Kodiak Gas Services (KGS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Kodiak Gas Services published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Kodiak Gas Services reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Kodiak acquired Distributed Power Solutions (DPS) on April 1, 2026, created a Power Infrastructure segment for its distributed power generation business, and renamed its Contract Services segment Compression Infrastructure. Power Infrastructure has no year-ago figure because Kodiak had no such revenue before the acquisition.
• The year-ago quarter's GAAP loss included a sales tax reserve ($0.32 per share) and a loss on disposal of business ($0.38 per share), which Kodiak excludes from adjusted diluted EPS.

Source: Kodiak Gas Services Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Kodiak Gas Services splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Kodiak Gas Services's Compression Infrastructure revenue was $318 million in Q3 2026, up 7% from $297 million in Q3 2025, 79% of total revenue.
• Kodiak Gas Services's Power Infrastructure revenue was $42.0 million in Q3 2026, 10% of total revenue.
• Kodiak Gas Services's Other Services revenue was $41.4 million in Q3 2026, up 61% from $25.8 million in Q3 2025, 10% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Kodiak Gas Services said:

“Increased Adjusted EBITDA guidance to a range of $840 million to $860 million and discretionary cash flow guidance to a range of $580 million to $600 million”

“Reduced Power Infrastructure segment growth capital expenditures to reflect updated expectations for the timing of new equipment deliveries, and slightly increased Compression Infrastructure segment growth capital expenditures to reflect incremental equipment deliveries”

“The full year 2026 guidance below incorporates three quarters of the financial impact of the DPS acquisition given the April 1, 2026 closing date.”

Source: Kodiak Gas Services Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KGS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted earnings (loss) per share attributable to common shareholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Kodiak Gas Services's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Kodiak Gas Services' total revenues were $401.8 million in Q3 2026, up from $322.7 million a year earlier. Compression Infrastructure, its legacy contract compression business, was $318.4 million, Power Infrastructure $42.0 million and Other Services $41.4 million. Kodiak operates its large horsepower compression units primarily under fixed-revenue contracts with upstream and midstream customers, and calls itself a market leader in the Permian Basin. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026; Kodiak Gas Services Form 10-Q, Q3 2026, Nov 9, 2026)

Compression Infrastructure revenues rose $21.5 million, or 7.2%, which the 10-Q puts down to a $21.7 million increase from pricing and more revenue-generating horsepower. Kodiak added 102 thousand horsepower of new large units in the quarter, revenue-generating horsepower reached 4,515,584 hp, and fleet utilization was 98.3%. (Kodiak Gas Services Form 10-Q, Q3 2026, Nov 9, 2026; Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

Power Infrastructure exists because of the April 1, 2026 acquisition of Distributed Power Solutions, which added distributed and behind-the-meter power generation. Its revenue rose 27.6% from the second quarter to $42.0 million, with 382 MW revenue-generating and fleet utilization of 92.5%. Kodiak announced an agreement to provide 76 megawatts of behind-the-meter power to a West Texas data center. (Kodiak Gas Services Form 10-Q, Q3 2026, Nov 9, 2026; Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

Other Services revenue rose $15.6 million, or 60.6%, mainly from station construction services and customer-requested services and materials, partly offset by lower third-party field service work. Revenue is concentrated: over the first nine months of 2026, Kodiak's four largest customers, all investment-grade, accounted for about 30% of total revenues, with no single customer above 15%. (Kodiak Gas Services Form 10-Q, Q3 2026, Nov 9, 2026)

Kodiak Gas Services earned $71.5 million, or $0.70 per diluted share, against a loss of $14.0 million, or $0.17 per share, a year earlier. Q3 2026 had no adjustments, so adjusted diluted EPS was also $0.70. The year-ago adjusted figure of $0.36 excluded a sales tax reserve ($0.32 per share) and a loss on disposal of business ($0.38 per share), and the year-ago quarter also carried a $38.2 million loss on sale of assets. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

Interest expense fell to $47.4 million from $56.4 million. Depreciation and amortization rose to $75.6 million from $66.3 million as the fleet and the DPS assets grew, and income tax expense was $18.9 million. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

The share count rose sharply. Diluted weighted average shares were 102.2 million against 87.1 million a year earlier, after Kodiak issued shares for the DPS acquisition and sold 10.6 million shares at $71.00 in a May 2026 public offering, plus 1.6 million option shares. Kodiak declared a quarterly dividend of $0.51 per share, up 4.1% from the second quarter. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026; Kodiak Gas Services Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Kodiak Gas Services publishes full-year guidance in its release and raised it in Q3 2026: adjusted EBITDA of $840 million to $860 million and discretionary cash flow of $580 million to $600 million. By segment, it guides Compression Infrastructure revenue of $1,255.0 million to $1,275.0 million, Power Infrastructure revenue of $100.0 million to $120.0 million and Other Services revenue of $125.0 million to $160.0 million. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

Kodiak cut its Power Infrastructure growth capital expenditure range to $350.0 million to $400.0 million because of the timing of new equipment deliveries, and set Compression Infrastructure growth capital expenditures at $290.0 million to $310.0 million. It gives no quarterly revenue or EPS guidance. (Kodiak Gas Services Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Kodiak Gas Services, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Kodiak Gas Services's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KGS is on is KGS a buy or a sell?, what analysts expect next is on the KGS forecast, and what the company does is on the Kodiak Gas Services (KGS) stock page.

Every number on this page can be traced to a document Kodiak Gas Services published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.