Kodiak Gas Services, Inc.

THE WOODLANDS, Texas — November 9, 2026 — Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak” or the “Company”) today reported financial and operating results for the quarter ended September 30, 2026. The Company also increased full year 2026 Adjusted EBITDA and discretionary cash flow guidance.

Third Quarter 2026 and Recent Highlights

•Record Compression Infrastructure(1) segment revenues of $318.4 million

•Compression Infrastructure segment gross margin percentage of 47.5% and adjusted gross margin percentage(2) of 70.0%

•Reported Power Infrastructure(1) segment revenues of $42.0 million, a 27.6% increase compared to the second quarter of 2026

•Power Infrastructure segment gross margin percentage of 65.8% and adjusted gross margin percentage(2) of 75.2%

•Net income and adjusted net income(2) attributable to common shareholders of $71.5 million, or $0.70 per diluted share(2)

•Record adjusted EBITDA(2) of $224.5 million, a 28.5% increase compared to third quarter 2025

•Quarterly net cash provided by operating activities of $196.3 million and discretionary cash flow(2) of $158.5 million, a 35.9% increase compared to third quarter 2025

•Declared a quarterly dividend of $0.51 per share, a 4.1% increase over the second quarter of 2026

•Added 102 thousand horsepower of new, large compression units to revenue generating horsepower

•Achieved Compression Infrastructure fleet utilization of 98.3%, a 70 basis point increase compared to third quarter 2025, and Power Infrastructure fleet utilization of 92.5%

•Announced agreement to provide 76 megawatts of behind-the-meter, baseload power capacity, including balance of plant, to a West Texas data center

Revised 2026 Guidance

•Increased Adjusted EBITDA guidance to a range of $840 million to $860 million and discretionary cash flow guidance to a range of $580 million to $600 million

•Reduced Power Infrastructure segment growth capital expenditures to reflect updated expectations for the timing of new equipment deliveries, and slightly increased Compression Infrastructure segment growth capital expenditures to reflect incremental equipment deliveries

(1)The Company previously managed its business through two operating segments: Contract Services and Other Services. Following the acquisition of DPS, the Company established a new Power Infrastructure segment to represent its distributed power generation operations and renamed its Contract Services segment as Compression Infrastructure. See Segment Information section below for further details.

(2) Adjusted gross margin percentage, adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, and discretionary cash flow are non-GAAP financial measures. Definitions and reconciliations to the most comparable GAAP financial measure are included herein.

CEO Commentary

"Our third quarter results reflect the continued strength and profitability across our core business segments," said Mickey McKee, Kodiak's President and Chief Executive Officer. "Both our Compression Infrastructure and Power Infrastructure segments delivered exceptional financial results. In Compression Infrastructure, we delivered our third consecutive quarter of 70% adjusted gross margins, as increased operating efficiencies, driven by our focus on technology and cost discipline, offset inflationary pressures. In Power Infrastructure, our adjusted gross margin of 75.2% demonstrates the premium value customers place on reliable, scalable power solutions.

“The sizable sequential revenue increase in our Power Infrastructure segment is a direct reflection of the robust market demand for our assets — our gensets are realizing meaningful increases in pricing and, importantly, are staying on location longer, driving greater revenue visibility and returns. We recently achieved a significant milestone in our Power Infrastructure by commencing initial site work and beginning equipment setting at our data center project in West Texas, which will provide stable revenue in 2027. Given the high visible demand for large horsepower compression and the robust commercial pipeline of power projects, we remain highly confident in the long-term trajectory of both platforms and are focused on executing against our strategic priorities to drive sustainable value for our shareholders."

Segment Information

Compression Infrastructure segment revenue was $318.4 million in the third quarter of 2026, a 7.2% increase compared to $297.0 million in the third quarter of 2025. Compression Infrastructure segment gross margin was $151.2 million in the third quarter of 2026, a 10.8% increase compared to $136.4 million in the third quarter of 2025 and adjusted gross margin was $222.8 million in the third quarter of 2026, a 9.9% increase compared to $202.7 million in the third quarter of 2025.

Power Infrastructure segment revenue was $42.0 million in the third quarter of 2026. Gross margin and adjusted gross margin were $27.6 million and $31.6 million, respectively, in the third quarter of 2026.

