Does Kodiak’s Q2 2026 Cash Squeeze Amid Dividend Hike Change The Bull Case For KGS?

Kodiak Gas Services reported strong revenue and net income for Q2 2026, but missed non-GAAP EPS expectations and experienced negative free cash flow. Despite these concerns, the company declared a US$0.49 per-share dividend. This raises questions about Kodiak's ability to consistently fund dividends from internal cash flow given its capital-intensive business and leveraged balance sheet.