Kodiak Gas Services | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 391.12 M

Revenue: As of FY2026 Q2, the actual value is USD 391.12 M, beating the estimate of USD 383 M.

EPS: As of FY2026 Q2, the actual value is USD 0.53, missing the estimate of USD 0.6483.

EBIT: As of FY2026 Q2, the actual value is USD 124.24 M.

Second Quarter 2026 Financial and Operational Highlights

Net Income and Adjusted EBITDA

Net income attributable to common shareholders was $52.0 million, compared to $39.5 million in the second quarter of 2025. Adjusted net income was $54.3 million, compared to $40.0 million in the second quarter of 2025. Record adjusted EBITDA reached $216.8 million, marking a 21.7% increase compared to the second quarter of 2025. The adjusted EBITDA percentage was 55.4% in the second quarter of 2026, up from 55.2% in the second quarter of 2025.

Revenue by Segment

Total revenues were $391.1 million in the second quarter of 2026, up from $322.8 million in the second quarter of 2025. Compression Infrastructure segment revenue was $315.1 million, a 7.4% increase compared to $293.5 million in the second quarter of 2025. Power Infrastructure segment revenue was $32.9 million. Other Services segment revenue was $43.1 million, a 47.1% increase compared to $29.3 million in the second quarter of 2025.

Gross Margin by Segment

Compression Infrastructure segment gross margin was $147.6 million, a 9.9% increase compared to $134.3 million in the second quarter of 2025. The Compression Infrastructure segment’s adjusted gross margin was $220.7 million, a 10.1% increase compared to $200.4 million in the second quarter of 2025, with an adjusted gross margin percentage of 70.0%. Power Infrastructure segment gross margin was $15.7 million, and adjusted gross margin was $21.2 million, with an adjusted gross margin percentage of 64.5%. Other Services segment gross margin and adjusted gross margin were each $4.9 million, a 32.3% decrease compared to $7.2 million for each measure in the second quarter of 2025.

Cash Flow

Net cash provided by operating activities was $99.5 million. Record discretionary cash flow was $163.3 million, a 40.2% increase compared to the second quarter of 2025. Free cash flow was - $87.5 million.

Capital Expenditures

Maintenance capital expenditures were $19.9 million. Growth capital expenditures for Compression Infrastructure were $66.8 million. Growth capital expenditures for Power Infrastructure were $134.4 million. Other capital expenditures were $53.7 million. Total Growth and Other capital expenditures amounted to $254.9 million.

Debt and Liquidity (as of June 30, 2026)

Total debt outstanding was $2.8 billion. Kodiak Gas Services, Inc. had $1.6 billion available on its ABL Facility and $1.7 billion in total liquidity, including cash on the balance sheet. The credit agreement leverage ratio was 3.2x, or 3.1x netting all cash on the balance sheet against debt outstanding.

Operational Metrics

Compression Infrastructure fleet utilization reached 98.2%, a 100 basis point increase compared to the second quarter of 2025. Power Infrastructure fleet utilization was 89.6%. Kodiak Gas Services, Inc. announced a multi-year gas turbine order for one gigawatt of gas turbines to be delivered by 2030.

Revised Full-Year 2026 Guidance

Kodiak Gas Services, Inc. increased its Adjusted EBITDA guidance to a range of $830 million to $860 million and discretionary cash flow guidance to a range of $570 million to $600 million. The company also reduced the midpoint for Power Infrastructure segment growth capital expenditures to reflect updated timing and amount of down payments for future deliveries. For the full year 2026, Compression Infrastructure revenue is projected between $1,250 million and $1,280 million, Power Infrastructure revenue between $95 million and $125 million, and Other Services revenue between $125 million and $160 million.