Other Services segment revenue was $41.4 million in the third quarter of 2026, a 60.6% increase compared to $25.8 million in the third quarter of 2025. Other Services segment gross margin and adjusted gross margin were each $4.7 million in the third quarter of 2026, a 23.5% increase compared to $3.8 million for each measure in the third quarter of 2025.

Financial Results

Net income attributable to common shareholders was $71.5 million or $0.70 per share, in the third quarter of 2026.

Long-Term Debt and Liquidity

Total debt outstanding was $2.8 billion as of September 30, 2026. The Company had $1.6 billion available on its ABL Facility and $1.7 billion in total liquidity including cash on the balance sheet as of September 30, 2026. Kodiak’s credit agreement leverage ratio was 3.1x for the third quarter of 2026.

Share Repurchase Program Extension

On November 4, 2026, the Company's Board of Directors extended the expiration date of the Company's share repurchase program to December 31, 2027. The Company has approximately $31.7 million available for share repurchases under its share repurchase program.

        2

Summary Financial Data

						Three Months Ended
(in thousands, excluding percentages)						September 30, 2026						June 30, 2026						September 30, 2025
Total revenues						$	401,792					$	391,120					$	322,744
Net income (loss) attributable to common shareholders						$	71,533					$	51,971					$	(14,011)
Adjusted net income (1)						$	71,533					$	54,275					$	31,539
Adjusted EBITDA (1)						$	224,493					$	216,846					$	174,702
Adjusted EBITDA percentage (1)						55.9		%				55.4		%				54.1		%
Compression Infrastructure revenue						$	318,434					$	315,125					$	296,970
Compression Infrastructure adjusted gross margin (1)						$	222,820					$	220,690					$	202,748
Compression Infrastructure adjusted gross margin percentage (1)						70.0		%				70.0		%				68.3		%
Power Infrastructure revenue						$	41,955					$	32,891					$	—
Power Infrastructure adjusted gross margin (1)						$	31,551					$	21,205					$	—
Power Infrastructure adjusted gross margin percentage (1)						75.2		%				64.5%						—%
Other Services revenue						$	41,403					$	43,104					$	25,774
Other Services adjusted gross margin (1)						$	4,672					$	4,869					$	3,782
Other Services adjusted gross margin percentage (1)						11.3		%				11.3		%				14.7		%
Maintenance capital expenditures						$	21,372					$	19,947					$	19,765
Growth capital expenditures (2)
Compression Infrastructure						$	110,795					$	66,790					$	80,330
Power Infrastructure						67,873						134,371						—
Other capital expenditures (3)						10,695						53,709						12,202
Total Growth and Other capital expenditures						$	189,363					$	254,870					$	92,532
Discretionary cash flow (1)						$	158,475					$	163,251					$	116,652
Free cash flow (1)						$	(28,079)					$	(87,496)					$	33,463

(1)Adjusted net income, adjusted EBITDA, adjusted EBITDA percentage, adjusted gross margin, adjusted gross margin percentage, discretionary cash flow and free cash flow are non-GAAP financial measures. For definitions and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures” below.

(2)Growth capital expenditures made to (1) expand the operating capacity or operating income capacity of assets including, but not limited to, the acquisition of additional compression and power generation units, upgrades to existing equipment, expansion of supporting infrastructure, and implementation of new technologies, (2) maintain the operating capacity or operating income capacity of assets by acquisition of replacement compression and power generation units and their supporting infrastructure, and (3) expand the operating capacity or operating income capacity of existing assets.

(3)Other capital expenditures made on assets required to support our operations—such as rolling stock, leasehold improvements, technology hardware and software and related implementation expenditures, safety enhancements to equipment, and other general items that are typically capitalized and that have a useful life beyond one year.

