Kinetik Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Kinetik Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15.1	76.8	136	410	662	1,213	1,256	1,483	1,764
Cost of revenue	16.6	53.9	55.9	65.1	234	542	516	621	786
Gross profit	-1.46	22.8	79.9	345	428	672	741	862	978
General and administrative	3.99	7.37	10.3	22.9	28.6	94.3	97.9	134	131
Operating expenses	1.74					154	183	221	300
Operating income	-11.5	-12.2	-1,286	-1,020	53.5	150	159	179	165
Interest expense	7.1	8.41	6.38	140	105	142	218	218	240
Interest income							0.68	1.99	1.51
Other non-operating income	0	1.61	24.8	-134	-50.1	103	-5.71	88	412
Pre-tax income	0.51	-10.7	-1,263	-1,155	3.35	253	154	267	577
Income tax	7.04	-10.5	64.9	0.97	1.87	2.62	-233	23	50.7
Net income to minority interests	0	4.15
Net income	-0.19	-4.39	-358	0	0	40.7	289	80	178
EBITDA	-5.54	7.83	-1,244	-797	297	411	440	503	548
EPS, basic	-5.10	-0.51	-95.70	0.00	0.00	1.47	5.25	1.03	2.66
EPS, diluted	-5.10	-0.51	-95.70	0.00	0.00	1.47	2.52	1.02	2.63
Shares, basic (weighted)	3.66	8.66	3.75	0	0	41.6	51.8	59.3	62
Shares, diluted (weighted)	3.66	8.66	3.75	0	0	41.7	146	60.1	62.7
Dividend per share				1.50	1.50

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	450	5.98	24.2	18.7	6.39	4.51	3.61	3.95
Receivables	5.42	10.9	15.5		178	204	216	112	85.3
Inventory	0.74	5.8	4.03	3.6	2.1	4.8	3.1	3.6	4.6
Other current assets	0	1.38	1.07	2.13	20.7	24.5	29.3	36.7	33.7
Total current assets	6.17	468	31.7	42.8	218	242	257	295	302
Property, plant and equipment	700	1,227	206	196	1,839	2,535	2,743	3,434	3,866
Lease right-of-use assets					61.6	28.6	37.6	29.8	71.1
Goodwill					0	5.08	5.08	5.08	5.08
Intangible assets					786	695	592	652	553
Other non-current assets	0	162	1,263	1,561	1,371			0.2
Total assets	706	1,857	1,501	1,800	3,553	5,920	6,497	6,815	7,096
Accounts payable					12.2	17.9	34	27.2	42.1
Accrued liabilities	0.74				136	174	177	187	172
Deferred revenue					3.08	6.61	6.48	5.68	5.67
Short-term debt		0	9.77	0	54.3	0	0	140	165
Total current liabilities	124	98.5	33.7	30	241	228	250	419	441
Long-term debt					2,253	3,369	3,563	3,364	3,628
Lease liabilities			1.03		29.9	6.02	9.35	11.5	29
Other non-current liabilities	25.2	0	4.61	6.42	2.22	2.68	3.22	2.15	14.7
Total liabilities	150	131	597	863	2,546	3,647	3,870	3,836	4,165
Total debt		0	396	624	2,346	3,395	3,594	3,390	3,653
Paid-in capital	575	0	39.8	122	0	119	193	0	241
Retained earnings	-18.6	-214	-393	-369	0	-959	-724	-2,977	-806
Treasury stock						0		0
Other comprehensive income		0	-0.27	-0.15	0
Shareholders' equity	556	-227	0.01	0.01	0.01	-840	-531	-2,977	-565
Total equity	556	-227	0.01	0.01	0.01	-840	-531	-2,977	-565
Total liabilities and equity	706	1,857	1,501	1,800	3,553	5,920	6,497	6,815	7,096

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-18.6	-0.24	-1,328	-1,156	1.48	251	386	244	526
Depreciation and amortization	5.99	20.1	41.5	224	244	260	281	324	383
Stock-based compensation				0	0	42.8	56	76.5	62.6
Deferred income tax	7.04	-9.46	64.9	0.97	1.87	2.09	-233	19.5	50.7
Change in receivables		0	0	-7.29	-88.5	-8.33	-12.1
Change in inventory	-0.74	-5.06	-0.62	0.43	0.36
Change in payables				4.23	-2.72	-1.6	19.8	-40.8	4.63
Cash from operations	0	0.66	76.3	102	236	613	584	637	604
Capital expenditures	0	-84	-343	-181	-78	-206	-313	-264	-492
Acquisitions						0	-125	-341	-175
Cash from investing	0	-175	-1,504	-506	-99.6	-286	-686	-177	-199
Debt issued				134	30.2	3,000	800	0	1,400
Debt repaid				-25.9	-96.5	-2,294	-800	-200	-1,000
Share buybacks					0	0	-5.76	0	-176
Dividends paid			0	0	0	-39.3	-81.4	-175	-194
Cash from financing	0	624	983	373	-137	-339	100	-461	-405
Net change in cash	0	450	-444	-30.7	-0.86	-12.3	-1.88	-0.9	0.35
Free cash flow	0	-83.3	-266	-79.3	158	407	272	374	112
Interest paid	0	0	0.9	105	108	120	208	245	216
Income taxes paid	0.39				0	0	0.48	0.56	3.64

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $51.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.9%	Gross profit / revenue.
Operating margin	10.5%	Operating income / revenue.
EBITDA margin	31.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	32.1%	Pre-tax income / revenue.
Net margin	10.4%	Net income / revenue.
FCF margin	8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.9%	Cash from operations / revenue.
Effective tax rate	9.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	7.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	25.6%	Capital expenditures / revenue.
D&A / revenue	21.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	33.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-8.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	8.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	122.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	63.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	157.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	42.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-70.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-35.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.68x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	51.7%	Total debt / total assets.
Liabilities / assets	59.6%	Total liabilities / total assets.
Net debt	$3.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.85x	Operating income / interest expense.
Working capital	-$162.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	0.48x	Revenue / average property, plant and equipment.
Receivables turnover	30.9x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
FCF conversion	79.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	75.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.87	Revenue / diluted weighted shares.
FCF per share	$2.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.44	Cash from operations / diluted weighted shares.
Book value per share	-$15.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$22.21	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	107.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	134.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.32B	Share price x shares outstanding.
Enterprise value	$12.03B	Market cap + total debt - cash - short-term investments.
P/E	42.3x	Market cap / net income. Only when net income is positive.
P/S	4.41x	Market cap / revenue.
P/FCF	53.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	6.38x	Enterprise value / revenue.
EV/EBIT	60.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	76.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.98x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Kinetik Holdings Inc.'s revenue in fiscal 2025?

Kinetik Holdings Inc. reported revenue of $1.76B for fiscal 2025, 19% higher than the year before.

Was Kinetik Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $178.3M, a net margin of 10.1%.

How much free cash flow did Kinetik Holdings Inc. generate in fiscal 2025?

Cash from operations of $604.1M minus capital expenditures of $492.5M left free cash flow of $111.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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