FirmAtlas
Company handbook · KMI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
KMI · CIK 1506307 · LATEST FILING: 10-Q JUN '26 · FILED JUL 24, 2026
Kinder Morgan, Inc.
$34.20
+1.38 (+4.20%)
Close, Oct 16, 2026 · 52-week $26–35
Last fiscal year
Kinder Morgan, Inc. reported revenue of $15.2B for the year ended Dec 31, 2025 (FY25), up 12.7% from FY24. Net income was $3.1B, operating cash flow $5.9B and free cash flow $2.9B. Source: 10-K filed Feb 13, 2026.
Market cap
$76.1B
P/E
21.9
EV/EBITDA
14.9x
Dist. yield
3.46%
ROIC
6.1%
Coverage
2.27x
Revenue 1Y
12.7%/yr
EPS 1Y
17.1%/yr
Units 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOKimberly A. Dang
HQHouston, TX
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Natural Gas Pipelines68%
Products Pipelines16%
Terminals9%
Co27%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.3%
13.1%
25.6%
25.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.8B deployed
Capex
$5.7B
52.2%
Distributions
$5.2B
47.7%
Operating cash flow over the period: $11.6B. Total debt changed by +$896M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
13,483
15,202+12.7%
16,283
YoY
+12.7%
Operating income
4,384
4,724+7.8%
5,217
Operating margin
32.5%
31.1%−1.4 pp
—
D&A
2,354
2,453+4.2%
—
EBITDA
6,738
7,177+6.5%
—
EBITDA margin
50.0%
47.2%−2.8 pp
—
Interest expense
1,816
1,811−0.3%
—
Interest coverage
3.71x
3.96x+0.25x
—
Net income
2,613
3,056+17.0%
3,467
YoY
+17.0%
Net margin
19.4%
20.1%+0.7 pp
—
Earnings per unit (diluted, $)
1.17
1.37+17.1%
1.56
YoY
+17.1%
Balance sheet
Total assets
71,407
72,748+1.9%
74,062
Cash & short-term investments
214
109−49.1%
—
Net PP&E
38,013
39,331+3.5%
—
Other assets
33,180
33,308+0.4%
—
Total liabilities
40,876
41,586+1.7%
42,431
Total debt
29,881
30,777+3.0%
29,805
Other liabilities
10,995
10,809−1.7%
—
Partners’ capital
30,531
31,162+2.1%
31,631
Units outstanding (M)
2,222
2,225+0.1%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,635
5,917+5.0%
6,557
Net income
2,720
3,160+16.2%
—
Depreciation & amortization
2,354
2,453+4.2%
—
Working capital & other
561
304−45.8%
—
Cash from investing
(2,629)
(3,179)n/m
—
Capex
(2,629)
(3,026)n/m
—
Other investing
0
(153)n/m
—
Cash from financing
(2,887)
(2,843)n/m
—
Debt raised
10,441
10,017−4.1%
—
Debt repaid
(10,557)
(10,054)n/m
—
Distributions
(2,557)
(2,604)n/m
—
Buybacks
(7)
0n/m
—
Other financing
(207)
(202)n/m
—
Net change in cash
118
(105)−189.0%
—
Free cash flow (OCF − capex)
3,006
2,891−3.8%
3,158
Where the cash went
Operating cash flow
5,635
5,917+5.0%
6,557
Reinvested in the business
2,629
3,026+15.1%
—
% of operating cash flow
46.7%
51.1%
Capex
2,629
3,026+15.1%
3,399
Free cash flow
3,006
2,891−3.8%
3,158
YoY
−3.8%
Returned to unitholders
2,564
2,604+1.6%
—
% of free cash flow
85.3%
90.1%
Distributions
2,557
2,604+1.8%
—
Buybacks
7
0−100.0%
—
Change in total debt
—
896
—
Cash left over
—
1,183
—
FCF conversion (FCF ÷ net income)
115.0%
94.6%−20.4 pp
—
Owner earnings
—
2,477
—
Owner earnings margin
—
16.3%
—
Buyback yield
0.0%
—
—
Returns & ratios
Distribution coverage
2.20x
2.27x+0.07x
—
Distribution / unit ($)
1.15
1.17+1.7%
—
Net debt / EBITDA
4.40x
4.27x−0.13x
—
Interest coverage
3.71x
3.96x+0.25x
—
ROIC (all capital)
5.8%
6.1%+0.3 pp
—
Debt / EBITDA
4.43x
4.29x−0.15x
—
Debt / equity
0.98x
0.99x+0.01x
—
ROE
8.6%
9.8%+1.2 pp
—
ROCE
6.6%
6.9%+0.3 pp
—
FCF / unit ($)
1.35
1.30−4.0%
—
EV / EBITDA (year end)
13.44x
12.79x−0.64x
—
Distribution yield (year end)
4.2%
4.3%+0.1 pp
—
Price / DCF proxy
14.37x
13.49x−0.88x
—
Net debt is 4.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,723
4,011
4,451
4,098
vs year-ago quarter
Operating income
1,063
1,364
1,444
1,346
Net income
628
996
976
867
vs year-ago quarter
Net margin
16.9%
24.8%
21.9%
21.2%
Earnings per unit (diluted, $)
0.28
0.45
0.44
0.39
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
72,316
72,748
73,072
74,062
Cash & equivalents
133
109
180
119
Total debt
31,499
30,777
29,870
29,805
Partners’ capital
30,740
31,162
31,322
31,631
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,414
1,692
1,491
1,960
Capex
793
820
804
982
Free cash flow
621
872
687
978
vs year-ago quarter