Kinetik (KNTK) financial statements
Kinetik reported revenue of $1.8B in fiscal 2025, up 81.3% a year over 8 years.
Net income was $178M and the operating margin 9.3%, against -76.2% in 2017.
Free cash flow was $112M, and the company returned $194M in dividends and $176M in net buybacks.
The diluted share count rose 907% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kinetik's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15M | $77M | $136M | $410M | $662M | $1.2B | $1.3B | $1.5B | $1.8B |
| Cost of revenue | $17M | $54M | $56M | $65M | $234M | $542M | $516M | $621M | $786M |
| Gross profit | -$1M | $23M | $80M | $345M | $428M | $672M | $741M | $862M | $978M |
| Selling, general and admin | $4M | $7M | $10M | $23M | $29M | $94M | $98M | $134M | $131M |
| Operating income | -$12M | -$12M | -$1.3B | -$1.0B | $53M | $150M | $159M | $179M | $165M |
| Interest expense | $7M | $8M | $6M | $140M | $105M | $142M | $218M | $218M | $240M |
| Pre-tax income | $508,768 | -$11M | -$1.3B | -$1.2B | $3M | $253M | $154M | $267M | $577M |
| Income tax | $7M | -$11M | $65M | $968,000 | $2M | $3M | -$233M | $23M | $51M |
| Net income | -$187,108 | -$4M | -$358M | $0 | $0 | $41M | $289M | $80M | $178M |
| EPS (diluted) | -$3.00 | -$0.26 | -$47.85 | $0.00 | $0.00 | $1.47 | $2.52 | $1.02 | $2.63 |
| Diluted shares | 6M | 17M | 7M | 0M | 0M | 42M | 146M | 60M | 63M |
| Gross margin | -9.6% | 29.7% | 58.9% | 84.1% | 64.7% | 55.4% | 59.0% | 58.1% | 55.5% |
| Operating margin | -76.2% | -15.9% | -946.8% | -248.8% | 8.1% | 12.4% | 12.7% | 12.1% | 9.3% |
| Net margin | -1.2% | -5.7% | -264.0% | 0.0% | 0.0% | 3.4% | 23.0% | 5.4% | 10.1% |
Balance sheet
Fiscal years, from Kinetik's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $0 | $450M | $6M | $24M | $19M | $6M | $5M | $4M | $4M |
| Receivables | $5M | $11M | $15M | — | $178M | $204M | $216M | $112M | $85M |
| Inventory | $743,000 | $6M | $4M | $4M | $3M | $5M | $3M | $4M | $5M |
| Total current assets | $6M | $468M | $32M | $43M | $218M | $242M | $257M | $295M | $302M |
| Property, plant and equipment | $700M | $1.2B | $206M | $196M | $1.8B | $2.5B | $2.7B | $3.4B | $3.9B |
| Goodwill | — | — | — | — | $0 | $5M | $5M | $5M | $5M |
| Total assets | $706M | $1.9B | $1.5B | $1.8B | $3.6B | $5.9B | $6.5B | $6.8B | $7.1B |
| Total current liabilities | $124M | $99M | $34M | $30M | $241M | $228M | $250M | $419M | $441M |
| Long-term debt | — | — | — | — | $2.3B | $3.4B | $3.6B | $3.4B | $3.6B |
| Total liabilities | $150M | $131M | $597M | $863M | $2.5B | $3.6B | $3.9B | $3.8B | $4.2B |
| Shareholders' equity | $556M | -$227M | $9,000 | $10,000 | $10,000 | -$840M | -$531M | -$3.0B | -$565M |
| Net debt | $0 | -$450M | $4M | -$24M | $2.2B | $3.4B | $3.6B | $3.5B | $3.8B |
Cash flow
Fiscal years, from Kinetik's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $0 | $661,000 | $76M | $102M | $236M | $613M | $584M | $637M | $604M |
| Capital spending | $0 | $84M | $343M | $181M | $78M | $206M | $313M | $264M | $492M |
| Free cash flow | $0 | -$83M | -$266M | -$79M | $158M | $407M | $272M | $374M | $112M |
| Stock-based compensation | — | — | — | $0 | $0 | $43M | $56M | $77M | $63M |
| Dividends paid | — | — | $0 | $0 | $0 | $39M | $81M | $175M | $194M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$6M | $0 | -$176M |
| Net borrowing | — | — | — | $108M | -$66M | $706M | $0 | -$200M | $400M |
| Free cash flow margin | 0.0% | -108.6% | -196.2% | -19.3% | 23.8% | 33.5% | 21.6% | 25.2% | 6.3% |
| Dividends per share | — | — | — | — | — | $0.94 | $0.56 | $2.91 | $3.09 |
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Open KNTK in InvestinglyQuestions
What was Kinetik's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kinetik generate?
$112M in fiscal 2025 (operating cash flow minus capital spending).
From Kinetik's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.