KMIKinder Morgan

Energy · Pipelines · NYSE

Headquarters: Houston, TX
CEO: Kimberly A. Dang
Next results: around Jan 20, 2027

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.62	Sales (ttm)	18.3B	Net income (ttm)	3.6B	Sales growth	+12.2%	EPS growth	+17.1%	Sales Q/Q	+9.3%
Free cash flow	3.1B	Gross margin	-	Oper. margin	29.0%	Net margin	19.6%	FCF margin	16.8%	ROE	11.4%
ROA	4.8%	R&D / sales	-	Dividend	1.17	Debt/Eq	1.05	Curr. ratio	0.67	Cash	918.0M
Op. cash flow (ttm)	6.7B	EBITDA	7.2B	EBITDA margin	42.4%	Net debt	32.2B	Quick ratio	0.56	Interest cover	2.61
ROIC	5.8%	Payout ratio	85.4%	Tax rate	20.8%	Shares out.	2.2B	Shares Y/Y	+0.1%	Book / share	14.18
Cash / share	0.41	Sales / share	8.23	Asset turnover	0.24	Days sales out.	30	Sales 3Y CAGR	-4.1%	Sales 5Y CAGR	+7.7%
EPS 3Y CAGR	+6.9%	EPS 5Y CAGR	+93.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +12.2%-1.5% → +12.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

KMI against Energy peers

Ten years, side by side → · All 21 →

KMIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

+12.2%7th of 21 · median -0.3%

Net margin

19.6%8th of 21 · median 13.5%

Return on equity

11.4%17th of 21 · median 17.4%

Free cash flow margin

16.8%5th of 14 · median 12.1%

Debt / equity (less is better)

1.0516th of 20 · median 0.41

KMI and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
KMI Kinder Morgan	$18.3B	+12.2%	-	19.6%	11.4%	16.8%	1.05
HAL Halliburton	$22.5B	-3.3%	-	8.9%	18.0%	7.1%	0.64
DVN Devon Energy	$22.2B	+7.8%	-	16.2%	8.6%	23.5%	0.25
FANG Diamondback Energy	$18.6B	+35.8%	-	11.0%	5.3%	-	0.30
TRGP Targa Resources	$18.2B	+3.9%	41.8%	13.5%	64.1%	5.1%	5.20
WMB Williams Companies	$15.4B	+17.9%	-	19.9%	23.3%	-0.7%	2.33

FY2021FY2022

From $16.6B of sales to $1.8B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $19.2B of sales to $2.5B of profit

FY2022, from the 10-K income statement and revenue by region

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$39$43$11

FY2022

$48$31$8$13

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3

✓
Net margin above the peer median19.6% vs 13.5%
!
Return on equity below 15%11.4%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 5.4% → 18.0%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 2.6× interest expense
!
Debt larger than equityDebt / equity 1.05 on the latest balance sheet (peer median 0.41)
!
Current ratio below 1Current ratio 0.67
!
Net debt over 3 years of free cash flow$32.2B net debt, 10.4 years

Debt / equity at each year end, FY2016 to FY2025: 1.21 → 1.03

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.9B last year
✓
Share count down over 5 years−1.8%
✓
Dividend per share up over 5 years$1.05 → $1.17
✓
Cash from operations above net income$5.9B vs $3.1B

