Revenue grew 19.0% year over year to $569.4M in 2026Q3, but operating margin swung from -0.9% in 2026Q1 to 23.0% in 2026Q2 before settling at 11.2%, suggesting operating income is highly sensitive to revenue swings.
Kinetik Holdings Inc. (KNTK) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 1.99B | 1.76B | 1.48B | 1.26B | 1.21B | 662.04M | 410.18M | 378.74M | 571.37M | 15.14M |
| Revenue Growth % | 15.79% | 18.98% | 18.03% | 3.54% | 83.29% | 61.4% | 8.3% | -33.71% | 3673.42% | - |
| Cost of Goods Sold | 1.1B | 1.17B | 944.82M | 796.71M | 801.86M | 477.18M | 288.82M | 272.94M | 532.66M | 22.59M |
| COGS % of Revenue | - | 66.23% | 63.71% | 63.41% | 66.08% | 72.08% | 70.41% | 72.06% | 93.22% | 149.17% |
| Gross Profit | 891.46M | 595.8M | 538.11M | 459.7M | 411.63M | 184.87M | 121.36M | 105.81M | 38.71M | -7.45M |
| Gross Margin % | 44.77% | 33.77% | 36.29% | 36.59% | 33.92% | 27.92% | 29.59% | 27.94% | 6.78% | -49.17% |
| Gross Profit Growth % | - | 10.72% | 17.06% | 11.68% | 122.66% | 52.33% | 14.7% | 173.32% | 619.9% | - |
| Operating Expenses | 649.18M | 430.87M | 358.88M | 300.45M | 261.14M | 131.38M | 1.14B | 117.88M | 65.11M | 4.09M |
| OpEx % of Revenue | - | 24.42% | 24.2% | 23.91% | 21.52% | 19.84% | 278.38% | 31.12% | 11.4% | 27% |
| Selling, General & Admin | 131.52M | 130.62M | 134.16M | 97.91M | 94.27M | 28.59M | 22.92M | 22.6M | 19.41M | 3.99M |
| SG&A % of Revenue | - | 7.4% | 9.05% | 7.79% | 7.77% | 4.32% | 5.59% | 5.97% | 3.4% | 26.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 300.25M | 224.72M | 202.54M | 166.87M | 102.79M | 1.12B | 95.28M | 45.7M | 0 |
| Operating Income | 242.28M | 164.93M | 179.23M | 159.25M | 150.49M | 53.49M | -1.02B | -12.07M | -26.4M | -11.53M |
| Operating Margin % | 12.17% | 9.35% | 12.09% | 12.68% | 12.4% | 8.08% | -248.79% | -3.19% | -4.62% | -76.17% |
| Operating Income Growth % | - | -7.98% | 12.54% | 5.83% | 181.34% | 105.24% | -8351.12% | 54.26% | -128.9% | - |
| EBITDA | 652.04M | 547.57M | 503.43M | 440.24M | 410.83M | 297.05M | -796.71M | 190.59M | 90.55M | -5.54M |
| EBITDA Margin % | 32.75% | 31.03% | 33.95% | 35.04% | 33.86% | 44.87% | -194.24% | 50.32% | 15.85% | -36.61% |
| EBITDA Growth % | 26.86% | 8.77% | 14.35% | 7.16% | 38.31% | 137.28% | -518.03% | 110.49% | 1733.5% | - |
| D&A (Non-Cash Add-back) | 409.77M | 382.64M | 324.2M | 280.99M | 260.35M | 243.56M | 223.76M | 202.66M | 116.95M | 5.99M |
| EBIT | 862.24M | 802.16M | 477.06M | 353.2M | 393.02M | 107.34M | -1.03B | -6.54M | -25.93M | -11.53M |
| Net Interest Income | -216.91M | -221.52M | -207M | -197.66M | -148.76M | -99.85M | -2.18M | -131.8M | -82.55M | 0 |
| Interest Income | 822K | 3.98M | 2.8M | 2M | 489K | 4.14M | 9K | 1.74M | 0 | 544.02K |
| Interest Expense | 217.73M | 225.5M | 209.8M | 199.66M | 149.25M | 104M | 2.19M | 133.53M | 83.06M | 0 |
| Other Income/Expense | 402.23M | 411.73M | 88.03M | -5.71M | 102.85M | -50.14M | -134.35M | -128M | -82.58M | 0 |
| Pretax Income | 644.51M | 576.66M | 267.27M | 153.54M | 253.34M | 3.35M | -1.15B | -140.07M | -10.74M | -11.53M |
| Pretax Margin % | 32.37% | 32.68% | 18.02% | 12.22% | 20.88% | 0.51% | -281.54% | -36.98% | -1.88% | -76.17% |
| Income Tax | 58.9M | 50.73M | 23.04M | -232.91M | 2.62M | 1.86M | 968K | 4.36M | 476K | 7.04M |
| Effective Tax Rate % | 9.14% | 8.8% | 8.62% | -151.69% | 1.03% | 55.72% | -0.08% | -3.11% | -4.43% | -61.05% |
| Net Income | 483.2M | 525.93M | 244.23M | 386.45M | 135.52M | 1.48M | -1.16B | -144.43M | -108.98M | -18.57M |
| Net Margin % | 24.27% | 29.81% | 16.47% | 30.76% | 11.17% | 0.22% | -281.78% | -38.13% | -19.07% | -122.67% |
| Net Income Growth % | 285.17% | 115.34% | -36.8% | 185.17% | 9044.26% | 100.13% | -700.25% | -32.53% | -486.7% | - |
| Net Income (Continuing) | 585.61M | 525.93M | 244.23M | 386.45M | 250.72M | 1.48M | -1.16B | -144.43M | -108.98M | -18.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.21B | 3.5B | 5.96B | 3.16B | 3.11B | 1.01B | 0 | 1.26B | 1.94B | 0 |
| EPS (Diluted) | 5.96 | 2.63 | 1.02 | 2.52 | 1.48 | 0.04 | -30.55 | -3.82 | -2.88 | -2.98 |
| EPS Growth % | 620.13% | 157.84% | -59.52% | 70.27% | 3675.51% | 100.13% | -699.74% | -32.64% | 3.36% | - |
| EPS (Basic) | - | 2.66 | 1.03 | 5.25 | 1.48 | 0.04 | -30.55 | -3.82 | -2.88 | -2.98 |
| Diluted Shares Outstanding | 81.01M | 62.66M | 60.12M | 51.82M | 41.36M | 37.79M | 37.79M | 74.93M | 37.79M | 47.16M |
