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 Aug 6, 2026 (period ending Jun 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 June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating revenues: | ||||
| Service revenue | 86,891 | 112,654 | 180,663 | 240,580 |
| Product revenue | 490,800 | 311,590 | 803,033 | 624,095 |
| Other revenue | 3,749 | 2,494 | 7,720 | 5,326 |
| Total operating revenues | 581,440 | 426,738 | 991,416 | 870,001 |
| Operating costs and expenses: | ||||
| Costs of sales (excluding depreciation and amortization)(1) (2) | 237,592 | 156,697 | 426,316 | 380,061 |
| Operating expenses | 71,922 | 68,045 | 142,223 | 131,648 |
| Ad valorem taxes | 8,393 | 6,559 | 17,168 | 13,350 |
| General and administrative expenses | 26,261 | 24,244 | 70,461 | 61,836 |
| Depreciation and amortization expenses | 103,331 | 93,763 | 205,164 | 186,436 |
| Gain on disposal of assets, net | (36) | (25) | (55) | (65) |
| Total operating costs and expenses | 447,463 | 349,283 | 861,277 | 773,266 |
| Operating income | 133,977 | 77,455 | 130,139 | 96,735 |
| Other income (expense): | ||||
| Interest and other income | 297 | 2,732 | 464 | 3,517 |
| Loss on debt extinguishment | — | (635) | — | (635) |
| Interest expense | (54,121) | (56,514) | (107,541) | (112,228) |
| Equity in earnings of unconsolidated affiliates | 57,383 | 58,705 | 108,571 | 116,183 |
| Total other income, net | 3,559 | 4,288 | 1,494 | 6,837 |
| Income before income taxes | 137,536 | 81,743 | 131,633 | 103,572 |
| Income tax expense | 14,423 | 7,327 | 13,645 | 9,894 |
| Net income including noncontrolling interest | 123,113 | 74,416 | 117,988 | 93,678 |
| Net income attributable to Common Unit limited partners | 73,574 | 50,771 | 70,116 | 63,903 |
| Net income attributable to holders of Class A Common Stock | 49,539 | 23,645 | 47,872 | 29,775 |
| Net income attributable to holders of Class A Common Stock, per share | ||||
| Basic | 0.65 | 0.33 | 0.62 | 0.38 |
| Diluted | 0.64 | 0.33 | 0.61 | 0.38 |
| Weighted-average shares | ||||
| Basic | 75,138 | 61,721 | 70,550 | 60,946 |
| Diluted | 75,812 | 62,228 | 71,449 | 61,693 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 7,830 | 3,951 |
| Accounts receivable, net of allowance for credit losses of $1,000 in 2026 and 2025 | 60,933 | 85,276 |
| Accounts receivable pledged | 225,000 | 165,200 |
| Derivative assets | 19,792 | 13,906 |
| Prepaid and other current assets | 36,134 | 33,703 |
| 349,689 | 302,036 | |
| NONCURRENT ASSETS: | ||
| Property, plant and equipment, net | 3,943,428 | 3,866,236 |
| Intangible assets, net | 493,561 | 553,230 |
| Derivative asset, non-current | 4,043 | 1,467 |
| Operating lease right-of-use assets | 50,110 | 71,147 |
| Deferred tax assets | 281,570 | 197,702 |
| Deferred charges and other assets | 87,918 | 89,991 |
| Investments in unconsolidated affiliates | 1,987,074 | 2,008,725 |
| Goodwill | 5,077 | 5,077 |
| 6,852,781 | 6,793,575 | |
| Total assets | 7,202,470 | 7,095,611 |
| LIABILITIES, NONCONTROLLING INTEREST AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | 48,643 | 42,067 |
| Accrued expenses | 173,055 | 172,050 |
| Derivative liabilities | 5,110 | 5,506 |
| Current portion of operating lease liabilities | 35,502 | 43,614 |
| Current debt obligations | 225,000 | 165,200 |
| Other current liabilities | 25,086 | 12,064 |
| 512,396 | 440,501 | |
| NONCURRENT LIABILITIES | ||
| Long term debt, net | 3,700,562 | 3,627,720 |
| Contract liabilities | 37,823 | 30,959 |
| Operating lease liabilities | 16,022 | 29,033 |
| Derivative liabilities | 425 | — |
| Other liabilities | 385 | 14,717 |
| Deferred tax liabilities | 22,815 | 22,299 |
| 3,778,032 | 3,724,728 | |
| Total liabilities | 4,290,428 | 4,165,229 |
| COMMITMENTS AND CONTINGENCIES (Note 16) | ||
| Redeemable noncontrolling interest Common Unit limited partners | 4,097,184 | 3,495,762 |
| EQUITY: | ||
| Class A Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 78,938,346 and 64,080,915 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 8 | 6 |
| Class C Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 83,436,866 and 97,557,604 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 8 | 10 |
| Additional paid-in capital | 494,989 | 240,725 |
| Accumulated deficit | (1,680,147) | (806,121) |
| Total equity | (1,185,142) | (565,380) |
| Total liabilities, noncontrolling interest and equity | 7,202,470 | 7,095,611 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income including noncontrolling interest | 117,988 | 93,678 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 205,164 | 186,436 |
| Amortization of deferred financing costs | 3,913 | 3,984 |
| Amortization of contract costs | 4,004 | 3,310 |
| Distributions from unconsolidated affiliates | 130,222 | 126,941 |
| Derivative settlement | (27,262) | (5,657) |
| Derivative fair value adjustment | 18,829 | (15,370) |
| Gain on disposal of assets, net | (55) | (65) |
| Equity in earnings of unconsolidated affiliates | (108,571) | (116,183) |
| Loss on debt extinguishment | — | 635 |
| Share-based compensation | 29,727 | 30,348 |
| Deferred income taxes | 13,643 | 9,409 |
| Changes in operating assets and liabilities: | ||
| Accounts and pledged receivable | (35,457) | (73) |
| Other assets | (5,281) | (5,525) |
| Accounts payable | (8,316) | (9,846) |
| Accrued liabilities | 17,390 | (19,142) |
| Other non-current liabilities | (14,332) | 22,436 |
| Operating leases | (86) | 591 |
| Net cash provided by operating activities | 341,520 | 305,907 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property, plant and equipment expenditures | (192,263) | (201,840) |
| Intangible asset expenditures | (12,096) | (15,567) |
| Investments in unconsolidated affiliates | — | (985) |
| Distributions from unconsolidated affiliates | — | 2,853 |
| Cash proceeds from disposal of assets | 120 | 98 |
| Net cash paid for acquisition | — | (176,163) |
| Net cash used in investing activities | (204,239) | (391,604) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from borrowing under A/R Facility | 83,900 | 73,300 |
| Payments on A/R Facility | (24,100) | (24,200) |
| 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) | (10,689) |
| Payments of debt discount, net | — | (1,200) |
| Proceeds from revolving line of credit | 302,000 | 1,126,000 |
| Payments on revolving line of credit | (232,000) | (1,151,000) |
| Cash dividends paid to Class A Common Stock shareholders | (112,146) | (94,950) |
| Distributions paid to Class C Common Unit limited partners | (150,904) | (151,883) |
| Repurchase of Class A Common Stock | — | (72,554) |
| Net cash (used in) provided by financing activities | (133,402) | 92,824 |
| Net change in cash | 3,879 | 7,127 |
| CASH, BEGINNING OF PERIOD | 3,951 | 3,606 |
| CASH, END OF PERIOD | 7,830 | 10,733 |
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 ↗