KINDER MORGAN, INC. KMI
and 2. Business and Properties.
We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.
The following is a listing of significant developments and updates related to our major acquisition, divestiture, projects, and financing transactions. "Capital Scope" is estimated for our share of the described project and includes portions not yet completed. All expected in-service dates for projects listed below assume timely receipt and continued effectiveness of all necessary permits and approvals.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.20B | $13.48B | $13.65B | $18.13B | $16.15B | $10.10B | $12.08B | $13.32B | $13.71B | $13.06B |
| Cost of revenue | — | — | — | $9.26B | $6.49B | $2.54B | $3.26B | $4.42B | $4.34B | $3.43B |
| Gross profit | — | — | — | $8.87B | $9.66B | $7.55B | $8.82B | $8.90B | $9.36B | $9.63B |
| SG&A | $744.0M | $712.0M | $668.0M | $637.0M | $655.0M | $648.0M | $590.0M | $601.0M | $688.0M | $703.0M |
| Total operating expenses | $746.0M | $736.0M | $759.0M | $593.0M | $623.0M | $10.14B | $8.34B | $10.35B | $10.18B | $9.52B |
| Operating income | $4.72B | $4.38B | $4.26B | $4.07B | $2.92B | $1.56B | $4.87B | $3.79B | $3.53B | $3.54B |
| Interest expense | — | — | $1.80B | $1.51B | $1.49B | — | $1.80B | $1.92B | $1.83B | $1.81B |
| Pre-tax income | $3.99B | $3.41B | $3.20B | $3.33B | $2.22B | $661.0M | $3.17B | $2.51B | $2.16B | $1.64B |
| Income tax | $832.0M | $687.0M | $715.0M | $710.0M | $369.0M | $481.0M | $926.0M | $587.0M | $1.94B | $917.0M |
| Net income | $3.06B | $2.61B | $2.39B | $2.55B | $1.78B | $119.0M | $2.19B | $1.61B | $183.0M | $708.0M |
| EPS, basic | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 | 0.05 | 0.96 | — | 0.01 | 0.25 |
| EPS, diluted | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 | 0.05 | 0.96 | 0.66 | 0.01 | 0.25 |
| Shares, diluted (wtd. avg.) | $2.22B | $2.22B | $2.23B | $2.26B | $2.27B | $2.26B | $2.26B | — | $2.23B | $2.23B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.0M | $88.0M | $96.0M | $794.0M | $1.14B | $1.18B | $185.0M | $3.28B | $264.0M | $684.0M |
| Short-term investments | — | — | — | — | — | $0 | $925.0M | $0 | — | — |
| Receivables | — | — | — | — | — | — | $1.37B | $1.50B | $1.45B | $1.37B |
| Inventory | $574.0M | $555.0M | $525.0M | $634.0M | $562.0M | $348.0M | $371.0M | $385.0M | $424.0M | $357.0M |
| Total current assets | $2.75B | $2.52B | $2.54B | $3.80B | $3.83B | $3.20B | $3.24B | $5.72B | $2.71B | $3.23B |
| Property, plant and equipment | $39.33B | $38.01B | $37.30B | $35.60B | $35.65B | $35.84B | $36.42B | $37.90B | $40.16B | $38.70B |
| Goodwill | $20.08B | $20.08B | $20.12B | $19.96B | $19.91B | $19.85B | $21.45B | $21.96B | $22.16B | $22.15B |
| Other intangibles | $1.73B | $1.76B | $1.96B | $1.81B | $1.68B | $2.45B | $2.68B | $2.88B | $3.10B | $3.32B |
| Total assets | $72.75B | $71.41B | $71.02B | $70.08B | $70.42B | $71.97B | $74.16B | $78.87B | $79.06B | $80.31B |
| Accounts payable | $1.41B | $1.40B | $1.37B | $1.44B | $1.26B | $837.0M | $914.0M | $1.34B | $1.34B | $1.26B |
| Short-term debt | $1.23B | $2.01B | $4.05B | $3.38B | $2.65B | $2.56B | $2.48B | $3.39B | $2.83B | $2.70B |
| Total current liabilities | $4.32B | $5.10B | $7.22B | $6.93B | $5.82B | $5.07B | $5.10B | $7.56B | $6.18B | $5.92B |
| Long-term debt | $30.78B | $29.88B | $28.07B | $28.40B | $30.67B | $32.13B | $31.91B | $33.94B | $35.02B | $37.35B |
| Total liabilities | $40.30B | $39.54B | $39.29B | $37.96B | $38.49B | $39.41B | $39.27B | $43.67B | $43.93B | $45.50B |
| Retained earnings | -$10.18B | -$10.63B | -$10.69B | -$10.55B | -$10.60B | -$9.94B | -$7.69B | -$7.72B | -$7.75B | -$6.67B |
| Total equity | $31.16B | $30.53B | $31.73B | $32.11B | $31.92B | $31.84B | $34.09B | $34.53B | $35.12B | $34.80B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.92B | $5.63B | $6.49B | $4.97B | $5.71B | $4.55B | $4.75B | $5.04B | $4.60B | $4.76B |
| Depreciation and amortisation | $2.45B | $2.35B | $2.25B | $2.19B | $2.13B | $2.16B | $2.41B | $2.30B | $2.26B | $2.21B |
| Capital expenditure | $3.03B | $2.63B | $2.32B | $1.62B | $1.28B | $1.71B | $2.27B | $2.90B | $3.19B | $2.88B |
| Investing cash flow | -$3.18B | -$2.63B | -$4.17B | -$2.17B | -$2.31B | -$911.0M | -$1.71B | -$68.0M | -$3.40B | -$1.62B |
| Financing cash flow | -$2.84B | -$2.89B | -$3.01B | -$3.15B | -$3.46B | -$2.64B | -$6.18B | -$1.82B | -$1.68B | -$2.64B |
| Dividends paid | $2.60B | $2.56B | $2.53B | $2.50B | $2.44B | $2.36B | $2.16B | $1.62B | $1.12B | $1.12B |
| Buybacks | $0 | $7.0M | $522.0M | $368.0M | $0 | $50.0M | $2.0M | $273.0M | $250.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001506307-26-000011.
Others in SIC 4922
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |
| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |