As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the infrastructure industry, including Kodiak Gas Services (NYSE: KGS) and its peers.

Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations.

The 8 infrastructure stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 14.9%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.1% since the latest earnings results.

Kodiak Gas Services (NYSE: KGS)

Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE: KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation.

Kodiak Gas Services reported revenues of $345.8 million, up 4.9% year on year. This print exceeded analysts’ expectations by 1.3%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Kodiak Gas Services delivered the weakest performance against analyst estimates of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 4.1% since reporting and currently trades at $66.80.

Is now the time to buy Kodiak Gas Services? Access our full analysis of the earnings results here, it’s free.

Best Q1: Kinder Morgan (NYSE: KMI)

Operating what amounts to the toll roads of the energy industry, Kinder Morgan (NYSE: KMI) transports natural gas, refined petroleum products, and crude oil through its pipeline network across North America.

Kinder Morgan reported revenues of $4.83 billion, up 13.8% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.6% since reporting. It currently trades at $31.31.

Is now the time to buy Kinder Morgan? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Calumet (NASDAQ: CLMT)

With roots dating back to 1919 and facilities strategically positioned from Louisiana to Montana, Calumet (NASDAQ: CLMT) refines crude oil into specialty products like lubricating oils, solvents, and waxes used in cosmetics, batteries, and industrial applications.

Calumet reported revenues of $1.03 billion, up 3.6% year on year, exceeding analysts’ expectations by 8%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Calumet delivered the slowest revenue growth in the group. As expected, the stock is down 1.4% since the results and currently trades at $34.13.

Read our full analysis of Calumet’s results here.

Genesis Energy (NYSE: GEL)

Operating a 64% stake in the Poseidon Pipeline, one of the Gulf of Mexico's largest crude oil pipelines, Genesis Energy (NYSE: GEL) provides midstream services like pipeline transportation, storage, and processing for crude oil and natural gas producers and refiners.

Genesis Energy reported revenues of $446.6 million, up 12.1% year on year. This result beat analysts’ expectations by 11.4%. Zooming out, it was a slower quarter as it recorded a significant miss of analysts’ EPS and EBITDA estimates.

The stock is down 6.8% since reporting and currently trades at $15.31.

Read our full, actionable report on Genesis Energy here, it’s free.

Expand Energy (NASDAQ: EXE)

Rebranded from Chesapeake Energy in 2024 after emerging from bankruptcy, Expand Energy (NASDAQ: EXE) produces natural gas, oil, and natural gas liquids from underground shale formations in Louisiana, Pennsylvania, Ohio, and West Virginia.

Expand Energy reported revenues of $4.53 billion, up 41% year on year. This number surpassed analysts’ expectations by 48.2%. Overall, it was an exceptional quarter as it also recorded an impressive beat of analysts’ EBITDA and EPS estimates.

Expand Energy achieved the biggest analyst estimate beat among its peers. The stock is down 8.2% since reporting and currently trades at $88.99.

Read our full, actionable report on Expand Energy here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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