Kodiak Gas Services, Inc. Segments Disclosure
(in thousands) | Contract Services | Other Services | Total | ||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||
| Revenue | $ | 1,181,270 | $ | 126,830 | $ | 1,308,100 | |||||||||||
| Cost of operations (exclusive of depreciation and amortization) | 373,493 | 106,432 | 479,925 | ||||||||||||||
| Adjusted gross margin | 807,777 | 20,398 | 828,175 | ||||||||||||||
| Total assets | 4,280,661 | 37,356 | 4,318,017 | ||||||||||||||
| Capital expenditures | 315,472 | — | 315,472 | ||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||
| Revenue | $ | 1,034,173 | $ | 125,138 | $ | 1,159,311 | |||||||||||
| Cost of operations (exclusive of depreciation and amortization) | 355,016 | 103,360 | 458,376 | ||||||||||||||
| Adjusted gross margin | 679,157 | 21,778 | 700,935 | ||||||||||||||
| Total assets | 4,398,127 | 36,996 | 4,435,123 | ||||||||||||||
| Capital expenditures | 336,956 | — | 336,956 | ||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||
| Revenue | $ | 735,605 | $ | 114,776 | $ | 850,381 | |||||||||||
| Cost of operations (exclusive of depreciation and amortization) | 257,092 | 93,779 | 350,871 | ||||||||||||||
| Adjusted gross margin | 478,513 | 20,997 | 499,510 | ||||||||||||||
| Total assets | 3,211,801 | 32,305 | 3,244,106 | ||||||||||||||
| Capital expenditures | 219,795 | — | 219,795 | ||||||||||||||
| Year ended December 31, | |||||||||||||||||
(in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Adjusted gross margin: | |||||||||||||||||
| Contract Services | $ | 807,777 | $ | 679,157 | $ | 478,513 | |||||||||||
| Other Services | 20,398 | 21,778 | 20,997 | ||||||||||||||
Depreciation and amortization(1) | (276,185) | (260,272) | (182,869) | ||||||||||||||
| Long-lived asset impairment | (6,344) | (9,921) | — | ||||||||||||||
| Selling, general and administrative expenses | (144,070) | (151,680) | (73,308) | ||||||||||||||
| (Loss) gain on sale of assets | (61,566) | (29,612) | 777 | ||||||||||||||
| Interest expense | (198,370) | (197,144) | (222,514) | ||||||||||||||
| Loss on extinguishment of debt | — | — | (6,757) | ||||||||||||||
| Gain on derivatives | — | 24,017 | 20,266 | ||||||||||||||
| Other income (expense), net | (28,168) | (415) | 31 | ||||||||||||||
| Income before income taxes | $ | 113,472 | $ | 75,908 | $ | 35,136 | |||||||||||
(1) | All depreciation and amortization is related to the Contract Services segment. | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 7, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.