Kinetik (KNTK) Financials

$50.93 +1.18 (+2.37%)

As of 05/14/2026 03:58 PM Eastern

Annual Income Statements for Kinetik

This table shows Kinetik's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-4.39	-358	0.00	0.00	41	289	80	178
Consolidated Net Income / (Loss)	-19	-0.24	-1,328	-1,156	1.48	251	386	244	526
Net Income / (Loss) Continuing Operations	-19	-0.24	-1,328	-1,156	1.48	241	386	244	526
Total Pre-Tax Income	-12	-11	-1,263	-1,155	3.35	253	154	267	577
Total Operating Income	-12	-12	-1,286	-1,020	53	150	159	179	165
Total Gross Profit	-1.46	23	80	345	428	672	741	862	978
Total Revenue	15	77	136	410	662	1,213	1,256	1,483	1,764
Operating Revenue	15	77	136	410	662	1,213	1,256	1,483	1,764
Total Cost of Revenue	17	54	56	65	234	542	516	621	786
Operating Cost of Revenue	17	54	56	65	234	542	516	621	786
Total Operating Expenses	10	35	1,366	1,366	375	521	581	683	814
Selling, General & Admin Expense	3.99	7.37	10	117	119	232	259	330	402
Depreciation Expense	5.99	20	41	224	244	260	281	324	383
Other Operating Expenses / (Income)	0.10	7.63	13	11	12	17	22	25	29
Other Special Charges / (Income)	-	-	-	3.45	0.38	13	19	4.04	0.01
Total Other Income / (Expense), net	0.00	1.50	23	-134	-50	93	-5.71	88	412
Interest Expense	0.00	0.11	1.79	-0.87	-0.00	28	1.88	0.53	0.64
Interest & Investment Income	0.00	1.61	23	-135	-50	32	-3.84	89	412
Income Tax Expense	7.04	-11	65	0.97	1.87	2.62	-233	23	51
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.00	4.15	-1,008	-1,156	1.48	95	97	164	348
Basic Earnings per Share	($0.30)	($0.51)	($95.70)	$0.00	$0.00	$1.47	$5.25	$1.03	$2.66
Weighted Average Basic Shares Outstanding	62.26M	8.66M	3.75M	0.00	0.00	41.63M	51.82M	59.28M	61.96M
Diluted Earnings per Share	($0.30)	($0.51)	($95.70)	$0.00	$0.00	$1.47	$2.52	$1.02	$2.63
Weighted Average Diluted Shares Outstanding	62.26M	8.66M	3.75M	0.00	0.00	41.67M	146.20M	60.12M	62.67M
Weighted Average Basic & Diluted Shares Outstanding	10.68M	324.93M	324.93M	16.25M	16.25M	143.04M	151.21M	157.77M	162.15M

This table shows Kinetik's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	16	247	12	37	26	5.51	6.13	24	5.27	143	-1.67
Consolidated Net Income / (Loss)	43	267	35	109	84	16	19	74	16	417	-5.13
Net Income / (Loss) Continuing Operations	43	267	35	109	84	16	19	74	16	417	-5.13
Total Pre-Tax Income	44	32	39	118	92	18	22	82	17	456	-5.90
Total Operating Income	38	56	26	57	73	24	19	77	20	48	-3.84
Total Gross Profit	183	207	188	213	252	210	220	270	229	260	221
Total Revenue	330	349	341	359	396	386	443	427	464	430	410
Operating Revenue	330	349	341	359	396	386	443	427	464	430	410
Total Cost of Revenue	148	142	154	147	145	176	223	157	235	170	189
Operating Cost of Revenue	148	142	154	147	145	176	223	157	235	170	189
Total Operating Expenses	144	151	162	156	179	186	201	193	209	212	225
Selling, General & Admin Expense	66	67	78	75	85	92	101	92	106	102	115
Depreciation Expense	70	73	74	75	88	88	93	94	95	101	102
Other Operating Expenses / (Income)	5.61	6.67	6.29	6.21	5.90	6.31	6.79	6.56	7.10	8.40	8.78
Other Special Charges / (Income)	2.93	4.24	4.17	-0.08	0.00	-0.05	-0.04	-0.03	0.05	0.02	-0.02
Total Other Income / (Expense), net	6.03	-24	13	62	19	-5.67	2.55	4.29	-3.13	408	-2.07
Interest & Investment Income	6.03	-22	13	62	19	-5.67	2.55	4.92	-3.13	408	-2.07
Income Tax Expense	1.30	-235	3.79	9.21	8.26	1.77	2.57	7.33	1.11	40	-0.78
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	28	20	24	72	58	11	13	51	10	273	-3.46
Basic Earnings per Share	$0.21	$4.77	$0.12	$0.54	$0.35	$0.02	$0.05	$0.33	$0.03	$2.25	($0.07)
Weighted Average Basic Shares Outstanding	53.34M	51.82M	57.87M	59.79M	59.81M	59.28M	60.16M	61.72M	61.87M	61.96M	65.91M
Diluted Earnings per Share	$0.21	$4.77	$0.12	$0.54	$0.35	$0.01	$0.05	$0.33	$0.03	$2.22	($0.07)
Weighted Average Diluted Shares Outstanding	53.46M	146.20M	58.39M	60.28M	60.42M	60.12M	61.00M	62.23M	62.43M	62.67M	66.68M
Weighted Average Basic & Diluted Shares Outstanding	148.61M	151.21M	153.66M	157.52M	157.54M	157.77M	157.96M	161.93M	161.59M	162.15M	162.36M

