Kodiak Gas Services demonstrated continued strength in its business model during the third quarter of 2025, achieving record Contract Services segment revenues and increased fleet utilization. Despite reporting a net loss, the company delivered strong adjusted net income and discretionary cash flow, driven by strategic focus on large horsepower compression and fleet optimization. The company also increased its full-year discretionary cash flow guidance.
Generated record Contract Services segment revenues of $297.0 million, a 4.5% increase compared to the third quarter of 2024.
Reported a net loss of $14.0 million, or $(0.17) per diluted share, but an adjusted net income of $31.5 million, or $0.36 per adjusted diluted share.
Achieved quarterly adjusted EBITDA of $174.7 million and discretionary cash flow of $116.7 million, a 13.2% increase year-over-year.
Increased fleet utilization to 97.6%, a 120 basis point increase compared to the third quarter of 2024, and deployed 59,550 horsepower of new, large horsepower compression units.
Kodiak Gas Services increased its full-year 2025 discretionary cash flow guidance and reiterated other guidance metrics, reflecting confidence in continued strong performance and market demand.
Visualization of income flow from segment revenue to net income
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