Filing Flows › Kodiak Gas Services (KGS) › Q1 2026
Kodiak Gas Services (KGS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Kodiak Gas Services (KGS) reported revenue of $346M for the first quarter 2026 (Q1 2026), +5% from a year earlier and +4% from the quarter before. Operating margin was 30.9%, net earnings $17.8M (5.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $346M | +4% | +5% |
| Operating profit | $107M | +23% | +20% |
| Net earnings | $17.8M | -28% | -41% |
| Operating cash flow | $71.2M | -63% | -38% |
What changed
Revenue was $345.8M in Q1 2026, up 5% year over year and up 4% from the previous quarter. Contract Services was the largest line at 89% of revenue. Contract Services added $18.0M year over year (up 6%), 112% of the total change. Service, Other declined 5%.
Operating profit was $106.8M, a 30.9% margin (up 3.8 points year over year). Of the extra revenue versus Q1 2025, 109% reached operating profit, above the 27% margin then. Total costs fell 1% while revenue rose 5%. The fastest-growing cost line was SG&A (+43%). Net earnings were $17.8M, down 41% year over year. The effective tax rate was 13.4%.
Operating cash flow was $71.2M (down 38% year over year), 399% of net earnings. Non-cash charges added back $68.7M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items used $21.2M. Capital expenditures of $118.4M exceeded it, leaving free cash flow of −$47.2M.
Questions
What was Kodiak Gas Services' revenue in the first quarter 2026?
Kodiak Gas Services (KGS) reported revenue of $346M for the first quarter 2026 (Q1 2026), +5% from a year earlier and +4% from the quarter before.
Was Kodiak Gas Services profitable in the first quarter 2026?
Operating profit was $107M (30.9% of revenue) and net earnings $17.8M.