2
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	100.1	141.9
CCF - Cash and cash equivalent	349.7	307.2
CCF - Investments	172.2	226.4
Fixed rate debt	282.6	293.6
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	100.1	141.9
CCF - Cash and cash equivalent	349.7	307.2
CCF - Investments	172.2	226.4
Fair Value Measurement \| Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt	$ 282.6	$ 293.6

INVESTMENT IN SSAT

3 Months Ended

Mar. 31, 2026

INVESTMENT IN SSAT

INVESTMENT IN SSAT

4. INVESTMENT IN SSAT

The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Condensed income statement information for SSAT for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended
	March 31,
(In millions)	2026			2025
Operating revenue	$	282.7		$	311.5
Operating costs and expenses		(285.4)			(297.5)
Operating (loss) income		(2.7)			14.0
SSAT’s Net Income (1)	$	4.0		$	17.7
Company’s Share of SSAT’s Net Income (2)	$	5.0		$	6.6

(1)	Includes earnings and losses from equity method investment held by SSAT less earnings and losses allocated to non-controlling interests.

(2)	The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

The Company’s investment in SSAT was $101.5 million and $96.2 million at March 31, 2026 and December 31, 2025, respectively.

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical)	Mar. 05, 2026 $ / shares
Condensed Consolidated Statements of Shareholders' Equity
Dividends (in dollars per share)	$ 0.36

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at the beginning of the period at Dec. 31, 2024	$ 24.7	$ 296.7	$ (6.5)	$ 2,337.1	$ 2,652.0
Balance (in shares) at Dec. 31, 2024	33.0
Increase (Decrease) in Shareholders' Equity
Net Income				72.3	72.3
Other comprehensive income (loss), net of tax			(0.3)		(0.3)
Share-based compensation		5.8			5.8
Shares issued, net of shares withheld for employee taxes	$ 0.1	(16.2)			(16.1)
Shares issued, net of shares withheld for employee taxes (in shares)	0.1
Repurchase of Matson common stock	$ (0.3)	(1.6)		(67.3)	(69.2)
Repurchase of Matson common stock (in shares)	(0.5)
Dividends				(11.3)	(11.3)
Balance at the end of the period at Mar. 31, 2025	$ 24.5	284.7	(6.8)	2,330.8	2,633.2
Balance (in shares) at Mar. 31, 2025	32.6
Balance at the beginning of the period at Dec. 31, 2025	$ 22.8	295.2	1.6	2,439.4	2,759.0
Balance (in shares) at Dec. 31, 2025	30.4
Increase (Decrease) in Shareholders' Equity
Net Income				56.6	56.6
Other comprehensive income (loss), net of tax			(0.5)		(0.5)
Share-based compensation		5.5			5.5
Shares issued, net of shares withheld for employee taxes	$ 0.2	(25.3)			(25.1)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Repurchase of Matson common stock	$ (0.3)	(0.8)		(53.3)	(54.4)
Repurchase of Matson common stock (in shares)	(0.4)
Dividends				(11.0)	(11.0)
Balance at the end of the period at Mar. 31, 2026	$ 22.7	$ 274.6	$ 1.1	$ 2,431.7	$ 2,730.1
Balance (in shares) at Mar. 31, 2026	30.3

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 100.1	$ 141.9
Accounts receivable, net of allowance for credit losses of $8.2 million and $8.6 million, respectively	257.9	256.8
Prepaid expenses and other assets	78.4	73.2
Total current assets	436.4	471.9
Long-term Assets:
Investment in SSAT	101.5	96.2
Property and equipment, net	2,510.6	2,499.4
Operating lease right-of-use assets	345.6	369.6
Goodwill	327.8	327.8
Intangible assets, net	143.5	146.6
Capital Construction Fund	521.5	532.7
Deferred dry-docking costs, net	99.1	94.7
Other long-term assets	97.0	96.7
Total long-term assets	4,146.6	4,163.7
Total Assets	4,583.0	4,635.6
Current Liabilities:
Current portion of debt	39.7	39.7
Accounts payable and accruals	254.3	244.9
Operating lease liabilities	125.3	128.5
Other liabilities	110.6	114.3
Total current liabilities	529.9	527.4
Long-term Liabilities:
Long-term debt, net of deferred loan fees	302.2	312.1
Long-term operating lease liabilities	230.0	246.8
Deferred income taxes, net	702.7	701.9
Other long-term liabilities	88.1	88.4
Total long-term liabilities	1,323.0	1,349.2
Commitments and Contingencies (see Note 16)
Shareholders' Equity:
Common stock	22.7	22.8
Additional paid in capital	274.6	295.2
Accumulated other comprehensive income (loss), net	1.1	1.6
Retained earnings	2,431.7	2,439.4
Total shareholders' equity	2,730.1	2,759.0
Total Liabilities and Shareholders' Equity	$ 4,583.0	$ 4,635.6

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

REPORTABLE SEGMENTS

Schedule of reportable segment financial information

Reportable segment financial information for the three months ended March 31, 2026 and 2025 are as follows:


