The biggest changes in the 10-K filed 2026-02-13, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+17.0% Big change FY to 2025-12-31 vs 2024-12-31“Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $328 million in 2025 compared to 2024.”
Read it in the 10-K ↗
Operating margin
32.5% → 31.1% (-1.4 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+12.7% Big change FY to 2025-12-31 vs 2024-12-31“In addition, the increase in Midstream includes a gain on the sale of our equity interest in EagleHawk in 2025 and increased revenues and decreased costs of sales associated with risk management activities related to non-cash changes in fair value of unsettled derivative contracts and realized gains and losses on settled natural gas inventory hedge contracts, partially offset by a gain on sale of our Oklahoma assets in the 2024 period, all of which we treated as Certain Items.”
Read it in the 10-K ↗
Cash from operations
+5.0% FY to 2025-12-31 vs 2024-12-31“Net cash provided by operating activities was higher for the comparable years of 2025 and 2024 driven by greater contributions from our Natural Gas Pipelines business segment, partially offset by unfavorable changes due to the timing of trade collections in account receivable.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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