Kodiak Gas Services (KGS) FY2025 results: revenue $1.3 billion, up 12.8% on the year
Kodiak Gas Services, Inc. (KGS) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 12.8% on the year before. Net income was $81 million, up 61.4%, and diluted earnings per share $0.89. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- 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.
- 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.
- 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.
- Launch release is not redemption notice: The release states that it is not a notice of redemption for the 2029 notes.
- 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.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,308 | 1,159 | 850 | +12.8% | |
| Cost of revenue | 480 | 458 | 351 | +4.7% | |
| Gross profit | 828 | 701 | 317 | +18.2% | |
| Gross margin | 63.3% | 60.5% | 37.2% | ||
| Selling, general and administrative | 144 | 152 | 73.3 | -5.0% | |
| Operating income | 340 | 249 | 244 | +36.3% | |
| Operating margin | 26.0% | 21.5% | 28.7% | ||
| Interest expense | 198 | 197 | 223 | +0.6% | |
| Pre-tax income | 113 | 75.9 | 35.1 | +49.5% | |
| Income tax | 31.9 | 25.6 | 15.1 | +24.7% | |
| Effective tax rate | 28.1% | 33.7% | 42.9% | ||
| Net income | 80.5 | 49.9 | 20.1 | +61.4% | |
| Net margin | 6.2% | 4.3% | 2.4% | ||
| Diluted EPS | $0.89 | $0.56 | $0.29 | +58.9% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 600 | 328 | 266 | +82.9% | |
| Capital expenditure | 315 | 337 | 220 | -6.4% | |
| Free cash flow | 284 | -9.0 | 46.5 | ||
| Free cash flow margin | 21.7% | -0.8% | 5.5% | ||
| Cash from investing | -285 | -292 | -218 | ||
| Cash from financing | -316 | -36.3 | -62.8 | ||
| Depreciation and amortisation | 276 | 260 | 183 | +6.1% | |
| Share-based compensation | 24.5 | 17.7 | 5.9 | +38.9% | |
| Buybacks | 104 | 40.0 | 0.0 | +159.9% | |
| Dividends paid | 160 | 134 | 29.8 | +19.2% | |
| Dividend per share | $1.80 | $1.58 | $0.38 | +13.9% | |
| Diluted shares, weighted | 89m | 85m | 68m | +3.9% | |
| Shares outstanding at period end | 86m | 88m | 77m | -2.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,207 | 1,374 | 1,143 | -12.1% | |
| Non-controlling interest | n/a | n/a | 0.0 | ||
| Debt | 2,556 | 2,588 | 1,791 | -1.2% | |
| Operating lease liabilities | 39.4 | 49.7 | 34.5 | -20.8% | |
| Finance lease liabilities | 4.4 | 3.5 | 0.0 | +25.4% | |
| Other liabilities | 511 | 421 | 276 | +21.5% | |
| Total liabilities and equity | 4,318 | 4,435 | 3,244 | -2.6% | |
| Fixed assets | 3,378 | 3,395 | 2,536 | -0.5% | |
| Goodwill | 409 | 415 | 306 | -1.6% | |
| Intangible assets | 154 | 163 | 123 | -5.1% | |
| Cash and equivalents | 3.2 | 4.8 | 5.6 | -33.1% | |
| Receivables | 198 | 254 | 113 | -22.1% | |
| Inventory | 102 | 103 | 76.2 | -1.8% | |
| Other assets | 75.0 | 100 | 84.6 | -25.3% | |
| Total assets | 4,318 | 4,435 | 3,244 | -2.6% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.