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Midas Edge

Kinetik Holdings Inc.

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 5, 2026

KNTK$48.77-0.8%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

REVENUE RECOGNITION

  1. REVENUE RECOGNITION

Disaggregation of Revenue

The following table presents a disaggregation of the Company’s revenue:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)
Gathering and processing services$116,576$103,338$297,239$343,918
Natural gas, NGLs and condensate sales447,923357,6081,250,956981,703
Other revenue4,9023,02312,6228,349
Total revenues$569,401$463,969$1,560,817$1,333,970

There have been no significant changes to the Company’s contracts with customers during the three and nine months ended September 30, 2026. The Company recognized $0.3 million and $4.6 million in revenues from MVC deficiency payments for the three and nine months ended September 30, 2026, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2025, respectively.

Remaining Performance Obligations

The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of September 30, 2026:

Amount
Fiscal Year(In thousands)
Remaining 2026$2,108
202752,083
202878,753
202978,601
203093,987
Thereafter113,267
$418,799

Our contractually committed revenue, for the purposes of the table above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs.

Contract Liabilities

The following table provides information about contract liabilities from contracts with customers as of September 30, 2026:

Amount
(In thousands)
Balance at December 31, 2025$36,632
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied(7,555)
Cash received in advance and not recognized as revenue12,029
Balance at September 30, 202641,106
Less: Current portion6,069
Non-current portion$35,037

Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, in the Condensed Consolidated Balance Sheets.

Contract Cost Assets

The Company has capitalized certain costs incurred to obtain a contract or additional contract dedicated acreage or volumes that would not have been incurred if the contract or associated acreage and volumes had not been obtained. As of September 30, 2026 and December 31, 2025, the Company had contract cost assets of $64.5 million and $61.6 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, in the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contract. The Company recognized cost of sales associated with these assets of $2.1 million and $1.7 million for the three months ended September 30, 2026 and 2025, respectively, and $6.1 million and $5.1 million for the nine months ended September 30, 2026 and 2025, respectively.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.