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.<h4>Overall Company Performance</h4><ul><li>Total Operating Revenues: Decreased by - $33.3 million, or -8%, to $410.0 million in 2026 from $443.3 million in 2025.</li><li>Operating (Loss) Income: Shifted from an income of $19.280 million in 2025 to a loss of - $3.838 million in 2026, a decrease of -120%.</li><li>Net (Loss) Income Including Noncontrolling Interest: Declined by -127% from $19.262 million in 2025 to - $5.125 million in 2026.</li><li>Adjusted EBITDA: Increased slightly by 0.5% to $251.2 million in 2026 from $250.0 million in 2025.</li></ul><h4>Midstream Logistics Segment</h4><ul><li>Revenue:<ul><li>Service revenue decreased by - $34.2 million, or -27%, to $93.8 million in 2026 from $127.9 million in 2025.</li><li>Product revenue remained flat at $312.2 million in 2026 compared to $312.5 million in 2025.</li><li>Other revenue increased by $1.139 million, or 40%, to $3.971 million in 2026 from $2.832 million in 2025.</li><li>Total segment operating revenue was $407.682 million in 2026, down from $440.855 million in 2025.</li></ul></li><li>Operational Metrics:<ul><li>Costs of sales (excluding depreciation and amortization) decreased by - $34.6 million, or -16%, to - $188.7 million in 2026 from - $223.4 million in 2025.</li><li>Operating expenses increased by $6.7 million, or 11%, to - $70.3 million in 2026 from - $63.6 million in 2025.</li><li>Ad valorem taxes increased by $1.984 million, or 29%, to - $8.775 million in 2026 from - $6.791 million in 2025.</li><li>General and administrative expenses increased by $6.608 million, or 18%, to - $44.2 million in 2026 from - $37.6 million in 2025.</li><li>Depreciation and amortization expenses increased by $9.2 million, or 10%, to - $101.8 million in 2026 from - $92.7 million in 2025.</li><li>Segment Adjusted EBITDA increased by $18.7 million, or 12%, to $178.9 million in 2026 from $160.2 million in 2025.</li></ul></li><li>Unique Metrics (Volumes and Prices):<ul><li>Gathered gas volumes increased by 105.9 MMcf per day (5%) in 2026 compared to 2025.</li><li>Processed gas volumes increased by 14.1 MMcf per day (1%) in 2026 compared to 2025.</li><li>Gas service fees decreased by - $33.5 million (31%) due to lower total gathered and processed gas volumes in this category.</li><li>NGL prices decreased by - $5.59 per barrel (-23%) and natural gas residue prices decreased by - $1.43 per MMBtu (-53%).</li><li>NGL and condensate volumes sold increased by 3.2 million barrels (26%).</li><li>Natural gas residue sales volumes increased by 0.9 million MMBtu (9%).</li><li>Condensate prices increased by $1.08 per barrel (2%).</li></ul></li><li>Capital Expenditure: $92.575 million in 2026 vs. $81.232 million in 2025.</li><li>Total Assets: $4,724.647 million as of March 31, 2026 vs. $4,714.723 million as of December 31, 2025.</li></ul><h4>Pipeline Transportation Segment</h4><ul><li>Revenue:<ul><li>Revenue was $2.285 million in 2026, down from $2.406 million in 2025.</li><li>Intersegment revenue was $6.824 million in 2026, up from $4.804 million in 2025.</li><li>Total segment operating revenue was $9.118 million in 2026, up from $7.212 million in 2025.</li></ul></li><li>Operational Metrics:<ul><li>Proportionate EMI EBITDA decreased by - $17.501 million, or -20%, to $70.029 million in 2026 from $87.530 million in 2025.</li><li>Equity in earnings of unconsolidated affiliates decreased by - $6.3 million, or -11%, to $51.2 million in 2026 from $57.5 million in 2025, primarily due to decreases from Breviloba (- $5.6 million) and EPIC (- $3.4 million), partially offset by an increase from PHP ($2.7 million).</li><li>Segment Adjusted EBITDA decreased by - $15.9 million, or -17%, to $78.0 million in 2026 from $93.9 million in 2025, mainly due to lower proportionate EMI EBITDA related to the divestiture of the Company’s equity interest in EPIC.</li></ul></li><li>Capital Expenditure: $1.309 million in 2026 vs. $0.243 million in 2025.</li><li>Total Assets: $2,137.517 million as of March 31, 2026 vs. $2,153.280 million as of December 31, 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Increased by $3.6 million to $180.4 million in 2026 from $176.8 million in 2025.</li><li>Net Cash Used in Investing Activities: Decreased by $171.0 million to - $89.1 million in 2026 from - $260.1 million in 2025, driven by a decrease in cash used for business acquisitions, partially offset by higher capital spending for property, plant, and equipment.</li><li>Net Cash (Used in) Provided by Financing Activities: Shifted from providing $88.5 million in 2025 to using - $94.5 million in 2026, primarily due to net proceeds from revolving credit facility and A/R Facility being offset by cash dividends.</li></ul><h4>Liquidity and Capital Resources</h4><ul><li>Total Liquidity: $1,158.020 million as of March 31, 2026, including $720 thousand in cash and cash equivalents and $1,157.300 million in available borrowing capacity.</li><li>Available Borrowing Capacity: $1,119.400 million under the Revolving Line of Credit and $37.900 million under the Amended A/R Facility as of March 31, 2026.</li><li>Debt Obligations: $1.05 billion in 6.625% senior unsecured notes due 2028 and $1.00 billion in 5.875% senior unsecured notes due 2030 were outstanding as of March 31, 2026.</li></ul><h4>Outlook/Guidance</h4>Kinetik Holdings Inc. anticipates that existing capital resources, including cash from operations, distributions from equity method investment pipelines, and remaining borrowing capacity, will be sufficient to fund future capital expenditures and planned quarterly dividends over the next 12 months. The ECCC Pipeline is estimated to be in service during the second quarter of 2026, providing additional rich gas throughput capacity. The company continues to monitor commodity prices and may use hedging strategies to mitigate volatility risks.

Kinetik | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 409.98 M