Kinder Morgan (KMI) Financials

$31.60 -0.70 (-2.15%)

Closing price 03:59 PM Eastern

Extended Trading

$31.58 -0.02 (-0.06%)

As of 04:32 PM Eastern

Annual Income Statements for Kinder Morgan

This table shows Kinder Morgan's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	227	552	27	1,481	2,190	119	1,784	2,548	2,391	2,613	3,056
Consolidated Net Income / (Loss)	208	721	223	1,919	2,239	180	1,850	2,625	2,486	2,720	3,160
Net Income / (Loss) Continuing Operations	208	721	223	1,919	2,239	180	1,850	2,625	2,486	2,720	3,160
Total Pre-Tax Income	772	1,638	2,161	2,506	3,165	661	2,219	3,335	3,201	3,407	3,992
Total Operating Income	2,447	3,538	3,529	3,794	4,873	1,560	2,916	4,065	4,263	4,384	4,724
Total Gross Profit	9,905	9,208	8,962	9,378	9,520	8,777	9,691	9,504	9,975	10,330	10,963
Total Revenue	14,403	13,058	13,705	14,144	13,209	11,700	16,610	19,200	15,334	15,100	16,937
Operating Revenue	11,129	13,058	13,705	14,144	13,209	11,700	16,610	19,200	15,334	15,100	16,937
Total Cost of Revenue	4,498	3,850	4,743	4,766	3,689	2,923	6,919	9,696	5,359	4,770	5,974
Operating Cost of Revenue	4,059	3,429	4,345	4,421	3,263	2,545	6,493	9,255	4,938	4,337	5,529
Other Cost of Revenue	439	421	398	345	426	378	426	441	421	433	445
Total Operating Expenses	7,458	5,670	5,433	5,584	4,647	7,217	6,775	5,439	5,712	5,946	6,239
Selling, General & Admin Expense	3,083	3,075	3,160	3,123	3,181	3,123	3,023	3,292	3,475	3,684	3,801
Depreciation Expense	2,309	2,209	2,261	2,297	2,411	2,164	2,135	2,186	2,250	2,354	2,453
Other Operating Expenses / (Income)	-3.00	-1.00	-1.00	-3.00	-3.00	-2.00	-7.00	-39	-13	-92	-15
Total Other Income / (Expense), net	-1,675	-1,900	-1,368	-1,288	-1,708	-899	-697	-730	-1,062	-977	-732
Interest & Investment Income	384	-113	-1,404	-1,300	-1,700	-815	-901	-710	-1,025	-1,004	-905
Other Income / (Expense), net	-8.00	19	36	12	-8.00	-84	204	-20	-37	27	173
Income Tax Expense	564	917	1,938	587	926	481	369	710	715	687	832
Net Income / (Loss) Attributable to Noncontrolling Interest	-45	13	40	310	49	61	66	77	95	107	104
Basic Earnings per Share	$0.10	$0.25	$0.01	$0.66	$0.96	$0.05	$0.78	$1.12	$1.06	$1.17	$1.37
Weighted Average Basic Shares Outstanding	2.19B	2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.26B	2.23B	2.22B	2.22B
Diluted Earnings per Share	$0.10	$0.25	$0.01	$0.66	$0.96	$0.05	$0.78	$1.12	$1.06	$1.17	$1.37
Weighted Average Diluted Shares Outstanding	2.19B	2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.26B	2.23B	2.22B	2.22B
Weighted Average Basic & Diluted Shares Outstanding	2.27B	2.23B	2.23B	2.22B	2.26B	2.26B	2.27B	2.25B	2.22B	2.22B	2.22B
Cash Dividends to Common per Share	$1.61	$0.50	$0.50	$0.80	$0.95	$1.04	$1.07	$1.10	$1.13	$1.15	$1.17

This table shows Kinder Morgan's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	532	594	746	575	625	667	717	715	628	996	976
Consolidated Net Income / (Loss)	555	618	773	602	651	694	743	742	654	1,021	1,001
Net Income / (Loss) Continuing Operations	555	618	773	602	651	694	743	742	654	1,021	1,001
Total Pre-Tax Income	700	824	982	770	764	891	929	919	839	1,305	1,288
