Filing Flows › Kodiak Gas Services (KGS) › Q1 2026 › vs Q4 2025
Kodiak Gas Services (KGS) Q1 2026 vs Q4 2025 (quarter over quarter)
Kodiak Gas Services's revenue rose $12.9M (+4%) from $333M in Q4 2025 to $346M in Q1 2026. The biggest changes: Service, Other +$7.7M (+25%); Contract Services +$5.2M (+2%). Operating margin 30.9% against 26.1% (+4.8 pts).
Kodiak Gas Services, Q1 2026: revenue $346M (+5% year over year), operating margin 30.9%, net earnings $17.8M, operating cash flow $71.2M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.9% | 26.1% | +4.8 pts |
| Net margin | 5.1% | 7.4% | -2.2 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Contract Services | $307M | $302M | $5.2M | +2% |
| Service, Other | $38.8M | $31.1M | $7.7M | +25% |
| Revenue | $346M | $333M | $12.9M | +4% |
| Operating profit | $107M | $86.9M | $19.9M | +23% |
| Costs & expenses | $239M | $246M | −$7.0M | -3% |
| Pre-tax earnings | $20.6M | $39.0M | −$18.4M | -47% |
| Other expense, net | $86.2M | $47.9M | $38.3M | +80% |
| Cost of revenue | $123M | $120M | $2.9M | +2% |
| SG&A | $46.1M | $38.9M | $7.2M | +19% |
| Other operating costs | $69.9M | $87.1M | −$17.1M | -20% |
| Net earnings | $17.8M | $24.6M | −$6.8M | -28% |
| Minority interests | $55K | $140K | −$85K | -61% |
| Income tax | $2.8M | $14.2M | −$11.5M | -81% |
| Operating cash sources | $92.4M | $104M | −$12.0M | -11% |
| Depreciation & amortization | $68.7M | $73.2M | −$4.5M | -6% |
| Share-based compensation | $5.9M | $6.5M | −$626K | -10% |
| Working capital & other | $21.2M | −$90.5M | $112M | — |
| Operating cash flow | $71.2M | $195M | −$124M | -63% |
| Capital expenditures | $118M | $52.8M | $65.5M | +124% |
| Negative free cash flow (OCF − capex) | $47.2M | −$142M | $189M | — |
Questions
How much did Kodiak Gas Services's revenue grow quarter over quarter in Q1 2026?
Kodiak Gas Services's revenue rose $12.9M (+4%) from $333M in Q4 2025 to $346M in Q1 2026.
What drove Kodiak Gas Services's revenue change in Q1 2026?
Service, Other +$7.7M (+25%); Contract Services +$5.2M (+2%).