---
title: "Kinetik | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 409.98 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285659686.md"
datetime: "2026-05-08T03:43:33.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285659686.md)
  - [en](https://longbridge.com/en/news/285659686.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285659686.md)
---

# Kinetik | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 409.98 M

Revenue: As of FY2026 Q1, the actual value is USD 409.98 M, missing the estimate of USD 438.04 M.

EPS: As of FY2026 Q1, the actual value is USD -0.07, missing the estimate of USD 0.2068.

EBIT: As of FY2026 Q1, the actual value is USD 49.42 M.

#### Net Income

Kinetik Holdings Inc. reported a net loss including noncontrolling interest of - $5.1 million for the three months ended March 31, 2026, compared to a net income of $19.3 million for the same period in 2025.

#### Total Operating Revenues

Total operating revenues were $409.98 million for the first quarter of 2026, a decrease from $443.26 million in the first quarter of 2025.

#### Operating Income

Operating loss for the quarter was - $3.84 million, a significant decline from $19.28 million in the prior year period.

#### Adjusted EBITDA

Kinetik Holdings Inc. delivered an Adjusted EBITDA of $251.2 million for the first quarter of 2026, slightly up from $250.02 million in the first quarter of 2025. **Midstream Logistics:** Adjusted EBITDA was $178.92 million, marking a 12% increase year-over-year. **Pipeline Transportation:** Adjusted EBITDA was $77.98 million, representing a nearly 17% decrease year-over-year, primarily due to the divestiture of the company’s equity interest in EPIC Crude. **Corporate and Other:** Adjusted EBITDA was - $5.70 million.

#### Cash Flow

-   **Distributable Cash Flow:** $180.83 million, an increase from $156.98 million in the first quarter of 2025.
-   **Free Cash Flow:** $101.38 million, up from $91.37 million in the first quarter of 2025.
-   **Net cash provided by operating activities:** $185.14 million for the first quarter of 2026, compared to $176.83 million in the same period of 2025.

#### Capital Expenditures

Capital Expenditures for the quarter ended March 31, 2026, were $91.33 million.

#### Debt and Liquidity

-   **Net Debt:** $3,854.38 million as of March 31, 2026, compared to $3,814.25 million as of December 31, 2025.
-   **Liquidity (Cash and Revolver Availability):** $1,120.12 million as of March 31, 2026.
-   **Leverage Ratio:** 3.9x as of March 31, 2026.
-   **Net Debt to Adjusted EBITDA Ratio:** 3.9x as of March 31, 2026.

#### Operational Metrics

-   **Midstream Logistics Processed Natural Gas Volumes:** 1.81 Bcf/d, a 1% increase year-over-year, despite an estimated 170 Mmcf/d of Waha price-related processed gas volume shut-ins.

#### Outlook / Guidance

Kinetik Holdings Inc. affirmed its full-year 2026 Adjusted EBITDA guidance to be between $950 million and $1,050 million. The company is also maintaining its 2026 Capital Expenditures guidance (including maintenance) of $450 million to $510 million for the full year. Year-over-year processed gas volume is now estimated to grow low- to mid-single-digit percentage points, with estimated curtailments of approximately 220 Mmcf/d, up from original assumptions of 100 Mmcf/d.

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