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Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
12. Stockholders’ Equity
Issuance of Common stock
On May 13, 2026, the Company completed an underwritten public offering of 10.6 million shares of its common stock at a public offering price of $71.00 per share. The underwriters exercised their option to purchase an additional 1.6 million shares, which was fully exercised on May 14, 2026. The offering, including the sale of the option shares, closed on May 15, 2026. The Company received aggregate net proceeds of approximately $836.1 million, after deducting underwriting discounts and offering expenses.
Share Repurchases
Kodiak’s board of directors (“Board”) has authorized a share repurchase program of up to $100.0 million of the Company’s outstanding common stock (the “Share Repurchase Program”) through December 31, 2026. As of June 30, 2026, $31.7 million remains available for repurchase under the Share Repurchase Program.
Preferred Stock
Holders of the Company’s preferred stock are entitled to one vote for each share, voting proportionally with holders of common stock. The preferred stock lacks economic benefits beyond its par value of $0.01 per share (with a maximum value of $50,000), as it does not participate in earnings or cash dividends of Kodiak. Rather, it solely represents a voting share. Each preferred stock holds an equal number of OpCo Units, representing economic interests in Kodiak’s subsidiary, Kodiak Services. Each OpCo Unit is redeemable at the option of the holder for (i) one share of common stock (along with cancellation of a corresponding share of preferred stock) or (ii) cash at Kodiak Services’ election, and subject to certain conditions. On or after April 1, 2029, Kodiak shall have the right to effect redemption of such OpCo Units (along with corresponding share of preferred stock). The OpCo Units represent and are accounted for as noncontrolling interests in Kodiak Services. For the six months ended June 30, 2026 and the year ended December 31, 2025, a total of 0.1 million and 0.5 million, respectively, shares of preferred stock and OpCo Units were converted into an equivalent number of common stock shares.
2023 Omnibus Incentive Plan
On June 20, 2023, Kodiak’s Board authorized and adopted the Kodiak Gas Services, Inc. Omnibus Incentive Plan (the “Omnibus Plan”) for employees, consultants and directors. The Omnibus Plan enables Kodiak’s Board (or a committee authorized by Kodiak’s Board) to award incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards and substitute awards intended to attract, retain and motivate key talent, including the Company’s named executive officers, while aligning compensation with long-term Company performance and shareholder returns. As of June 30, 2026, a total of 6.0 million shares of common stock has been reserved for issuance pursuant to awards under the Omnibus Plan.
Restricted Stock Units
Restricted stock units (“RSUs”) are time-based units that vest ratably over a three-year period, subject to continuous service through each vesting date. Stock-based compensation for RSUs is recognized on a straight-line basis over the requisite service period.
Performance Stock Units
Performance stock units (“PSUs”) cliff vest at the end of a three-year performance period, with the ultimate number of shares earned and issued ranging from 0 - 200% of the number of shares subject to the PSU award based on the Company's achievement of certain predefined internal targets and the Company’s performance relative to its peers as described in the underlying PSU agreement, subject to continuous service through the end of the performance period. With respect to each PSU, each PSU holder is granted associated dividend equivalents rights. In the event that the Company declares and pays a regular cash dividend, on the record date for such dividend, the Company will accrue a dividend equivalent based on the number of PSUs expected to vest. The fair value of the market condition within the PSUs is determined using a Monte Carlo valuation model. Stock-based compensation for PSUs is recognized on a straight-line basis over the vesting period based on the probable performance outcome. The Company reassesses the probability of achieving the performance targets each reporting period and adjusts compensation expense accordingly.
The following table summarizes award activity under the Omnibus Plan for the six months ended June 30, 2026:
RSUsPSUs
Number of
RSUs		Weighted-
Average Price		Number of
PSUs		Weighted-
Average Price
Outstanding at December 31, 2025
1,181,493$26.94 918,235$24.93 
Granted354,28457.84 159,13365.96 
Vested or exercised(394,525)28.48 (423,500)16.76 
Forfeited or cancelled(18,688)39.66 (269)65.84 
Performance adjustment (1)
— — 156,00016.76 
Outstanding at June 30, 2026
1,122,564$36.61 809,599$35.68 
Stock awards expected to vest1,122,564$36.61 809,599$35.68 
(1)
Represents additional shares expected to vest based on the probability of the performance conditions exceeding the target level.
As of June 30, 2026, the total future compensation cost related to non-vested equity awards was approximately $51.9 million to be recognized over the weighted-average period of 2.2 years, assuming the performance-based restricted stock units vest at 140%, pursuant to the terms of the applicable award. During the three and six months ended June 30, 2026, approximately $8.6 million and $14.5 million, respectively, in equity compensation expense was recognized in selling, general and administrative expenses. During the three and six months ended June 30, 2025, approximately $6.3 million and
$13.3 million, respectively, in equity compensation expense was recognized in selling, general and administrative expenses.
Dividends
The following table summarizes dividends declared and paid in each of the quarterly periods of 2026 and 2025:
Dividends per Common ShareDividends Paid
(in thousands)
2026
Q1$0.49 $43,024 
Q20.49 50,025 
2025
Q1$0.41 $36,956 
Q20.45 40,647 
Q30.45 40,427 
Q40.49 43,400 
Subsequent to quarter end, on August 5, 2026, the Company’s Board declared a cash dividend of $0.49 per share for the quarter ended June 30, 2026, which is payable on August 27, 2026, to shareholders of record as of the close of business on August 17, 2026 (the “Common Stock Dividend”). In conjunction with the Common Stock Dividend, Kodiak Services declared a distribution on its units of $0.49 per unit payable on August 27, 2026 to all unit holders of record of Kodiak Services as of the close of business on August 17, 2026.