		Three Months Ended								Three Months Ended
		March 31, 2026								March 31, 2025
(In millions)		Ocean Transportation			Logistics		Total			Ocean Transportation			Logistics			Total
Operating Revenue (1)(2)		$	606.5		$	151.3	$	757.8		$	637.4		$	144.6		$	782.0

Operating Expenses:
Operating costs:
Direct cargo expense			(234.8)			—		(234.8)			(238.2)			—			(238.2)
Vessel operating expense			(138.7)			—		(138.7)			(147.4)			—			(147.4)
Operating overhead (3)			(81.7)			—		(81.7)			(87.1)			—			(87.1)
Direct operating costs			—			(126.5)		(126.5)			—			(117.8)			(117.8)
Depreciation and amortization			(39.1)			(3.1)		(42.2)			(37.2)			(3.4)			(40.6)
Total operating costs			(494.3)			(129.6)		(623.9)			(509.9)			(121.2)			(631.1)
Income from SSAT			5.0			—		5.0			6.6			—			6.6
General and administrative			(62.6)			(14.9)		(77.5)			(60.5)			(14.9)			(75.4)
Total Costs and Expenses			(551.9)			(144.5)		(696.4)			(563.8)			(136.1)			(699.9)

Operating Income:		$	54.6		$	6.8		61.4		$	73.6		$	8.5			82.1
Interest income								6.1									9.4
Interest expense, net								(1.6)									(1.7)
Other income (expense), net								2.0									2.4
Income before Taxes								67.9									92.2
Income taxes								(11.3)									(19.9)
Net Income							$	56.6								$	72.3

Capital Expenditures (4)		$	47.1		$	1.2	$	48.3		$	88.1		$	1.1		$	89.2

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $17.8 million and $21.4 million for the three months ended March 31, 2026 and 2025, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $29.8 million and $32.6 million for the three months ended March 31, 2026 and 2025, respectively.

(3)	Ocean Transportation operating overhead includes dry-docking amortization of $7.7 million and $6.6 million for the three months ended March 31, 2026 and 2025, respectively.

(4)	Capital expenditures exclude accrued capital expenditures of $3.2 million and $7.6 million as of March 31, 2026 and 2025, respectively.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Fiscal Period

Fiscal Period: The period end for Matson covered by this report is March 31, 2026. The period end for MatNav and its subsidiaries covered by this report is March 27, 2026.

Significant Accounting Policies

Use of Estimates

Recognition of Revenues and Expenses


	Three Months Ended
	March 31,
Ocean Transportation (in millions) (1)	2026			2025
Ocean Transportation services	$	601.4		$	632.9
Terminal and other related services		2.2			2.5
Fuel sales		2.9			2.0
Total	$	606.5		$	637.4

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

◾	Terminal and other related services revenue is recognized as the services are performed. Terminal and other related service costs are recognized as incurred.

◾	Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.


	Three Months Ended
	March 31,
Logistics (in millions) (1)	2026		2025
Transportation Brokerage and Freight Forwarding services	$	134.9	$	127.3
Warehousing services		9.3		9.0
Supply Chain Management services		7.1		8.3
Total	$	151.3	$	144.6

(1)	Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Transportation Brokerage and Freight Forwarding services revenue, and Supply Chain Management services revenue categories which are denominated in foreign currencies.

◾

◾	Warehousing services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the

customer. Storage related costs are recognized as incurred. Other Warehousing services revenue and related costs are recognized in proportion to the services performed.

◾	Supply Chain Management and other services revenue, and related costs are recognized in proportion to the services performed.

Capitalized Interest

Dividends

Repurchase of Shares

Recently adopted accounting pronouncements and New Accounting Pronouncements

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2026

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2026 consisted of the following:


							Non-						Accumulated
				Post-			Qualified						Other
	Pension			Retirement			Pension						Comprehensive
(In millions)	Benefits			Benefits			Benefits			Other			Income (Loss)
Balance at December 31, 2025	$	(8.6)		$	8.9		$	(0.7)		$	2.0		$	1.6
Amortization of prior service credit		—			(0.4)			—			—			(0.4)
Amortization of net actuarial gain (loss)		—			(0.1)			—			—			(0.1)
Foreign currency exchange		—			—			—			(0.2)			(0.2)
Other adjustments		—			—			—			0.2			0.2
Balance at March 31, 2026	$	(8.6)		$	8.4		$	(0.7)		$	2.0		$	1.1

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2025 consisted of the following:


							Non-						Accumulated
				Post-			Qualified						Other
	Pension			Retirement			Pension						Comprehensive
(In millions)	Benefits			Benefits			Benefits			Other			Income (Loss)
Balance at December 31, 2024	$	(14.0)		$	8.1		$	(0.4)		$	(0.2)		$	(6.5)
Amortization of prior service credit		—			(0.7)			—			—			(0.7)
Amortization of net actuarial gain (loss)		—			(0.1)			—			—			(0.1)
Foreign currency exchange		—			—			—			0.3			0.3
Other adjustments		—			—			—			0.2			0.2
Balance at March 31, 2025	$	(14.0)		$	7.3		$	(0.4)		$	0.3		$	(6.8)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Ocean Transportation

