Kodiak Gas Services Posts Q4 $184.5M EBITDA, Plans $675M DPS Acquisition
Kodiak Gas Services reported Q4 adjusted EBITDA of $184.5 million, a 9.1% year-over-year increase, and generated $599.7 million in operating cash flow in FY2025, returning over $263 million to shareholders. It plans to close a $675 million DPS acquisition in April and forecasts 2026 adjusted EBITDA of $750–780 million.
1. Q4 and Full-Year Financial Results
Kodiak Gas Services delivered Q4 adjusted EBITDA of $184.5 million, up 9.1% from Q4 2024, and achieved $599.7 million in net operating cash flow for FY2025. During the year, the company returned over $263 million to stockholders through dividends and share repurchases.
2. Operational Performance Metrics
In Q4, Kodiak’s fleet utilization reached 97.7% while its Contract Services segment recorded a record adjusted gross margin of 69.2%, driven by robust demand for gas gathering and transmission infrastructure.
3. DPS Acquisition and 2026 Guidance
Kodiak entered a $675 million agreement to acquire Distributed Power Solutions, expected to close in April, expanding into turnkey distributed power. The company’s initial 2026 guidance, excluding this deal, targets $750–780 million in adjusted EBITDA.