Total Operating Income	938	1,101	1,223	1,038	1,015	1,108	1,145	1,152	1,063	1,364	1,444
Total Gross Profit	2,396	2,589	2,624	2,496	2,568	2,642	2,653	2,720	2,640	2,950	2,965
Total Revenue	3,907	4,038	3,842	3,572	3,699	3,987	4,241	4,042	4,146	4,508	4,828
Operating Revenue	3,907	4,038	3,842	3,572	3,699	3,987	4,241	4,042	4,146	4,508	4,828
Total Cost of Revenue	1,511	1,449	1,218	1,076	1,131	1,345	1,588	1,322	1,506	1,558	1,863
Operating Cost of Revenue	1,405	1,347	1,107	967	1,024	1,239	1,476	1,211	1,395	1,447	1,749
Other Cost of Revenue	106	102	111	109	107	106	112	111	111	111	114
Total Operating Expenses	1,458	1,488	1,401	1,458	1,553	1,534	1,508	1,568	1,577	1,586	1,521
Selling, General & Admin Expense	900	916	855	920	966	943	898	961	969	973	895
Depreciation Expense	561	567	587	584	587	596	610	616	609	618	633
Other Operating Expenses / (Income)	0.00	-11	-41	-46	0.00	-81	0.00	-9.00	-1.00	-5.00	-7.00
Total Other Income / (Expense), net	-238	-277	-241	-268	-251	-217	-216	-233	-224	-59	-156
Interest & Investment Income	-223	-221	-241	-269	-267	-214	-231	-246	-235	-193	-176
Other Income / (Expense), net	-15	-56	0.00	1.00	16	-3.00	15	13	11	134	20
Income Tax Expense	145	206	209	168	113	197	186	177	185	284	287
Net Income / (Loss) Attributable to Noncontrolling Interest	23	24	27	27	26	27	26	27	26	25	25
Basic Earnings per Share	$0.24	$0.26	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44
Weighted Average Basic Shares Outstanding	2.23B	2.23B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.23B
Diluted Earnings per Share	$0.24	$0.26	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44
Weighted Average Diluted Shares Outstanding	2.23B	2.23B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.23B
Weighted Average Basic & Diluted Shares Outstanding	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B
Cash Dividends to Common per Share	$0.28	-	$0.28	$0.29	-	-	$0.29	$0.29	-	-	$0.29

This table details how cash moves in and out of Kinder Morgan's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-86	498	-483	3,151	-3,151	1,001	-62	-353	-698	118	-105
Net Cash From Operating Activities	5,313	4,758	4,601	5,043	4,748	4,550	5,708	4,967	6,491	5,635	5,917
Net Cash From Continuing Operating Activities	5,313	4,758	4,601	5,043	4,748	4,550	5,708	4,967	6,491	5,635	5,917
Net Income / (Loss) Continuing Operations	208	721	223	1,919	2,239	180	1,850	2,625	2,486	2,720	3,160
Consolidated Net Income / (Loss)	208	721	223	1,919	2,239	180	1,850	2,625	2,486	2,720	3,160
Depreciation Expense	2,360	2,268	2,322	2,297	2,411	2,164	2,135	2,186	2,250	2,354	2,453
Non-Cash Adjustments To Reconcile Net Income	1,838	854	11	45	-443	1,735	1,529	-275	45	-82	-230
Changes in Operating Assets and Liabilities, net	907	915	2,045	687	458	331	194	431	1,710	643	534
Net Cash From Investing Activities	-5,706	-1,625	-3,403	-68	-1,714	-911	-2,305	-2,175	-4,175	-2,629	-3,179
Net Cash From Continuing Investing Activities	-5,706	-1,625	-3,403	-68	-1,714	-911	-2,305	-2,175	-4,175	-2,629	-3,179
Purchase of Property, Plant & Equipment	-3,896	-2,552	-3,188	-2,904	-2,270	-1,707	-1,281	-1,621	-2,317	-2,629	-3,026