This table details how cash moves in and out of Kinetik's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	450	-444	-31	-0.86	-12	-1.88	-0.90	0.35
Net Cash From Operating Activities	0.00	0.66	76	102	236	613	584	637	604
Net Cash From Continuing Operating Activities	0.00	0.66	76	102	236	613	584	637	604
Net Income / (Loss) Continuing Operations	-19	-0.24	-1,328	-1,156	1.48	251	386	244	526
Consolidated Net Income / (Loss)	-19	-0.24	-1,328	-1,156	1.48	251	386	244	526
Depreciation Expense	5.99	20	41	224	244	260	281	324	383
Amortization Expense	-	-	-	14	15	11	13	14	15
Non-Cash Adjustments To Reconcile Net Income	4.18	-5.36	1,286	1,020	-1.18	56	130	71	-355
Changes in Operating Assets and Liabilities, net	8.41	-14	77	0.58	-23	34	-226	-16	35
Net Cash From Investing Activities	0.00	-175	-1,504	-506	-100	-286	-686	-177	-199
Net Cash From Continuing Investing Activities	0.00	-175	-1,504	-199	-100	-286	-686	-177	-199
Purchase of Property, Plant & Equipment	0.00	-84	-343	-181	-78	-206	-313	-264	-492
Acquisitions	0.00	-91	-671	-18	-4.68	-15	-142	-354	-213
Purchase of Investments	-	-	-	-	-	0.00	0.00	-85	0.00
Sale of Property, Plant & Equipment	-	-	-	0.00	3.61	0.22	0.36	0.41	0.23
Divestitures	0.00	0.00	13	0.00	0.00	13	0.00	524	504
Other Investing Activities, net	0.00	0.00	-504	0.00	-21	-78	-232	0.79	1.65
Net Cash From Financing Activities	0.00	624	983	373	-137	-339	100	-461	-405
Net Cash From Continuing Financing Activities	0.00	624	983	373	-137	-339	100	-461	-405
Repayment of Debt	0.00	-3.78	-0.79	-204	-169	-3,210	-1,365	-1,281	-2,865
Repurchase of Common Equity	-	-	-	0.00	0.00	-461	-5.76	0.00	-176
Payment of Dividends	-	0.00	0.00	0.00	0.00	-48	-81	-396	-500
Issuance of Debt	0.00	0.00	396	376	69	3,565	1,553	1,216	3,140
Other Financing Activities, net	0.00	0.00	-23	-79	-51	-1.23	-0.70	0.00	-4.50
Cash Interest Paid	0.00	0.00	0.90	105	108	120	208	245	216
Cash Income Taxes Paid	-	-	-	-	0.00	0.00	0.48	0.56	3.64

This table details how cash moves in and out of Kinetik's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.17	4.44	5.25	2.79	7.89	-17	5.24	1.89	-3.00	-3.79	-3.23
Net Cash From Operating Activities	175	179	154	126	214	144	177	129	188	110	180
Net Cash From Continuing Operating Activities	175	179	154	126	214	144	177	129	188	110	180
Net Income / (Loss) Continuing Operations	43	267	35	109	84	16	19	74	16	417	-5.13
Consolidated Net Income / (Loss)	43	267	35	109	84	16	19	74	16	417	-5.13
Depreciation Expense	70	73	74	75	88	88	93	94	95	101	102
Amortization Expense	3.20	3.25	3.35	3.54	3.57	3.60	3.63	3.67	3.65	3.72	3.91
Non-Cash Adjustments To Reconcile Net Income	-14	65	55	-46	49	19	25	-3.82	38	-414	52
Changes in Operating Assets and Liabilities, net	73	-229	-14	-16	-9.50	17	36	-39	35	2.68	28
Net Cash From Investing Activities	-135	-104	-62	105	-109	-111	-260	-131	-171	364	-89
Net Cash From Continuing Investing Activities	-135	-104	-62	105	-109	-111	-260	-131	-171	364	-89
Purchase of Property, Plant & Equipment	-86	-67	-58	-39	-58	-108	-75	-127	-157	-134	-83
Acquisitions	-1.12	123	-2.22	-350	3.11	337	-185	-6.42	-15	-6.32	-6.14
Purchase of Investments	155	-	-3.27	-	-	-	-0.89	-	0.99	-	0.00
Sale of Property, Plant & Equipment	0.06	0.15	0.25	0.08	-	0.08	0.05	0.05	0.04	0.09	0.04
Other Investing Activities, net	-203	-35	1.24	1.24	1.55	1.27	0.56	3.18	-1.21	-	0.00
Net Cash From Financing Activities	-42	-71	-86	-228	-97	-50	89	4.28	-20	-478	-95
Net Cash From Continuing Financing Activities	-42	-71	-86	-228	-97	-50	89	4.90	-20	-478	-95
Repayment of Debt	-130	-927	-91	-825	-199	-166	-435	-1,752	-143	-535	-143
Payment of Dividends	-21	-23	-39	-45	-45	-47	-123	-200	103	-357	-131
Issuance of Debt	110	880	44	713	220	239	647	1,953	351	190	180
Cash Interest Paid	40	42	57	83	26	78	24	80	25	88	21

This table presents Kinetik's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.05	706	1,857	1,501	1,800	3,553	5,920	6,497	6,815	7,096
Total Current Assets	0.01	6.17	468	32	43	218	242	257	295	302
Cash & Equivalents	0.01	0.00	450	5.98	24	19	6.39	4.51	3.61	3.95
Accounts Receivable	-	5.42	11	21	13	178	204	216	252	250
Prepaid Expenses	0.00	0.00	1.38	1.07	2.13	21	24	29	37	34
Other Current Assets	-	-	-	-	-	0.00	6.96	7.81	2.31	14
Plant, Property, & Equipment, net	0.00	700	1,227	206	196	1,839	2,535	2,743	3,434	3,866
Total Noncurrent Assets	0.04	0.00	162	1,263	1,561	1,496	3,143	3,496	3,086	2,927
Long-Term Investments	-	0.00	91	1,258	1,555	626	2,381	2,541	2,118	2,009
Goodwill	-	-	-	-	-	0.00	5.08	5.08	5.08	5.08
Intangible Assets	-	-	-	-	-	786	695	592	652	553
Noncurrent Deferred & Refundable Income Taxes	-	0.00	68	-	-	-	0.00	236	204	198
Other Noncurrent Operating Assets	0.04	0.00	3.73	5.27	5.84	84	61	123	107	163
Total Liabilities & Shareholders' Equity	0.05	706	1,857	1,501	1,800	3,553	5,920	6,497	6,815	7,096
Total Liabilities	0.02	150	131	597	863	2,546	3,647	3,870	3,836	4,165
Total Current Liabilities	0.02	124	99	34	30	241	228	250	419	441
Short-Term Debt	0.02	-	0.00	9.77	-	54	-	0.00	140	165
Accounts Payable	-	0.00	14	0.00	19	12	18	34	27	42
Accrued Expenses	0.00	-	-	-	-	136	174	177	187	172
Other Current Liabilities	-	124	85	24	5.61	39	36	39	64	61
Total Noncurrent Liabilities	0.00	25	32	564	833	2,305	3,419	3,620	3,417	3,725
Long-Term Debt	-	-	0.00	396	624	2,253	3,369	3,563	3,364	3,628
Noncurrent Deferred & Payable Income Tax Liabilities	-	7.04	2.64	-	-	7.19	11	13	17	22
Other Noncurrent Operating Liabilities	0.00	-	0.00	108	145	44	40	44	37	75
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	1,941	1,257	1,184	1,007	3,112	3,158	5,956	3,496
Total Equity & Noncontrolling Interests	0.02	556	-214	-353	-247	0.01	-840	-531	-2,977	-565
Total Preferred & Common Equity	0.02	556	-214	-353	-247	0.01	-840	-531	-2,977	-565
Total Common Equity	0.02	556	-214	-353	-247	0.01	-840	-531	-2,977	-565
Common Stock	0.03	575	0.03	40	122	0.01	119	193	0.02	241
Retained Earnings	-0.00	-19	-214	-393	-369	0.00	-959	-724	-2,977	-806

