NYSE : KMI
Kinder Morgan, Inc. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 33.87 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 75.45B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Kinder Morgan, Inc. (KMI) reported revenue of 18.34B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 18.14B | 16.75B | 14.87B | 15.16B | 19.04B | 16.47B |
| Other Revenue | 202.00M | 192.00M | 227.00M | 177.00M | 158.00M | 139.00M |
| Revenue | 18.34B | 16.94B | 15.10B | 15.33B | 19.20B | 16.61B |
| Cost of Revenue | 9.42B | 8.59B | 7.31B | 7.75B | 11.91B | 8.86B |
| Gross Profit | 8.92B | 8.35B | 7.79B | 7.59B | 7.29B | 7.75B |
| Selling, General & Admin | 752.00M | 744.00M | 712.00M | 668.00M | 637.00M | 655.00M |
| Other Operating Expenses | 430.00M | 430.00M | 381.00M | 408.00M | 402.00M | 419.00M |
| Operating Expenses | 3.68B | 3.63B | 3.45B | 3.33B | 3.23B | 3.21B |
| Operating Income | 5.24B | 4.72B | 4.34B | 4.26B | 4.07B | 4.54B |
| Interest Expense | -1.73B | -1.80B | -1.84B | -1.80B | -1.51B | -1.49B |
| Earnings From Equity Investments | 959.00M | 896.00M | 840.00M | 772.00M | 803.00M | 591.00M |
| Currency Exchange Gain (Loss) | -21.00M | 69.00M | -34.00M | 17.00M | -68.00M | -105.00M |
| Other Non Operating Income (Expenses) | 91.00M | -19.00M | 61.00M | -54.00M | 123.00M | 181.00M |
| EBT Excluding Unusual Items | 4.54B | 3.87B | 3.37B | 3.20B | 3.41B | 3.71B |
| Gain (Loss) on Sale of Investments | 123.00M | 123.00M | -75.00M | 128.00M | ||
| Gain (Loss) on Sale of Assets | 71.00M | 40.00M | 10.00M | |||
| Asset Writedown | -1.63B | |||||
| Pretax Income | 4.74B | 3.99B | 3.41B | 3.20B | 3.33B | 2.22B |
| Income Tax Expense | 1.03B | 832.00M | 687.00M | 715.00M | 710.00M | 369.00M |
| Earnings From Continuing Operations | 3.71B | 3.16B | 2.72B | 2.49B | 2.62B | 1.85B |
| Minority Interest in Earnings | -103.00M | -104.00M | -107.00M | -95.00M | -77.00M | -66.00M |
| Net Income | 3.60B | 3.06B | 2.61B | 2.39B | 2.55B | 1.78B |
| Preferred Dividends & Other Adjustments | 18.00M | 16.00M | 15.00M | 14.00M | 13.00M | 14.00M |
| Net Income to Common | 3.58B | 3.04B | 2.60B | 2.38B | 2.54B | 1.77B |
| Shares Outstanding (Basic) | 2.23B | 2.22B | 2.22B | 2.23B | 2.26B | 2.27B |
| Shares Outstanding (Diluted) | 2.23B | 2.22B | 2.22B | 2.23B | 2.26B | 2.27B |
| EPS (Basic) | 1.61 | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 |
| EPS (Diluted) | 1.61 | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 |
| Free Cash Flow | 2.58B | 2.24B | 2.94B | 2.33B | 2.86B | 2.88B |
| Free Cash Flow Per Share | 1.16 | 1.01 | 1.33 | 1.04 | 1.27 | 1.27 |
| Dividend Per Share | 1.19 | 1.17 | 1.15 | 1.13 | 1.11 | 1.08 |
| Gross Margin | 48.65% | 49.31% | 51.60% | 49.49% | 37.97% | 46.65% |
| Operating Margin | 28.58% | 27.89% | 28.77% | 27.80% | 21.17% | 27.33% |
| Profit Margin | 19.54% | 17.95% | 17.21% | 15.50% | 13.20% | 10.66% |
| Free Cash Flow Margin | 14.06% | 13.24% | 19.50% | 15.21% | 14.89% | 17.34% |
| EBITDA | 7.68B | 7.12B | 6.63B | 6.46B | 6.20B | 6.63B |
| EBITDA Margin | 41.87% | 42.01% | 43.91% | 42.10% | 32.30% | 39.90% |
