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Dec 31, 2025
Kinetik Q4 2025 Earnings Report
Kinetik reported solid fourth quarter 2025 results with strong Adjusted EBITDA and continued capital investment to support growth projects.
Key Takeaways
Kinetik generated revenue of 427103000 and net income of 416701000 in Q4 2025, with Adjusted EBITDA of 252095000 and Distributable Cash Flow of 151708000, while investing 139000000 in capital expenditures and maintaining leverage at 3.8x.
Adjusted EBITDA was 252095000 in Q4 2025.
Distributable Cash Flow totaled 151708000.
Capital expenditures were 139000000 during the quarter.
Leverage ratio stood at 3.8x at quarter-end.
Forward Guidance
For 2026, Kinetik guided to Adjusted EBITDA between 950000000 and 1050000000 and capital expenditures between 450000000 and 510000000, supported by high single-digit natural gas volume growth.
Positive Outlook
- 2026 Adjusted EBITDA guidance midpoint implies approximately 7% year-over-year growth.
- High single-digit natural gas volume growth expected in 2026.
- Approximately 84% of 2026 gross profit expected from fixed-fee contracts.
- Targeted leverage ratio of 3.5x to 4.0x.
- Major projects including ECCC Pipeline and Kings Landing sour conversion progressing.
Challenges Ahead
- Exposure to commodity price volatility on 16% of gross profit.
- Free cash flow was negative 12016000 in Q4 2025.
- Growth capital expenditures remain elevated.
- Waha pricing volatility may impact volumes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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