NYSE: KNTK
Kinetik Holdings Inc.CIK 0001692787 · SIC 4922 · Natural Gas Distribution
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revenue $581.4M, net income $49.5M. Q2 revenue +36%, operating income +73% on higher NGL volumes; dividend
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Kinetik adds former Blackstone energy executive Craig Harris to Board
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revenue $410.0M, net income -$1.7M. Q1 2026 Adjusted EBITDA flat as lower pipeline earnings offset by cost discipline
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Kinetik reports record Q1 Adjusted EBITDA, extends major contracts to 2039
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Latest financial statements
From 10-Q filed Nov 5, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Operating revenues: | ||||
| Service revenue | 116,576 | 103,338 | 297,239 | 343,918 |
| Product revenue | 447,923 | 357,608 | 1,250,956 | 981,703 |
| Other revenue | 4,902 | 3,023 | 12,622 | 8,349 |
| Total operating revenues | 569,401 | 463,969 | 1,560,817 | 1,333,970 |
| Operating costs and expenses: | ||||
| Cost of sales (excluding depreciation and amortization expenses)(1) (2) | 300,330 | 235,391 | 726,646 | 615,452 |
| Operating expenses | 71,634 | 76,137 | 213,857 | 207,785 |
| Ad valorem taxes | 7,524 | 7,099 | 24,692 | 20,449 |
| General and administrative expenses | 22,379 | 30,096 | 92,840 | 91,932 |
| Depreciation and amortization expenses | 103,803 | 95,409 | 308,967 | 281,845 |
| (Gain) loss on disposal of assets, net | (7) | 50 | (62) | (15) |
| Total operating costs and expenses | 505,663 | 444,182 | 1,366,940 | 1,217,448 |
| Operating income | 63,738 | 19,787 | 193,877 | 116,522 |
| Other income (expense): | ||||
| Interest and other income | 195 | 303 | 659 | 3,820 |
| Loss on debt extinguishment | — | — | — | (635) |
| Interest expense | (54,709) | (61,721) | (162,250) | (173,949) |
| Equity in earnings of unconsolidated affiliates | 47,225 | 58,289 | 155,796 | 174,472 |
| Total other income (expense), net | (7,289) | (3,129) | (5,795) | 3,708 |
| Income before income taxes | 56,449 | 16,658 | 188,082 | 120,230 |
| Income tax expense | 5,527 | 1,109 | 19,172 | 11,003 |
| Net income including noncontrolling interest | 50,922 | 15,549 | 168,910 | 109,227 |
| Net income attributable to Common Unit limited partners | 28,834 | 10,284 | 98,950 | 74,187 |
| Net income attributable to holders of Class A Common Stock | 22,088 | 5,265 | 69,960 | 35,040 |
| Net income attributable to holders of Class A Common Stock, per share | ||||
| Basic | 0.26 | 0.03 | 0.88 | 0.41 |
| Diluted | 0.26 | 0.03 | 0.87 | 0.41 |
| Weighted-average shares | ||||
| Basic | 79,947 | 61,866 | 73,717 | 61,256 |
| Diluted | 81,008 | 62,428 | 74,896 | 62,120 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 7,024 | 3,951 |
| Accounts receivable, net of allowance for credit losses of $1,000 in 2026 and 2025 | 140,867 | 85,276 |
| Accounts receivable pledged | 225,000 | 165,200 |
| Derivative assets | 15,500 | 13,906 |
| Prepaid and other current assets | 40,415 | 33,703 |
| 428,806 | 302,036 | |
| NONCURRENT ASSETS: | ||
| Property, plant and equipment, net | 4,022,232 | 3,866,236 |
| Intangible assets, net | 465,451 | 553,230 |
| Derivative assets | 2,780 | 1,467 |
| Operating lease right-of-use assets | 41,634 | 71,147 |
| Deferred tax assets | 287,075 | 197,702 |
| Deferred charges and other assets | 83,621 | 89,991 |
| Investments in unconsolidated affiliates | 1,961,526 | 2,008,725 |
| Goodwill | 5,077 | 5,077 |
| 6,869,396 | 6,793,575 | |
| Total assets | 7,298,202 | 7,095,611 |
| LIABILITIES, NONCONTROLLING INTEREST AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | 13,514 | 42,067 |
| Accrued expenses | 354,450 | 172,050 |
| Derivative liabilities | 22,712 | 5,506 |
| Current portion of operating lease liabilities | 28,884 | 43,614 |
| Current debt obligations | 225,000 | 165,200 |
| Other current liabilities | 23,709 | 12,064 |
| 668,269 | 440,501 | |
| NONCURRENT LIABILITIES | ||
| Long-term debt, net | 3,704,022 | 3,627,720 |
| Contract liabilities | 35,037 | 30,959 |
| Operating lease liabilities | 13,867 | 29,033 |
| Derivative liabilities | 2,278 | — |
| Other liabilities | 407 | 14,717 |
| Deferred tax liabilities | 22,469 | 22,299 |
| 3,778,080 | 3,724,728 | |
| Total liabilities | 4,446,349 | 4,165,229 |
| COMMITMENTS AND CONTINGENCIES (Note 16) | ||
| Redeemable noncontrolling interest Common Unit limited partners | 4,207,024 | 3,495,762 |
| EQUITY: | ||
| Class A Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 80,459,324 and 64,080,915 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 8 | 6 |
| Class C Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 81,936,866 and 97,557,604 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 8 | 10 |
| Additional paid-in capital | 367,639 | 240,725 |
| Accumulated deficit | (1,722,826) | (806,121) |
| Total equity | (1,355,171) | (565,380) |
| Total liabilities, noncontrolling interest and equity | 7,298,202 | 7,095,611 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income including noncontrolling interest | 168,910 | 109,227 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expenses | 308,967 | 281,845 |
| Amortization of deferred financing costs | 5,889 | 5,892 |
| Amortization of contract cost assets | 6,058 | 5,054 |
| Contingent liability fair value adjustment | — | 5,700 |
| Distributions from unconsolidated affiliates | 203,426 | 205,204 |
| Derivative settlements | (23,746) | 626 |
| Derivative fair value adjustments | 40,323 | (14,389) |
| Gain on disposal of assets, net | (62) | (15) |
| Equity in earnings of unconsolidated affiliates | (155,796) | (174,472) |
| Loss on debt extinguishment | — | 635 |
| Share-based compensation | 39,074 | 44,577 |
| Deferred income taxes | 19,170 | 10,494 |
| Changes in operating assets and liabilities: | ||
| Accounts and pledged receivable | (115,391) | (3,822) |
| Other assets | (7,835) | (16,057) |
| Accounts payable | (29,348) | (13,426) |
| Accrued liabilities | 169,441 | 23,419 |
| Other non-current liabilities | (14,310) | 22,614 |
| Operating leases | (383) | 924 |
| Net cash provided by operating activities | 614,387 | 494,030 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property, plant and equipment expenditures | (325,798) | (358,354) |
| Intangible asset expenditures | (21,973) | (30,879) |
| Investments in unconsolidated affiliates | (431) | (1,206) |
| Distributions from unconsolidated affiliates | — | 2,853 |
| Cash proceeds from disposal of assets | 126 | 137 |
| Net cash paid for acquisition | — | (175,481) |
| Net cash used in investing activities | (348,076) | (562,930) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from borrowings under A/R Facility | 83,900 | 88,200 |
| Payments on A/R Facility | (24,100) | (49,800) |
| Proceeds from borrowings on long-term debt | — | 1,400,000 |
| Payments on long-term debt | — | (1,000,000) |
| Payments of debt issuance costs, net | (152) | (10,860) |
| Payments of debt discount, net | — | (1,200) |
| Proceeds from revolving line of credit | 438,000 | 1,462,000 |
| Payments on revolving line of credit | (366,000) | (1,269,000) |
| Cash dividends paid to Class A Common Stock shareholders | (176,404) | (143,521) |
| Distributions paid to Class C Common Unit limited partners | (218,482) | (230,234) |
| Repurchases of Class A Common Stock | — | (172,554) |
| Net cash (used in) provided by financing activities | (263,238) | 73,031 |
| Net change in cash | 3,073 | 4,131 |
| CASH, BEGINNING OF PERIOD | 3,951 | 3,606 |
| CASH, END OF PERIOD | 7,024 | 7,737 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except shares data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