        3

Summary Operating Data

(as of the dates indicated)

			Compression Infrastructure																		Power Infrastructure
			September 30, 2026						June 30, 2026						Percentage Change						September 30, 2026						June 30, 2026						Percentage Change
Fleet capacity (hp / MW) (1)			4,592,143 hp						4,495,394 hp						2.2		%				413 MW						405 MW						2.0		%
Revenue-generating (hp / MW) (2)			4,515,584 hp						4,413,451 hp						2.3		%				382 MW						363 MW						5.2		%
Fleet units			4,642						4,623						0.4		%				153						149						2.7		%
Revenue-generating units			4,488						4,452						0.8		%				140						129						8.5		%
Output per revenue-generating unit (3)			1,006 hp						991 hp						1.5		%				3 MW						3 MW						—		%
Fleet utilization (4)			98.3		%				98.2		%				0.1		%				92.5		%				89.6		%				3.2		%

(1)			Fleet capacity includes (x) revenue-generating and (y) idle horsepower or megawatts, respectively, which is comprised of units that do not have a signed contract or are not subject to a firm commitment from our customers and therefore are not currently generating revenue.
(2)			Revenue-generating horsepower and megawatts include units that are operating under contract and generating revenue and units which are available to be deployed and for which we have a signed contract or are subject to a firm commitment from our customer.
(3)			Calculated as (i) revenue-generating horsepower or megawatts, respectively, divided by (ii) revenue-generating units at period end.
(4)			Fleet utilization is calculated as (i) revenue-generating horsepower or megawatts, respectively, divided by (ii) fleet horsepower or megawatts, respectively.

        4

Full-Year 2026 Guidance

Kodiak is providing revised guidance for the full year 2026. The full year 2026 guidance below incorporates three quarters of the financial impact of the DPS acquisition given the April 1, 2026 closing date.

						Full-Year 2026 Guidance
(in thousands, excluding percentages)						Low						High
Adjusted EBITDA (1)						$	840,000					$	860,000
Discretionary cash flow (1)(2)						$	580,000					$	600,000
Segment Information
Compression Infrastructure revenue						$	1,255,000					$	1,275,000
Compression Infrastructure adjusted gross margin percentage (1)						69.5		%				70.5		%
Power Infrastructure revenue						$	100,000					$	120,000
Power Infrastructure adjusted gross margin percentage (1)						65.0		%				70.0		%
Other Services revenue						$	125,000					$	160,000
Other Services adjusted gross margin percentage (1)						12.0		%				15.0		%
Capital Expenditures
Maintenance capital expenditures						$	80,000					$	90,000
Growth capital expenditures:
Compression Infrastructure						$	290,000					$	310,000
Power Infrastructure						350,000						400,000
Total Growth capital expenditures						$	640,000					$	710,000
Other capital expenditures (3)						$	45,000					$	55,000
Total Growth and Other capital expenditures						$	685,000					$	765,000

(1)The Company is unable to reconcile projected adjusted EBITDA to projected net income (loss) and discretionary cash flow to projected net cash provided by operating activities and projected adjusted gross margin percentage to projected gross margin percentage, the most comparable financial measures calculated in accordance with GAAP, respectively, without unreasonable efforts because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations.

(2)Discretionary cash flow guidance assumes no change to Secured Overnight Financing Rate futures.

(3)Other capital expenditures guidance excludes a $42.6 million non-cash finance lease addition related to one of our operational offices. Although recognized in the second quarter of 2026 capital expenditures, this non-cash activity is not reflected in the investing section of our statement of cash flows and is therefore excluded from our full-year capital expenditures guidance.

        5

Conference Call

Kodiak will conduct a conference call on Monday, November 9, 2026, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss financial and operating results for the quarter ended September 30, 2026. To listen to the call by phone, dial 877-407-4012 and ask for the Kodiak Gas Services call at least 10 minutes prior to the start time. To listen to the call via webcast, please visit the Investors tab of Kodiak’s website at www.kodiakgas.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding: (i) expected operating results, such as revenue growth and earnings, including the integration of acquired businesses and assets into our operations, and our ability to service our indebtedness; (ii) anticipated levels of capital expenditures and uses of capital; (iii) current or future volatility in the credit markets and future market conditions; (iv) potential or pending acquisition transactions or other strategic transactions, the timing thereof, the receipt of necessary approvals to close such acquisitions, our ability to finance such acquisitions, and our ability to achieve the intended operational, financial, and strategic benefits from any such transactions; (v) expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities, and governmental and regulatory investigations and proceedings; (vi) production and capacity forecasts for the natural gas and oil industry; (vii) strategy for customer retention, growth, fleet maintenance, market position and financial results; (viii) interest rate hedges; and (ix) strategy for risk management.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Please refer to the factors discussed throughout the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2026 and September 30, 2026, each as filed with the U.S. Securities and Exchange Commission, and any updates to those factors set forth in our other subsequent quarterly reports on Form 10-Q or current reports on Form 8-K, which can be found at the SEC’s website www.sec.gov. The discussion of these factors is specifically incorporated by reference into this news release.

Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by applicable law, we undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

        7

KODIAK GAS SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

						Three Months Ended
(in thousands, except per share data)						September 30, 2026						June 30, 2026						September 30, 2025
Revenues:
Compression Infrastructure						$	318,434					$	315,125					$	296,970
Power Infrastructure						41,955						32,891						—
Other Services						41,403						43,104						25,774
Total revenues						401,792						391,120						322,744
Operating expenses:
Cost of operations (exclusive of depreciation and amortization shown below):
Compression Infrastructure						95,614						94,435						94,222
Power Infrastructure						10,404						11,686						—
Other Services						36,731						38,235						21,992
Depreciation and amortization						75,573						78,650						66,329
Selling, general and administrative						42,952						40,918						37,771
Loss on sale of assets						2,028						2,959						38,230
Total operating expenses						263,302						266,883						258,544
Income from operations						138,490						124,237						64,200
Other expenses:
Interest expense						(47,410)						(50,061)						(56,406)
Other expense, net						(663)						(939)						(28,292)
Total other expenses, net						(48,073)						(51,000)						(84,698)
Income (loss) before income taxes						90,417						73,237						(20,498)
Income tax expense (benefit)						18,884						21,093						(6,301)
Net income (loss)						71,533						52,144						(14,197)
Less: Net income (loss) attributable to noncontrolling interests						—						173						(186)
Net income (loss) attributable to common shareholders						$	71,533					$	51,971					$	(14,011)
Earnings (loss) per share attributable to common shareholders:
Basic						$	0.70					$	0.54					$	(0.17)
Diluted						$	0.70					$	0.53					$	(0.17)
Weighted average shares outstanding:
Basic						101,273						95,458						87,055
Diluted						102,191						96,805						87,055

        8

KODIAK GAS SERVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands)						September 30, 2026						December 31, 2025
Assets
Current assets:
Cash and cash equivalents						$	86,949					$	3,179
Accounts receivable, net						291,946						197,600
Inventories, net						113,033						101,530
Contract assets						14,197						5,190
Prepaid expenses and other current assets						20,887						15,637
Total current assets						527,012						323,136
Property, plant and equipment, net						4,049,228						3,377,555
Operating lease right-of-use assets, net						24,214						42,218
Finance lease right-of-use assets, net						46,362						6,500
Goodwill						747,507						408,681
Identifiable intangible assets, net						184,746						154,474
Fair value of derivative instruments						19,155						4,664
Other assets						14,804						789
Total assets						$	5,613,028					$	4,318,017
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable						$	128,944					$	72,974
Accrued liabilities						161,744						218,463
Contract liabilities						110,879						94,505
Total current liabilities						401,567						385,942
Long-term debt, net of unamortized debt issuance cost						2,760,495						2,555,250
Operating lease liabilities						27,014						39,391
Finance lease liabilities						44,518						4,405
Deferred tax liabilities						178,899						122,851
Other liabilities						1,977						2,782
Total liabilities						$	3,414,470					$	3,110,621
Stockholders’ equity:
Preferred stock						—						4
Common stock						1,059						903
Additional paid-in capital						2,320,864						1,334,333
Treasury stock, at cost						(143,968)						(143,968)
Noncontrolling interest						—						4,910
Accumulated other comprehensive income (loss)						9,914						(1,586)
Retained earnings						10,689						12,800
Total stockholders’ equity						2,198,558						1,207,396
Total liabilities and stockholders’ equity						$	5,613,028					$	4,318,017