Acquisitions	-2,175	-741	-688	-472	-1,378	-402	-1,585	-716	-2,054	-183	-826
Sale of Property, Plant & Equipment	39	-	118	104	82	1,069	406	0.00	0.00	0.00	0.00
Divestitures	0.00	1,401	0.00	2,998	1,527	-	-	-	0.00	0.00	382
Sale and/or Maturity of Investments	228	266	374	237	333	154	163	156	228	177	330
Other Investing Activities, net	98	1.00	4.00	-31	-8.00	-25	-8.00	6.00	-32	6.00	-39
Net Cash From Financing Activities	317	-2,637	-1,681	-1,824	-6,185	-2,638	-3,465	-3,145	-3,014	-2,887	-2,843
Net Cash From Continuing Financing Activities	317	-2,637	-1,681	-1,824	-6,185	-2,638	-3,465	-3,145	-3,014	-2,887	-2,843
Repayment of Debt	-15,151	-10,087	-11,143	-14,650	-11,262	-4,034	-6,883	-9,774	-7,405	-10,610	-10,103
Repurchase of Common Equity	-12	0.00	-250	-273	-2.00	-50	0.00	-368	-522	-7.00	0.00
Payment of Dividends	-4,258	-1,296	-1,318	-1,852	-3,108	-2,456	-2,545	-2,620	-2,680	-2,711	-2,757
Issuance of Debt	14,316	8,629	8,868	14,751	8,036	3,888	5,959	9,058	7,590	10,441	10,017
Issuance of Common Equity	3,881	117	1,677	-	-	0.00	4.00	2.00	3.00	0.00	0.00
Other Financing Activities, net	0.00	0.00	485	200	151	14	0.00	557	0.00	0.00	0.00
Cash Interest Paid	1,985	2,050	1,854	1,879	1,860	1,661	1,529	1,460	1,844	1,816	1,811
Cash Income Taxes Paid	-331	4.00	-140	-109	372	227	10	13	11	33	47

This table details how cash moves in and out of Kinder Morgan's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-423	-1.00	47	-19	9.00	81	81	-98	-64	-24	71
Net Cash From Operating Activities	1,286	2,322	1,189	1,687	1,249	1,510	1,162	1,649	1,414	1,692	1,491
Net Cash From Continuing Operating Activities	1,286	2,322	1,189	1,687	1,249	1,510	1,162	1,649	1,414	1,692	1,491
Net Income / (Loss) Continuing Operations	555	618	773	602	651	694	743	742	654	1,021	1,001
Consolidated Net Income / (Loss)	555	618	773	602	651	694	743	742	654	1,021	1,001
Depreciation Expense	561	567	587	584	587	596	610	616	609	618	633
Non-Cash Adjustments To Reconcile Net Income	-14	23	-80	-7.00	-14	43	-35	5.00	-34	-165	-104
Changes in Operating Assets and Liabilities, net	184	1,114	-91	508	25	177	-156	286	185	218	-39
Net Cash From Investing Activities	-647	-2,442	-572	-600	-686	-771	-1,414	-625	-663	-477	-803
Net Cash From Continuing Investing Activities	-647	-2,442	-572	-600	-686	-771	-1,414	-625	-663	-477	-803
Purchase of Property, Plant & Equipment	-647	-628	-619	-581	-657	-772	-766	-647	-793	-820	-804
Acquisitions	-42	-1,862	-18	-84	-49	-32	-690	-27	-34	-75	-53
Sale and/or Maturity of Investments	48	62	35	46	36	60	45	47	177	61	46
Other Investing Activities, net	-6.00	-14	30	19	-16	-27	-3.00	2.00	-13	-25	8.00
Net Cash From Financing Activities	-1,062	119	-570	-1,106	-554	-657	333	-1,122	-815	-1,239	-617
Net Cash From Continuing Financing Activities	-1,062	119	-570	-1,106	-554	-657	333	-1,122	-815	-1,239	-617
Repayment of Debt	-1,569	-2,307	-3,900	-2,359	-2,729	-1,622	-1,860	-4,078	-2,028	-2,137	-1,863
Payment of Dividends	-675	-661	-670	-683	-685	-673	-683	-691	-698	-685	-691
Issuance of Debt	1,254	3,217	4,007	1,936	2,860	1,638	2,876	3,647	1,911	1,583	1,937
