KNTK

MKT CAP:$3B

Kinetik Holdings Inc.

Market Cap

$3B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$48.12+$11.66 (+31.98%)

Apr 23, 2026

Company Details

Kinetik Holdings Inc. operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil,...

CEO

Jamie W. Welch

IPO Date

Nov 13, 2018

Website

www.kinetik.com

Key Metrics TTM

Revenue

$1.7B

+22.4% YoY

Net Income

$135M

EPS (Diluted)

$0.44

Free Cash Flow

$294M

Revenue / Share

$27.06

Gross Margin

33.8%

Operating Margin

8.0%

Net Margin

8.0%

FCF Margin

17.4%

P/S

1.8x

P/E

22.7x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$1.8B+19.0%EPS $2.63

Q3 2025

Nov 6, 2025

$464M+17.1%EPS $0.03

Q1 2025

May 8, 2025

$443M+29.8%EPS $0.05

FY 2024

Mar 3, 2025

$1.5B+18.0%EPS $1.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$0	$0	-$596.0K
Q3 18	$0	$0	-$2M
Q4 20	$116M	$28M	-$7M
Q1 21	$148M	$55M	$32M
Q4 21	$219M	$46M	$5M
Q4 22	$295M	$104M	$45M
Q1 23	$281M	$96M	$27M
Q2 23	$296M	$116M	$37M
Q3 23	$330M	$113M	$38M
Q4 23	$349M	$135M	$56M
Q1 24	$341M	$114M	$26M
Q2 24	$359M	$138M	$57M
Q3 24	$396M	$164M	$73M
Q4 24	$386M	$122M	$24M
Q1 25	$443M	$127M	$19M
Q3 25	$464M	$158M	$20M

Valuation

Quarter	P/S	P/E
Q2 18	—	2523.7x
Q3 18	—	3833.5x
Q4 20	3.7x	—
Q1 21	3.8x	—
Q4 21	2.4x	—
Q4 22	1.9x	52.8x
Q1 23	1.7x	24.8x
Q2 23	1.7x	15.9x
Q3 23	1.5x	11.0x
Q4 23	1.6x	5.1x
Q1 24	1.8x	5.6x
Q2 24	1.8x	5.5x
Q3 24	1.9x	5.5x
Q4 24	2.3x	13.9x
Q1 25	2.0x	14.1x
Q3 25	1.6x	20.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$36M	$15M
Q1 21	$42M	$21M
Q4 21	$120M	$105M
Q4 22	$160M	$112M
Q1 23	$120M	$51M
Q2 23	$111M	$6M
Q3 23	$175M	$88M
Q4 23	$179M	$110M
Q1 24	$154M	$94M
Q2 24	$126M	$86M
Q3 24	$214M	$151M
Q4 24	$144M	$32M
Q1 25	$177M	$95M
Q3 25	$188M	$16M

Capital Expenditures

Quarter	CapEx
Q4 20	$22M
Q1 21	$21M
Q4 21	$15M
Q4 22	$48M
Q1 23	$69M
Q2 23	$106M
Q3 23	$87M
Q4 23	$69M
Q1 24	$60M
Q2 24	$40M
Q3 24	$63M
Q4 24	$112M
Q1 25	$81M
Q3 25	$172M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	—	+109.3%
Q4 20	—	+36980.8%
Q1 21	—	+39010.4%
Q4 21	—	+35826.0%
Q4 22	—	+10710.6%
Q1 23	+142.0%	+105.5%
Q2 23	+100.0%	+122.0%
Q3 23	+50.6%	+36.3%
Q4 23	+18.1%	+16.9%
Q1 24	+21.5%	+24.2%
Q2 24	+21.4%	+17.1%
Q3 24	+20.0%	+10.8%
Q4 24	+10.6%	+23.7%
Q1 25	+29.8%	+34.5%
Q3 25	+29.1%	+46.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q4 21	$0	0.0%
Q4 22	$12M	4.0%
Q1 23	$18M	6.2%
Q2 23	$13M	4.5%
Q3 23	$13M	3.8%
Q4 23	$13M	3.6%
Q1 24	$23M	6.6%
Q2 24	$15M	4.2%
Q3 24	$15M	3.8%
Q4 24	$24M	6.1%
Q1 25	$21M	4.7%
Q3 25	$14M	3.1%

OpEx Breakdown

Quarter	G&A
Q2 18	$546.1K
Q3 18	$2M
Q4 20	$7M
Q1 21	$6M
Q4 21	$11M
Q4 22	$22M
Q1 23	$28M
Q2 23	$23M
Q3 23	$23M
Q4 23	$25M
Q1 24	$34M
Q2 24	$31M
Q3 24	$30M
Q4 24	$39M
Q1 25	$38M
Q3 25	$30M

Revenue Segments

Quarter	Gathering and Processing Services	Natural Gas, NGLs and Condensate Sales	Product and Service, Other
Q4 22	$104M	$188M	$4M
Q1 23	$103M	$174M	$4M
Q2 23	$103M	$191M	$2M
Q3 23	$104M	$221M	$5M
Q4 23	$107M	$236M	$6M
Q1 24	$102M	$237M	$3M
Q2 24	$96M	$260M	$3M
Q3 24	$103M	$290M	$3M
Q1 25	$128M	$313M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$0	$18M
Q2 22	$5M	$0	$5M
Q3 22	$12M	$0	$12M
Q4 22	$6M	$0	$6M
Q1 23	$2M	$0	$2M
Q2 23	$2M	$0	$2M
Q3 23	$68.0K	$0	$68.0K
Q4 23	$5M	$0	$5M
Q1 24	$10M	$0	$10M
Q2 24	$13M	$0	$13M
Q3 24	$20M	$0	$20M
Q4 24	$4M	$0	$4M
Q1 25	$9M	$0	$9M
Q2 25	$11M	$0	$11M
Q3 25	$8M	$0	$8M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	47M	0.0%	—
Q3 18	47M	0.0%	0.0%
Q4 20	19M	-59.9%	-59.9%
Q1 21	38M	+100.0%	-19.9%
Q4 21	38M	0.0%	-19.9%
Q4 22	44M	+17.6%	-5.8%
Q1 23	48M	+7.1%	+151.9%
Q2 23	51M	+6.3%	+34.0%
Q3 23	53M	+5.6%	+41.5%
Q4 23	56M	+4.5%	+25.7%
Q1 24	58M	+4.5%	+22.7%
Q2 24	60M	+3.2%	+19.1%
Q3 24	60M	+0.2%	+13.0%
Q4 24	61M	+0.2%	+8.4%
Q1 25	61M	+0.7%	+4.5%
Q3 25	62M	+2.3%	+3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	$0	2
Q3 18	$0	2
Q4 20	$58M	2
Q1 21	$74M	2
Q4 21	$110M	2
Q4 22	$985.0K	300
Q1 23	$936.8K	300
Q2 23	$987.3K	300
Q3 23	$1M	300
Q4 23	$1M	330
Q1 24	$1M	330
Q2 24	$1M	330
Q3 24	$1M	330
Q4 24	$838.5K	460
Q1 25	$963.6K	460
Q3 25	$1M	460

Revenue / Employee