        9

KODIAK GAS SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

			Nine Months Ended September 30,
(in thousands)			2026						2025
Cash flows from operating activities:
Net income			$	141,537					$	56,823
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			222,904						202,993
Equity compensation expense			23,594						18,013
Amortization of debt issuance costs			8,987						9,734
Non-cash lease expense			9,160						6,042
Provision for credit losses			4,278						1,032
Inventory reserve			—						124
Loss on sale of assets			6,248						54,047
Loss on discontinuation of hedge			—						9,398
Amortization of interest rate swap			—						5,152
Deferred tax provision			55,839						15,084
Loss on extinguishment of debt			36,512						—
Changes in operating assets and liabilities, net of acquisition
Accounts receivable			(75,046)						25,479
Inventories			(8,277)						1,359
Contract assets			(9,007)						2,693
Prepaid expenses and other current assets			(3,621)						(11,625)
Accounts payable			15,798						6,681
Accrued and other liabilities			(50,310)						3,567
Contract liabilities			588						(2,479)
Other assets			(12,247)						761
Net cash provided by operating activities			366,937						404,878
Cash flows from investing activities:
Acquisition of DPS, net of cash acquired			(575,965)						—
Purchase of property, plant and equipment			(544,300)						(262,641)
Proceeds from sale of assets			10,399						26,949
Net cash used for investing activities			(1,109,866)						(235,692)
Cash flows from financing activities:
Borrowings on debt instruments			2,324,950						2,506,305
Payments on debt instruments			(2,150,830)						(2,455,996)
Principal payments on other borrowings			(4,833)						(4,645)
Payment of debt issuance cost			(14,374)						(26,457)
Principal payments on finance leases			(1,666)						(2,393)
Proceeds from issuance of common stock, net of issuance costs			836,132						—
Dividends paid to stockholders			(142,684)						(116,571)
Repurchase of common shares			—						(70,320)
Cash paid for shares withheld to cover taxes			(20,998)						(6,013)
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock			—						3,906
Distributions to noncontrolling interest			(220)						(1,028)
Other			1,222						—
Net cash provided by (used for) financing activities			826,699						(173,212)
Net increase (decrease) in cash and cash equivalents			83,770						(4,026)
Cash and cash equivalents - beginning of period			3,179						4,750
Cash and cash equivalents - end of period			$	86,949					$	724

        10

KODIAK GAS SERVICES, INC.

RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE

TO ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE

(UNAUDITED)

						Three Months Ended
(in thousands)						September 30, 2026						June 30, 2026						September 30, 2025
Net income (loss)						$	71,533					$	52,144					$	(14,197)
Transaction expenses (1)						—						3,300						1,523
Sales tax reserve						—						—						27,968
Loss on disposal of business						—						—						33,349
Tax effect of adjustments (2)						—						(1,169)						(17,104)
Adjusted net income						$	71,533					$	54,275					$	31,539
Weighted-average common shares outstanding:
Diluted						102,191						96,805						87,055
Diluted earnings per common share						$	0.70					$	0.53					$	(0.17)
Transaction expenses (1)						—						0.03						0.02
Sales tax reserve						—						—						0.32
Loss on disposal of business						—						—						0.38
Tax effect of adjustments (2)						—						(0.01)						(0.19)
Adjusted diluted earnings per common share						$	0.70					$	0.55					$	0.36

(1)Represents certain costs associated with non-recurring professional services and other costs, primarily related to the acquisition of DPS for the three months ended June 30, 2026.

(2)Represents the estimated tax effect of adjustments calculated using the Company’s adjusted tax provision.

        11

KODIAK GAS SERVICES, INC.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(UNAUDITED)

						Three Months Ended
(in thousands, excluding percentages)						September 30, 2026						June 30, 2026						September 30, 2025
Net income (loss)						$	71,533					$	52,144					$	(14,197)
Interest expense						47,410						50,061						56,406
Income tax expense (benefit)						18,884						21,093						(6,301)
Depreciation and amortization						75,573						78,650						66,329
Equity compensation expense						9,065						8,639						4,744
Transaction expenses (1)						—						3,300						1,523
Sales tax reserve						—						—						27,968
Loss on disposal of business						—						—						33,349
Loss on sale of assets						2,028						2,959						4,881
Adjusted EBITDA						$	224,493					$	216,846					$	174,702
Net income percentage						17.8%						13.3%						(4.4)%
Adjusted EBITDA percentage						55.9%						55.4%						54.1%

(1)Represents certain costs associated with non-recurring professional services and other costs, primarily related to the acquisition of DPS for the three months ended June 30, 2026.