Issuance of Common Equity	1.00	2.00	0.00	-	-	-	0.00	-	-	-	0.00
Cash Interest Paid	586	339	606	308	628	274	657	269	612	273	623
Cash Income Taxes Paid	1.00	1.00	-2.00	13	15	7.00	3.00	35	5.00	4.00	-3.00

This table presents Kinder Morgan's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	84,104	80,305	79,055	78,866	74,157	71,973	70,416	70,078	71,020	71,407	72,748
Total Current Assets	2,824	3,229	2,715	5,722	3,238	3,203	3,829	3,803	2,542	2,521	2,754
Cash & Equivalents	229	684	264	3,280	185	1,184	1,140	745	83	88	63
Restricted Cash	60	103	62	51	24	25	7.00	49	13	126	46
Accounts Receivable	1,315	1,370	1,448	1,498	1,379	1,293	1,611	1,840	1,588	1,506	1,714
Inventories, net	407	357	424	385	371	348	562	634	525	555	574
Other Current Assets	773	535	352	508	354	353	509	535	333	246	357
Plant, Property, & Equipment, net	40,547	38,705	40,155	37,897	36,419	35,836	35,653	35,599	37,297	38,013	39,331
Total Noncurrent Assets	40,733	38,371	36,185	35,247	34,500	32,934	30,934	30,676	31,181	30,873	30,663
Long-Term Investments	6,040	7,027	7,298	7,481	7,759	7,917	7,578	7,653	7,874	7,845	7,532
Goodwill	23,790	22,152	22,162	21,965	21,451	19,851	19,914	19,965	20,121	20,084	20,084
Intangible Assets	3,551	3,318	3,099	2,880	2,676	2,453	1,678	1,809	1,957	1,760	1,730
Other Noncurrent Operating Assets	2,029	1,522	1,582	1,355	1,757	2,177	1,649	1,249	1,229	1,184	1,317
Total Liabilities & Shareholders' Equity	84,104	80,305	79,055	78,866	74,157	71,973	70,416	70,078	71,020	71,407	72,748
Total Liabilities	48,701	45,503	43,931	43,669	39,268	39,407	38,495	37,964	39,291	39,540	40,299
Total Current Liabilities	4,065	5,924	6,181	7,557	5,100	5,074	5,821	6,930	7,221	5,101	4,322
Short-Term Debt	821	2,696	2,828	3,388	2,477	2,558	2,646	3,385	4,049	2,009	1,226
Accounts Payable	1,192	1,257	1,340	1,337	914	837	1,259	1,444	1,366	1,395	1,408
Accrued Expenses	1,357	1,346	1,136	894	797	887	964	857	1,021	878	898
Current Deferred & Payable Income Tax Liabilities	-	-	256	483	364	267	270	264	272	276	256
Other Current Nonoperating Liabilities	695	625	621	579	548	525	504	515	513	543	534
Total Noncurrent Liabilities	44,636	39,579	37,750	36,112	34,168	34,333	32,674	31,034	32,070	34,439	35,977
Long-Term Debt	42,406	37,354	35,015	33,936	31,915	32,131	30,674	28,403	28,067	29,881	30,777
Noncurrent Deferred Revenue	2,230	2,225	2,735	2,176	2,253	2,202	2,000	2,008	2,615	2,488	2,309
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.00	623	1,388	2,070	2,891
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	35,403	34,802	35,124	34,531	34,086	31,838	31,921	32,114	31,729	31,867	32,449
Total Preferred & Common Equity	35,119	34,431	33,636	33,678	33,742	31,436	30,823	30,742	30,306	30,531	31,162
Total Common Equity	35,119	34,431	33,636	33,678	33,742	31,436	30,823	30,742	30,306	30,531	31,162
Common Stock	41,683	41,761	41,931	41,724	41,768	41,779	41,829	41,695	41,212	41,259	41,298
Retained Earnings	-6,103	-6,669	-7,754	-7,716	-7,693	-9,936	-10,595	-10,551	-10,689	-10,633	-10,181
Accumulated Other Comprehensive Income / (Loss)	-461	-661	-541	-330	-333	-407	-411	-402	-217	-95	45
