Kinetik (KNTK) Q3 2026 earnings summary

Executive summary

• Record processed gas volumes reached 1.94 Bcf/d; Q3 Adjusted EBITDA was $278.1MM and net income including noncontrolling interest was $50.9MM.

• Strong operating performance and favorable commodity margins supported results, partly offset by lower residue gas marketing contributions.

Financial highlights

• Q3 revenue was $569.4MM vs. $464.0MM YoY; operating income was $63.7MM vs. $19.8MM, and net income was $50.9MM vs. $15.5MM.

• Q3 Adjusted EBITDA was $278.1MM vs. $242.6MM; distributable cash flow was $213.7MM vs. $158.5MM, and free cash flow was $87.5MM vs. $13.9MM.

• 9M revenue was $1.56B vs. $1.33B; operating income was $193.9MM vs. $116.5MM, and net income was $168.9MM vs. $109.2MM.

• 9M Adjusted EBITDA was $810.1MM vs. $735.6MM; distributable cash flow was $589.5MM vs. $468.8MM, and free cash flow was $294.1MM vs. $132.3MM.

• Q3 diluted EPS was $0.26 vs. $0.03 YoY; 9M diluted EPS was $0.87 vs. $0.41.

Outlook and guidance

• FY2026 Adjusted EBITDA is expected at the high end of the $1.04B–$1.10B range, supported by volume growth, operating outperformance and commodity performance.

• FY2026 capital expenditures, including maintenance, are expected ~5% below the $560MM guidance level, reflecting execution, project-spend timing and cost discipline.

• Q4 processed gas volumes are tracking toward the ~2.2 Bcf/d target; margins and costs continue to outperform internal budget expectations.

• 2026 guidance assumes WTI of $78.65/bbl, HSC gas of $2.83/MMBtu, Waha gas of $(0.26)/MMBtu and NGLs of $0.62/gal; gross profit guidance is 80% fixed-fee and 20% commodity sources.

• July–December 2026 sensitivities: +/-$10MM Adjusted EBITDA per 10% change in WTI/C3+ or natural gas/ethane, and +/-$5MM per 25% change in Waha–HSC basis.