Schedule of principal revenue generating activities by segment


	Three Months Ended
	March 31,
Ocean Transportation (in millions) (1)	2026			2025
Ocean Transportation services	$	601.4		$	632.9
Terminal and other related services		2.2			2.5
Fuel sales		2.9			2.0
Total	$	606.5		$	637.4

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

Logistics

Schedule of principal revenue generating activities by segment


	Three Months Ended
	March 31,
Logistics (in millions) (1)	2026		2025
Transportation Brokerage and Freight Forwarding services	$	134.9	$	127.3
Warehousing services		9.3		9.0
Supply Chain Management services		7.1		8.3
Total	$	151.3	$	144.6

(1)	Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Transportation Brokerage and Freight Forwarding services revenue, and Supply Chain Management services revenue categories which are denominated in foreign currencies.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows From Operating Activities:
Net income	$ 56.6	$ 72.3
Reconciling adjustments:
Depreciation and amortization	42.2	40.6
Amortization of operating lease right-of-use assets	33.7	34.5
Deferred income taxes, net	0.7	0.4
Share-based compensation expense	5.5	5.8
Income from SSAT	(5.0)	(6.6)
Other	0.3	(1.9)
Changes in assets and liabilities:
Accounts receivable, net	(1.1)	(1.6)
Deferred dry-docking payments	(11.9)	(10.4)
Deferred dry-docking amortization	7.7	6.6
Prepaid expenses and other assets	(4.0)	(6.9)
Accounts payable, accruals and other liabilities	1.0	(5.3)
Operating lease assets and liabilities, net	(29.8)	(35.1)
Other long-term liabilities	(1.9)	(3.4)
Net cash provided by operating activities	94.0	89.0
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(18.0)	(66.7)
Capital expenditures (excluding vessel construction expenditures)	(30.3)	(22.5)
Proceeds from disposal of property and equipment, and other	(0.1)	0.2
Cash and interest deposits into Capital Construction Fund	(5.8)	(105.4)
Withdrawals from Capital Construction Fund	17.4	65.0
Net cash used in investing activities	(36.8)	(129.4)
Cash Flows From Financing Activities:
Repayments of debt	(10.1)	(10.1)
Dividends paid	(11.0)	(11.3)
Repurchase of Matson common stock	(52.8)	(66.9)
Tax withholding related to net share settlements of restricted stock units	(25.1)	(16.1)
Net cash used in financing activities	(99.0)	(104.4)
Net Decrease Increase in Cash, Cash Equivalents	(41.8)	(144.8)
Cash, Cash Equivalents, Beginning of Period	141.9	266.8
Cash, Cash Equivalents, End of Period	100.1	122.0
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, End of Year:
Cash and Cash Equivalents	100.1
Total Cash, Cash Equivalents and Restricted Cash, End of Year	100.1	122.0
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	1.7	1.7
Income tax paid, net of income tax refunds	2.8	1.6
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 3.2	$ 7.6

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

DEBT

Schedule of debt


		March 31,			December 31,
(In millions)		2026			2025
Private Placement Term Loans:
3.37 %, payable through 2027		$	23.1		$	23.1
3.14 %, payable through 2031			78.7			85.8
Title XI Debt:
1.22 %, payable through 2043			142.4			142.4
1.35 %, payable through 2044			106.9			109.9
Revolving credit facility, maturity date of July 23, 2030			—			—
Total Debt			351.1			361.2
Less: Current portion			(39.7)			(39.7)
Total Long-term Debt			311.4			321.5
Less: Deferred loan fees			(9.2)			(9.4)
Total Long-term Debt, net of deferred loan fees		$	302.2		$	312.1

Schedule of maturities of debt


		As of
Year (in millions)		March 31, 2026
Remainder of 2026		$	29.6
2027			39.7
2028			28.2
2029			28.2
2030			28.2
Thereafter			197.2
Total Debt		$	351.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69B
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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+ Details

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Maturities of operating lease liabilities
Remainder of 2026	$ 107.9
2027	108.3
2028	57.9
2029	35.5
2030	24.8
Thereafter	73.3
Total lease payments	407.7
Less: Interest	(52.4)
Present value of operating lease liabilities	355.3
Less: Short-term portion	(125.3)	$ (128.5)
Long-term operating lease liabilities	$ 230.0	$ 246.8

SHARE-BASED AWARDS

3 Months Ended

Mar. 31, 2026

SHARE-BASED AWARDS

SHARE-BASED AWARDS

14. SHARE-BASED AWARDS

The Company’s share-based awards are described in Note 15 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. During the three months ended March 31, 2026, the Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 260,900 shares, with a combined weighted average grant date fair value of $116.28 per share.

Total share-based compensation expense, net of forfeitures recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of general and administrative expenses was $5.5 million and $5.8 million for the three months ended March 31, 2026 and 2025, respectively. Total unrecognized compensation cost related to non-vested stock units and performance based equity awards was $36.5 million at March 31, 2026, and is expected to be recognized over a weighted average period of approximately 2.1 years.