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Oil & gas midstream · Energy · Fiscal year ends Dec 31
Kinetik reported revenue of $1.8B in the fiscal year ended Dec 2025, up 19.0% from the year before. Operating income was $165M, an operating margin of 9.3%, and net income was $178M. Operating cash flow of $604M less capital expenditure of $492M left free cash flow of $112M. Net debt was $3.8B.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 662 | 1,213 | 1,256 | 1,483 | 1,764 |
| Cost of revenue | 234 | 542 | 516 | 621 | 786 |
| Gross profit | 428 | 672 | 741 | 862 | 978 |
| Operating income | 53.5 | 150 | 159 | 179 | 165 |
| Net interest incomeBanks | – | – | −206 | – | – |
| Interest expense | 105 | 142 | 218 | 218 | 240 |
| Pre-tax income | 3.3 | 253 | 154 | 267 | 577 |
| Income tax | 1.9 | 2.6 | −233 | 23.0 | 50.7 |
| Net income | 1.5 | 251 | 289 | 80.0 | 178 |
| Diluted EPS | 0.00 | 1.47 | 2.52 | 1.02 | 2.63 |
| Diluted shares | 0.0 | 41.7 | 146 | 60.1 | 62.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 18.7 | 6.4 | 4.5 | 3.6 | 4.0 |
| Receivables | 178 | 204 | 216 | 112 | 85.3 |
| Inventory | 2.1 | 4.8 | 3.1 | 3.6 | 4.6 |
| Current assets | 218 | 242 | 257 | 295 | 302 |
| Net PP&E | 1,839 | 2,535 | 2,743 | 3,434 | 3,866 |
| Goodwill | 0.0 | 5.1 | 5.1 | 5.1 | 5.1 |
| Total assets | 3,553 | 5,920 | 6,497 | 6,815 | 7,096 |
| Payables | 12.2 | 17.9 | 34.0 | 27.2 | 42.1 |
| Deferred revenue | 3.1 | 6.6 | 6.5 | 5.7 | 5.7 |
| Current liabilities | 241 | 228 | 250 | 419 | 441 |
| Short-term debt | – | – | 0.0 | 140 | 165 |
| Long-term debt | 2,346 | 3,395 | 3,594 | 3,390 | 3,653 |
| Total liabilities | 2,546 | 3,647 | 3,870 | 3,836 | 4,165 |
| Shareholders' equity | 0.0 | −840 | −531 | −2,977 | −565 |
| Backlog (remaining obligations) | – | 350 | 525 | 510 | 450 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 236 | 613 | 584 | 637 | 604 |
| Capital expenditure | 78.0 | 206 | 313 | 264 | 492 |
| Free cash flow | 158 | 407 | 272 | 374 | 112 |
| Depreciation & amortisation | 244 | 260 | 281 | 324 | 383 |
| Stock-based compensation | 0.0 | 42.8 | 56.0 | 76.5 | 62.6 |
| Share buybacks | 0.0 | 0.0 | 5.8 | 0.0 | 176 |
| Dividends paid | 0.0 | 39.3 | 81.4 | 175 | 194 |
| Dividend per share | 1.50 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 83.3% | 3.5% | 18.0% | 19.0% |
| Operating income growth (YoY) | – | 181.3% | 5.8% | 12.5% | −8.0% |
| EPS growth (YoY) | – | – | 71.4% | −59.5% | 157.8% |
| Gross margin | 64.7% | 55.4% | 59.0% | 58.1% | 55.5% |
| Operating margin | 8.1% | 12.4% | 12.7% | 12.1% | 9.3% |
| Net margin | 0.2% | 20.7% | 23.0% | 5.4% | 10.1% |
| Return on equityBlank when equity is negative | 14820.0% | – | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 1.6% | 2.6% | 2.5% | 2.8% | 2.5% |
| Free cash flow margin | 23.8% | 33.5% | 21.6% | 25.2% | 6.3% |
| Cash conversion (CFO ÷ net income) | 159x | 2.44x | 2.02x | 7.97x | 3.39x |
| Receivable days | 98 | 61 | 63 | 28 | 18 |
| Inventory days | 3 | 3 | 2 | 2 | 2 |
| Payable days | 19 | 12 | 24 | 16 | 20 |
| Interest cover | 0.51x | 1.06x | 0.73x | 0.82x | 0.69x |
| Debt ÷ equity | 234619x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,327 | 3,389 | 3,589 | 3,527 | 3,814 |
| Current ratio | 0.90x | 1.06x | 1.03x | 0.70x | 0.69x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.