Kodiak Gas Services, Inc.

Listed Company

KGSCIK 0001767042NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.31B

Net Income

$80.52M

Total Assets

$4.32B

Equity

$1.21B

Shares Out

85.87M

Op. Cash Flow

$599.74M

Business

Kodiak Gas Services, Inc. is a provider and operator of large-horsepower contract compression infrastructure in the U.S. It offers large-horsepower compression units under fixed-revenue term contracts and complementary offerings including station construction, customer-owned compression maintenance and overhaul, parts sales, freight and crane services, and other ancillary time-and-material services. The company manages its operations through two reportable segments—Contract Services (company- and customer-owned compression, gas treating and cooling) and Other Services (construction, maintenance and parts). Kodiak deploys assets regionally across U.S. onshore basins, with material concentration in the Permian Basin and Eagle Ford, serving upstream and midstream customers under direct contractual arrangements.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,308	1,159	850	708	606
Cost of operations	480	458	351	267	—
Depreciation and amortization	276	260	183	174	160
Long-lived asset impairment	6	10	0	0	—
Selling, general and administrative	144	152	73	45	38
Loss (gain) on sale of assets	62	30	−777,000	−874,000	—
Total operating expenses	968	910	606	486	—
Income from operations	340	249	244	222	189
Interest expense	−198	−197	−223	−166	—
Loss on extinguishment of debt	0	0	−7	0	0
Gain on derivatives	0	24	20	83	—
Other income (expense), net	−28	−415,000	31,000	17,000	−99,000
Total other expenses, net	−227	−174	−209	−83	−67
Income before income taxes	113	76	35	139	122
Income tax expense	32	26	15	33	−59
Net income	82	50	20	106	—
Less: Net income attributable to noncontrolling interests	1	439,000	0	0	—
Net income attributable to common shareholders	81	50	20	106	181
Basic earnings per share (in dollars per share)	0.9	0.58	0.29	1.8	3.07
Diluted earnings per share (in dollars per share)	0.89	0.56	0.29	1.8	3.07
Basic weighted average shares of common stock outstanding (in shares)	87	83	68	59	59
Diluted weighted average shares of common stock outstanding (in shares)	89	85	68	59	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3	5	6	20	—
Accounts receivable, net of allowance of $13,031 and $12,629, respectively	198	254	113	98	81
Inventories, net	102	103	76	72	—
Fair value of derivative instruments	0	4	8	823,000	—
Contract assets	5	8	17	4	0
Prepaid expenses and other current assets	16	11	10	10	—
Total current assets	323	384	231	204	—
Property, plant and equipment, net	3,378	3,395	2,536	2,489	—
Operating lease right-of-use assets, net	42	54	34	10	—
Finance lease right-of-use assets, net	7	6	0	—	—
Goodwill	409	415	306	306	—
Identifiable intangible assets, net	154	163	123	132	—
Fair value of derivative instruments	5	18	14	65	—
Other assets	789,000	1	639,000	564,000	—
Total assets	4,318	4,435	3,244	3,206	3,012
Accounts payable	73	58	50	38	—
Accrued liabilities	218	189	97	94	—
Contract liabilities	95	73	64	57	51
Total current liabilities	386	319	211	189	—
Long-term debt, net of unamortized debt issuance cost	2,555	2,582	1,791	2,720	—
Operating lease liabilities	39	50	34	7	—
Finance lease liabilities	4	4	0	—	—
Deferred tax liabilities	123	104	63	57	—
Other liabilities	3	3	2	4	—
Total liabilities	3,111	3,062	2,101	2,976	—
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, (50.0 million authorized, $0.01 par value) 0.3 million and 0.8 million shares issued and outstanding as of December 31, 2025 and 2024, respectively	4,000	9,000	0	0	—
Common stock, (750.0 million shares authorized, $0.01 par value) 90.2 million and 89.2 million issued and 85.8 million and 87.8 million outstanding as of December 31, 2025 and 2024, respectively	903,000	892,000	774,000	590,000	—
Additional paid-in capital	1,334	1,305	964	33	—
Treasury stock, at cost (4.5 million and 1.4 million shares held as of December 31, 2025 and 2024, respectively)	−144	−40	0	—	—
Noncontrolling interest	5	14	0	—	—
Accumulated other comprehensive loss	−2	0	—	—	—
Retained earnings	13	94	178	195	—
Total stockholders equity	1,207	1,374	1,143	229	960
Total liabilities and stockholders equity	4,318	4,435	3,244	3,206	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	276	260	183	174	160
Equity compensation expense	25	18	6	971,000	1
Amortization of debt issuance costs	13	12	14	14	7
Non-cash lease expense	8	5	4	3	0
Provision for credit losses	1	5	7	86,000	—
Inventory reserve	124,000	559,000	500,000	500,000	0
Loss on discontinuation of hedge	9	0	0	—	—
Amortization of interest rate swap	5	0	0	—	—
Change in fair value of derivatives	0	1	43	−87	−41
Deferred tax provision	26	15	8	27	−61
Loss on extinguishment of debt	0	0	4	0	0
Accounts receivable	44	−103	−23	−17	−15
Inventories	1	−1	−5	−24	−3
Contract assets	2	10	−14	−4	0
Prepaid expenses and other current assets	−9	4	−833,000	−3	1
Accounts payable	5	5	10	−2	−3
Accrued and other liabilities	17	−2	3	26	5
Contract liabilities	23	9	7	6	8
Other assets	3	−691,000	0	0	—
Net cash provided by operating activities	600	328	266	220	250
Net cash acquired in acquisition of CSI Compressco LP	0	9	0	0	—
Purchase of property, plant and equipment	−315	−337	−220	−259	−202
Proceeds from sale of assets	30	35	1	8	—
Other	0	0	−75,000	−115,000	−113,000
Net cash used for investing activities	−285	−292	−218	−251	−202
Borrowings on debt instruments	2,857	2,642	1,020	1,614	564
Payments on debt instruments	−2,864	−2,476	−1,244	−725	−629
Principal payments on other borrowings	−5	−6	0	0	—
Payment of debt issuance cost	−33	−16	−33	−28	−885,000
Principal payments on finance leases	−2	−2	0	0	—
Proceeds from initial public offering, net of underwriter discounts	0	0	278	0	0
Offering costs	0	−1	−10	0	0
Loss on extinguishment of debt	0	0	−2	0	0
Dividends paid to stockholders	−160	−134	−30	0	0
Repurchase of common shares	−104	−40	0	0	—
Cash paid for shares withheld to cover taxes	−6	−3	0	0	—
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock	2	5	0	—	—
Distribution to parent	0	0	−42	−838	−1
Distributions to noncontrolling interest	−1	−6	0	0	—
Net cash used for financing activities	−316	−36	−63	23	−43
Net decrease in cash and cash equivalents	−2	−812,000	−15	−8	5
Cash paid for interest	169	147	217	143	120
Cash paid for taxes	6	15	10	2	2
Increase in accrued capital expenditures	−20	−8	−2	−2	−7
Purchase of property, plant and equipment through exchange of lease ROU asset	0	0	3	0	0
Fair value changes in interest rate swap	10	0	0	—	—
Issuance of common shares	11,000	188	0	—	—
Issuance of preferred shares and noncontrolling interest	0	154	0	—	—
Non-cash debt novation	0	0	−690	0	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro