Kinetik Holdings (KNTK) FY2024 results: revenue $1.5 billion, up 18.0% on the year

Kinetik Holdings Inc. (KNTK) reported revenue of $1.5 billion for fiscal 2024, the year ended 31 December 2024, up 18.0% on the year before. Net income was $80 million, down 72.4%, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$1.5 billion

+18.0% on the year

FY2017FY2024

Operating margin

12.1%

12.7% a year earlier

FY2017FY2024

Net income

$80 million

-72.4% on the year

FY2017FY2024

Diluted EPS

$1.02

-59.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,483	1,256	1,213	+18.0%
Cost of revenue	621	516	542	+20.3%
Gross profit	862	741	672	+16.4%
Gross margin	58.1%	59.0%	55.4%
Operating income	179	159	150	+12.5%
Operating margin	12.1%	12.7%	12.4%
Interest expense	218	218	142	+0.1%
Pre-tax income	267	154	253	+74.1%
Income tax	23.0	-233	2.6
Effective tax rate	8.6%	-151.7%	1.0%
Net income	80.0	289	40.7	-72.4%
Net margin	5.4%	23.0%	3.4%
Diluted EPS	$1.02	$2.52	$1.48	-59.5%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	637	584	613	+9.0%
Capital expenditure	264	313	206	-15.8%
Free cash flow	374	272	407	+37.6%
Free cash flow margin	25.2%	21.6%	33.5%
Cash from investing	-177	-686	-286
Cash from financing	-461	100.0	-339
Depreciation and amortisation	324	281	260	+15.4%
Share-based compensation	76.5	56.0	42.8	+36.7%
Buybacks	0.0	5.8	0.0
Dividends paid	175	81.4	39.3	+115.4%
Diluted shares, weighted	60m	146m	41m	-58.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	-2,977	-531	-840
Short-term borrowings	n/a	0.0	n/a
Debt	3,504	3,594	3,395	-2.5%
Operating lease liabilities	11.5	9.3	6.0	+22.9%
Other liabilities	6,276	3,424	3,358	+83.3%
Total liabilities and equity	6,815	6,497	5,920	+4.9%
Fixed assets	3,434	2,743	2,535	+25.2%
Goodwill	5.1	5.1	5.1	0.0%
Intangible assets	652	592	695	+10.3%
Cash and equivalents	3.6	4.5	6.4	-20.0%
Receivables	112	216	204	-48.1%
Inventory	3.6	3.1	4.8	+16.1%
Other assets	2,604	2,934	2,469	-11.2%
Total assets	6,815	6,497	5,920	+4.9%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.