This table presents Kinetik's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,007	6,125	6,227	6,286	6,448	6,860	6,860	7,031	7,151	7,202	7,111
Total Current Assets	319	246	248	288	257	299	286	315	313	315	319
Cash & Equivalents	12	1.98	2.24	0.07	9.76	13	20	8.85	11	7.74	0.72
Accounts Receivable	270	199	182	231	210	243	216	271	252	256	280
Prepaid Expenses	37	31	36	36	27	32	44	33	37	44	31
Other Current Assets	-	14	28	22	10	11	6.28	2.29	13	7.46	7.53
Plant, Property, & Equipment, net	2,529	2,634	2,692	2,720	2,747	3,193	3,227	3,641	3,732	3,808	3,892
Total Noncurrent Assets	3,160	3,244	3,287	3,277	3,443	3,368	3,348	3,075	3,107	3,079	2,900
Long-Term Investments	2,373	2,413	2,490	2,519	2,526	2,076	2,142	2,112	2,105	2,085	1,992
Goodwill	4.56	5.08	5.08	5.08	5.08	15	5.08	5.08	5.08	5.08	5.08
Intangible Assets	722	677	650	621	563	936	878	634	608	585	523
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	238	211	204	208	223	234	226
Other Noncurrent Operating Assets	60	150	142	132	110	129	119	116	166	170	154
Total Liabilities & Shareholders' Equity	6,007	6,125	6,227	6,286	6,448	6,860	6,860	7,031	7,151	7,202	7,111
Total Liabilities	3,780	3,850	3,890	3,916	3,796	3,778	3,798	4,130	4,341	4,577	4,269
Total Current Liabilities	285	248	199	251	234	399	399	475	502	504	537
Short-Term Debt	0.00	-	-	-	-	149	150	149	189	179	187
Accounts Payable	16	18	36	18	16	44	17	39	37	32	29
Accrued Expenses	235	176	112	188	170	157	192	234	219	228	228
Other Current Liabilities	34	54	51	45	47	48	40	54	57	66	94
Total Noncurrent Liabilities	3,495	3,602	3,691	3,664	3,562	3,379	3,399	3,654	3,839	4,073	3,732
Long-Term Debt	3,448	3,512	3,626	3,607	3,517	3,258	3,280	3,568	3,737	3,956	3,644
Noncurrent Deferred & Payable Income Tax Liabilities	13	11	12	13	14	15	16	18	18	18	22
Other Noncurrent Operating Liabilities	35	79	53	45	31	105	104	68	84	98	65
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	3,062	2,911	3,243	3,209	3,625	4,290	4,783	5,451	4,376	4,401	4,511
Total Equity & Noncontrolling Interests	-835	-636	-906	-838	-973	-1,207	-1,721	-2,550	-1,566	-1,776	-1,669
Total Preferred & Common Equity	-835	-636	-906	-838	-973	-1,207	-1,721	-2,550	-1,566	-1,776	-1,669
Total Common Equity	-835	-636	-906	-838	-973	-1,207	-1,721	-2,550	-1,566	-1,776	-1,669
Common Stock	107	230	0.01	92	0.02	0.02	0.02	67	288	222	0.02
Retained Earnings	-942	-863	-902	-930	-973	-1,207	-1,721	-2,617	-1,781	-1,998	-1,669