Noncontrolling Interest	284	371	1,488	853	344	402	1,098	1,372	1,423	1,336	1,287

This table presents Kinder Morgan's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	69,073	68,862	71,020	70,736	70,702	70,879	71,407	72,318	72,371	72,316	73,072
Total Current Assets	2,718	2,433	2,542	2,307	2,190	2,177	2,521	2,579	2,486	2,426	2,707
Cash & Equivalents	497	80	83	119	98	108	88	80	82	71	72
Restricted Cash	23	17	13	24	26	25	126	215	115	62	108
Accounts Receivable	1,284	1,502	1,588	1,404	1,293	1,265	1,506	1,476	1,453	1,444	1,582
Inventories, net	569	565	525	548	537	526	555	577	560	560	593
Other Current Assets	345	269	333	212	236	253	246	231	276	289	352
Plant, Property, & Equipment, net	35,759	35,944	37,297	37,313	37,533	37,709	38,013	38,701	38,818	39,021	39,699
Total Noncurrent Assets	30,596	30,485	31,181	31,116	30,979	30,993	30,873	31,038	31,067	30,869	30,666
Long-Term Investments	7,665	7,674	7,874	7,906	7,851	7,882	7,845	7,877	7,854	7,747	7,651
Goodwill	19,965	19,965	20,121	20,094	20,084	20,084	20,084	20,084	20,084	20,084	20,084
Intangible Assets	1,696	1,652	1,957	1,907	1,858	1,809	1,760	1,868	1,818	1,774	1,686
Other Noncurrent Operating Assets	1,270	1,194	1,229	1,209	1,186	1,218	1,184	1,209	1,311	1,264	1,245
Total Liabilities & Shareholders' Equity	69,073	68,862	71,020	70,736	70,702	70,879	71,407	72,318	72,371	72,316	73,072
Total Liabilities	37,164	37,281	39,291	38,993	39,008	39,133	39,540	40,392	40,290	40,283	40,489
Total Current Liabilities	5,603	6,251	7,221	4,575	5,958	4,731	5,101	5,778	3,633	3,846	5,182
Short-Term Debt	2,760	3,130	4,049	1,975	3,062	1,984	2,009	3,044	788	1,081	2,186
Accounts Payable	1,142	1,430	1,366	1,074	1,204	1,256	1,395	1,246	1,301	1,295	1,366
Accrued Expenses	939	958	1,021	695	717	727	878	947	802	817	1,093
Current Deferred & Payable Income Tax Liabilities	-	-	272	196	223	286	276	202	212	291	198
Other Current Nonoperating Liabilities	511	387	513	365	524	361	543	339	530	362	339
Total Noncurrent Liabilities	31,561	31,030	32,070	34,418	33,050	34,402	34,439	34,614	36,657	36,437	35,307
Long-Term Debt	28,632	27,871	28,067	30,171	28,649	30,047	29,881	29,965	31,871	31,499	29,870
Noncurrent Deferred Revenue	1,919	2,047	2,615	2,679	2,672	2,502	2,488	2,416	2,369	2,333	2,317
Noncurrent Deferred & Payable Income Tax Liabilities	1,010	1,112	1,388	1,568	1,729	1,853	2,070	2,233	2,417	2,605	3,120
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	31,909	31,581	31,729	31,743	31,694	31,746	31,867	31,926	32,081	32,033	32,583
Total Preferred & Common Equity	30,569	30,258	30,306	30,372	30,338	30,406	30,531	30,605	30,770	30,740	31,322
Total Common Equity	30,569	30,258	30,306	30,372	30,338	30,406	30,531	30,605	30,770	30,740	31,322
Common Stock	41,409	41,328	41,212	41,222	41,240	41,239	41,259	41,272	41,291	41,277	41,318
Retained Earnings	-10,550	-10,652	-10,689	-10,574	-10,640	-10,658	-10,633	-10,558	-10,497	-10,523	-9,859
Accumulated Other Comprehensive Income / (Loss)	-290	-418	-217	-276	-262	-175	-95	-109	-24	-14	-137
Noncontrolling Interest	1,340	1,323	1,423	1,371	1,356	1,340	1,336	1,321	1,311	1,293	1,261

