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KNTK

Kinetik Holdings Inc.

KNTK

Kinetik Holdings Inc. • NASDAQ
$34.68 ▲ 2.42% (+0.82)
Market Cap $2.11 B
52w High $67.60
52w Low $31.33
Dividend Yield 3.12%
P/E 84.59
Volume 443.56K
Outstanding Shares 60.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $463.969M ▲ $138.354M ▲ $15.549M ▼ 3.351% ▼ $0.03 ▼ $173.788M ▼
Q2-2025 $426.738M ▼ $98.823M ▼ $74.416M ▲ 17.438% ▲ $0.33 ▲ $230.008M ▲
Q1-2025 $443.263M ▲ $107.946M ▲ $19.262M ▲ 4.346% ▲ $0.05 ▲ $168.244M ▲
Q4-2024 $385.716M ▼ $98.267M ▲ $16.224M ▼ 4.206% ▼ $0.01 ▼ $153.694M ▼
Q3-2024 $396.362M $91.319M $83.654M 21.105% $0.35 $243.61M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.737M ▼ $7.202B ▲ $4.577B ▲ $-1.776B ▼
Q2-2025 $10.733M ▲ $7.151B ▲ $4.341B ▲ $-1.566B ▲
Q1-2025 $8.845M ▲ $7.031B ▲ $4.13B ▲ $-2.55B ▲
Q4-2024 $3.606M ▼ $6.815B ▼ $3.836B ▲ $-2.977B ▼
Q3-2024 $20.438M $6.86B $3.798B $-1.721B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.549M ▲ $188.123M ▲ $-171.326M ▼ $-19.793M ▼ $-2.996M ▼ $16.297M ▼
Q2-2025 $-19.262M ▼ $129.077M ▼ $-131.466M ▲ $4.277M ▼ $1.888M ▼ $210.552M ▲
Q1-2025 $19.262M ▲ $176.83M ▲ $-260.138M ▼ $88.547M ▲ $5.239M ▲ $95.355M ▲
Q4-2024 $16.224M ▼ $143.99M ▼ $-110.978M ▼ $-49.844M ▲ $-16.832M ▼ $31.666M ▼
Q3-2024 $83.654M $214.134M $-109.211M $-97.034M $7.889M $150.708M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Gathering and Processing Services
Gathering and Processing Services
 $100.00M ▲$200.00M ▲$130.00M ▼$110.00M ▼
Natural Gas NGLs and Condensate Sales
Natural Gas NGLs and Condensate Sales
 $290.00M ▲$540.00M ▲$310.00M ▼$310.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that the core midstream business is expanding as volumes in the Permian increase. Profitability has improved dramatically from earlier loss-making years, with solid operating and EBITDA performance now well established. However, net income has been somewhat uneven, with a particularly strong year followed by a more normal profit level, suggesting earnings can move around depending on one‑off items, financing costs, and contract timing. Overall, the income statement shows a maturing, scale-driven business, but not one that is immune to swings in bottom-line results.

Balance Sheet

Balance Sheet The company has built up a large asset base as it has grown and consolidated infrastructure in the Delaware Basin. This growth has been funded heavily with debt, and reported equity is now negative, which signals a highly leveraged capital structure and the impact of past mergers, accounting adjustments, and shareholder payouts. Limited on-balance-sheet cash means the firm relies on stable cash generation and access to credit markets to stay flexible. In short, the balance sheet supports a sizable midstream platform but leaves less margin for error if conditions worsen or financing becomes more expensive.

Cash Flow

Cash Flow Cash flow from operations has become stronger and more consistent, indicating that the underlying assets are generating reliable, utility-like cash streams. After funding capital spending, the business has generally produced positive free cash flow in recent years, meaning it can largely fund growth and shareholder returns from internal sources rather than constant new borrowing. Capital spending has been meaningful but not excessive, pointing to ongoing expansion and optimization rather than a risky, all‑at‑once buildout. The main risk is that high leverage makes steady cash flow a necessity, not a luxury, so any disruption to volumes or contract terms would matter more here than for a less indebted peer.

Competitive Edge

Competitive Edge Kinetik is positioned as a focused midstream player in the Delaware Basin with an integrated network that handles gas, crude, and water from the wellhead to downstream outlets. This “super-system” approach, combined with long-term contracts with large, established producers, provides volume visibility and makes it inconvenient for customers to switch providers. Recent mergers and acquisitions have expanded both scale and reach, reinforcing its role as a key corridor for production in this specific basin. The flip side is concentration risk: heavy exposure to one region and a set of large customers means its fortunes are closely tied to the health of Permian drilling and the stability of those relationships.

Innovation and R&D

Innovation and R&D The New Energy Ventures arm is a noteworthy effort to move beyond traditional midstream by focusing on decarbonization, carbon capture, and low‑carbon fuels. Projects like supplying captured CO₂ for eFuels, electrifying compressors, using renewable power, and deploying advanced emissions-monitoring software show a concrete, not just rhetorical, commitment to cleaner operations. Linking some financing to sustainability targets adds credibility and may help reduce funding costs over time if those goals are met. These initiatives are still relatively early, so their long‑term financial impact is uncertain, but they could enhance resilience as environmental standards tighten and customers seek lower‑carbon solutions.

Summary

Kinetik has transitioned from a more volatile, restructuring-heavy past into a scaled midstream operator with growing revenue and much healthier profitability. Its integrated Permian footprint and long-term producer relationships underpin relatively stable cash flows, which now comfortably cover ongoing investment and shareholder returns. The main financial watchpoints are its high leverage, negative reported equity, and dependence on continued strength in Permian activity and credit markets. On the strategic side, its early, tangible push into sustainability and low‑carbon projects could strengthen its position over time, but execution and regulatory outcomes will determine how much value those efforts ultimately create.

NEWS

November 5, 2025 · 5:15 PM UTC

Kinetik Reports Third Quarter 2025 Financial and Operating Results and Revises 2025 Financial Guidance

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October 15, 2025 · 4:15 PM UTC

Kinetik Announces Quarterly Dividend and Financial Results Timing

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September 2, 2025 · 8:00 AM UTC

Kinetik Announces the Sale of Its Equity Interest in EPIC Crude Holdings, LP

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