Q2 26 EPS GAAP
$0.64
BEAT +322.44%
Est. $0.15
Includes $49.6 million commodity hedging unrealized gain and $5.4 million litigation costs in Q2 2026
Q2 26 Revenue
$581.4M
BEAT +30.94%
Est. $444.0M
vs S&P Since Q2 26
+0.5%
BEATING MARKET
KNTK +1.1% vs S&P +0.6%
Market Reaction
Did KNTK Beat Earnings? Q2 2026 Results
Kinetik Holdings Inc. Delivered a sharply stronger-than-expected second quarter in 2026, posting GAAP diluted EPS of $0.64 against a consensus estimate of $0.19, a beat of 236.84%, though the figure includes a $49.6 million unrealized commodity hedgi… Read more Kinetik Holdings Inc. Delivered a sharply stronger-than-expected second quarter in 2026, posting GAAP diluted EPS of $0.64 against a consensus estimate of $0.19, a beat of 236.84%, though the figure includes a $49.6 million unrealized commodity hedging gain and $5.4 million in litigation costs. Revenue climbed 36.3% year over year to $581.44 million, powered largely by the Midstream Logistics segment, which grew Adjusted EBITDA 35% to $204.77 million as improved NGL recoveries, condensate yields, and commodity prices lifted product revenue. Consolidated Adjusted EBITDA reached $280.78 million versus $242.93 million a year ago, even as Waha price-related curtailments held processed volumes flat at 1.74 Bcf/d. Looking ahead, management raised full-year 2026 Adjusted EBITDA guidance to $1.04 billion to $1.10 billion, a 7% increase at the midpoint from February targets, and approved the Kings Landing II processing expansion, which is expected to push system capacity to 2.7 Bcf/d by mid-2028 and reflects growing Permian Basin demand from LNG exports and data centers.
Key Takeaways
- • Strong system operating performance with improved NGL recoveries and condensate yields
- • Favorable commodity prices and spreads including commodity margin outperformance
- • Midstream Logistics segment Adjusted EBITDA up 35% year-over-year
- • Processed gas volumes of 1.74 Bcf/d flat year-over-year despite estimated 250 MMcf/d Waha price-related shut-ins
- • Permian Highway Pipeline outperformed on lower fuel costs and higher gross margin
- • Shin Oak outperformed expectations on more robust throughput volumes
KNTK Forward Guidance & Outlook
Kinetik raised its full year 2026 Adjusted EBITDA guidance to $1.04 billion to $1.1 billion, a 7% increase at the midpoint from original February guidance and approximately 15% increase year-over-year pro forma the EPIC Crude divestiture. The company expects Q3 2026 Adjusted EBITDA of $260-$270 million and Q4 2026 Adjusted EBITDA of $270-$280 million. Capital expenditures guidance increased to approximately $560 million (including maintenance), driven by KLII, accelerated producer development, optimization projects, long-lead equipment for the next processing plant, and ECCC Pipeline expansion right-of-way procurement. Guidance assumes approximately 25 MMcf/d of curtailments on average for H2 2026 and a processed gas volume exit rate of nearly 2.2 Bcf/d (approximately 20% exit-to-exit increase). Commodity assumptions include WTI at $78.65/bbl, Houston Ship Channel natural gas at $2.83/MMBtu, Waha Hub at ($0.26)/MMBtu, and composite NGLs at $0.62/gallon.
KNTK YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
KNTK Revenue by Segment
With YoY comparisons, source: SEC Filings
“Kinetik delivered exceptional second quarter 2026 results, significantly exceeding expectations. Our performance during the quarter demonstrates the strength and resilience of our integrated business model, the quality and diversification of our asset footprint, and our continued strong operational performance, which enabled Kinetik to deliver the strongest financial results in Company history.”
— Jamie Welch, Q2 2026 Earnings Press Release
KNTK Earnings Trends
KNTK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KNTK EPS Trend
Earnings per share: estimate vs actual
KNTK Revenue Trend
Quarterly revenue: estimate vs actual
KNTK Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $49.6 million commodity hedging unrealized gain and $5.4 million litigation costs in Q2 2026 | $0.15 | $0.64 | +322.44% | $581.4M | +30.94% |
| Q1 26 MISS | $0.24 | $-0.07 | -129.26% | $410.0M | -6.41% |
| Q4 25 BEAT FY | $0.34 | $2.16 | +543.05% | $430.4M | -7.66% |
| FY Full Year | $1.75 | $2.63 | +50.61% | $1.76B | -2.41% |
| Q3 25 MISS | $0.28 | $0.03 | -89.26% | $464.0M | +7.70% |
| Q2 25 MISS | $0.37 | $0.33 | -11.67% | $426.7M | +8.18% |
| Q1 25 MISS | $0.35 | $0.05 | -85.91% | $443.3M | +10.15% |