Revenue growth has normalized to 4.9% in 2026Q1, while operating margins have expanded to 33.7% from the 17.5% trough recorded in 2024Q2.
| Sales/Revenue | 1.32B | 1.31B | 1.16B | 850.38M | 707.91M | 606.38M | 532.42M |
| Revenue Growth % | 3.99% | 12.83% | 36.33% | 20.13% | 16.75% | 13.89% | - |
| Cost of Goods Sold | 748.68M | 756.11M | 718.65M | 533.74M | 441.81M | 370.22M | 324.94M |
| COGS % of Revenue | - | 57.8% | 61.99% | 62.76% | 62.41% | 61.06% | 61.03% |
| Gross Profit | 575.54M | 551.99M | 440.66M | 316.64M | 266.1M | 236.15M | 207.47M |
| Gross Margin % | 43.46% | 42.2% | 38.01% | 37.24% | 37.59% | 38.95% | 38.97% |
| Gross Profit Growth % | - | 25.26% | 39.17% | 18.99% | 12.68% | 13.82% | - |
| Operating Expenses | 145.12M | 137.47M | 191.21M | 72.53M | 44.01M | 47.2M | 39.04M |
| OpEx % of Revenue | - | 10.51% | 16.49% | 8.53% | 6.22% | 7.78% | 7.33% |
| Selling, General & Admin | 145.12M | 137.47M | 151.68M | 73.31M | 44.88M | 37.66M | 39.04M |
| SG&A % of Revenue | - | 10.51% | 13.08% | 8.62% | 6.34% | 6.21% | 7.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 39.53M | -777K | -874K | 9.53M | 0 |
| Operating Income | 430.42M | 414.52M | 249.45M | 244.11M | 222.09M | 188.96M | 168.43M |
| Operating Margin % | 32.5% | 31.69% | 21.52% | 28.71% | 31.37% | 31.16% | 31.64% |
| Operating Income Growth % | - | 66.17% | 2.19% | 9.91% | 17.54% | 12.19% | - |
| EBITDA | 704.76M | 693.34M | 509.72M | 426.98M | 396.55M | 349M | 314.06M |
| EBITDA Margin % | 53.22% | 53% | 43.97% | 50.21% | 56.02% | 57.56% | 58.99% |
| EBITDA Growth % | 22.84% | 36.02% | 19.38% | 7.67% | 13.63% | 11.12% | - |
| D&A (Non-Cash Add-back) | 274.34M | 278.82M | 260.27M | 182.87M | 174.46M | 160.04M | 145.63M |
| EBIT | 430.42M | 414.52M | 273.05M | 257.65M | 305.22M | 207.03M | 118.77M |
| Net Interest Income | -199.89M | -198.37M | -197.14M | -222.51M | -165.87M | -84.64M | -113.44M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 199.89M | 198.37M | 197.14M | 222.51M | 165.87M | 84.64M | 113.44M |
| Other Income/Expense | -337.89M | -301.05M | -173.54M | -208.97M | -82.73M | -66.56M | -163.1M |
| Pretax Income | 92.53M | 113.47M | 75.91M | 35.14M | 139.36M | 122.39M | 5.33M |
| Pretax Margin % | 6.99% | 8.67% | 6.55% | 4.13% | 19.69% | 20.18% | 1% |
| Income Tax | 24.12M | 31.88M | 25.57M | 15.07M | 33.09M | -58.57M | 7.52M |
| Effective Tax Rate % | 26.07% | 28.1% | 33.69% | 42.89% | 23.75% | -47.86% | 140.96% |
| Net Income | 67.92M | 80.52M | 49.9M | 20.07M | 106.27M | 180.96M | -2.19M |
| Net Margin % | 5.13% | 6.16% | 4.3% | 2.36% | 15.01% | 29.84% | -0.41% |
| Net Income Growth % | 35.63% | 61.38% | 148.65% | -81.12% | -41.28% | 8382.06% | - |
| Net Income (Continuing) | 68.41M | 81.59M | 50.33M | 20.07M | 106.27M | 180.96M | -2.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.6M | 4.91M | 13.69M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.78 | 0.89 | 0.56 | 0.29 | 1.42 | 2.41 | -0.03 |
| EPS Growth % | 42.59% | 58.93% | 93.1% | -79.58% | -41.08% | 8381.79% | - |
| EPS (Basic) | - | 0.92 | 0.60 | 0.29 | 1.42 | 2.41 | -0.03 |
| Diluted Shares Outstanding | 87.5M | 87.48M | 85.17M | 68.33M | 75M | 75M | 75M |
| Basic Shares Outstanding | 85.94M | 86.18M | 83.09M | 68.06M | 75M | 75M | 75M |
| Dividend Payout Ratio | - | 198.16% | 268.34% | 359.28% | 788.59% | 0.63% | - |
Liquidity and integration execution
According to the latest quarterly filings, Kodiak Gas Services reported revenue of $345.8 million in 2026Q1, reflecting a decelerated year-over-year growth rate of 4.9% compared to the aggressive double-digit expansion observed throughout 2024, suggesting that the initial inorganic growth phase is now stabilizing into a more mature cycle.
