Filing Flows

Filing Flows › Companies › Kodiak Gas Services › Cash flow

Kodiak Gas Services cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$101M in Q2 2026 · $5.0M over twelve months

Operating cash flow$99.5M
Capital spending−$200M
Free cash flow−$101M
Cash / net income1.9×
Cash conversion cycle71 days

Analysis

In Q2 2026, Kodiak Gas Services generated $99.5M of operating cash flow and spent $200M on capital projects, leaving free cash flow of −$101M. That is $195M less than in Q2 2025 ($94.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $479M; the largest uses were other investing ($576M), capital spending ($474M), dividends ($176M); besides operations, cash came from other financing ($788M), net borrowing (+) / repaid (−) ($172M); the cash balance rose by $132M.

Operating cash flow was $99.5M against net income of $52.1M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$78.7M, accrued liabilities −$42.8M, deferred taxes +$34.5M.

Its cash conversion cycle was 71 days (receivables 58 + inventory 67 − payables 53).

Free cash flow

Kodiak Gas Services: free cash flow by quarterKodiak Gas Services: free cash flow by quarter−$49.7MQ3 2024$45.2MQ4 2024$36.8MQ1 2025$94.6MQ2 2025$10.9MQ3 2025$142MQ4 2025−$47.2MQ1 2026−$101MQ2 2026
Operating cash flow less capital spending.
Kodiak Gas Services: operating cash flow against capital spendingKodiak Gas Services: operating cash flow against capital spendingOperating cash flowCapital spending$36.9M$86.5MQ3 2024$118M$73.2MQ4 2024$114M$77.6MQ1 2025$177M$82.6MQ2 2025$113M$102MQ3 2025$195M$52.8MQ4 2025$71.2M$118MQ1 2026$99.5M$200MQ2 2026
Latest (Q2 2026): Operating cash flow $99.5M, Capital spending $200M.

Capital allocation, year by year

Kodiak Gas Services: where the cash came from (up) and went (down), by fiscal yearKodiak Gas Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $250MFY2021: Net borrowing −$65.2MFY2021: Asset sales $13KFY2021: Capital spending −$202M$250MFY2021FY2022: Operating cash flow $220MFY2022: Net borrowing $889MFY2022: Asset sales $8.1MFY2022: Capital spending −$259M$1.1BFY2022FY2023: Operating cash flow $266MFY2023: Net borrowing −$224MFY2023: Shares issued $278MFY2023: Asset sales $1.4MFY2023: Capital spending −$220MFY2023: Dividends −$29.8M$546MFY2023FY2024: Operating cash flow $328MFY2024: Net borrowing $164MFY2024: Asset sales $35.0MFY2024: Capital spending −$337MFY2024: Buybacks −$40.0MFY2024: Dividends −$134M$527MFY2024FY2025: Operating cash flow $600MFY2025: Net borrowing −$8.6MFY2025: Asset sales $30.2MFY2025: Capital spending −$315MFY2025: Buybacks −$104MFY2025: Dividends −$160M$630MFY2025
Over these 5 years operating cash flow totalled $1.7B; the largest uses were capital spending ($1.3B) and dividends ($323M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$138M
Debt$2.7B
Net debt$2.6B
Due within a year$395K

Kodiak Gas Services funds itself: free cash flow was $5.0M over the last twelve months, and $138M of cash and investments stands against $2.7B of debt ($395K due within a year, 348.2× covered by cash).

Kodiak Gas Services: debt maturities by year (FY2025)Kodiak Gas Services: debt maturities by year (FY2025)$395KYear 1$750MYear 4$465MYear 5$1.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $138M of cash and investments now.

Where the cash came from and went

Kodiak Gas Services: sources (+) and uses (−) of cash, Q2 2026Kodiak Gas Services: sources (+) and uses (−) of cash, Q2 2026Other financing$835MOther investing−$576MCapital spending−$200MOperating cash flow$99.5MNet borrowing (+) / repaid (−)−$69.6MDividends−$50.0MCash drawn (+) / kept (−)−$43.2MAsset & business sales$4.1MTaxes on employees’ shares$798KPartners−$151K
Kodiak Gas Services: sources (+) and uses (−) of cash, TTM to Q2 2026Kodiak Gas Services: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$788MOther investing−$576MOperating cash flow$479MCapital spending−$474MDividends−$176MNet borrowing (+) / repaid (−)$172MCash drawn (+) / kept (−)−$132MBuybacks−$84.0MAsset & business sales$20.2MTaxes on employees’ shares−$17.3MPartners−$919K

From profit to cash

Kodiak Gas Services: net income to operating cash flow, Q2 2026Kodiak Gas Services: net income to operating cash flow, Q2 2026Net income$52.1MDepreciation & amortization$78.7MStock-based pay$8.6MDeferred taxes$34.5MGains on disposals$3.0MReceivables−$7.5MInventory$61KPayables−$2.9MAccrued liabilities−$42.8MDeferred revenue−$18.6MContract assets−$3.6MPrepaid and other assets$6.2MOperating cash flow$99.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202658675371
Q1 202657755379
Q4 202557785778
Q3 202563805093
Q2 202567794898
Q1 202569714595
Q4 2024798656110
Q3 202469855499

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$99.5M−$200M—−$50.0M−$69.6M−$43.2M−$101M
Q1 2026$71.2M−$118M—−$42.6M$206M−$91.2M−$47.2M
Q4 2025$195M−$52.8M−$33.6M−$43.0M−$56.6M−$2.5M$142M
Q3 2025$113M−$102M−$50.4M−$40.0M$92.6M$4.7M$10.9M
Q2 2025$177M−$82.6M−$10.0M−$40.1M−$47.3M−$3.5M$94.6M
Q1 2025$114M−$77.6M−$10.0M−$36.4M—$2.8M$36.8M
Q4 2024$118M−$73.2M−$15.0M−$36.4M−$16.6M$2.7M$45.2M
Q3 2024$36.9M−$86.5M−$25.0M−$35.1M$105M−$3.6M−$49.7M

Kodiak Gas Services: income statement and cash flow

Kodiak Gas Services, Q2 2026: revenue $391M (+21% year over year), operating margin 31.8%. The chart follows the revenue to costs, profit and cash.

Kodiak Gas Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.