Kodiak Gas Services (KGS) Cash Flow: Operating & Free Cash Flow

Kodiak Gas Services (KGS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Kodiak Gas Services generated $599.74M of operating cash flow and spent $315.47M on capital expenditures. That left free cash flow of $284.27M, or 21.7% of revenue. It returned $263.52M to shareholders through $159.56M in dividends and $103.97M in share buybacks.

Kodiak Gas Services Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Kodiak Gas Services, Inc. (KGS) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Operating Activities
Net Income	81.59	50.33	20.07	106.27	180.96	-2.19
Depreciation & Amortization	276.19	260.27	182.87	174.46	160.05	145.63
Deferred Income Tax	25.66	15.43	7.86	27.30	-60.97	5.54
Stock Based Compensation	24.53	17.66	5.91	0.97	1.22	0.00
Change in Working Capital	87.05	-78.40	-22.48	-18.05	-6.39	32.50
Change in Accounts Receivable	46.14	-93.04	-36.61	-20.44	-14.94	-1.06
Change in Inventory	1.07	-1.34	-4.58	-24.30	-2.97	-3.74
Change in Accounts Payable	5.17	4.97	10.17	-1.52	-2.78	-2.85
Change in Other Working Capital	34.67	11.01	8.55	28.22	6.94	36.08
Other Operating Activities	104.73	62.69	72.09	-71.11	6.94	56.20
Net Cash from Operating Activities	599.74	327.99	266.33	219.85	249.98	243.98
Investing Activities
Capital Expenditures	-315.47	-336.96	-219.80	-259.35	-201.93	-297.40
Acquisitions	0.00	9.46	1.45	8.08	0.00	1.05
Purchases of Investments	0.00	0.00	0.00	-0.10	-0.04	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	-8.08	0.00	0.00
Other Investing Activities	30.18	35.03	-0.08	8.07	-0.11	-0.03
Net Cash from Investing Activities	-285.29	-292.47	-218.42	-251.38	-202.03	-296.38
Financing Activities
Debt Repayment	-47.15	142.47	-256.65	888.99	-629.35	73.71
Common Stock Issued	0.00	0.00	277.84	0.00	24.00	0.00
Common Stock Repurchased	-103.97	-42.77	0.00	0.00	0.00	0.00
Dividends Paid	-159.56	-133.89	-72.09	-838.00	-1.13	0.00
Other Financing Activities	-5.34	-2.15	-11.87	-27.82	23.12	0.00
Net Cash from Financing Activities	-316.02	-36.33	-62.77	23.17	-43.25	73.71
Summary
Net Change in Cash	-1.57	-0.81	-14.87	-8.36	4.69	21.31
Cash at Beginning of Period	4.75	5.56	20.43	28.80	24.11	2.79
Cash at End of Period	3.18	4.75	5.56	20.43	28.80	24.11
Free Cash Flow	284.27	-8.97	46.53	-39.50	48.04	-53.41
Supplemental Disclosures
Interest Paid	-	147.14	216.65	143.44	119.89	114.50
Income Taxes Paid	-	14.66	9.76	2.18	1.85	1.17

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Kodiak Gas Services Cash Flow

What is Kodiak Gas Services's free cash flow?

Kodiak Gas Services generated free cash flow of $284.27M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $599.74M minus $315.47M of capital expenditures. Free cash flow equaled 21.7% of revenue.

How much does Kodiak Gas Services spend on capital expenditures?

Kodiak Gas Services spent $315.47M on capital expenditures in fiscal 2025, compared with $336.96M a year earlier. That equals 52.6% of operating cash flow.

Does Kodiak Gas Services pay dividends or buy back shares?

Yes. In fiscal 2025 Kodiak Gas Services returned $159.56M in dividends and $103.97M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition