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Kodiak Gas Services (KGS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 7, 2026 · Kodiak Gas Services (KGS) Q2 2026 earnings results →
Q2 2026 Revenue up 21% year over year to $391M · 13¢ of every $1 of revenue kept as net profit · operating margin 31.8%
Kodiak Gas Services made $391M in Q2 2026 (+21% Y/Y): Compression Infrastructure $315M, Service, Other $43.1M, Power Infrastructure $32.9M. Operating margin 31.8%, net earnings $52.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
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What changed this quarter
Revenue was $391.1M in Q2 2026, up 21% year over year and up 13% from the previous quarter. Compression Infrastructure was the largest line at 81% of revenue. Compression Infrastructure added $21.6M year over year (up 7%), 32% of the total change.
Operating profit was $124.2M, a 31.8% margin (up 0.9 points year over year). Of the extra revenue versus Q2 2025, 36% reached operating profit, above the 31% margin then. Total costs grew 20% against revenue growth of 21%. The fastest-growing cost line was Cost of revenue (+25%). Net earnings were $52.0M, up 32% year over year. The effective tax rate was 28.8%.
Operating cash flow was $99.5M (down 44% year over year), 191% of net earnings. Non-cash charges added back $78.7M of depreciation and amortization and $8.6M of share-based compensation. Working capital and other items used $40.0M. Capital expenditures of $200.2M exceeded it, leaving free cash flow of −$100.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 7, 2026 | $391M | +21% | 31.8% | $52.0M | $99.5M |
| Q1 2026 | 10-Q | May 11, 2026 | $346M | +5% | 30.9% | $17.8M | $71.2M |
| Q4 2025 | 10-K | Feb 26, 2026 | $333M | +8% | 26.1% | $24.6M | $195M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $323M | -0.6% | 19.9% | −$14.2M | $113M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $323M | +4% | 30.9% | $39.5M | $177M |
| Q1 2025 | 10-Q | May 8, 2025 | $330M | +53% | 27.1% | $30.4M | $114M |
| Q4 2024 | 10-K | Mar 7, 2025 | $310M | +37% | 22.3% | $19.1M | $118M |
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About Kodiak Gas Services
We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions. Through our wholly-owned subsidiary, Kodiak Services, formed in 2011, we have built and operated a substantial fleet of high-reliability compression assets for more than a decade. On July 3, 2023, we completed our IPO and our common stock is currently trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KGS.” Our business is centered on long‑term customer relationships, operational excellence, and disciplined capital deployment, positioning us to deliver stable performance while supporting the essential infrastructure needs of the domestic energy industry.
In its own words, from its 10-K, filed Feb 26, 2026.
Kodiak Gas Services against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +30%. Operating margin: 31.8% against the peers' median 25.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KGS Kodiak Gas Services | Q2 2026 | $391M | +21% | 31.8% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
Source: Kodiak Gas Services 10-Q on SEC EDGAR · CIK 1767042 · Natural Gas Transmission
13F: who owns KGS and who is buying
More on KGS
- How Kodiak Gas Services makes money: revenue by segment
- Kodiak Gas Services next earnings date and what analysts expect
- Kodiak Gas Services stock forecast, price target and fair value
- Who owns Kodiak Gas Services stock: holders, funds and Congress trades
- Is Kodiak Gas Services a takeover target? LBO and rumors
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results