| D&A For EBITDA | 2.44B | 2.39B | 2.29B | 2.19B | 2.14B | 2.09B |
| EBIT | 5.24B | 4.72B | 4.34B | 4.26B | 4.07B | 4.54B |
| EBIT Margin | 28.58% | 27.89% | 28.77% | 27.80% | 21.17% | 27.33% |
| Effective Tax Rate | 21.80% | 20.84% | 20.16% | 22.34% | 21.29% | 16.63% |
| Revenue as Reported | 18.34B | 16.94B | 15.10B | 15.33B | 19.20B | 16.61B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 918.00M | 63.00M | 88.00M | 83.00M | 745.00M | 1.14B |
| Trading Asset Securities | 2.00M | 4.00M | 5.00M | 1.00M | 113.00M | |
| Cash & Short-Term Investments | 920.00M | 67.00M | 93.00M | 83.00M | 746.00M | 1.25B |
| Accounts Receivable | 1.60B | 1.71B | 1.51B | 1.59B | 1.84B | 1.61B |
| Receivables | 1.60B | 1.71B | 1.51B | 1.59B | 1.84B | 1.61B |
| Inventory | 621.00M | 574.00M | 555.00M | 525.00M | 634.00M | 562.00M |
| Other Current Assets | 333.00M | 399.00M | 367.00M | 346.00M | 584.00M | 404.00M |
| Total Current Assets | 3.47B | 2.75B | 2.52B | 2.54B | 3.80B | 3.83B |
| Property, Plant & Equipment | 40.89B | 39.55B | 38.27B | 37.58B | 35.89B | 35.97B |
| Long-Term Investments | 7.84B | 7.56B | 7.87B | 7.91B | 7.69B | 7.86B |
| Goodwill | 20.07B | 20.08B | 20.08B | 20.12B | 19.96B | 19.91B |
| Other Intangible Assets | 1.82B | 1.73B | 1.76B | 1.96B | 1.81B | 1.68B |
| Long-Term Deferred Tax Assets | 115.00M | |||||
| Long-Term Deferred Charges | 988.00M | 898.00M | 678.00M | 711.00M | 820.00M | |
| Other Long-Term Assets | 1.30B | 81.00M | 10.00M | 229.00M | 212.00M | 230.00M |
| Total Assets | 75.40B | 72.75B | 71.41B | 71.02B | 70.08B | 70.42B |
| Accounts Payable | 1.59B | 1.41B | 1.40B | 1.37B | 1.44B | 1.26B |
| Accrued Expenses | 365.00M | 534.00M | 543.00M | 513.00M | 515.00M | 504.00M |
| Short-Term Debt | 13.00M | 331.00M | 3.89B | 3.23B | 2.49B | |
| Current Portion of Long-Term Debt | 1.79B | 1.24B | 1.73B | 280.00M | 304.00M | 161.00M |
| Current Portion of Leases | 49.00M | 60.00M | 55.00M | 47.00M | 45.00M | |
| Current Income Taxes Payable | 289.00M | 256.00M | 276.00M | 272.00M | 264.00M | 270.00M |
| Other Current Liabilities | 1.15B | 824.00M | 767.00M | 846.00M | 1.13B | 1.09B |
| Total Current Liabilities | 5.18B | 4.32B | 5.10B | 7.22B | 6.93B | 5.82B |
| Long-Term Debt | 31.61B | 30.89B | 30.09B | 28.23B | 28.66B | 30.69B |
| Long-Term Leases | 167.00M | 193.00M | 230.00M | 240.00M | 270.00M | |
| Long-Term Deferred Tax Liabilities | 3.60B | 2.89B | 2.07B | 1.39B | 623.00M | |
| Other Long-Term Liabilities | 2.18B | 2.03B | 2.09B | 2.23B | 1.51B | 1.72B |
| Total Liabilities | 42.57B | 40.30B | 39.54B | 39.29B | 37.96B | 38.49B |
| Common Stock | 22.00M | 22.00M | 22.00M | 22.00M | 22.00M | 23.00M |
| Additional Paid-In Capital | 41.29B | 41.28B | 41.24B | 41.19B | 41.67B | 41.81B |
| Retained Earnings | -9.56B | -10.18B | -10.63B | -10.69B | -10.55B | -10.60B |
| Comprehensive Income & Other | -162.00M | 45.00M | -95.00M | -217.00M | -402.00M | -411.00M |
| Total Common Equity | 31.59B | 31.16B | 30.53B | 30.31B | 30.74B | 30.82B |
| Minority Interest | 1.23B | 1.29B | 1.34B | 1.42B | 1.37B | 1.10B |
| Shareholders' Equity | 32.83B | 32.45B | 31.87B | 31.73B | 32.11B | 31.92B |
