$KGS

Kodiak Gas Services, Inc.

CIK:0001767042|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 391,120	$ 322,843	$ 736,879	$ 652,485
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	144,356	115,251	267,234	243,712
Depreciation and amortization	78,650	66,135	147,331	136,664
Selling, general and administrative	40,918	35,121	87,045	67,376
Loss on sale of assets	2,959	6,606	4,220	15,817
Total operating expenses	266,883	223,113	505,830	463,569
Income from operations	124,237	99,730	231,049	188,916
Other expenses:
Interest expense	(50,061)	(45,755)	(98,802)	(92,979)
Loss on extinguishment of debt	0	0	(36,512)	0
Other expense, net	(939)	(546)	(1,878)	(948)
Total other expenses, net	(51,000)	(46,301)	(137,192)	(93,927)
Income before income taxes	73,237	53,429	93,857	94,989
Income tax expense	21,093	13,445	23,853	23,969
Net income	52,144	39,984	70,004	71,020
Less: Net income attributable to noncontrolling interests	173	488	228	1,113
Net income attributable to common shareholders	$ 51,971	$ 39,496	$ 69,776	$ 69,907
Earnings per share attributable to common shareholders:
Basic (in dollars per share)	$ 0.54	$ 0.44	$ 0.76	$ 0.78
Diluted (in dollars per share)	$ 0.53	$ 0.43	$ 0.75	$ 0.76
Weighted average shares outstanding:
Basic (in shares)	95,458	87,699	90,726	87,788
Diluted (in shares)	96,805	90,040	92,193	90,234
Compression Infrastructure
Revenues:
Total revenues	$ 315,125	$ 293,534	$ 622,110	$ 582,490
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	94,435	93,137	184,694	186,372
Power Infrastructure
Revenues:
Total revenues	32,891	0	32,891	0
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	11,686	0	11,686	0
Other Services
Revenues:
Total revenues	43,104	29,309	81,878	69,995
Cost of operations (exclusive of depreciation and amortization shown below):
Cost of operations	$ 38,235	$ 22,114	$ 70,854	$ 57,340

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income	$ 52,144	$ 17,860	$ 39,984	$ 31,036	$ 70,004	$ 71,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					147,331	136,664
Equity compensation expense					14,529	13,269
Amortization of debt issuance costs					5,971	6,267
Non-cash lease expense					7,140	6,265
Provision for credit losses					2,348	995	$ 1,032
Inventory reserve					0	123
Loss on sale of assets	2,959		6,606		4,220	15,817
Amortization of interest rate swap					0	4,147
Deferred tax provision					37,207	17,134
Loss on extinguishment of debt					36,512	0
Changes in operating assets and liabilities, net of acquisition
Accounts receivable					(49,463)	27,986
Inventories					(2,335)	2,214
Contract assets					(6,109)	2,301
Prepaid expenses and other current assets					7,764	1,380
Accounts payable					(2,924)	(13,162)
Accrued and other liabilities					(65,729)	(13,334)
Contract liabilities					(20,733)	11,317
Other assets					(15,086)	1,097
Net cash provided by operating activities					170,647	291,500
Cash flows from investing activities:
Acquisition of DPS, net of cash acquired					(575,965)	0
Purchase of property, plant and equipment					(318,579)	(160,171)
Proceeds from sale of assets					7,590	17,606
Net cash used for investing activities					(886,954)	(142,565)
Cash flows from financing activities:
Borrowings on debt instruments					2,102,875	686,921
Payments on debt instruments					(1,965,313)	(730,078)
Principal payments on other borrowings					(550)	(3,455)
Payment of debt issuance cost					(14,163)	0
Principal payments on finance leases					(1,216)	(1,540)
Proceeds from issuance of common stock, net of issuance costs					836,132	0
Dividends paid to stockholders					(92,601)	(76,593)
Repurchase of common shares					0	(19,956)
Cash paid for shares withheld to cover taxes					(14,181)	(3,286)
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock					0	424
Distributions to noncontrolling interest					(302)	(694)
Net cash provided by (used for) financing activities					850,681	(148,257)
Net increase in cash and cash equivalents					134,374	678
Cash and cash equivalents - beginning of period		$ 3,179		$ 4,750	3,179	4,750	4,750
Cash and cash equivalents - end of period	$ 137,553		$ 5,428		137,553	5,428	$ 3,179
Supplemental cash disclosures:
Cash paid for interest					103,535	87,075
Cash paid for taxes					4,299	5,393
Supplemental disclosure of non-cash investing activities:
Increase in accrued capital expenditures					(25,556)	(3,401)
Non-cash finance lease additions					42,568	9,938
Supplemental disclosure of non-cash financing activities:
Fair value changes in interest rate swap					(5,465)	10,234
Issuance of common shares related to DPS Acquisition					$ 139,034	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 137,553	$ 3,179
Accounts receivable, net of allowance $801 and $13,031, respectively	262,696	197,600
Inventories, net	107,091	101,530
Contract assets	11,299	5,190
Prepaid expenses and other current assets	9,502	15,637
Total current assets	528,141	323,136
Property, plant and equipment, net	3,912,530	3,377,555
Operating lease right-of-use assets, net	41,244	42,218
Finance lease right-of-use assets, net	47,988	6,500
Goodwill	753,463	408,681
Identifiable intangible assets, net	189,433	154,474
Fair value of derivative instruments	10,128	4,664
Other assets	17,702	789
Total assets	5,500,629	4,318,017
Current liabilities:
Accounts payable	97,715	72,974
Accrued liabilities	177,727	218,463
Contract liabilities	89,558	94,505
Total current liabilities	365,000	385,942
Long-term debt, net of unamortized debt issuance cost	2,720,989	2,555,250
Operating lease liabilities	39,833	39,391
Finance lease liabilities	45,625	4,405
Deferred tax liabilities	160,661	122,851
Other liabilities	4,097	2,782
Total liabilities	3,336,205	3,110,621
Commitments and Contingencies (Note 13)
Stockholders’ equity:
Preferred stock, ($50.0 million authorized, $0.01 par value) $0.2 million and 0.3 million shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	2	4
Common stock, ($750.0 million shares of common stock authorized, $0.01 par value) $105.4 million and $90.2 million issued and 100.9 million and 85.8 million outstanding as of June 30, 2026, and December 31, 2025, respectively	1,054	903
Additional paid-in capital	2,311,907	1,334,333
Treasury stock, at cost; 4.5 million and 4.5 million shares held as of June 30, 2026, and December 31, 2025, respectively	(143,968)	(143,968)
Noncontrolling interest	3,159	4,910
Accumulated other comprehensive income (loss)	2,743	(1,586)
(Accumulated deficit) Retained earnings	(10,473)	12,800
Total stockholders’ equity	2,164,424	1,207,396
Total liabilities and stockholders’ equity	$ 5,500,629	$ 4,318,017