Kodiak Gas Services Inc
ir.kodiakgas.comWhat Do They Do?
Operates large compression equipment and gas treating and cooling infrastructure for natural gas and oil producers and companies that gather and transport those fuels.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Customers pay over time for monthly compression and related infrastructure under fixed-revenue contracts. Other Services brings in milestone payments for station construction and charges for maintenance, freight, parts and time-and-material work.
10-K for FY2025, filed Feb 26, 2026Contract Services for Kodiak-owned compressors, customer-owned compressors, as well as gas treating equipment, are generally satisfied over…View ↗
For most of the Company’s station construction contracts, the customer contracts with the Company to provide a service of integrating a…View ↗
Other Services consists of a full range of services to support any ancillary needs of customers, including station construction…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$1.3B
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10-K for FY2025, filed Feb 26, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Contract Services
Recurring
10-K for FY2025, filed Feb 26, 2026 |
90%
FY2022: 93%
|
Contract Services, FY2025
$1.2B Sources
|
Recurring |
|
Other Services
|
9.7%
FY2022: 7.5%
|
Other Services, FY2025
$126.8M Sources
|
Who Are Their Customers?
Upstream and midstream companies contract with Kodiak for compression services in its operating regions. Its sales and operations teams visit customers to scope applications and discuss current and future needs.
10-K for FY2025, filed Feb 26, 2026We have established long-term commercial relationships with leading upstream and midstream customers in our key areas of operations. We…View ↗
The following discussion describes the material terms generally common to our Contract Services contracts allocated to our Contract…View ↗
Marketing and SalesView ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$340MView ↗
10-K for FY2025, filed Feb 26, 2026
$80.5MView ↗
10-K for FY2025, filed Feb 26, 2026
$284.3MView ↗
How Are They Changing?
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Aug 6, 2026
Raised full-year adjusted EBITDA and discretionary cash flow guidance
Raised 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.
Sources
8-K, filed Aug 6, 2026
Increased Adjusted EBITDA guidance to a range of $830 million to $860 million and discretionary cash flow guidance to a range of $570…View ↗
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Apr 2, 2026
Completed the Distributed Power Solutions acquisition
Acquired Distributed Power Solutions, adding power generation and customers in data centers, microgrids, manufacturing and energy infrastructure.
Sources
8-K, filed Apr 2, 2026
THE WOODLANDS, TX — April 1, 2026— Kodiak Gas Services, Inc. (NYSE: KGS), (“Kodiak” or the “Company”) today announced that it has completed…View ↗
Growing. Revenue grew 2.2x in 4 years, from $606.4M in FY2021 to $1.3B in FY2025, about 21% a year.
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