Kinetik Holdings (KNTK) FY2025 results: revenue $1.8 billion, up 19.0% on the year
Kinetik Holdings Inc. (KNTK) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, up 19.0% on the year before. Net income was $178 million, up 122.8%, and diluted earnings per share $2.63. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.8 billion
+19.0% on the year
FY2018FY2025
Operating margin
9.3%
12.1% a year earlier
FY2018FY2025
Net income
$178 million
+122.8% on the year
FY2018FY2025
Diluted EPS
$2.63
+157.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
Full year Adjusted EBITDA reported: Full year 2025 Adjusted EBITDA was $987.7 million, against $971.1 million for 2024. Fourth quarter Adjusted EBITDA was $252.1 million, against $237.5 million a year earlier.
Net income lifted by EPIC gain: Fourth quarter net income including noncontrolling interest was $416.7 million, including a $415.4 million gain on sale of the equity method investment in EPIC Crude. Full year diluted EPS was $2.63.
Midstream Logistics up 15%: Midstream Logistics Adjusted EBITDA was $173.1 million in the fourth quarter. Full year segment Adjusted EBITDA was $635.8 million, against $614.9 million in 2024.
Gulf Coast gains offset Waha shut-ins: Management said the quarter's results were primarily helped by Gulf Coast marketing gains, partly offset by production shut-ins tied to Waha price levels.
Volumes below management expectations: Management said fourth quarter volumes were down over 8% against its expectations, after steps to mitigate wider production shut-ins from Waha gas pricing.
$ million except per share. Read moreFree 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
604
637
584
-5.2%
Capital expenditure
492
264
313
+86.9%
Free cash flow
112
374
272
-70.1%
Free cash flow margin
6.3%
25.2%
21.6%
Cash from investing
-199
-177
-686
Cash from financing
-405
-461
100.0
Depreciation and amortisation
383
324
281
+18.0%
Share-based compensation
62.6
76.5
56.0
-18.2%
Buybacks
176
0.0
5.8
Dividends paid
194
175
81.4
+10.6%
Diluted shares, weighted
63m
60m
146m
+4.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-565
-2,977
-531
Short-term borrowings
n/a
n/a
0.0
Debt
3,818
3,504
3,594
+9.0%
Operating lease liabilities
29.0
11.5
9.3
+152.7%
Other liabilities
3,814
6,276
3,424
-39.2%
Total liabilities and equity
7,096
6,815
6,497
+4.1%
Fixed assets
3,866
3,434
2,743
+12.6%
Goodwill
5.1
5.1
5.1
0.0%
Intangible assets
553
652
592
-15.2%
Cash and equivalents
4.0
3.6
4.5
+9.6%
Receivables
85.3
112
216
-23.8%
Inventory
4.6
3.6
3.1
+27.8%
Other assets
2,577
2,604
2,934
-1.0%
Total assets
7,096
6,815
6,497
+4.1%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.