Kodiak Gas Services, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 March 2026: press release. The quarter’s numbers.

Key takeaways

Offering launched for $750 million notes: The company reported a private offering of $750 million aggregate principal of senior unsecured notes due 2031, launched March 11, 2026. Source
Proceeds to redeem 2029 notes: Net offering proceeds, together with cash and ABL Facility amounts, are intended to redeem all outstanding 7.25% Senior Notes due 2029. Source
Redemption at 103.625% of principal: The 2029 notes would be redeemed at 103.625% of the $750,000,000 aggregate principal amount, plus accrued and unpaid interest. Source
Launch release is not redemption notice: The release states that it is not a notice of redemption for the 2029 notes. Source
ABL to fund Distributed Power purchase: The company expects to use ABL Facility amounts to fund the purchase of 100% of Distributed Power Solutions, LLC membership interests. Source
2026 guidance update tied to closing: The February 25, 2026 release said full-year 2026 guidance would be updated after the Distributed Power Solutions acquisition closes.

What changed from last quarter

New: Launch of a $750 million senior unsecured notes offering, with proceeds intended to redeem the 7.25% Senior Notes due 2029, announced March 11, 2026. Source

Notes offering launch

Offering launched for $750 million notes: The company reported a private offering of $750 million aggregate principal of senior unsecured notes due 2031, launched March 11, 2026. Source
Issuer is a Kodiak subsidiary: The issuer is Kodiak Gas Services, LLC, described as a subsidiary of Kodiak Gas Services, Inc. (NYSE: KGS). Source
Announced March 11, 2026: The announcement is dated March 11, 2026 and was issued by Kodiak Gas Services, Inc. (NYSE: KGS) from The Woodlands, Texas. Source

Use of proceeds and redemption

Proceeds to redeem 2029 notes: Net offering proceeds, together with cash and ABL Facility amounts, are intended to redeem all outstanding 7.25% Senior Notes due 2029. Source
Redemption at 103.625% of principal: The 2029 notes would be redeemed at 103.625% of the $750,000,000 aggregate principal amount, plus accrued and unpaid interest. Source
Launch release is not redemption notice: The release states that it is not a notice of redemption for the 2029 notes. Source

Funding the DPS acquisition

ABL to fund Distributed Power purchase: The company expects to use ABL Facility amounts to fund the purchase of 100% of Distributed Power Solutions, LLC membership interests. Source
Earlier purchase price and share issuance: The February 25, 2026 release described $575 million in cash, plus 2,401,278 Kodiak shares issued to sellers, subject to adjustment.
Expected close in early April: The February 25, 2026 release said the acquisition was expected to close in early April 2026, subject to regulatory approvals.

Offering restrictions and eligibility

Notes not registered under Securities Act: The notes are not registered under the Securities Act or state securities laws, so they cannot be sold in the United States without registration or exemption. Source
Buyers limited to QIBs and non-U.S. persons: The offering goes only to persons reasonably believed to be qualified institutional buyers under Rule 144A, or non-U.S. persons under Regulation S. Source
Release is not an offer: The release states it does not constitute an offer to purchase or sell any securities. Source
Released under Rule 135c: The release is issued under Securities Act Rule 135c. Source

Company profile and markets

Contract compression provider in US: The company describes itself as a leading US contract compression services provider for natural gas and oil infrastructure. Source
Customers and applications served: Services go to oil and gas producers and midstream customers in gas gathering, processing, multi-well gas lift, and transmission systems. Source
Headquarters in The Woodlands, Texas: The company is headquartered in The Woodlands, Texas, as stated in the company description. Source

Release scope and prior guidance

Financing announcement, not quarterly results: The document is a financing announcement and contains no quarterly financial results, guidance, or operating data. Source
Prior release gave 2026 guidance: The February 25, 2026 release reported fourth quarter and full year 2025 results and provided full-year 2026 guidance.
2026 guidance update tied to closing: The February 25, 2026 release said full-year 2026 guidance would be updated after the Distributed Power Solutions acquisition closes.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Kodiak Gas Services Announces Launch of $750 Million Senior Unsecured Notes Offering

THE WOODLANDS, Texas, March 11, 2026 - Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak” or the “Company”) today announced that its subsidiary, Kodiak Gas Services, LLC (the “Issuer”) has launched a private offering (the “Offering”) of $750 million in aggregate principal amount of senior unsecured notes due 2031 (the “Notes”).

The Issuer intends to use the net proceeds from the offering (together with cash and amounts available under the Issuer’s revolving asset-based loan credit facility (the “ABL Facility”)) to redeem all the Issuer’s outstanding 7.25% Senior Notes due 2029 (the “2029 Notes”) at a redemption price equal to 103.625% of the $750,000,000 aggregate principal amount, plus accrued and unpaid interest, if any. The issuer expects to use amounts available under the ABL Facility to fund the acquisition of 100% of the issued and outstanding membership interests of Distributed Power Solutions, LLC. This press release does not constitute a notice of redemption of the 2029 Notes.

The Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or under any state or other securities laws and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person, absent registration or an applicable exemption from registration requirements. The Notes are being offered only to persons who are either reasonably believed to be “qualified institutional buyers” under Rule 144A or who are non-“U.S. persons” under Regulation S as defined under applicable securities laws.

This news release does not constitute an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About Kodiak

Kodiak is a leading contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high-volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements notice

This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than statements of historical fact. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. They include statements regarding the Offering and the expected use of proceeds therefrom. Although Kodiak believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Kodiak can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Kodiak’s annual report on Form 10-K for the year ended December 31, 2025 and any updates to those factors set forth in Kodiak’s subsequent quarterly reports on Form 10-Q. Kodiak undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Contacts
Kodiak Gas Services, Inc.
Graham Sones, VP of Investor Relations ir@kodiakgas.com
(936) 755-3259