        12

KODIAK GAS SERVICES, INC.

RECONCILIATION OF ADJUSTED GROSS MARGIN TO GROSS MARGIN

(UNAUDITED)

Compression Infrastructure

						Three Months Ended
(in thousands, excluding percentages)						September 30, 2026						June 30, 2026						September 30, 2025
Total revenues						$	318,434					$	315,125					$	296,970
Cost of operations (exclusive of depreciation and amortization)						(95,614)						(94,435)						(94,222)
Depreciation and amortization						(71,643)						(73,106)						(66,329)
Gross margin						$	151,177					$	147,584					$	136,419
Gross margin percentage						47.5%						46.8%						45.9%
Depreciation and amortization						71,643						73,106						66,329
Adjusted gross margin						$	222,820					$	220,690					$	202,748
Adjusted gross margin percentage						70.0%						70.0%						68.3%

Power Infrastructure

						Three Months Ended
(in thousands, excluding percentages)						September 30, 2026						June 30, 2026						September 30, 2025
Total revenues						$	41,955					$	32,891					$	—
Cost of operations (exclusive of depreciation and amortization)						(10,404)						(11,686)						—
Depreciation and amortization						(3,930)						(5,544)						—
Gross margin						$	27,621					$	15,661					$	—
Gross margin percentage						65.8%						47.6%						—%
Depreciation and amortization						3,930						5,544						—
Adjusted gross margin						$	31,551					$	21,205					$	—
Adjusted gross margin percentage						75.2%						64.5%						—%

Other Services

						Three Months Ended
(in thousands, excluding percentages)						September 30, 2026						June 30, 2026						September 30, 2025
Total revenues						$	41,403					$	43,104					$	25,774
Cost of operations (exclusive of depreciation and amortization)						(36,731)						(38,235)						(21,992)
Depreciation and amortization						—						—						—
Gross margin						$	4,672					$	4,869					$	3,782
Gross margin percentage						11.3%						11.3%						14.7%
Depreciation and amortization						—						—						—
Adjusted gross margin						$	4,672					$	4,869					$	3,782
Adjusted gross margin percentage						11.3%						11.3%						14.7%

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KODIAK GAS SERVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO DISCRETIONARY CASH FLOW AND FREE CASH FLOW

(UNAUDITED)

						Three Months Ended
(in thousands)						September 30, 2026						June 30, 2026						September 30, 2025
Net cash provided by operating activities						$	196,290					$	99,465					$	113,378
Maintenance capital expenditures						(21,372)						(19,947)						(19,765)
Transaction expenses (1)						—						3,300						1,523
Sales tax reserve						—						—						27,968
Change in operating assets and liabilities						(12,493)						85,492						(6,637)
Other (2)						(3,950)						(5,059)						185
Discretionary cash flow						$	158,475					$	163,251					$	116,652
Growth capital expenditures (3)
Compression Infrastructure						(110,795)						(66,790)						(80,330)
Power Infrastructure						(67,873)						(134,371)						—
Other capital expenditures (4)						(10,695)						(53,709)						(12,202)
Proceeds from sale of assets						2,809						4,123						9,343
Free cash flow						$	(28,079)					$	(87,496)					$	33,463

(1)Represents certain costs associated with non-recurring professional services and other costs, primarily related to the acquisition of DPS for the three months ended June 30, 2026.

(2)Includes non-cash lease expense, provision for credit losses and inventory reserve.

(3)For the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, growth capital expenditures includes a $17.4 million increase, a $32.0 million increase and a $9.6 million increase in accrued capital expenditures, respectively.

(4)For the three months June 30, 2026, Other capital expenditures include a $42.6 million non-cash finance lease addition related to one of our operational offices. While included in our other capital expenditure metric, this finance lease commencement is a non-cash activity and therefore is not reflected as a capital expenditure within the investing section of our statement of cash flows.

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