This table displays calculated financial ratios and metrics derived from Kinder Morgan's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.24%	-9.34%	4.95%	3.20%	-6.61%	-11.42%	41.97%	15.59%	-20.14%	-1.53%	12.17%
EBITDA Growth	-26.93%	21.38%	1.06%	5.28%	18.73%	-48.63%	39.02%	18.57%	2.87%	4.76%	8.65%
EBIT Growth	-45.59%	45.84%	0.22%	6.76%	27.82%	-69.66%	111.38%	29.65%	2.84%	4.83%	11.02%
NOPAT Growth	-81.25%	136.21%	-76.62%	697.79%	18.65%	-87.68%	472.28%	31.61%	3.48%	5.72%	6.84%
Net Income Growth	-91.49%	246.63%	-69.07%	760.54%	16.68%	-91.96%	927.78%	41.89%	-5.30%	9.41%	16.18%
EPS Growth	-88.76%	150.00%	-96.00%	6,500.00%	45.45%	-94.79%	1,460.00%	43.59%	-5.36%	10.38%	17.09%
Operating Cash Flow Growth	18.94%	-10.45%	-3.30%	9.61%	-5.85%	-4.17%	25.45%	-12.98%	30.68%	-13.19%	5.00%
Free Cash Flow Firm Growth	91.48%	949.92%	-70.06%	218.99%	-27.08%	-43.60%	50.18%	4.54%	-31.93%	26.07%	-27.74%
Invested Capital Growth	2.06%	-7.31%	-2.51%	-5.57%	-2.17%	-3.74%	-2.79%	-1.84%	0.75%	-0.26%	1.96%
Revenue Q/Q Growth	-2.14%	-1.86%	1.81%	1.06%	-3.15%	-1.99%	8.56%	0.81%	-3.41%	-0.34%	3.17%
EBITDA Q/Q Growth	-19.36%	24.09%	-1.39%	4.45%	18.07%	-22.54%	-0.10%	2.40%	-0.31%	1.34%	6.55%
EBIT Q/Q Growth	-33.23%	48.15%	-2.52%	6.70%	22.45%	-40.05%	-0.54%	3.37%	-0.79%	1.40%	9.63%
NOPAT Q/Q Growth	-75.40%	257.54%	-84.35%	296.39%	16.51%	-13.30%	1.80%	1.84%	-0.97%	1.01%	5.70%
Net Income Q/Q Growth	-86.23%	413.48%	-84.41%	351.53%	5.91%	-2.17%	1.70%	1.51%	-2.93%	2.87%	11.54%
EPS Q/Q Growth	-77.78%	256.25%	0.00%	0.00%	6.67%	0.00%	1.30%	1.82%	-3.64%	3.54%	12.30%
Operating Cash Flow Q/Q Growth	18.54%	-10.38%	0.85%	8.01%	-0.86%	-7.31%	0.00%	2.82%	16.47%	-12.60%	3.17%
Free Cash Flow Firm Q/Q Growth	93.02%	23.14%	-41.47%	32.80%	102.27%	-45.21%	-10.16%	5.27%	-30.46%	43.59%	2.72%
Invested Capital Q/Q Growth	-2.56%	-0.98%	-1.74%	-0.99%	-4.03%	-0.67%	0.19%	-0.08%	2.16%	0.21%	0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.77%	70.52%	65.39%	66.30%	72.07%	75.02%	58.34%	49.50%	65.05%	68.41%	64.73%
EBITDA Margin	33.32%	44.61%	42.96%	43.82%	55.71%	32.31%	31.64%	32.45%	41.80%	44.47%	43.40%
Operating Margin	16.99%	27.09%	25.75%	26.82%	36.89%	13.33%	17.56%	21.17%	27.80%	29.03%	27.89%
EBIT Margin	16.93%	27.24%	26.01%	26.91%	36.83%	12.62%	18.78%	21.07%	27.13%	28.88%	28.91%
Profit (Net Income) Margin	1.44%	5.52%	1.63%	13.57%	16.95%	1.54%	11.14%	13.67%	16.21%	18.01%	18.66%
Tax Burden Percent	26.94%	44.02%	10.32%	76.58%	70.74%	27.23%	83.37%	78.71%	77.66%	79.84%	79.16%
Interest Burden Percent	31.65%	46.05%	60.62%	65.84%	65.06%	44.78%	71.12%	82.45%	76.95%	78.12%	81.52%
Effective Tax Rate	73.06%	55.98%	89.68%	23.42%	29.26%	72.77%	16.63%	21.29%	22.34%	20.16%	20.84%
Return on Invested Capital (ROIC)	0.91%	2.21%	0.55%	4.53%	5.60%	0.71%	4.20%	5.66%	5.89%	6.22%	6.58%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.30%	-0.16%	0.10%	1.13%	1.05%	-0.23%	1.93%	3.32%	2.49%	3.03%	4.23%
Return on Net Nonoperating Assets (RNNOA)	-0.32%	-0.16%	0.09%	0.93%	0.79%	-0.18%	1.53%	2.54%	1.89%	2.34%	3.24%
Return on Equity (ROE)	0.60%	2.05%	0.64%	5.46%	6.39%	0.53%	5.74%	8.20%	7.79%	8.55%	9.83%
