Kinetik Holdings Inc. (KNTK) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Kinetik published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Kinetik has an Up-C structure. Net income and EPS here are attributable to holders of Class A Common Stock; $28.8 million of Q3 2026 net income was attributable to Common Unit limited partners, who hold the Class C shares.
• Kinetik sold its equity interest in EPIC Crude Holdings in October 2025, which lowers Pipeline Transportation results against the year-ago quarter.
• Segment revenue rows are before the elimination of intersegment revenue, shown as its own row.

Source: Kinetik Q3 2026 results, November 4, 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 Kinetik 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.

• Kinetik's Midstream Logistics revenue was $565 million in Q3 2026, up 22% from $462 million in Q3 2025, 99% of total revenue.
• Kinetik's Pipeline Transportation revenue was $11.6 million in Q3 2026, up 43% from $8.1 million in Q3 2025, 2% 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

Kinetik now expects 2026 Adjusted EBITDA at the high end of its $1.04 billion to $1.1 billion guidance range, and 2026 capital expenditures including maintenance about 5% below its August 2026 guidance of $560 million.

In its Q3 2026 release (Jamie Welch, President and Chief Executive Officer), Kinetik said:

“Producer activity remains strong, processed gas volumes are tracking toward our approximately 2.2 Bcf/d fourth quarter 2026 target, and margins and costs continue to outperform our internal budget expectations.”

“The capital reduction is largely driven by disciplined execution of the Company's growth capital program and timing of project spend.”

Source: Kinetik Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KNTK forecast page.

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

Total operating revenues and GAAP diluted EPS attributable to Class A Common Stock, each as first reported in that quarter's release.

We do not hold a confirmed date for Kinetik'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 4, 2026

Kinetik gathers, processes and transports natural gas in the Delaware Basin, and its total operating revenues rose 23% to $569.4 million in Q3 2026 from $464.0 million. Product revenue, from selling NGLs, condensate and residue gas, was $447.9 million; service revenue, the fees it charges producers, was $116.6 million; other revenue was $4.9 million. The Midstream Logistics segment accounts for more than 99% of operating revenues. (Kinetik Q3 2026 release, Nov 4, 2026; Kinetik Form 10-Q, Q3 2026, Nov 5, 2026)

Kinetik's product revenue rose 25%, which the 10-Q puts down mainly to NGL and condensate volumes sold, up 4.3 million barrels or 32%, and higher prices: NGL prices rose $6.12 per barrel and condensate $22.26 per barrel. Residue gas volumes fell 2% while natural gas prices rose $0.51 per MMBtu, and net hedging losses were $23.7 million larger than a year earlier. Cost of sales, mostly purchases of NGLs and gas from producers, rose 28% to $300.3 million. (Kinetik Form 10-Q, Q3 2026, Nov 5, 2026)

Kinetik's service revenue rose 13% to $116.6 million on gathered gas volumes up 109.7 MMcf/d and processed volumes up 101.8 MMcf/d. Processed gas volumes reached a record 1.94 Bcf/d, with an estimated 25 MMcf/d more shut in because of Waha prices, and all Delaware North processing plants, including Kings Landing, ran at full capacity for much of the quarter. (Kinetik Form 10-Q, Q3 2026, Nov 5, 2026; Kinetik Q3 2026 release, Nov 4, 2026)

Kinetik's Pipeline Transportation segment earns mostly through equity stakes in pipelines, which contribute more than 88% of the segment's adjusted EBITDA. Segment Adjusted EBITDA fell 18% to $78.5 million because of the EPIC Crude Holdings divestiture and, to a lesser extent, higher fuel costs at Permian Highway Pipeline and lower volumes at Shin Oak. Equity in earnings of unconsolidated affiliates fell to $47.2 million from $58.3 million. (Kinetik Q3 2026 release, Nov 4, 2026; Kinetik Form 10-Q, Q3 2026, Nov 5, 2026)

Kinetik's revenue is concentrated. Three customers each exceeded 10% of 2025 operating revenue, at $468.7 million, $329.1 million and $292.6 million of $1,764.4 million, and about 70% of its 2025 cost of sales came from four producers. (Kinetik Form 10-K, 2025, Feb 26, 2026)

Kinetik reports GAAP EPS only, for its Class A Common Stock: $0.26 diluted in Q3 2026, against $0.03. Net income including noncontrolling interest was $50.9 million, of which $22.1 million went to Class A holders and $28.8 million to Common Unit limited partners. Kinetik's main non-GAAP measure is Adjusted EBITDA, $278.1 million against $242.6 million, which adds back items including a $27.8 million unrealized commodity hedging loss and $9.3 million of share-based compensation. (Kinetik Q3 2026 release, Nov 4, 2026)

Kinetik's operating income rose to $63.7 million from $19.8 million. General and administrative expenses fell 26% to $22.4 million on lower share-based compensation, litigation fees and insurance, and interest expense fell to $54.7 million from $61.7 million. The effective tax rate was 9.79%, below the statutory rate mainly because of tax attributable to the noncontrolling interest held by the Common Unit limited partners. (Kinetik Form 10-Q, Q3 2026, Nov 5, 2026; Kinetik Q3 2026 release, Nov 4, 2026)

Kinetik's diluted weighted-average Class A shares rose to 81,008 thousand from 62,428 thousand. Class A shares outstanding rose to 80,459,324 at September 30, 2026 from 64,080,915 at the end of 2025, while Class C shares fell to 81,936,866 from 97,557,604. Kinetik did not repurchase any stock in the first nine months of 2026, and it paid a quarterly dividend of $0.81 per share, covered 1.61x by Distributable Cash Flow. (Kinetik Form 10-Q, Q3 2026, Nov 5, 2026; Kinetik Q3 2026 release, Nov 4, 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.

Kinetik gives full-year guidance and updates it with each release. It now expects 2026 Adjusted EBITDA at the high end of its $1.04 billion to $1.1 billion range, which it attributes to stronger-than-expected well results, equity volumes and commodity prices, and capital expenditures about 5% below its August 2026 guidance of $560 million. CEO Jamie Welch said processed gas volumes are tracking toward an approximately 2.2 Bcf/d fourth-quarter 2026 target. (Kinetik Q3 2026 release, Nov 4, 2026)

Kinetik raised the planned capacity of its Kings Landing II plant by more than 25% to 380 MMcf/d at an unchanged cost of approximately $260 million, for service in mid-2028, and reached a final investment decision on phase 1 of the ECCC Pipeline expansion to approximately 225 MMcf/d, expected in mid-2027. The first of its Lone Star NGL contracts in Texas expired on October 31, 2026, and Kinetik forecasts larger margin contributions from system optimization in 2027. (Kinetik Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Kinetik, 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 Kinetik'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 KNTK is on is KNTK a buy or a sell?, what analysts expect next is on the KNTK forecast, and what the company does is on the Kinetik Holdings Inc. (KNTK) stock page.

Every number on this page can be traced to a document Kinetik 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.