KNTK earnings analysis
What we found in KNTK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record Adjusted EBITDA Maintained
- Adjusted EBITDA reached $251.2 million, maintaining full-year guidance between $950 million and $1,050 million.
- Increased Operating Cash Flow
- Operating cash flow was $180.4 million, an increase of $3.6 million year-over-year.
- Significant Decrease in Investing Cash Outflow
- Cash used in investing activities fell by $171 million to $89.1 million, driven by lower acquisitions.
- Dividends Paid
- Dividends paid totaled $131.3 million in Q1 2026, reflecting ongoing shareholder return commitments.
- Strong Liquidity Position
- Total liquidity as of March 31, 2026, was $1.158 billion.
- Stable Capital Expenditures
- Capital spending remained strong at $89.1 million, slightly higher than the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Negative EPS Surprise
- EPS was reported at -$0.07, missing the estimated $0.20 by $0.27.
- Pipeline Transportation Segment Decline
- Adjusted EBITDA for the Pipeline Transportation Segment decreased by 17% to $78 million, primarily due to lower EMI EBITDA.
- Liquidity Risk
- Cash and cash equivalents significantly decreased from $3.951 million at year-end 2025 to $720,000.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.07
- Segment
- Pipeline Transportation Segment: Decreased
- Segment
- Midstream Logistics Segment: Increased
What they said about what is next.
Full-year 2026 Adjusted EBITDA guidance maintained at $950 million to $1,050 million.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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