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Kinetik Holdings KNTK Midstream Logistics — Operating Expenses

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Other financials

Income statement

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Revenue$410.0M-7.5%
Gross profit$221.3M+0.6%
Operating income-$3.8M-120%
Net income-$1.7M-127%
EPS (diluted)-$0.07-240%

Balance sheet

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Cash & equivalents$720.0K-91.9%
Total debt$3.9B+3.6%
Total equity-$1.7B+34.5%
Total assets$7.1B+1.1%

Cash flow

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Operating cash flow$180.4M+2.0%
CapEx$83.0M+11.4%
Free cash flow$97.4M-4.8%

Valuation

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Market cap$3.69B+45.9%
Enterprise value$7.58B+16.2%
P/E21.7×-19.8×
P/S2.1×+0.6×

Profitability

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Gross margin56.6%+0.2pp
Operating margin8.2%-2.7pp
Net margin9.8%+5.1pp
FCF margin10%-21.1pp

Returns & leverage

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Return on equity-3,232.9%
Debt / equity242,364.7×
Current ratio0.6×-0.1×

Where this comes from

Reported directly by Kinetik Holdings in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The source filing: Kinetik Holdings’s 10-Q, filed May 8, 2026.

Filed
May 7, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001692787-26-000092
For the three months ended March 31, 2026Midstream Logistics / (In thousands)Pipeline Transportation / (In thousands)Corporate and Other(1) / (In thousands)Elimination / (In thousands)Consolidated / (In thousands)
Total segment operating revenue407,6829,118(6,824)409,976
Costs of sales (excluding depreciation and amortization)(188,588)(136)(188,724)
Intersegment costs of sales(6,824)6,824
Operating expenses(3)(78,302)(774)(79,076)
General and administrative expenses(5,510)(260)(38,430)(44,200)
Proportionate EMI EBITDA70,02970,029
Other segment items(4)50,46332,73283,195
Segment Adjusted EBITDA(5)$178,921$77,977$(5,698)$251,200

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

FAQ

What is Kinetik Holdings's midstream logistics — operating expenses?
Kinetik Holdings (KNTK) reported midstream logistics — operating expenses of $78.3M in Q1 2026.
How has Kinetik Holdings's midstream logistics — operating expenses changed year-over-year?
Kinetik Holdings's midstream logistics — operating expenses increased by 12.0% year-over-year, from $69.91M to $78.3M.
What is the long-term trend for Kinetik Holdings's midstream logistics — operating expenses?
Over 3 years (2022 to 2025), Kinetik Holdings's midstream logistics — operating expenses has grown at a 24.7% compound annual growth rate (CAGR), from $153.46M to $297.62M.
What does midstream logistics — operating expenses mean?
The recurring costs incurred to operate and maintain midstream infrastructure, including pipeline maintenance, field labor, and utility costs. Monitoring these expenses provides insight into the operational efficiency and cost control discipline of the segment.

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