Kodiak Gas Services (KGS) Q3 FY2026 earnings: revenue $402 million, up 24.5% on the year

Kodiak Gas Services, Inc. (KGS) reported revenue of $402 million for Q3 FY2026, the quarter ended 30 September 2026, up 24.5% on the same quarter a year earlier. Net income was $72 million, and diluted earnings per share $0.70. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$402 million

+24.5% on the year · +2.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

34.5%

19.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$72 million

+37.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.70

+32.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 4 lowered, 2 narrowed, 3 kept.

Adjusted EBITDA rose to $224.5 million: Adjusted EBITDA was $224.5 million, up 28.5% on third quarter 2025 and up from $216.8 million in the second quarter. Adjusted EBITDA percentage was 55.9%.
Operating and discretionary cash flow rose: Net cash provided by operating activities was $196.3 million and discretionary cash flow was $158.5 million, up 35.9% on third quarter 2025.
Compression revenue up 7.2% on year: Compression Infrastructure revenue was $318.4 million, up 7.2% on $297.0 million a year earlier and up from $315.1 million in the second quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	402	391	323	+2.7%	+24.5%
Cost of revenue	143	144	116	-1.1%	+22.8%
Gross profit	259	247	207	+5.0%	+25.4%
Gross margin	64.5%	63.1%	64.0%
Selling, general and administrative	43.0	40.9	37.8	+5.0%	+13.7%
Operating income	138	124	64.2	+11.5%	+115.7%
Operating margin	34.5%	31.8%	19.9%
Interest expense	47.4	50.1	56.4	-5.3%	-15.9%
Pre-tax income	90.4	73.2	-20.5	+23.5%
Income tax	18.9	21.1	-6.3	-10.5%
Effective tax rate	20.9%	28.8%	n/a
Net income	71.5	52.0	-14.0	+37.6%
Net margin	17.8%	13.3%	-4.3%
Diluted EPS	$0.70	$0.53	-$0.17	+32.1%

$ million except per share.

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	196	99.5	113	+97.3%	+73.1%
Capital expenditure	226	200	102	+12.7%	+120.3%
Free cash flow	-29.4	-101	10.9
Free cash flow margin	-7.3%	-25.8%	3.4%
Cash from investing	-223	-772	-93.1
Cash from financing	-24.0	716	-25.0
Depreciation and amortisation	75.6	78.7	66.3	-3.9%	+14.0%
Share-based compensation	9.1	8.6	4.7	+4.9%	+91.1%
Buybacks	0.0	0.0	50.4
Dividends paid	50.1	50.0	40.0	+0.2%	+25.3%
Dividend per share	$0.49	$0.49	$0.45	0.0%	+8.9%
Diluted shares, weighted	102m	97m	87m	+5.6%	+17.4%
Shares outstanding at period end	101m	101m	87m	+0.5%	+17.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,199	2,164	1,255	+1.6%	+75.2%
Debt	2,760	2,725	2,610	+1.3%	+5.8%
Operating lease liabilities	27.0	39.8	41.5	-32.2%	-34.9%
Finance lease liabilities	44.5	45.6	5.0	-2.4%	+793.0%
Other liabilities	582	525	461	+10.8%	+26.5%
Total liabilities and equity	5,613	5,501	4,372	+2.0%	+28.4%
Fixed assets	4,049	3,913	3,408	+3.5%	+18.8%
Goodwill	748	753	409	-0.8%	+82.9%
Intangible assets	185	189	156	-2.5%	+18.1%
Cash and equivalents	86.9	138	0.7	-36.8%	+11,909.5%
Receivables	292	263	216	+11.1%	+35.2%
Inventory	113	107	101	+5.5%	+11.6%
Other assets	140	138	80.5	+1.3%	+73.5%
Total assets	5,613	5,501	4,372	+2.0%	+28.4%

Questions

What was Kodiak Gas Services' revenue in Q3 FY2026?

Kodiak Gas Services (KGS) reported revenue of $402 million for Q3 FY2026, the quarter ended 30 September 2026, up 24.5% on the same quarter a year earlier.

How much did Kodiak Gas Services earn in Q3 FY2026?

Net income for Q3 FY2026 was $72 million, and diluted earnings per share $0.70.

When did Kodiak Gas Services report Q3 FY2026 results?

Kodiak Gas Services filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 17 quarters

	Q2 FY2022	Q3 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	177	183	190	203	231	226	215	310	325	310	330	323	323	333	346	391	402
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	83.6	127	129	118	128	115	116	120	123	144	143
Gross profit	63.6	68.6	73.5	74.8	80.6	87.8	85.0	113	122	191	201	208	207	213	223	247	259
Gross margin	36%	38%	39%	37%	35%	39%	39%	36%	38%	62%	61%	64%	64%	64%	64%	63%	64%
SG&A	11.7	11.2	13.1	13.4	19.6	27.1	24.8	59.9	35.5	31.4	32.3	35.1	37.8	38.9	46.1	40.9	43.0
Operating income	51.9	58.3	60.4	62.1	61.0	60.7	60.2	54.2	66.1	69.0	89.2	99.7	64.2	86.9	107	124	138
Operating margin	29%	32%	32%	31%	26%	27%	28%	17%	20%	22%	27%	31%	20%	26%	31%	32%	34%
Interest expense	36.8	49.9	68.7	61.0	39.7	53.2	39.7	52.1	54.0	51.3	47.2	45.8	56.4	49.0	48.7	50.1	47.4
Pre-tax income	11.7	60.2	-16.3	23.4	29.7	-1.6	40.1	9.0	-8.4	35.1	41.6	53.4	-20.5	39.0	20.6	73.2	90.4
Tax rate	24%	24%	n/a	25%	27%	n/a	25%	26%	n/a	44%	25%	25%	n/a	36%	13%	29%	21%
Net income	8.9	45.9	-12.3	17.5	21.8	-6.9	30.2	6.2	-5.6	19.1	30.4	39.5	-14.0	24.6	17.8	52.0	71.5
Net margin	5%	25%	-6%	9%	9%	-3%	14%	2%	-2%	6%	9%	12%	-4%	7%	5%	13%	18%
Diluted EPS	$0.15	$0.78	-$0.21	$0.30	$0.28	-$0.09	$0.39	$0.06	-$0.07	$0.21	$0.33	$0.43	-$0.17	$0.28	$0.20	$0.53	$0.70
Operating cash flow	72.9	59.2	23.3	94.7	85.7	62.6	51.5	121	36.9	118	114	177	113	195	71.2	99.5	196
Capital expenditure	n/a	53.8	48.6	45.5	51.5	74.2	60.2	117	86.5	73.2	77.6	82.6	102	52.8	118	200	226
Free cash flow	n/a	5.5	-25.3	49.2	34.2	-11.6	-8.6	4.0	-49.7	45.2	36.8	94.6	10.9	142	-47.2	-101	-29.4
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	25.0	15.0	10.0	10.0	50.4	33.6	0.0	0.0	0.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	29.8	29.8	32.6	35.1	36.4	36.4	40.1	40.0	43.0	42.6	50.0	50.1
Shares outstanding	77m	77m	84m	59m	77m	77m	77m	84m	88m	88m	88m	88m	87m	86m	86m	101m	101m
Filing	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.