The transition from the rapid 50%+ growth rates seen in early 2024 to mid-single digits indicates that the company is moving past the immediate impact of its recent consolidation efforts. Investors should monitor whether the current revenue base can sustain organic growth as the company integrates the CSI Compressco fleet, which may carry different contract renewal profiles.
As reported in recent financial statements, Kodiak Gas Services achieved a gross margin of 44.6% in 2026Q1, marking a notable improvement from the 39.0% level seen in 2024Q4, which suggests that management is successfully leveraging its high-horsepower fleet strategy to drive better pricing power in the Permian Basin.
The expansion in gross margins appears to validate the company's focus on large-scale compression units, which typically command higher fees and longer contract durations. However, maintaining these levels may prove challenging if the integration of older, lower-horsepower equipment from recent acquisitions begins to weigh on the overall cost structure.
Based on the provided income statement data, operating income reached $116.5 million in 2026Q1, demonstrating a significant improvement in operating margin to 33.7% from the 17.5% trough recorded in 2024Q2, indicating that the company is effectively scaling its overhead costs relative to its expanding gross profit base.
The ability to expand operating margins while revenue growth has moderated suggests that the company is achieving better absorption of fixed costs. This trend warrants further investigation into whether this efficiency is sustainable or if it reflects a temporary reduction in discretionary spending that could reverse in future periods.
As evidenced by the reported figures, net income has exhibited significant quarterly volatility, swinging from a $39.5 million profit in 2025Q2 to a $14.0 million loss in 2025Q3, which suggests that non-operating items or tax anomalies are frequently obscuring the underlying cash-generative capacity of the core compression business.
The discrepancy between robust operating income and erratic net income figures suggests that investors should focus on EBITDA-based metrics to gauge true performance. The persistent impact of stock-based compensation, which reached $5.9 million in 2026Q1, also serves as a recurring drag on earnings that requires careful adjustment when evaluating shareholder value creation.
Based on the reported $3.1 million cash position, Kodiak Gas Services maintains a thin liquidity buffer relative to its scale, which may indicate a heightened reliance on external financing to manage the integration of the CSI Compressco acquisition and ongoing capital expenditure requirements in a tightening credit environment.
Short-sellers may focus on the company's minimal cash reserves as a potential vulnerability if operational cash flow faces unexpected pressure from maintenance overhauls or contract churn. The reliance on debt-funded growth, despite the reported low debt-to-equity ratio, warrants caution regarding the company's ability to navigate a prolonged industry downturn without significant capital market access.
Quick answers to the most common questions about buying KGS stock.
For fiscal year 2025, Kodiak Gas Services, Inc. (KGS) reported total revenue of $1.31B. This represents a 145.7% increase compared to $532.4M in 2020.
Kodiak Gas Services, Inc. (KGS) is profitable, generating $80.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Kodiak Gas Services, Inc. (KGS) reported an operating income of $414.5M, resulting in an operating profit margin of 31.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Kodiak Gas Services, Inc. (KGS) generated $552.0M in gross profit for the year, representing a gross profit margin of 42.2%. This demonstrates the company's core pricing power and production efficiency.