This table displays calculated financial ratios and metrics derived from Kinetik's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	161,585,046.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	161,585,046.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1.10
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	406.87%	76.94%	202.05%	61.40%	83.29%	3.54%	18.03%	18.98%
EBITDA Growth	0.00%	241.21%	-15,971.00%	36.97%	139.87%	63.76%	-11.38%	14.22%	8.65%
EBIT Growth	0.00%	-6.13%	-10,386.91%	20.51%	105.24%	347.81%	-33.52%	12.54%	-7.99%
NOPAT Growth	0.00%	-6.13%	-10,403.97%	20.63%	103.32%	528.82%	169.13%	-59.14%	-8.17%
Net Income Growth	0.00%	98.71%	-555,431.38%	12.95%	100.13%	16,817.75%	54.14%	-36.80%	115.34%
EPS Growth	0.00%	98.71%	-555,431.38%	12.95%	100.13%	0.00%	71.43%	-59.52%	157.84%
Operating Cash Flow Growth	0.00%	0.00%	11,439.03%	33.86%	130.73%	160.22%	-4.65%	9.05%	-5.21%
Free Cash Flow Firm Growth	0.00%	0.00%	137.67%	-372.62%	-305.83%	83.67%	102.29%	-5,669.34%	64.16%
Invested Capital Growth	0.00%	113.25%	-96.18%	-130.04%	19,736.59%	21.84%	12.01%	19.69%	8.00%
Revenue Q/Q Growth	0.00%	17.72%	60.05%	170.85%	-15.86%	38.81%	-13.85%	2.55%	2.60%
EBITDA Q/Q Growth	0.00%	131.50%	-24,724.60%	33.07%	148.82%	120.11%	-34.04%	-3.16%	7.19%
EBIT Q/Q Growth	0.00%	50.74%	-3,180.11%	14.59%	105.24%	616.77%	-60.12%	-15.34%	17.64%
NOPAT Q/Q Growth	0.00%	50.74%	-3,185.44%	14.59%	103.31%	251.44%	0.94%	-56.01%	18.22%
Net Income Q/Q Growth	0.00%	98.94%	0.00%	0.00%	100.13%	27.70%	130.64%	-50.70%	319.23%
EPS Q/Q Growth	0.00%	98.94%	0.00%	0.00%	100.13%	127.27%	-56.40%	-81.04%	526.19%
Operating Cash Flow Q/Q Growth	0.00%	-16.29%	90.22%	-41.42%	89.98%	15.78%	3.38%	-5.19%	-5.31%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	123.28%	-215.05%	-255.94%	87.19%	-95.67%	-10.89%	5.45%
Invested Capital Q/Q Growth	0.00%	223.82%	-96.70%	60.42%	128,350.86%	-1.13%	5.38%	0.74%	0.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	-9.61%	29.74%	58.87%	84.14%	64.71%	55.38%	58.95%	58.15%	55.45%
EBITDA Margin	-36.61%	10.20%	-914.76%	-190.89%	47.16%	42.13%	36.06%	34.90%	31.87%
Operating Margin	-76.17%	-15.95%	-946.84%	-248.79%	8.08%	12.40%	12.68%	12.09%	9.35%
EBIT Margin	-76.17%	-15.95%	-945.30%	-248.79%	8.08%	19.74%	12.68%	12.09%	9.35%
Profit (Net Income) Margin	-122.67%	-0.31%	-977.72%	-281.78%	0.22%	20.66%	30.76%	16.47%	29.81%
Tax Burden Percent	161.05%	2.23%	105.14%	100.08%	44.28%	98.97%	251.69%	91.38%	91.20%
Interest Burden Percent	100.00%	87.74%	98.37%	113.17%	6.26%	105.76%	96.41%	149.12%	349.66%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	55.72%	1.03%	-151.69%	8.62%	8.80%
Return on Invested Capital (ROIC)	-1.45%	-0.98%	-146.23%	-4,512.23%	1.78%	5.03%	11.62%	4.09%	3.32%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-4.06%	-85.10%	-4,463.40%	-4.44%	12.73%	10.18%	10.80%	27.06%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.96%	45.27%	4,386.58%	-1.63%	10.26%	4.15%	4.62%	14.48%
Return on Equity (ROE)	0.00%	-0.02%	-100.96%	-125.65%	0.15%	15.29%	15.77%	8.71%	17.80%
Cash Return on Invested Capital (CROIC)	0.00%	-73.29%	39.06%	0.00%	-99.62%	-14.66%	0.29%	-13.83%	-4.37%
Operating Return on Assets (OROA)	-3.27%	-0.96%	-76.45%	-61.84%	2.00%	5.06%	2.57%	2.69%	2.37%
Return on Assets (ROA)	-5.26%	-0.02%	-79.07%	-70.04%	0.06%	5.29%	6.22%	3.67%	7.56%
Return on Common Equity (ROCE)	0.00%	0.00%	21.75%	41.01%	-0.02%	-3.92%	-4.41%	-5.45%	-10.67%
Return on Equity Simple (ROE_SIMPLE)	-3.34%	0.11%	376.04%	467.26%	0.00%	-29.86%	-72.80%	-8.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.07	-8.57	-900	-714	24	149	401	164	150
NOPAT Margin	-53.32%	-11.16%	-662.79%	-174.15%	3.58%	12.27%	31.90%	11.04%	8.52%
Net Nonoperating Expense Percent (NNEP)	0.00%	3.08%	-61.13%	-48.83%	6.22%	-7.70%	1.44%	-6.70%	-23.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	5.89%	13.22%	31.04%	4.66%
Cost of Revenue to Revenue	109.61%	70.26%	41.13%	15.86%	35.29%	44.62%	41.05%	41.85%	44.55%
SG&A Expenses to Revenue	26.36%	9.60%	7.59%	28.43%	18.05%	19.08%	20.65%	22.26%	22.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	66.56%	45.69%	1,005.71%	332.93%	56.63%	42.97%	46.28%	46.06%	46.11%
Earnings before Interest and Taxes (EBIT)	-12	-12	-1,284	-1,020	53	240	159	179	165
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.54	7.83	-1,242	-783	312	511	453	517	562
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.61	0.00	0.00	0.00	80,438.25	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	22.24	3.49	5.03	1.38	1.22	3.12	3.62	5.95	3.24
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	93.03	15.71	110.30	32.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	12.12%	10.87%	9.81%	6.75%	8.83%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	6.37%	0.91%	3.12%
Enterprise Value to Invested Capital (EV/IC)	0.61	1.41	23.90	0.00	1.30	2.42	2.39	3.71	2.33
Enterprise Value to Revenue (EV/Rev)	22.24	21.73	7.97	1.94	5.25	6.50	6.94	10.90	6.23
Enterprise Value to EBITDA (EV/EBITDA)	0.00	213.05	0.00	0.00	11.13	15.42	19.25	31.24	19.54
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	64.94	32.91	54.77	90.19	66.61
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	146.66	52.93	21.76	98.69	73.04
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2,522.78	14.18	7.79	14.75	12.86	14.92	25.36	18.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	4.50	0.00	0.00	0.00	877.30	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.45	0.67	2.29	1.48	1.36	1.18	1.29
Long-Term Debt to Equity	0.00	0.00	0.44	0.67	2.24	1.48	1.36	1.13	1.24
Financial Leverage	0.00	-0.24	-0.53	-0.98	0.37	0.81	0.41	0.43	0.54
Leverage Ratio	1.27	1.12	1.28	1.79	2.75	2.89	2.53	2.37	2.35
Compound Leverage Factor	1.27	0.99	1.26	2.03	0.17	3.05	2.44	3.54	8.23
Debt to Total Capital	0.00%	0.00%	30.99%	40.00%	69.62%	59.71%	57.56%	54.05%	56.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.75%	0.00%	1.64%	0.00%	0.00%	2.16%	2.46%
Long-Term Debt to Total Capital	0.00%	0.00%	30.25%	40.00%	67.99%	59.71%	57.56%	51.89%	53.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	112.38%	95.98%	75.86%	30.38%	55.17%	51.02%	91.86%	51.99%
Common Equity to Total Capital	100.00%	-12.38%	-26.97%	-15.85%	0.00%	-14.89%	-8.58%	-45.91%	-8.41%
Debt to EBITDA	0.00	0.00	-0.33	-0.80	7.39	6.59	7.86	6.77	6.75
Net Debt to EBITDA	0.00	0.00	0.69	1.22	5.32	1.92	2.25	2.67	3.17
Long-Term Debt to EBITDA	0.00	0.00	-0.32	-0.80	7.22	6.59	7.86	6.50	6.45
Debt to NOPAT	0.00	0.00	-0.45	-0.87	97.43	22.62	8.89	21.40	25.22
Net Debt to NOPAT	0.00	0.00	0.95	1.34	70.19	6.59	2.54	8.44	11.84
Long-Term Debt to NOPAT	0.00	0.00	-0.44	-0.87	95.14	22.62	8.89	20.54	24.12
Altman Z-Score	1.08	1.33	-2.41	-1.53	0.42	0.74	0.82	1.05	0.97
Noncontrolling Interest Sharing Ratio	0.00%	85.00%	121.55%	132.64%	112.73%	125.61%	127.97%	162.56%	159.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.05	4.75	0.94	1.43	0.90	1.06	1.03	0.70	0.69
Quick Ratio	0.04	4.68	0.79	1.24	0.82	0.92	0.88	0.61	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-638	240	-655	-2,660	-434	9.94	-554	-198
Operating Cash Flow to CapEx	0.00%	0.79%	22.26%	56.28%	316.55%	297.66%	187.03%	242.21%	122.73%
Free Cash Flow to Firm to Interest Expense	0.00	-5,965.14	134.17	0.00	0.00	-15.52	5.30	-1,054.66	-312.50
Operating Cash Flow to Interest Expense	0.00	6.18	42.56	0.00	0.00	21.91	311.56	1,213.99	951.37
Operating Cash Flow Less CapEx to Interest Expense	0.00	-778.87	-148.65	0.00	0.00	14.55	144.98	712.78	176.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.06	0.08	0.25	0.25	0.26	0.20	0.22	0.25
Accounts Receivable Turnover	0.00	9.40	8.60	24.48	6.93	6.35	5.99	6.34	7.02
Inventory Turnover	0.00	16.48	11.37	17.07	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.08	0.19	2.04	0.65	0.55	0.48	0.48	0.48
Accounts Payable Turnover	0.00	0.00	0.00	0.00	15.09	35.96	19.87	20.27	22.68
Days Sales Outstanding (DSO)	0.00	38.84	42.43	14.91	52.64	57.47	60.97	57.58	51.99
Days Inventory Outstanding (DIO)	0.00	22.15	32.11	21.39	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	24.19	10.15	18.37	18.01	16.09
Cash Conversion Cycle (CCC)	0.00	61.00	74.54	36.30	28.45	47.32	42.61	39.57	35.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	556	1,186	45	-14	2,670	3,253	3,644	4,362	4,711
Invested Capital Turnover	0.03	0.09	0.22	25.91	0.50	0.41	0.36	0.37	0.39
Increase / (Decrease) in Invested Capital	0.00	630	-1,140	-59	2,684	583	391	717	349
Enterprise Value (EV)	337	1,668	1,082	795	3,474	7,883	8,722	16,164	10,986
Market Capitalization	337	268	683	567	804	3,790	4,547	8,826	5,710
Book Value per Share	$11.79	($4.53)	($1.09)	($15.23)	$0.00	($6.11)	($3.57)	($18.89)	($3.50)
Tangible Book Value per Share	$11.79	($4.53)	($1.09)	($15.23)	($48.38)	($11.21)	($7.59)	($23.07)	($6.95)
Total Capital	556	1,727	1,309	1,560	3,315	5,641	6,190	6,483	6,723
Total Debt	0.00	0.00	406	624	2,308	3,369	3,563	3,504	3,793
Total Long-Term Debt	0.00	0.00	396	624	2,253	3,369	3,563	3,364	3,628
Net Debt	0.00	-541	-858	-955	1,662	981	1,017	1,383	1,780
Capital Expenditures (CapEx)	0.00	84	343	181	74	206	313	263	492
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-118	-80	1.83	-11	12	7.65	2.65	13	23
Debt-free Net Working Capital (DFNWC)	-118	370	7.81	13	31	14	7.16	16	27
Net Working Capital (NWC)	-118	370	-1.96	13	-23	14	7.16	-124	-138
Net Nonoperating Expense (NNE)	11	-8.33	428	441	22	-102	14	-80	-376
Net Nonoperating Obligations (NNO)	0.00	-541	-858	-950	1,663	981	1,017	1,383	1,780
Total Depreciation and Amortization (D&A)	5.99	20	41	237	259	272	294	338	397
Debt-free, Cash-free Net Working Capital to Revenue	-781.31%	-104.79%	1.35%	-2.78%	1.83%	0.63%	0.21%	0.86%	1.29%
Debt-free Net Working Capital to Revenue	-781.31%	481.45%	5.75%	3.12%	4.66%	1.16%	0.57%	1.11%	1.52%
Net Working Capital to Revenue	-781.31%	481.45%	-1.44%	3.12%	-3.54%	1.16%	0.57%	-8.35%	-7.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.20)	($0.30)	($49.30)	$0.21	($1.86)	$1.48	$5.25	$1.03	$2.66
Adjusted Weighted Average Basic Shares Outstanding	4.72M	17.31M	7.49M	0.00	7.49M	41.33M	51.82M	59.28M	61.96M
Adjusted Diluted Earnings per Share	($0.20)	($0.30)	($49.30)	$0.14	($1.93)	$1.48	$2.52	$1.02	$2.63
Adjusted Weighted Average Diluted Shares Outstanding	4.72M	17.31M	7.49M	32.49M	32.49M	41.36M	146.20M	60.12M	62.67M
Adjusted Basic & Diluted Earnings per Share	($0.20)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.07M	32.49M	32.49M	32.49M	32.49M	143.04M	151.21M	157.77M	162.15M
Normalized Net Operating Profit after Tax (NOPAT)	-8.07	-8.57	10	-4.37	38	161	125	167	150
Normalized NOPAT Margin	-53.32%	-11.16%	7.70%	-1.07%	5.70%	13.30%	9.95%	11.29%	8.53%
Pre Tax Income Margin	-76.17%	-13.99%	-929.93%	-281.54%	0.51%	20.88%	12.22%	18.02%	32.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-114.40	-716.35	0.00	0.00	8.56	84.89	341.40	259.72
NOPAT to Interest Expense	0.00	-80.08	-502.26	0.00	0.00	5.32	213.66	311.97	236.87
EBIT Less CapEx to Interest Expense	0.00	-899.45	-907.56	0.00	0.00	1.20	-81.69	-159.81	-515.48
NOPAT Less CapEx to Interest Expense	0.00	-865.13	-693.47	0.00	0.00	-2.04	47.08	-189.24	-538.32
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	19.18%	21.05%	71.74%	95.08%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	203.23%	22.54%	71.74%	128.55%