| Total Liabilities & Equity | 75.40B | 72.75B | 71.41B | 71.02B | 70.08B | 70.42B |
| Total Debt | 33.40B | 32.35B | 32.40B | 32.68B | 32.48B | 33.65B |
| Net Cash (Debt) | -32.48B | -32.29B | -32.31B | -32.60B | -31.73B | -32.40B |
| Net Cash Per Share | -14.59 | -14.52 | -14.55 | -14.59 | -14.05 | -14.30 |
| Filing Date Shares Outstanding | 2.23B | 2.22B | 2.22B | 2.22B | 2.25B | 2.27B |
| Total Common Shares Outstanding | 2.23B | 2.22B | 2.22B | 2.22B | 2.25B | 2.27B |
| Working Capital | -1.71B | -1.57B | -2.58B | -4.68B | -3.13B | -1.99B |
| Book Value Per Share | 14.18 | 14.01 | 13.74 | 13.65 | 13.68 | 13.59 |
| Tangible Book Value | 9.70B | 9.35B | 8.69B | 8.23B | 8.97B | 9.23B |
| Tangible Book Value Per Share | 4.35 | 4.20 | 3.91 | 3.71 | 3.99 | 4.07 |
| Land | 839.00M | 837.00M | 851.00M | 1.74B | 1.72B | |
| Machinery | 31.54B | 29.73B | 29.16B | 27.48B | 26.51B | |
| Construction In Progress | 1.82B | 1.59B | 1.04B | 1.04B | 606.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.60B | 3.06B | 2.61B | 2.39B | 2.55B | 1.78B |
| Depreciation & Amortization | 2.50B | 2.45B | 2.35B | 2.25B | 2.19B | 2.13B |
| Loss (Gain) From Sale of Assets | -73.00M | -6.00M | -74.00M | -15.00M | -32.00M | -10.00M |
| Asset Writedown & Restructuring Costs | 1.63B | |||||
| Loss (Gain) From Sale of Investments | -123.00M | -123.00M | 75.00M | -128.00M | ||
| Loss (Gain) on Equity Investments | -164.00M | -91.00M | -17.00M | -17.00M | -78.00M | 129.00M |
| Other Operating Activities | 926.00M | 741.00M | 770.00M | 1.58B | 505.00M | 205.00M |
| Change in Accounts Receivable | -144.00M | -192.00M | 52.00M | 301.00M | -220.00M | -265.00M |
| Change in Inventory | -62.00M | -21.00M | -12.00M | 188.00M | -183.00M | -202.00M |
| Change in Accounts Payable | 113.00M | 96.00M | -5.00M | -201.00M | 161.00M | 387.00M |
| Change in Income Taxes | -1.00M | -15.00M | 5.00M | 2.00M | -5.00M | |
| Change in Other Net Operating Assets | 159.00M | 19.00M | -51.00M | 16.00M | 10.00M | 39.00M |
| Operating Cash Flow | 6.73B | 5.92B | 5.63B | 6.49B | 4.97B | 5.71B |
| Capital Expenditures | -4.15B | -3.67B | -2.69B | -4.16B | -2.11B | -2.83B |
| Sale of Property, Plant & Equipment | 54.00M | 406.00M | ||||
| Investment in Securities | 267.00M | 534.00M | 56.00M | 16.00M | -73.00M | 125.00M |
| Other Investing Activities | -25.00M | -39.00M | 6.00M | -32.00M | 6.00M | -8.00M |
| Investing Cash Flow | -3.86B | -3.18B | -2.63B | -4.17B | -2.17B | -2.31B |
| Long-Term Debt Issued | 10.02B | 10.44B | 7.59B | 9.06B | 5.96B | |
| Long-Term Debt Repaid | -10.05B | -10.56B | -7.36B | -9.73B | -6.83B | |
| Net Debt Issued (Repaid) | 775.00M | -37.00M | -116.00M | 234.00M | -677.00M | -872.00M |
| Repurchase of Common Stock | -7.00M | -522.00M | -368.00M | |||
| Common Dividends Paid | -2.64B | -2.60B | -2.56B | -2.53B | -2.50B | -2.52B |
| Dividends Paid | -2.64B | -2.60B | -2.56B | -2.53B | -2.50B | -2.52B |
| Other Financing Activities | -202.00M | -202.00M | -207.00M | -197.00M | 404.00M | -68.00M |
| Financing Cash Flow | -2.06B | -2.84B | -2.89B | -3.01B | -3.15B | -3.46B |
