KGSMEDIUM SIGNALFINANCIAL10-K

KGS demonstrated strong operational performance with substantially higher operating cash flow and meaningful improvements in profitability metrics, though accompanied by increased debt service costs.

The company appears to be successfully integrating recent acquisitions and scaling operations, as evidenced by revenue growth and improved operational efficiency. However, investors should monitor the increased interest expense burden and the company's ability to maintain cash generation levels as it services higher debt loads from acquisition financing.

Comparing 2026-02-26 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

KGS showed robust financial performance with revenue growing 12.8% to $1.3B and operating cash flow substantially higher at $599.7M. Profitability metrics improved meaningfully, with net income and operating income both advancing notably, though this was partially offset by 34.2% higher interest expense reflecting increased debt from acquisitions. The balance sheet shows tighter liquidity with lower cash balances and reduced current assets, suggesting active deployment of capital into growth initiatives.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+82.9%
$328.0M→$599.7M

Operating cash flow surged 82.9% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+61.4%
$49.9M→$80.5M

Net income grew 61.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+36.3%
$249.4M→$340.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+34.2%
$165.9M→$222.5M

Interest expense surged 34.2% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
-33.1%
$4.8M→$3.2M

Cash declined 33.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Accounts Receivable
Balance Sheet
-22.1%
$253.6M→$197.6M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+20.8%
$319.4M→$385.9M

Current liabilities rose 20.8% — increased short-term obligations, watch current ratio.

Gross Profit
P&L
+19%
$266.1M→$316.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
-15.8%
$383.7M→$323.1M

Current assets declined 15.8% — monitor working capital adequacy and short-term liquidity.

Revenue
P&L
+12.8%
$1.2B→$1.3B

Revenue growing 12.8% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-07
ADDED
The registrant had outstanding 85,869,390 shares of common stock as of February 23, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
EQT or EQT AB Group means, as the context may require, EQT AB or EQT AB and its direct and indirect subsidiaries including, for the avoidance of doubt, investment vehicles managed and/or operated by affiliates of EQT AB and their respective portfolio companies; EQT AB means EQT AB (publ), a Swedish public limited liability company registered with the Swedish Companies Registration Office (Reg.
The loss of one or more of Kodiak s key customers and/or the deterioration of the financial condition of any of its customers would result in a decrease in Kodiak s revenues and could adversely affect its financial results.
Kodiak may have difficulty in completing the acquisition of Distributed Power Solutions, LLC, in successfully integrating it and/or in achieving the expected growth, cost savings and/or synergies from such acquisition.
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REMOVED
The registrant had outstanding 87,934,696 shares of common stock as of March 3, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
and its consolidated subsidiaries; CSI Compressco means CSI Compressco LP, a Delaware limited partnership, which the Company acquired on April 1, 2024 pursuant to the Merger Agreement; EQT or EQT AB Group means, as the context may require, EQT AB or EQT AB and its direct and indirect subsidiaries including, for the avoidance of doubt, investment vehicles managed and/or operated by affiliates of EQT AB and their respective portfolio companies; EQT AB means EQT AB (publ), a Swedish public limited liability company registered with the Swedish Companies Registration Office (Reg.
556849-4180) and whose ordinary shares are listed on Nasdaq Stockholm stock exchange; Indenture means certain indenture, dated February 2, 2024, by and among Kodiak Services (as defined below), Kodiak, certain other subsidiary guarantors party thereto and U.S.
Bank Trust Company, National Association, as trustee, governing the senior notes due 2029 issued by Kodiak Gas Services, Inc.; IPO means the initial public offering of Kodiak Gas Services, Inc., completed on July 3, 2023; Kodiak Common Stock means the common stock of Kodiak Gas Services, Inc.; "Kodiak Services" means Kodiak Gas Services, LLC, our wholly-owned subsidiary; Kodiak Holdings means Frontier TopCo Partnership, L.P., an affiliate of EQT AB and holder of record of Kodiak Gas Services, Inc.
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