This table displays calculated financial ratios and metrics derived from Kinetik's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	161,585,046.00	162,148,340.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	161,585,046.00	162,148,340.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.89	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.58%	-36.67%	21.48%	21.35%	20.00%	10.56%	29.84%	18.72%	17.06%	11.59%	-7.51%
EBITDA Growth	-1.52%	-63.39%	3.79%	22.76%	47.06%	-12.78%	12.15%	29.36%	-27.54%	32.72%	-11.83%
EBIT Growth	-17.04%	-80.72%	-4.27%	51.09%	89.78%	-57.84%	-26.13%	36.88%	-72.85%	104.47%	-119.91%
NOPAT Growth	-16.30%	56.49%	-5.15%	39.91%	77.94%	-95.39%	-27.85%	35.14%	-72.15%	107.08%	-115.79%
Net Income Growth	-12.73%	451.68%	723.61%	52.02%	93.95%	-93.93%	-45.60%	-31.70%	-81.41%	2,468.42%	-126.61%
EPS Growth	-79.81%	-25.35%	300.00%	31.71%	66.67%	-99.79%	-58.33%	-38.89%	-91.43%	22,100.00%	-240.00%
Operating Cash Flow Growth	-5.31%	11.98%	28.53%	12.62%	22.69%	-19.51%	15.05%	2.84%	-12.15%	-23.54%	2.04%
Free Cash Flow Firm Growth	95.99%	125.09%	11.73%	-506.70%	-517.58%	-1,065.38%	-257.18%	83.08%	60.43%	56.24%	77.97%
Invested Capital Growth	5.10%	12.01%	7.74%	26.83%	25.20%	19.69%	23.80%	4.98%	7.79%	8.00%	4.09%
Revenue Q/Q Growth	11.51%	5.62%	-2.14%	5.29%	10.27%	-2.69%	14.92%	-3.73%	8.72%	-7.23%	-4.75%
EBITDA Q/Q Growth	1.28%	18.44%	-21.98%	31.17%	21.33%	-29.76%	0.32%	51.31%	-32.04%	28.66%	-33.36%
EBIT Q/Q Growth	2.53%	46.19%	-53.50%	116.80%	28.78%	-67.52%	-18.55%	301.74%	-74.45%	144.59%	-107.93%
NOPAT Q/Q Growth	-0.05%	1,142.14%	-94.91%	121.28%	27.12%	-67.83%	-20.27%	314.47%	-73.81%	139.23%	-106.08%
Net Income Q/Q Growth	-39.82%	519.87%	-86.76%	207.70%	-23.22%	-80.61%	18.73%	286.34%	-79.11%	2,579.92%	-101.23%
EPS Q/Q Growth	-48.78%	2,171.43%	-97.48%	350.00%	-35.19%	-97.14%	400.00%	560.00%	-90.91%	7,300.00%	-103.15%
Operating Cash Flow Q/Q Growth	56.60%	2.50%	-14.08%	-18.34%	70.60%	-32.76%	22.81%	-27.01%	45.74%	-41.48%	63.89%
Free Cash Flow Firm Q/Q Growth	10.00%	155.30%	-429.09%	-270.39%	8.38%	13.55%	-21.76%	82.45%	-114.20%	4.39%	38.69%
Invested Capital Q/Q Growth	-0.35%	5.38%	-0.33%	21.18%	-1.63%	0.74%	3.10%	2.75%	1.00%	0.94%	-0.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.27%	59.41%	54.98%	59.24%	63.52%	54.41%	49.61%	63.28%	49.27%	60.39%	53.97%
EBITDA Margin	33.77%	37.87%	30.19%	37.61%	41.38%	29.87%	26.08%	40.98%	25.62%	35.53%	24.86%
Operating Margin	11.63%	16.09%	7.65%	15.74%	18.39%	6.14%	4.35%	18.15%	4.26%	11.24%	-0.94%
EBIT Margin	11.63%	16.09%	7.65%	15.74%	18.39%	6.14%	4.35%	18.15%	4.26%	11.24%	-0.94%
Profit (Net Income) Margin	13.06%	76.63%	10.37%	30.31%	21.11%	4.21%	4.35%	17.44%	3.35%	96.81%	-1.25%
Tax Burden Percent	97.07%	824.76%	90.34%	92.20%	91.01%	90.14%	88.24%	91.04%	93.34%	91.30%	86.82%
Interest Burden Percent	115.71%	57.74%	150.16%	208.81%	126.13%	76.04%	113.22%	105.54%	84.19%	943.09%	153.80%
Effective Tax Rate	2.93%	-724.76%	9.66%	7.80%	8.99%	9.86%	11.76%	8.96%	6.66%	8.70%	0.00%
Return on Invested Capital (ROIC)	4.88%	48.35%	2.60%	5.09%	6.21%	2.05%	1.50%	6.05%	1.52%	3.99%	-0.25%
ROIC Less NNEP Spread (ROIC-NNEP)	5.42%	28.76%	3.74%	9.72%	7.69%	1.62%	1.67%	6.30%	1.35%	27.55%	-0.39%
Return on Net Nonoperating Assets (RNNOA)	2.54%	11.73%	1.58%	4.40%	3.33%	0.69%	0.78%	3.35%	0.78%	14.74%	-0.23%
Return on Equity (ROE)	7.41%	60.08%	4.17%	9.49%	9.55%	2.74%	2.27%	9.40%	2.30%	18.74%	-0.48%
Cash Return on Invested Capital (CROIC)	6.80%	0.29%	2.58%	-14.91%	-12.82%	-13.83%	-17.40%	-0.98%	-4.67%	-4.37%	-1.19%
Operating Return on Assets (OROA)	2.76%	3.26%	1.60%	3.32%	4.04%	1.37%	1.02%	4.28%	1.04%	2.85%	-0.23%
Return on Assets (ROA)	3.10%	15.51%	2.17%	6.39%	4.64%	0.94%	1.02%	4.11%	0.82%	24.56%	-0.31%
Return on Common Equity (ROCE)	-2.70%	-16.81%	-1.36%	-3.70%	-4.50%	-1.72%	-1.44%	-4.42%	-1.42%	-11.23%	0.35%
Return on Equity Simple (ROE_SIMPLE)	-19.99%	0.00%	-42.90%	-37.69%	-28.79%	0.00%	-8.95%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	37	463	24	52	66	21	17	71	18	44	-2.69
NOPAT Margin	11.28%	132.71%	6.91%	14.52%	16.73%	5.53%	3.84%	16.52%	3.98%	10.27%	-0.66%
Net Nonoperating Expense Percent (NNEP)	-0.54%	19.58%	-1.14%	-4.63%	-1.47%	0.43%	-0.17%	-0.25%	0.18%	-23.55%	0.14%
Return On Investment Capital (ROIC_SIMPLE)	-	15.27%	0.93%	-	-	4.04%	1.46%	2.99%	0.78%	1.37%	-0.12%
Cost of Revenue to Revenue	44.73%	40.59%	45.02%	40.76%	36.48%	45.59%	50.39%	36.72%	50.73%	39.61%	46.03%
SG&A Expenses to Revenue	19.88%	19.35%	22.71%	20.91%	21.55%	23.85%	22.83%	21.63%	22.90%	23.77%	27.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.64%	43.31%	47.34%	43.50%	45.14%	48.28%	45.26%	45.13%	45.00%	49.14%	54.90%
Earnings before Interest and Taxes (EBIT)	38	56	26	57	73	24	19	77	20	48	-3.84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	112	132	103	135	164	115	116	175	119	153	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.07	3.62	4.21	4.53	4.85	5.95	5.08	4.14	3.95	3.24	4.46
Price to Earnings (P/E)	14.51	15.71	18.51	20.06	21.80	110.30	107.88	111.92	167.38	32.03	45.27
Dividend Yield	9.80%	9.81%	8.18%	7.37%	6.73%	6.75%	7.47%	7.14%	7.44%	8.83%	6.62%
Earnings Yield	6.89%	6.37%	5.40%	4.98%	4.59%	0.91%	0.93%	0.89%	0.60%	3.12%	2.21%
Enterprise Value to Invested Capital (EV/IC)	2.54	2.39	2.79	2.70	3.02	3.71	3.36	2.82	2.83	2.33	3.01
Enterprise Value to Revenue (EV/Rev)	6.01	6.94	7.71	8.60	9.04	10.90	9.52	7.88	7.69	6.23	8.13
Enterprise Value to EBITDA (EV/EBITDA)	12.76	19.25	22.22	24.62	24.45	31.24	28.48	22.85	25.22	19.54	25.65
Enterprise Value to EBIT (EV/EBIT)	21.96	54.77	64.21	66.93	61.73	90.19	87.54	67.36	94.37	66.61	99.21
Enterprise Value to NOPAT (EV/NOPAT)	22.08	21.76	28.91	34.46	35.10	98.69	95.92	74.29	103.98	73.04	108.58
Enterprise Value to Operating Cash Flow (EV/OCF)	15.51	14.92	16.41	18.75	19.44	25.36	22.85	19.61	20.74	18.18	23.15
Enterprise Value to Free Cash Flow (EV/FCFF)	38.22	877.30	112.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.52	1.36	1.33	1.11	1.12	1.18	1.28	1.40	1.58	1.29	1.35
Long-Term Debt to Equity	1.52	1.36	1.33	1.06	1.07	1.13	1.23	1.33	1.51	1.24	1.28
Financial Leverage	0.47	0.41	0.42	0.45	0.43	0.43	0.46	0.53	0.58	0.54	0.60
Leverage Ratio	2.67	2.53	2.55	2.41	2.42	2.37	2.43	2.38	2.47	2.35	2.46
Compound Leverage Factor	3.09	1.46	3.83	5.04	3.05	1.81	2.75	2.51	2.08	22.20	3.79