Free cash flow, FY2016 to FY2025: 1.9B → 2.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
5.55%, due June 2045 (Senior Notes)	Notes and bonds	5.55%	not stated	$1.8B
5.20%, due June 2033 (Senior Notes)	Notes and bonds	5.20%	not stated	$1.5B
4.30%, due March 2028 (Senior Notes)	Notes and bonds	4.30%	not stated	$1.2B
5.00%, due February 2029 (Senior Notes)	Notes and bonds	5.00%	not stated	$1.2B
6.95%, due January 2038 (Senior Notes)	Notes and bonds	6.95%	not stated	$1.2B
5.15% due June 2030 (Senior Notes)	Notes and bonds	5.15%	not stated	$1.1B
3.60%, due February 2051 (Senior Notes)	Notes and bonds	3.60%	not stated	$1.1B
7.75%, due January 2032 (Senior Notes)	Notes and bonds	7.75%	not stated	$1.0B
5.40%, due February 2034 (Senior Notes)	Notes and bonds	5.40%	not stated	$1.0B
5.05%, due February 2046 (Senior Notes)	Notes and bonds	5.05%	not stated	$800.0M
2.00%, due February 2031 (Senior Notes)	Notes and bonds	2.00%	not stated	$750.0M
4.80%, due February 2033 (Senior Notes)	Notes and bonds	4.80%	not stated	$750.0M
5.20%, due March 2048 (Senior Notes)	Notes and bonds	5.20%	not stated	$750.0M
5.30%, due December 2034 (Senior Notes)	Notes and bonds	5.30%	not stated	$750.0M
5.45%, due August 2052 (Senior Notes)	Notes and bonds	5.45%	not stated	$750.0M
5.50%, due March 2044 (Senior Notes)	Notes and bonds	5.50%	not stated	$750.0M
5.85% due June 2035 (Senior Notes)	Notes and bonds	5.85%	not stated	$750.0M
5.95% due August 2054 (Senior Notes)	Notes and bonds	5.95%	not stated	$750.0M
5.00%, due March 2043 (Senior Notes)	Notes and bonds	5.00%	not stated	$700.0M
5.00%, due August 2042 (Senior Notes)	Notes and bonds	5.00%	not stated	$625.0M
6.375%, due March 2041 (Senior Notes)	Notes and bonds	6.38%	not stated	$600.0M
6.50%, due September 2039 (Senior Notes)	Notes and bonds	6.50%	not stated	$600.0M
2.250% Senior Notes due March 2027 (Senior Notes)	Notes and bonds	2.25%	not stated	$587.0M
5.40%, due September 2044 (Senior Notes)	Notes and bonds	5.40%	not stated	$550.0M
7.80%, due August 2031 (Senior Notes)	Notes and bonds	7.80%	not stated	$537.0M
1.75%, due November 2026 (Senior Notes)	Notes and bonds	1.75%	not stated	$500.0M
3.25%, due August 2050 (Senior Notes)	Notes and bonds	3.25%	not stated	$500.0M
5.10% due August 2029 (Senior Notes)	Notes and bonds	5.10%	not stated	$500.0M
5.80%, due March 2035 (Senior Notes)	Notes and bonds	5.80%	not stated	$500.0M
7.30%, due August 2033 (Senior Notes)	Notes and bonds	7.30%	not stated	$500.0M
4.70%, due November 2042 (Senior Notes)	Notes and bonds	4.70%	not stated	$475.0M
6.50%, due February 2037 (Senior Notes)	Notes and bonds	6.50%	not stated	$400.0M
6.55%, due September 2040 (Senior Notes)	Notes and bonds	6.55%	not stated	$400.0M
5.625%, due September 2041 (Senior Notes)	Notes and bonds	5.62%	not stated	$375.0M
7.50%, due November 2040 (Senior Notes)	Notes and bonds	7.50%	not stated	$375.0M
7.40%, due March 2031 (Senior Notes)	Notes and bonds	7.40%	not stated	$300.0M
7.75%, due March 2032 (Senior Notes)	Notes and bonds	7.75%	not stated	$300.0M
8.05%, due October 2030 (Senior Notes)	Notes and bonds	8.05%	not stated	$234.0M
Current portion of other debt	–	–	not stated	$159.0M
7.42%, due February 2037 (Senior Notes)	Notes and bonds	7.42%	not stated	$47.0M
6.40%, due January 2036 (Senior Notes)	Notes and bonds	6.40%	not stated	$36.0M
7.25%, due March 2028 (Senior Notes)	Notes and bonds	7.25%	not stated	$32.0M
6.95%, due June 2028 (Senior Notes)	Notes and bonds	6.95%	not stated	$31.0M
7.45%, due March 2098 (Senior Notes)	Notes and bonds	7.45%	not stated	$26.0M
6.67%, due November 2027 (Senior Notes)	Notes and bonds	6.67%	not stated	$7.0M
6.70%, due February 2027 (Senior Notes)	Notes and bonds	6.70%	not stated	$7.0M
7.75%, due October 2035 (Senior Notes)	Notes and bonds	7.75%	not stated	$1.0M

All 47 lines

From the debt note in the 10-K's XBRL (0001506307-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 16.9B Net income 3.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

KMI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue16.9B

Net income3.1B

Free cash flow2.9B

EPS (diluted)1.37

Dividend per share1.17

Diluted shares2.2B

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Natural Gas Pipelines	10.4B	61.1%	+25.9%
Products Pipelines	2.5B	14.6%	-9.4%
Terminals	1.4B	8.0%	+0.1%
Co2	1.1B	6.2%	-12.2%

10-K 0001506307-26-000011, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Services	9.5B	56.0%	+6.4%
Firm services	5.3B	31.5%	+7.8%
Natural gas sales	3.9B	23.3%	+68.8%
Product sales	3.1B	18.1%	-12.1%
Fee-based services	2.7B	16.1%	+4.7%
Other sales	129.0M	0.8%	+25.2%

10-K 0001506307-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	16.9B	99.9%	+12.4%
Mexico	11.0M	0.1%	-74.4%