| Foreign Exchange Rate Adjustments | -1.00M | |||||
| Net Cash Flow | 810.00M | -105.00M | 118.00M | -698.00M | -353.00M | -62.00M |
| Free Cash Flow | 2.58B | 2.24B | 2.94B | 2.33B | 2.86B | 2.88B |
| Free Cash Flow Margin | 14.06% | 13.24% | 19.50% | 15.21% | 14.89% | 17.34% |
| Free Cash Flow Per Share | 1.16 | 1.01 | 1.33 | 1.04 | 1.27 | 1.27 |
| Levered Free Cash Flow | 1.08B | 455.88M | 1.30B | -66.75M | 1.48B | 1.25B |
| Unlevered Free Cash Flow | 2.15B | 1.58B | 2.46B | 1.06B | 2.42B | 2.18B |
| Cash Interest Paid | 1.74B | 1.81B | 1.82B | 1.84B | 1.46B | 1.53B |
| Cash Income Tax Paid | 47.00M | 33.00M | 11.00M | 13.00M | 10.00M | |
| Change in Working Capital | 65.00M | -113.00M | -11.00M | 306.00M | -237.00M | -41.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 72.87B | 61.16B | 60.87B | 39.21B | 40.64B | 35.96B |
| Enterprise Value | 105.35B | 95.09B | 94.30B | 71.89B | 73.66B | 69.68B |
| Last Close Price | 32.71 | 26.73 | 25.52 | 15.52 | 14.91 | 12.30 |
| PE Ratio | 20.30 | 20.12 | 23.43 | 16.50 | 16.03 | 20.32 |
| Forward PE | 21.05 | 20.26 | 22.31 | 15.52 | 16.39 | 14.96 |
| PS Ratio | 3.97 | 3.61 | 4.03 | 2.56 | 2.12 | 2.17 |
| PB Ratio | 2.31 | 1.89 | 1.91 | 1.24 | 1.26 | 1.13 |
| P/TBV Ratio | 7.51 | 6.54 | 7.01 | 4.76 | 4.53 | 3.90 |
| P/FCF Ratio | 28.25 | 27.27 | 20.68 | 16.81 | 14.21 | 12.49 |
| P/OCF Ratio | 10.82 | 10.34 | 10.80 | 6.04 | 8.18 | 6.30 |
| PEG Ratio | 1.82 | 2.27 | 3.49 | 5.17 | 2.54 | 2.14 |
| EV/Sales Ratio | 5.74 | 5.62 | 6.25 | 4.69 | 3.84 | 4.20 |
| EV/EBITDA Ratio | 13.72 | 13.37 | 14.22 | 11.14 | 11.88 | 10.51 |
| EV/EBIT Ratio | 20.09 | 20.13 | 21.71 | 16.86 | 18.12 | 15.35 |
| EV/FCF Ratio | 40.85 | 42.40 | 32.03 | 30.83 | 25.76 | 24.19 |
| Debt / Equity Ratio | 1.02 | 1.00 | 1.02 | 1.03 | 1.01 | 1.05 |
| Debt / EBITDA Ratio | 4.22 | 4.41 | 4.74 | 4.91 | 5.10 | 4.95 |
| Debt / FCF Ratio | 12.95 | 14.43 | 11.01 | 14.01 | 11.36 | 11.69 |
| Net Debt / Equity Ratio | 0.99 | 0.99 | 1.01 | 1.03 | 0.99 | 1.01 |
| Net Debt / EBITDA Ratio | 4.23 | 4.54 | 4.87 | 5.05 | 5.12 | 4.89 |
| Net Debt / FCF Ratio | 12.59 | 14.39 | 10.97 | 13.98 | 11.10 | 11.25 |
| Asset Turnover | 0.25 | 0.23 | 0.21 | 0.22 | 0.27 | 0.23 |
| Inventory Turnover | 15.95 | 15.21 | 13.54 | 13.37 | 19.92 | 19.48 |
| Quick Ratio | 0.49 | 0.41 | 0.31 | 0.23 | 0.37 | 0.49 |
| Current Ratio | 0.67 | 0.64 | 0.49 | 0.35 | 0.55 | 0.66 |
| Return on Equity (ROE) | 11.43% | 9.83% | 8.55% | 7.79% | 8.20% | 5.74% |
| Return on Assets (ROA) | 4.44% | 4.10% | 3.81% | 3.78% | 3.62% | 3.99% |
| Return on Invested Capital (ROIC) | 6.28% | 5.80% | 5.40% | 5.17% | 4.99% | 5.80% |
| Return on Capital Employed (ROCE) | 7.50% | 6.90% | 6.60% | 6.70% | 6.40% | 7.00% |
| Earnings Yield | 4.93% | 5.00% | 4.29% | 6.10% | 6.27% | 4.96% |
| FCF Yield | 3.54% | 3.67% | 4.84% | 5.95% | 7.03% | 8.01% |
| Dividend Yield | 3.64% | 4.26% | 4.20% | 6.40% | 6.14% | 6.81% |
| Payout Ratio | 73.86% | 85.21% | 97.86% | 105.77% | 98.27% | 141.54% |
| Buyback Yield / Dilution | -0.14% | -0.14% | 0.63% | 1.06% | 0.35% | -0.13% |
| Total Shareholder Return | 3.50% | 4.12% | 4.82% | 7.46% | 6.49% | 6.68% |