Debt to Total Capital	60.34%	57.56%	57.02%	52.50%	52.83%	54.05%	56.17%	58.28%	61.17%	56.41%	57.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	2.29%	2.31%	2.16%	2.25%	2.81%	2.64%	2.46%	2.80%
Long-Term Debt to Total Capital	60.34%	57.56%	57.02%	50.21%	50.52%	51.89%	53.92%	55.47%	58.52%	53.96%	54.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	53.68%	51.02%	58.76%	66.10%	73.68%	91.86%	82.36%	64.96%	65.10%	51.99%	67.60%
Common Equity to Total Capital	-14.02%	-8.58%	-15.78%	-18.60%	-26.50%	-45.91%	-38.53%	-23.24%	-26.27%	-8.41%	-25.01%
Debt to EBITDA	5.25	7.86	7.70	7.07	6.42	6.77	7.01	6.89	7.88	6.75	6.98
Net Debt to EBITDA	1.58	2.25	2.15	2.74	2.37	2.67	3.01	3.18	3.89	3.17	3.35
Long-Term Debt to EBITDA	5.25	7.86	7.70	6.76	6.14	6.50	6.73	6.56	7.54	6.45	6.64
Debt to NOPAT	9.08	8.89	10.02	9.90	9.21	21.40	23.62	22.41	32.50	25.22	29.57
Net Debt to NOPAT	2.74	2.54	2.79	3.83	3.40	8.44	10.14	10.33	16.05	11.84	14.19
Long-Term Debt to NOPAT	9.08	8.89	10.02	9.47	8.81	20.54	22.68	21.33	31.10	24.12	28.13
Altman Z-Score	0.74	0.77	0.89	0.96	0.98	0.98	0.86	0.83	0.72	0.91	0.96
Noncontrolling Interest Sharing Ratio	136.38%	127.97%	132.68%	138.98%	147.10%	162.56%	163.45%	147.05%	161.47%	159.94%	173.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.03	1.10	0.75	0.72	0.70	0.66	0.62	0.62	0.69	0.59
Quick Ratio	0.92	0.88	0.94	0.64	0.59	0.61	0.59	0.52	0.52	0.58	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-130	72	-237	-879	-805	-696	-848	-149	-319	-305	-187
Operating Cash Flow to CapEx	203.98%	267.34%	266.28%	319.45%	366.32%	133.74%	237.35%	101.44%	120.23%	82.14%	217.42%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-1,674.24	0.00	0.00	0.00	-234.26	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	239.08	0.00	0.00	0.00	203.27	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	164.24	0.00	0.00	0.00	2.89	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.20	0.21	0.21	0.22	0.22	0.24	0.24	0.24	0.25	0.24
Accounts Receivable Turnover	5.83	5.99	6.44	6.50	6.48	6.34	6.59	6.67	7.29	7.02	6.28
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.56	0.48	0.49	0.47	0.49	0.48	0.50	0.48	0.49	0.48	0.46
Accounts Payable Turnover	38.67	19.87	31.82	14.61	33.72	20.27	25.04	17.29	32.45	22.68	22.31
Days Sales Outstanding (DSO)	62.59	60.97	56.67	56.17	56.31	57.58	55.41	54.73	50.05	51.99	58.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	9.44	18.37	11.47	24.98	10.83	18.01	14.58	21.11	11.25	16.09	16.36
Cash Conversion Cycle (CCC)	53.15	42.61	45.20	31.19	45.48	39.57	40.84	33.62	38.80	35.90	41.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,458	3,644	3,632	4,401	4,330	4,362	4,497	4,621	4,667	4,711	4,681
Invested Capital Turnover	0.43	0.36	0.38	0.35	0.37	0.37	0.39	0.37	0.38	0.39	0.38
Increase / (Decrease) in Invested Capital	168	391	261	931	872	717	865	219	337	349	184
Enterprise Value (EV)	8,768	8,722	10,151	11,862	13,068	16,164	15,094	13,019	13,230	10,986	14,068
Market Capitalization	4,472	4,547	5,545	6,254	7,017	8,826	8,047	6,832	6,787	5,710	7,717
Book Value per Share	($5.74)	($3.57)	($6.44)	($7.85)	($10.92)	($18.89)	($16.16)	($9.91)	($10.97)	($3.50)	($10.29)
Tangible Book Value per Share	($10.02)	($7.59)	($10.19)	($14.05)	($16.53)	($23.07)	($20.21)	($13.79)	($14.61)	($6.95)	($13.55)
Total Capital	5,977	6,190	6,168	6,490	6,492	6,483	6,618	6,737	6,760	6,723	6,673
Total Debt	3,607	3,563	3,517	3,407	3,430	3,504	3,717	3,926	4,135	3,793	3,831
Total Long-Term Debt	3,607	3,563	3,517	3,258	3,280	3,364	3,568	3,737	3,956	3,628	3,644
Net Debt	1,088	1,017	981	1,319	1,267	1,383	1,596	1,810	2,042	1,780	1,839
Capital Expenditures (CapEx)	86	67	58	39	58	108	75	127	156	134	83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	37	2.65	14	37	17	13	-20	-11	-18	23	-32
Debt-free Net Working Capital (DFNWC)	37	7.16	23	49	37	16	-12	0.11	-11	27	-31
Net Working Capital (NWC)	37	7.16	23	-100	-113	-124	-160	-189	-189	-138	-218
Net Nonoperating Expense (NNE)	-5.86	196	-12	-57	-17	5.11	-2.25	-3.90	2.92	-373	2.44
Net Nonoperating Obligations (NNO)	1,088	1,017	981	1,319	1,267	1,383	1,596	1,810	2,042	1,780	1,839
Total Depreciation and Amortization (D&A)	73	76	77	79	91	92	96	97	99	105	106
Debt-free, Cash-free Net Working Capital to Revenue	2.56%	0.21%	1.03%	2.66%	1.16%	0.86%	-1.28%	-0.64%	-1.07%	1.29%	-1.84%
Debt-free Net Working Capital to Revenue	2.56%	0.57%	1.77%	3.57%	2.57%	1.11%	-0.73%	0.01%	-0.62%	1.52%	-1.80%
Net Working Capital to Revenue	2.56%	0.57%	1.77%	-7.22%	-7.80%	-8.35%	-10.12%	-11.45%	-11.01%	-7.85%	-12.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$4.77	$0.12	$0.54	$0.35	$0.02	$0.05	$0.33	$0.03	$2.25	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	53.34M	51.82M	57.87M	59.79M	59.81M	59.28M	60.16M	61.72M	61.87M	61.96M	65.91M
Adjusted Diluted Earnings per Share	$0.21	$4.77	$0.12	$0.54	$0.35	$0.01	$0.05	$0.33	$0.03	$2.22	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	53.46M	146.20M	58.39M	60.28M	60.42M	60.12M	61.00M	62.23M	62.43M	62.67M	66.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$4.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	148.61M	151.21M	153.66M	157.52M	157.54M	157.77M	157.96M	161.93M	161.59M	162.15M	162.36M
Normalized Net Operating Profit after Tax (NOPAT)	40	42	27	52	66	21	17	70	19	44	-2.70
Normalized NOPAT Margin	12.15%	12.11%	8.01%	14.50%	16.73%	5.52%	3.83%	16.52%	3.99%	10.27%	-0.66%
Pre Tax Income Margin	13.45%	9.29%	11.48%	32.87%	23.19%	4.67%	4.92%	19.16%	3.59%	106.04%	-1.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	107.79	0.00	0.00	0.00	121.98	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	99.38	0.00	0.00	0.00	111.04	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	32.94	0.00	0.00	0.00	-78.40	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	24.54	0.00	0.00	0.00	-89.34	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.00%	21.05%	24.88%	28.22%	30.63%	71.74%	80.11%	174.89%	151.69%	95.08%	101.32%
Augmented Payout Ratio	321.83%	22.54%	24.88%	28.22%	30.63%	71.74%	80.11%	212.38%	289.24%	128.55%	101.32%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Kinetik Holdings Inc. (KNTK) based on the latest four years of quarterly results provided (through Q4 2025). The focus is on revenue, profitability, cash flow, and balance-sheet dynamics that retail investors should watch.

