KINDER MORGAN, INC. KMI

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

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.

Last close 34.43 2026-10-23
Market cap $76.67B 2026-06-30 share count
52-week range 25.60 - 34.80

Valuation FY2025 figures against the last close

P/S5.0x
P/E25.1x
P/FCF26.5x
EV/EBITDA15.1x
Dividend yield3.4%
Diluted EPS1.37

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.371.171.061.120.780.050.96—0.010.25
EPS, diluted 1.371.171.061.120.780.050.960.660.010.25
Shares, diluted (wtd. avg.) 2.22B2.22B2.23B2.26B2.27B2.26B2.26B—2.23B2.23B

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B 20B Revenue, FY2016: 13.1B Gross profit, FY2016: 9.6B Net income, FY2016: 708M Revenue, FY2017: 13.7B Gross profit, FY2017: 9.4B Net income, FY2017: 183M Revenue, FY2018: 13.3B Gross profit, FY2018: 8.9B Net income, FY2018: 1.6B Revenue, FY2019: 12.1B Gross profit, FY2019: 8.8B Net income, FY2019: 2.2B Revenue, FY2020: 10.1B Gross profit, FY2020: 7.6B Net income, FY2020: 119M Revenue, FY2021: 16.2B Gross profit, FY2021: 9.7B Net income, FY2021: 1.8B Revenue, FY2022: 18.1B Gross profit, FY2022: 8.9B Net income, FY2022: 2.5B Revenue, FY2023: 13.6B Net income, FY2023: 2.4B Revenue, FY2024: 13.5B Net income, FY2024: 2.6B Revenue, FY2025: 15.2B Net income, FY2025: 3.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $13.06B $13.71B $13.32B $12.08B $10.10B $16.15B $18.13B $13.65B $13.48B $15.20B
Gross profit $9.63B $9.36B $8.90B $8.82B $7.55B $9.66B $8.87B — — —
Net income $708.0M $183.0M $1.61B $2.19B $119.0M $1.78B $2.55B $2.39B $2.61B $3.06B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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