Kodiak Gas Services (KGS) financial statements
Kodiak Gas Services reported revenue of $1.3B in fiscal 2025, up 21.2% a year over 4 years.
Net income was $81M and the operating margin 26.0%, against 31.2% in 2021.
Free cash flow was $284M, and the company returned $160M in dividends and $104M in net buybacks.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kodiak Gas Services's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $606M | $708M | $850M | $1.2B | $1.3B |
| Cost of revenue | — | $267M | $351M | $458M | $480M |
| Gross profit | $236M | $266M | $317M | $701M | $828M |
| Selling, general and admin | $38M | $45M | $73M | $152M | $144M |
| Operating income | $189M | $222M | $244M | $249M | $340M |
| Interest expense | $85M | $166M | $223M | — | — |
| Pre-tax income | $122M | $139M | $35M | $76M | $113M |
| Income tax | -$59M | $33M | $15M | $26M | $32M |
| Net income | $181M | $106M | $20M | $50M | $81M |
| EPS (diluted) | $3.07 | $1.80 | $0.29 | $0.56 | $0.89 |
| Diluted shares | 59M | 59M | 68M | 85M | 89M |
| Gross margin | 38.9% | 37.6% | 37.2% | 60.5% | 63.3% |
| Operating margin | 31.2% | 31.4% | 28.7% | 21.5% | 26.0% |
| Net margin | 29.8% | 15.0% | 2.4% | 4.3% | 6.2% |
Balance sheet
Fiscal years, from Kodiak Gas Services's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $29M | $20M | $6M | $5M | $3M |
| Receivables | $81M | $98M | $113M | $254M | $198M |
| Inventory | — | $72M | $76M | $103M | $102M |
| Total current assets | — | $204M | $231M | $384M | $323M |
| Property, plant and equipment | — | $2.5B | $2.5B | $3.4B | $3.4B |
| Goodwill | — | $306M | $306M | $415M | $409M |
| Total assets | $3.0B | $3.2B | $3.2B | $4.4B | $4.3B |
| Total current liabilities | — | $189M | $211M | $319M | $386M |
| Long-term debt | — | $2.7B | $1.8B | $2.6B | $2.6B |
| Total liabilities | — | $3.0B | $2.1B | $3.1B | $3.1B |
| Shareholders' equity | $960M | $229M | $1.1B | $1.4B | $1.2B |
| Net debt | -$29M | $2.7B | $1.8B | $2.6B | $2.6B |
Cash flow
Fiscal years, from Kodiak Gas Services's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $250M | $220M | $266M | $328M | $600M |
| Capital spending | $202M | $259M | $220M | $337M | $315M |
| Free cash flow | $48M | -$40M | $47M | -$9M | $284M |
| Stock-based compensation | $1M | $971,000 | $6M | $18M | $25M |
| Dividends paid | $0 | $0 | $30M | $134M | $160M |
| Share buybacks (net) | — | $0 | $0 | -$40M | -$104M |
| Net borrowing | -$65M | $889M | -$224M | $167M | -$6M |
| Free cash flow margin | 7.9% | -5.6% | 5.5% | -0.8% | 21.7% |
| Dividends per share | — | — | $0.44 | $1.57 | $1.80 |
Questions
What was Kodiak Gas Services's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kodiak Gas Services generate?
$284M in fiscal 2025 (operating cash flow minus capital spending).
From Kodiak Gas Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.