Revenue growth in 2025 vs 2024. Q4 2025 operating revenue = $430,419,000, up from Q4 2024 ($385,716,000). The company also posted solid quarterly runs in early 2025 (Q1: $443,263,000; Q2: $426,738,000; Q3: $463,969,000), suggesting a recovery trajectory in 2025.
Strong net income in the latest quarter. Net income attributable to common shareholders reached $143,220,000 in Q4 2025, a meaningful improvement versus Q4 2024 (~$5.5 million), signaling improved profitability on a quarterly basis.
Healthy operating cash flow across several 2025 quarters. Net cash from continuing operating activities includes Q3 2025: $188,123,000 and Q4 2025: $110,090,000, with other quarters also generating positive cash from operations, indicating solid cash generation from core activities.
Gross margins showing strength in late 2024–2025. Q4 2025 gross profit = $259,923,000 on $430,419,000 in revenue (approximately 60% gross margin), which is higher than many earlier quarters and supports profitability potential if cost discipline persists.
Balance-sheet scale supports growth opportunities. Total assets are around $7.0–$7.2 billion in 2025 (e.g., about $7.20B in Q3–Q4 2025), providing a sizeable platform for financing future activities. Liabilities run roughly in the $4.0–$4.6B range, with equity dynamics showing substantial minority components.
Diluted earnings per share (EPS) approaching meaningful levels in late 2025. Q4 2025 diluted EPS = $2.22 (Basic = $2.25), reflecting improved profitability per share in the latest quarter versus earlier periods.
Redeemable noncontrolling interest remains a large, ongoing balance-sheet feature. Redeemable noncontrolling interest sits in the multi‑billion range (roughly $4.4B in recent quarters), signaling significant minority funding. This is a neutral factor for near-term performance, but it can affect earnings per share and capital flexibility depending on structure.
Quarterly earnings volatility tied to restatements and non-cash items. Earnings quality shows variability due to non-cash adjustments and adjustments to net income in prior periods, which can create sizable quarter-to-quarter swings in reported figures.
Financing cash outflows elevated in Q4 2025. Net cash from continuing financing activities was −$477,712,000 in Q4 2025, driven by debt repayments and dividends, weighing on near-term liquidity from financing activities.
Occasional gross margin compression in some 2025 quarters. For example, Q3 2025 gross margin was about 49% (gross profit ~$228.6M on $463.97M revenue), indicating cost pressures or mix shifts that could challenge profitability if not addressed.