Cash Return on Invested Capital (CROIC)	-1.12%	9.80%	3.09%	10.26%	7.79%	4.53%	7.03%	7.52%	5.15%	6.48%	4.64%
Operating Return on Assets (OROA)	2.92%	4.33%	4.47%	4.82%	6.36%	2.02%	4.38%	5.76%	5.90%	6.12%	6.79%
Return on Assets (ROA)	0.25%	0.88%	0.28%	2.43%	2.93%	0.25%	2.60%	3.74%	3.52%	3.82%	4.38%
Return on Common Equity (ROCE)	0.59%	2.03%	0.62%	5.22%	6.15%	0.52%	5.54%	7.88%	7.45%	8.18%	9.43%
Return on Equity Simple (ROE_SIMPLE)	0.59%	2.09%	0.66%	5.70%	6.64%	0.57%	6.00%	8.54%	8.20%	8.91%	0.00%
Net Operating Profit after Tax (NOPAT)	659	1,557	364	2,905	3,447	425	2,431	3,200	3,311	3,500	3,739
NOPAT Margin	4.58%	11.93%	2.66%	20.54%	26.10%	3.63%	14.64%	16.66%	21.59%	23.18%	22.08%
Net Nonoperating Expense Percent (NNEP)	1.21%	2.37%	0.44%	3.41%	4.55%	0.94%	2.27%	2.35%	3.40%	3.18%	2.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.01%	5.19%	5.49%	5.80%
Cost of Revenue to Revenue	31.23%	29.48%	34.61%	33.70%	27.93%	24.98%	41.66%	50.50%	34.95%	31.59%	35.27%
SG&A Expenses to Revenue	21.41%	23.55%	23.06%	22.08%	24.08%	26.69%	18.20%	17.15%	22.66%	24.40%	22.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.78%	43.42%	39.64%	39.48%	35.18%	61.68%	40.79%	28.33%	37.25%	39.38%	36.84%
Earnings before Interest and Taxes (EBIT)	2,439	3,557	3,565	3,806	4,865	1,476	3,120	4,045	4,160	4,361	4,897
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,799	5,825	5,887	6,198	7,359	3,780	5,255	6,231	6,410	6,715	7,350
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.61	0.88	0.81	0.71	1.05	0.78	0.98	1.16	1.21	1.97	1.94
Price to Tangible Book Value (P/TBV)	2.73	3.39	3.24	2.70	3.67	2.68	3.28	3.97	4.45	6.93	6.48
Price to Revenue (P/Rev)	1.48	2.32	1.98	1.68	2.67	2.09	1.82	1.85	2.39	3.99	3.58
Price to Earnings (P/E)	93.62	54.97	1,005.53	16.09	16.13	205.37	16.98	13.97	15.33	23.05	19.82
Dividend Yield	20.27%	3.68%	4.11%	6.71%	6.09%	9.61%	8.03%	6.96%	6.82%	4.22%	4.28%
Earnings Yield	1.07%	1.82%	0.10%	6.22%	6.20%	0.49%	5.89%	7.16%	6.52%	4.34%	5.05%
Enterprise Value to Invested Capital (EV/IC)	0.80	0.93	0.89	0.83	1.02	0.87	0.98	1.08	1.10	1.52	1.50
Enterprise Value to Revenue (EV/Rev)	4.06	4.82	4.29	3.67	4.69	4.37	3.37	3.14	4.06	5.66	5.09
Enterprise Value to EBITDA (EV/EBITDA)	12.18	10.81	10.00	8.37	8.42	13.53	10.65	9.68	9.71	12.72	11.73
Enterprise Value to EBIT (EV/EBIT)	23.96	17.70	16.51	13.63	12.74	34.64	17.94	14.91	14.96	19.58	17.61
Enterprise Value to NOPAT (EV/NOPAT)	88.63	40.42	161.62	17.85	17.98	120.36	23.03	18.85	18.79	24.40	23.06
Enterprise Value to Operating Cash Flow (EV/OCF)	11.00	13.23	12.79	10.28	13.05	11.24	9.81	12.14	9.59	15.16	14.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.14	28.53	7.88	12.91	18.89	13.77	14.19	21.51	23.42	32.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.22	1.15	1.08	1.06	0.99	1.07	1.04	0.99	1.01	1.00	0.99
Long-Term Debt to Equity	1.20	1.07	1.00	0.96	0.91	0.99	0.96	0.88	0.88	0.94	0.95
Financial Leverage	1.07	1.00	0.91	0.82	0.76	0.77	0.79	0.76	0.76	0.77	0.77
Leverage Ratio	2.39	2.34	2.28	2.25	2.18	2.17	2.21	2.19	2.21	2.24	2.24
Compound Leverage Factor	0.76	1.08	1.38	1.48	1.42	0.97	1.57	1.81	1.70	1.75	1.83
