NYSE$KGS
Kodiak Gas Services Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Kodiak Gas Services reported record quarterly adjusted EBITDA and gross margin percentages for the fourth quarter of 2025.
Kodiak Gas Services delivered a strong finish to 2025, achieving record adjusted gross margin percentages and adjusted EBITDA. The company successfully divested its international operations and reached its leverage target of 3.5x, while announcing a significant acquisition of Distributed Power Solutions to drive future growth.
- Record quarterly adjusted EBITDA of $184.5 million, representing a 9.1% increase year-over-year.
- Fleet utilization reached 97.7%, a 120 basis point improvement compared to Q4 2024.
- Achieved a record adjusted gross margin percentage of 69.2% in the Contract Services segment.
- Announced the acquisition of Distributed Power Solutions, LLC for approximately $675 million to expand into turnkey power solutions.
Headline financials
Revenue & EPS history
Kodiak Gas Services · Revenue · Quarterly
$333M
Revenue by segment
Kodiak Gas Services · $231M total across 2 segments · Q3 2023
- Contract Services$187M—80.8%
- Other Services$44.3M—19.2%
Forward guidance
Kodiak provided initial full-year 2026 guidance excluding the impact of the pending DPS acquisition, projecting continued growth in EBITDA and horsepower.
Tailwinds
- 2026 Adjusted EBITDA expected between $750 million and $780 million.
- Growth capital expenditures planned between $235 million and $265 million.
- Expected delivery of approximately 150,000 new unit horsepower.
- Contract Services adjusted gross margin percentage projected between 67.5% and 69.5%.
- Discretionary cash flow projected between $480 million and $510 million.
Headwinds
- Guidance currently excludes any potential positive impact from the Distributed Power Solutions acquisition.
- Other Services adjusted gross margin percentage expected to be lower than Contract Services at 13.0% to 16.0%.
- Maintenance capital expenditures expected to be between $75 million and $85 million.
- Other capital expenditures projected at $40 million to $50 million.
- Total growth and other capital expenditures could reach up to $315 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 11 quarterly earnings reports · overlaid with Q4 2025
+0.1%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-0.2%
Avg return
30 days after
71%
12 / 17 earnings
Positive
+8.3%
Q1 2026
Best reaction
-15.0%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +8.3% | +5.5% | -4.9% | |
| Q4 2025 | +4.0% | -1.2% | +7.1% | |
| Q3 2025 | -6.6% | -6.0% | +1.3% | |
| Q1 2025 | +3.9% | +6.7% | +8.4% | |
| Q4 2024 | -15.0% | -13.0% | -22.9% | |
| Q3 2024 | +6.3% | +11.7% | +26.7% | |
| Q2 2024 | -9.6% | -9.2% | -9.1% | |
| Q1 2024 | +1.0% | -3.1% | -8.2% | |
| Q4 2023 | -6.1% | -4.6% | +5.1% | |
| Q3 2022 | +5.1% | +7.9% | +9.2% | |
| Q4 2021 | +5.1% | +7.9% | +9.2% | |
| Q3 2023 | -0.5% | +3.7% | +7.2% | |
| Q2 2022 | +1.3% | -1.2% | -7.0% | |
| Q2 2023 | +1.3% | -1.2% | -7.0% | |
| Q1 2022 | +1.3% | -1.2% | -7.0% | |
| Q4 2022 | +1.3% | -1.2% | -7.0% | |
| Q1 2023 | +1.3% | +5.4% | -4.5% |
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