05/15/26 07:08 AM ETAI Generated. May Contain Errors.

Kinetik Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kinetik's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Kinetik's net income appears to be on a downward trend, with a most recent value of $525.93 million in 2025, falling from -$18.58 million in 2017. The previous period was $244.23 million in 2024. See where experts think Kinetik is headed by visiting Kinetik's forecast page.

Kinetik's total operating income in 2025 was $164.92 million, based on the following breakdown:

Total Gross Profit: $978.44 million
Total Operating Expenses: $813.52 million

Over the last 8 years, Kinetik's total revenue changed from $15.14 million in 2017 to $1.76 billion in 2025, a change of 11,552.3%.

Kinetik's total liabilities were at $4.17 billion at the end of 2025, a 8.6% increase from 2024, and a 18,023,392.0% increase since 2016.

In the past 9 years, Kinetik's cash and equivalents has ranged from $0.00 in 2017 to $449.94 million in 2018, and is currently $3.95 million as of their latest financial filing in 2025.

Over the last 8 years, Kinetik's book value per share changed from 11.79 in 2017 to -3.50 in 2025, a change of -129.7%.

Related Companies

Financial statements for NYSE:KNTK last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kinetik (KNTK) Financials

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Kinetik (KNTK) Financials

Annual Income Statements for Kinetik

Quarterly Income Statements for Kinetik

Annual Cash Flow Statements for Kinetik

Quarterly Cash Flow Statements for Kinetik

Annual Balance Sheets for Kinetik

Quarterly Balance Sheets for Kinetik

Annual Metrics And Ratios for Kinetik

Quarterly Metrics And Ratios for Kinetik

Financials Breakdown Chart

Key Financial Trends

Kinetik Financials - Frequently Asked Questions

When does Kinetik's financial year end?

How has Kinetik's net income changed over the last 8 years?

What is Kinetik's operating income?

How has Kinetik's revenue changed over the last 8 years?

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How has Kinetik's book value per share changed over the last 8 years?

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