Company file · KMI

Kinder Morgan

Natural Gas Pipelines was Kinder Morgan's fastest-growing segment in FY2025, up 23.1%

Revenue rose 12.2% to $16.9B in FY2025, from $15.1B in FY2024. Net income rose 17.0% to $3.1B. Natural Gas Pipelines was the largest segment, at 65% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026) · Data pulled Oct 30, 2026

Key facts

Kinder Morgan (NYSE: KMI) reported revenue of $16.9B for fiscal 2025, the year ended Dec 31, 2025, up 12.2% from fiscal 2024. Net income was $3.1B, up 17.0%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.5B, up 9.3% from the same quarter a year earlier, and net income was $764M. The largest piece by segment was Natural Gas Pipelines, at 65% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026).

Revenue$16.9BFY2025 · +12.2% vs FY2024

Net income$3.1BFY2025 · +17.0% vs FY2024

Operating cash flow$5.9BFY2025 · +5.0% vs FY2024

Cash & equivalents$918Mat Sep 30, 2026 · +1357.1% vs FY2025 end

Total debt$33.1Bat Sep 30, 2026 · +3.3% vs FY2025 end

Diluted shares2.22BFY2025 avg · +0.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 24, 2026 · 10-Q filed Jul 24, 2026 · 10-Q filed Oct 23, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Natural Gas Pipelines$11.0B65%+23.1%
Products Pipelines$2.7B16%−9.1%
Terminals$2.1B12%+4.0%
CO2$1.2B7%−2.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Natural Gas Pipelines (65%), Products Pipelines (16%), Terminals (12%) and CO2 (7%), as shares of total revenue. Total revenue was $16.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

60%20%12%8%

FY2024

59%20%13%8%

FY2025

65%16%12%

Natural Gas PipelinesProducts PipelinesTerminalsCO2

Source: 10-K FY2025

By product or service, FY2025

Oil and Gas Service$9.5B56%+6.4%

Products$7.3B43%+21.8%

Product and Service, Other$192M1%−15.4%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.5B Q3 2026

$4.1B Q3 2025

9.3% increase

Net income

$764M Q3 2026

$628M Q3 2025

21.7% increase

Source: Kinder Morgan 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

By segment

Natural Gas Pipelines

$2.9B Q3 2026

$2.7B Q3 2025

8.3% increase

Products Pipelines

$772M Q3 2026

$677M Q3 2025

14.0% increase

Terminals

$560M Q3 2026

$516M Q3 2025

8.5% increase

CO2

$305M Q3 2026

$281M Q3 2025

8.5% increase

Source: Kinder Morgan 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

Cash & equivalents $918M at Sep 30, 2026, vs $63M at FY2025 end.
Total debt $33.1B at Sep 30, 2026, vs $32.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $5.0B vs $4.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 12.2% in FY2025 to $16.9B, from $15.1B a year earlier. 10-K, FY2025
Net income rose 17.0% in FY2025 to $3.1B, from $2.6B. 10-K, FY2025
Operating cash flow rose 5.0% in FY2025 to $5.9B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.5B, up 9.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Products Pipelines revenue fell 9.1% in FY2025 to $2.7B. 10-K, FY2025
Product and Service, Other revenue fell 15.4% in FY2025 to $192M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Kinder Morgan is in the oil & gas storage & transportation industry, part of the energy sector. The SEC files it under Natural Gas Transmission.

Kinder Morgan reports 4 segments: Natural Gas Pipelines, Products Pipelines, Terminals and CO2.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas storage & transportation industry. They are not a summary of Kinder Morgan’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$15.3B	$15.1B	$16.9B
Net income	$2.4B	$2.6B	$3.1B
Operating cash flow	$6.5B	$5.6B	$5.9B
Cash & equivalents (year end)	$83M	$88M	$63M
Total debt (year end)	$32.1B	$31.9B	$32.0B
Diluted shares	2.23B	2.22B	2.22B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 23, 2026	Sep 30, 2026
10-Q	Jul 24, 2026	Jun 30, 2026
10-Q	Apr 24, 2026	Mar 31, 2026
DEF 14A	Apr 2, 2026	May 13, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Kinder Morgan

How does Kinder Morgan make money?

Kinder Morgan's revenue was $16.9B in fiscal 2025. By segment in FY2025: Natural Gas Pipelines (65%), Products Pipelines (16%), Terminals (12%) and CO2 (7%), as shares of total revenue. Total revenue was $16.9B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Kinder Morgan's revenue in fiscal 2025?

$16.9B of revenue for the fiscal year ended Dec 31, 2025, up 12.2% from $15.1B in fiscal 2024. Fiscal 2023 was $15.3B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Kinder Morgan profitable?

Kinder Morgan reported net income of $3.1B for fiscal 2025, up 17.0% from $2.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $764M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Kinder Morgan report in its latest quarterly filing?

Revenue was $4.5B in the quarter ended Sep 30, 2026, up 9.3% from $4.1B a year earlier. Net income was $764M, up 21.7% from $628M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026.

How much cash and debt does Kinder Morgan have?

Kinder Morgan had $918M in cash and cash equivalents and $33.1B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 23, 2026.

What are the main risks Kinder Morgan faces?

Kinder Morgan's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the oil & gas storage & transportation industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Kinder Morgan numbers come from?

From Kinder Morgan's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in KMI: The editor holds no position in Kinder Morgan (KMI). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell KMI from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold KMI, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Kinder MorganKMI	FY2025	$16.9B	+12.2%	$3.1B
Williams CompaniesWMB	FY2025	$14.9B	+17.9%	$2.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.