| Basic Shares Outstanding | 79.95M | 61.96M | 59.28M | 51.82M | 41.36M | 37.79M | 37.79M | 74.93M | 37.79M | 47.16M |
| Dividend Payout Ratio | - | 95.08% | 71.74% | 21.23% | 29% | 3454.05% | - | - | - | - |
Quick answers to the most common questions about buying KNTK stock.
For fiscal year 2025, Kinetik Holdings Inc. (KNTK) reported total revenue of $1.76B. This represents a 11552.3% increase compared to $15.1M in 2017.
Kinetik Holdings Inc. (KNTK) is profitable, generating $525.9M in net income for the fiscal year ending 2025 with a net profit margin of 29.8%.
Kinetik Holdings Inc. (KNTK) reported an operating income of $164.9M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kinetik Holdings Inc. (KNTK) generated $595.8M in gross profit for the year, representing a gross profit margin of 33.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and Delaware concentration
Metrics are mathematically derived from official filings.
Volume-Driven Growth Faces Margin Test
According to the reported quarterly income statement, KNTK's revenue grew 19.0% year over year to $569.4M in 2026Q3 after a 36.3% sequential-quarter surge in 2026Q2, suggesting throughput gains are carrying top-line momentum despite volatile quarterly patterns.
The revenue trajectory appears to be driven primarily by volume gains in the Delaware Basin rather than pricing, consistent with management's reference to record processed gas volumes. Revenue has been uneven, with a sharp 2026Q1 dip to $410.0M followed by a rebound, which suggests quarterly results are sensitive to timing of throughput and possibly Waha-related curtailments. Investors should monitor whether volume strength translates into sustained revenue growth rather than episodic spikes.
Gross Margin Volatility Signals Contract Mix Exposure
Based on reported figures, KNTK's gross margin swung between 29.1% in 2026Q1 and 59.1% in 2026Q2, with 47.3% in 2026Q3, a range that appears wide for a fee-based midstream profile.
The magnitude of quarterly gross margin variation suggests a meaningful share of commodity-linked economics such as percent-of-proceeds or keep-whole exposure, rather than purely fixed fee revenue. This implies cash margin capture is tied to NGL and gas price spreads that may be difficult to forecast. Warrants further investigation into the contract mix before treating current margin levels as structural.
Operating Leverage Remains Inconsistent Quarter to Quarter
As reported in the quarterly statements, operating margin moved from -0.9% in 2026Q1 to 23.0% in 2026Q2 before settling at 11.2% in 2026Q3, indicating operating income is highly sensitive to revenue swings.
The pattern suggests high fixed-cost absorption, where incremental volume lifts operating income disproportionately when utilization is strong, as seen in 2026Q2. The fall back to 11.2% in 2026Q3 despite higher revenue indicates cost or mix pressure offsetting volume gains. Operating efficiency therefore appears conditional rather than consistently scalable.
Net Income Distorted by Non-Operating Items
Based on EDBL's... [note: data unavailable for this sentence] Reported net income of $416.7M in 2025Q4 against $48.4M operating income implies a large non-operating contribution, with EPS of $2.16 that is not reflected in operating results.
The gap between operating income and net income in 2025Q4 suggests material non-operating or equity-method gains that do not reflect core throughput economics. Net margins of 29.8% on a TTM basis are therefore not representative of operating earnings power. Investors should separate recurring operating earnings from one-time items and verify the EPS outcome against the formal filing, since the latest quarter EPS was not disclosed in the available data.
Leverage and Concentration Could Constrain Upside
Analytically, a reported Debt/Equity of 1.32 alongside near-total Delaware Basin concentration suggests limited flexibility if volumes or commodity-linked cash flows weaken.
Maintained rather than raised full-year guidance, combined with elevated leverage, may signal that management sees limited room for incremental capital deployment beyond committed projects. Volume dependence on a single basin with persistent Waha gas price weakness could pressure throughput and margins simultaneously. Warrants monitoring for debt reduction progress and any shift in capital allocation priorities.