10-K 0001506307-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13.1B	13.7B	14.1B	13.2B	11.7B	16.6B	19.2B	15.3B	15.1B	16.9B
Cost of revenue	3.4B	4.3B	4.4B	3.3B	2.5B	6.5B	9.3B	-	-	-
SG&A	703.0M	688.0M	601.0M	590.0M	648.0M	655.0M	637.0M	668.0M	712.0M	744.0M
Operating income	3.5B	3.5B	3.8B	4.9B	1.6B	2.9B	4.1B	4.3B	4.4B	4.7B
Interest expense	2.0B	1.9B	1.9B	1.9B	1.7B	1.5B	1.5B	1.8B	1.8B	1.8B
Pretax income	1.6B	2.2B	2.5B	3.2B	661.0M	2.2B	3.3B	3.2B	3.4B	4.0B
Income tax	917.0M	1.9B	587.0M	926.0M	481.0M	369.0M	710.0M	715.0M	687.0M	832.0M
Net income	708.0M	183.0M	1.6B	2.2B	119.0M	1.8B	2.5B	2.4B	2.6B	3.1B
EPS (diluted)	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37
Diluted shares	2.2B	2.2B	-	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B
Depreciation & amortization	2.2B	2.3B	2.3B	2.4B	2.2B	2.1B	2.2B	2.2B	2.4B	2.5B
EBITDA	5.7B	5.8B	6.1B	7.3B	3.7B	5.1B	6.3B	6.5B	6.7B	7.2B
Operating margin	27.1%	25.7%	26.8%	36.9%	13.3%	17.6%	21.2%	27.8%	29.0%	27.9%
Net margin	5.4%	1.3%	11.4%	16.6%	1.0%	10.7%	13.3%	15.6%	17.3%	18.0%
Revenue growth	-	+5.0%	+3.2%	-6.6%	-11.4%	+42.0%	+15.6%	-20.1%	-1.5%	+12.2%
EPS growth	-	-96.0%	+6500%	+45.5%	-94.8%	+1460%	+43.6%	-5.4%	+10.4%	+17.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	684.0M	264.0M	3.3B	185.0M	1.2B	1.1B	745.0M	83.0M	88.0M	63.0M
Short-term investments	-	-	0	925.0M	0	-	-	-	-	-
Receivables	1.4B	1.4B	1.5B	1.4B	-	-	-	-	-	-
Inventory	357.0M	424.0M	385.0M	371.0M	348.0M	562.0M	634.0M	525.0M	555.0M	574.0M
Current assets	3.2B	2.7B	5.7B	3.2B	3.2B	3.8B	3.8B	2.5B	2.5B	2.8B
Property & equipment	38.7B	40.2B	37.9B	36.4B	35.8B	35.7B	35.6B	37.3B	38.0B	39.3B
Goodwill	22.2B	22.2B	22.0B	21.5B	19.9B	19.9B	20.0B	20.1B	20.1B	20.1B
Total assets	80.3B	79.1B	78.9B	74.2B	72.0B	70.4B	70.1B	71.0B	71.4B	72.7B
Accounts payable	1.3B	1.3B	1.3B	914.0M	837.0M	1.3B	1.4B	1.4B	1.4B	1.4B
Current liabilities	5.9B	6.2B	7.6B	5.1B	5.1B	5.8B	6.9B	7.2B	5.1B	4.3B
Total debt	41.6B	39.7B	37.3B	34.4B	34.7B	33.3B	31.8B	32.1B	31.9B	32.0B
Total liabilities	45.5B	43.9B	43.7B	39.3B	39.4B	38.5B	38.0B	39.3B	39.5B	40.3B
Shareholders' equity	34.4B	33.6B	33.7B	33.7B	31.4B	30.8B	30.7B	30.3B	30.5B	31.2B
Retained earnings	-6.7B	-7.8B	-7.7B	-7.7B	-9.9B	-10.6B	-10.6B	-10.7B	-10.6B	-10.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	4.8B	4.6B	5.0B	4.7B	4.5B	5.7B	5.0B	6.5B	5.6B	5.9B
Capital spending	2.9B	3.2B	2.9B	2.3B	1.7B	1.3B	1.6B	2.3B	2.6B	3.0B
Free cash flow	1.9B	1.4B	2.1B	2.5B	2.8B	4.4B	3.3B	4.2B	3.0B	2.9B
Dividends paid	1.1B	1.1B	1.6B	2.2B	2.4B	2.4B	2.5B	2.5B	2.6B	2.6B
Buybacks	0	250.0M	273.0M	2.0M	50.0M	0	368.0M	522.0M	7.0M	0
Acquisitions	333.0M	4.0M	39.0M	79.0M	16.0M	-	-	-	-	-
Debt raised	8.6B	8.9B	14.8B	8.0B	3.9B	6.0B	9.1B	7.6B	10.4B	10.0B
Debt repaid	10.1B	11.1B	14.6B	11.2B	4.0B	6.8B	9.7B	7.4B	10.6B	10.1B
Investing cash flow	-1.6B	-3.4B	-68.0M	-1.7B	-911.0M	-2.3B	-2.2B	-4.2B	-2.6B	-3.2B
Financing cash flow	-2.6B	-1.7B	-1.8B	-6.2B	-2.6B	-3.5B	-3.1B	-3.0B	-2.9B	-2.8B
Dividend per share	0.50	0.50	0.80	1.00	1.05	1.08	1.11	1.13	1.15	1.17

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating lease cost	-	-	-	136.0M	55.0M	60.0M	62.0M	71.0M	80.0M	74.0M
Operating lease cash paid	-	-	-	182.0M	131.0M	137.0M	132.0M	157.0M	170.0M	158.0M
Right-of-use assets	-	-	-	329.0M	303.0M	315.0M	287.0M	285.0M	253.0M	216.0M
Operating lease liabilities	-	-	-	329.0M	303.0M	315.0M	287.0M	285.0M	253.0M	216.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on KMI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/KMI/export.csv") into a cell.