Kodiak Gas Services (KGS) Q1 2026 earnings summary

Executive summary

• Achieved record Contract Services segment revenues of $307.0 million in Q1 2026, with strong adjusted gross margin and EBITDA growth year-over-year.

• Closed the acquisition of Distributed Power Solutions (DPS), expanding into distributed power and increasing full-year 2026 guidance.

• Procured over 260 MW of additional power generation capacity, with expectations to grow by 300–500 MW annually through 2030.

Financial highlights

• Total Q1 2026 revenues were $345.8 million, up from $329.6 million in Q1 2025.

• Net income attributable to common shareholders was $17.8 million ($0.20 per diluted share), impacted by a $36.5 million loss on extinguishment of debt and $8.3 million in transaction expenses.

• Adjusted net income was $52.0 million ($0.59 per adjusted diluted share).

• Record adjusted EBITDA of $190.1 million, a 7.0% increase year-over-year.

• Discretionary cash flow reached $126.5 million, up 9.0% year-over-year.

Outlook and guidance

• Increased 2026 adjusted EBITDA guidance to $820–$860 million, reflecting DPS acquisition and power segment growth.

• Full-year 2026 guidance includes $1.25–$1.28 billion in Compression Infrastructure revenue and $95–$125 million in Power Infrastructure revenue.

• Power Infrastructure adjusted gross margin percentage projected at 60–70%.

• Growth capital expenditures for 2026 expected at $645–$775 million.