Filing Flows › Kodiak Gas Services (KGS) › Q4 2025
Kodiak Gas Services (KGS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Kodiak Gas Services (KGS) reported revenue of $333M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +3% from the quarter before. Operating margin was 26.1%, net earnings $24.6M (7.4% of revenue).
Kodiak Gas Services, Q4 2025: revenue $333M (+8% year over year), operating margin 26.1%, net earnings $24.6M, operating cash flow $195M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $333M | +3% | +8% |
| Operating profit | $86.9M | +35% | +26% |
| Net earnings | $24.6M | — | +29% |
| Operating cash flow | $195M | +72% | +64% |
| Free cash flow | $142M | 13× | +214% |
What changed
Revenue was $332.9M in Q4 2025, up 8% year over year and up 3% from the previous quarter. Contract Services was the largest line at 91% of revenue.
Operating profit was $86.9M, a 26.1% margin (up 3.8 points year over year). Of the extra revenue versus Q4 2024, 76% reached operating profit, above the 22% margin then. Total costs grew 2% against revenue growth of 8%. The fastest-growing cost line was SG&A (+24%). Net earnings were $24.6M, up 29% year over year. The effective tax rate was 36.5%.
Operating cash flow was $194.9M (up 64% year over year), 787% of net earnings. Non-cash charges added back $73.2M of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items added $90.4M. Capital expenditures of $52.8M left free cash flow of $142.0M.
Questions
What was Kodiak Gas Services' revenue in the fourth quarter 2025?
Kodiak Gas Services (KGS) reported revenue of $333M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +3% from the quarter before.
Was Kodiak Gas Services profitable in the fourth quarter 2025?
Operating profit was $86.9M (26.1% of revenue) and net earnings $24.6M.