10-K · February 26, 2026
Kinetik reported full-year 2025 revenue of $1,764,389 (in thousands), up 19% YoY, driven by a 23% increase in product revenue to $1,307,228 (in thousands) and higher gathered/processed volumes. Adjusted EBITDA was…
Earnings analysis · 10-Q
KNTK earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Kinetik Holdings Inc. reported Q1 2026 results with a revenue of $409.976 million and an unexpected EPS loss of $-0.07, significantly lower than the estimated $0.20. The Pipeline Transportation Segment Adjusted EBITDA…
Read full summary
Kinetik Holdings Inc. reported Q1 2026 results with a revenue of $409.976 million and an unexpected EPS loss of $-0.07, significantly lower than the estimated $0.20. The Pipeline Transportation Segment Adjusted EBITDA decreased by 17% to $78.0 million, impacted by a divestiture, while cash from operations increased slightly to $180.4 million. Management maintained its full-year Adjusted EBITDA guidance at $950 million to $1,050 million despite challenges in gas volume growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
- Segment
- Pipeline Transportation Segment: Decreased
- Segment
- Midstream Logistics Segment: Increased
What stood out
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Record Adjusted EBITDA Maintained
Adjusted EBITDA reached $251.2 million, maintaining full-year guidance between $950 million and $1,050 million.
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Increased Operating Cash Flow
Operating cash flow was $180.4 million, an increase of $3.6 million year-over-year.
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Significant Decrease in Investing Cash Outflow
Cash used in investing activities fell by $171 million to $89.1 million, driven by lower acquisitions.
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Dividends Paid
Dividends paid totaled $131.3 million in Q1 2026, reflecting ongoing shareholder return commitments.
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Strong Liquidity Position
Total liquidity as of March 31, 2026, was $1.158 billion.
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Stable Capital Expenditures
Capital spending remained strong at $89.1 million, slightly higher than the prior year.
What to watch
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Negative EPS Surprise
EPS was reported at -$0.07, missing the estimated $0.20 by $0.27.
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Pipeline Transportation Segment Decline
Adjusted EBITDA for the Pipeline Transportation Segment decreased by 17% to $78 million, primarily due to lower EMI EBITDA.
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Liquidity Risk
Cash and cash equivalents significantly decreased from $3.951 million at year-end 2025 to $720,000.
Management's outlook
Full-year 2026 Adjusted EBITDA guidance maintained at $950 million to $1,050 million.
Earlier filings 4
10-Q · November 6, 2025
Kinetik reported Q3 2025 revenue of $463,969,000, up 17% year-over-year, driven by higher product (NGL/condensate) volumes. Profitability deteriorated sharply: operating income fell to $19,787,000 (4.3% operating…
10-Q · May 8, 2025
Kinetik reported Q1 2025 revenue of $443,263,000, up 30% year-over-year, driven by Durango and Barilla Draw acquisitions, while Adjusted EBITDA rose 7% to $250,017,000. Despite top-line growth, operating income fell 26%…
10-K · March 3, 2025
Kinetik expanded scale in 2024 through the Durango acquisition and EPIC equity increase while delivering revenue growth (+18% to $1,482,929,000) and Adjusted EBITDA expansion (+16% to $971,118,000). The company realized…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.