Filing Flows › Kodiak Gas Services (KGS) › Q3 2025
Kodiak Gas Services (KGS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Kodiak Gas Services (KGS) reported revenue of $323M for the third quarter 2025 (Q3 2025), -0.6% from a year earlier and 0% from the quarter before. Operating margin was 19.9%, net loss $14.2M (4.4% of revenue).
Kodiak Gas Services, Q3 2025: revenue $323M (-0.6% year over year), operating margin 19.9%, net loss $14.2M, operating cash flow $113M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $323M | 0% | -0.6% |
| Operating profit | $64.2M | -36% | — |
| Net earnings | −$14.2M | -136% | — |
| Operating cash flow | $113M | -36% | +207% |
| Free cash flow | $10.9M | -88% | — |
What changed
Revenue was $322.7M in Q3 2025, down 1% year over year and roughly flat from the previous quarter. Contract Services was the largest line at 92% of revenue. Service, Other lost $14.6M year over year (down 36%), 765% of the total change.
Operating profit was $64.2M, a 19.9% margin (down 0.5 points year over year). The fastest-growing cost line was Other operating costs (+415%). The quarter ended with a net loss of $14.2M, after a profit of $40.0M the previous quarter. Net interest and other expense of $84.7M was the main reason.
Operating cash flow was $113.4M (up 207% year over year). Non-cash charges added back $66.3M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items added $56.5M. Capital expenditures of $102.5M left free cash flow of $10.9M.
Questions
What was Kodiak Gas Services' revenue in the third quarter 2025?
Kodiak Gas Services (KGS) reported revenue of $323M for the third quarter 2025 (Q3 2025), -0.6% from a year earlier and 0% from the quarter before.
Was Kodiak Gas Services profitable in the third quarter 2025?
Operating profit was $64.2M (19.9% of revenue) and net loss $14.2M.