Debt to Total Capital	54.98%	53.51%	51.86%	51.47%	49.64%	51.58%	51.07%	49.74%	50.30%	50.02%	49.65%
Short-Term Debt to Total Capital	1.04%	3.60%	3.88%	4.67%	3.58%	3.80%	4.06%	5.30%	6.34%	3.15%	1.90%
Long-Term Debt to Total Capital	53.93%	49.90%	47.99%	46.79%	46.07%	47.77%	47.02%	44.45%	43.96%	46.87%	47.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.36%	0.50%	2.04%	2.09%	1.66%	1.68%	1.68%	2.15%	2.23%	2.10%	2.00%
Common Equity to Total Capital	44.66%	46.00%	46.10%	46.44%	48.70%	46.74%	47.24%	48.11%	47.47%	47.89%	48.35%
Debt to EBITDA	9.01	6.88	6.43	6.02	4.67	9.18	6.34	5.10	5.01	4.75	4.35
Net Debt to EBITDA	7.69	5.53	5.13	4.28	3.47	6.76	4.68	3.75	3.77	3.55	3.31
Long-Term Debt to EBITDA	8.84	6.41	5.95	5.48	4.34	8.50	5.84	4.56	4.38	4.45	4.19
Debt to NOPAT	65.57	25.72	103.92	12.85	9.98	81.66	13.71	9.94	9.70	9.11	8.56
Net Debt to NOPAT	55.97	20.70	82.98	9.13	7.40	60.18	10.12	7.30	7.29	6.81	6.51
Long-Term Debt to NOPAT	64.32	23.99	96.15	11.68	9.26	75.64	12.62	8.88	8.48	8.54	8.23
Altman Z-Score	0.41	0.55	0.50	0.50	0.76	0.38	0.61	0.76	0.68	1.08	1.14
Noncontrolling Interest Sharing Ratio	0.91%	0.93%	2.66%	4.28%	3.80%	3.38%	3.46%	3.86%	4.38%	4.34%	4.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.55	0.44	0.76	0.63	0.63	0.66	0.55	0.35	0.49	0.64
Quick Ratio	0.38	0.35	0.28	0.63	0.49	0.49	0.47	0.37	0.23	0.31	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-811	6,890	2,063	6,581	4,799	2,707	4,065	4,250	2,893	3,647	2,635
Operating Cash Flow to CapEx	137.75%	186.44%	149.87%	180.11%	217.00%	713.17%	652.34%	306.42%	280.15%	214.34%	195.54%
Free Cash Flow to Firm to Interest Expense	-0.40	3.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.59	2.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.71	1.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.16	0.17	0.18	0.17	0.16	0.23	0.27	0.22	0.21	0.24
Accounts Receivable Turnover	9.74	9.73	9.73	9.60	9.18	8.76	11.44	11.13	8.95	9.76	10.52
Inventory Turnover	10.39	10.08	12.15	11.78	9.76	8.13	15.21	16.21	9.25	8.83	10.58
Fixed Asset Turnover	0.36	0.33	0.35	0.36	0.36	0.32	0.46	0.54	0.42	0.40	0.44
Accounts Payable Turnover	3.24	3.14	3.65	3.56	3.28	3.34	6.60	7.17	3.81	3.46	4.26
Days Sales Outstanding (DSO)	37.46	37.53	37.53	38.01	39.75	41.68	31.91	32.80	40.80	37.39	34.70
Days Inventory Outstanding (DIO)	35.14	36.22	30.05	30.98	37.40	44.89	24.00	22.51	39.47	41.32	34.49
Days Payable Outstanding (DPO)	112.79	116.09	99.93	102.51	111.36	109.33	55.29	50.88	95.69	105.64	85.63
Cash Conversion Cycle (CCC)	-40.20	-42.35	-32.35	-33.52	-34.21	-22.76	0.62	4.44	-15.43	-26.92	-16.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	72,996	67,663	65,964	62,288	60,936	58,654	57,020	55,970	56,388	56,241	57,345
Invested Capital Turnover	0.20	0.19	0.21	0.22	0.21	0.20	0.29	0.34	0.27	0.27	0.30
Increase / (Decrease) in Invested Capital	1,470	-5,333	-1,699	-3,676	-1,352	-2,282	-1,634	-1,050	418	-147	1,104
Enterprise Value (EV)	58,434	62,951	58,856	51,861	61,966	51,132	55,986	60,319	62,223	85,403	86,221
Market Capitalization	21,252	30,344	27,149	23,830	35,320	24,439	30,293	35,606	36,654	60,236	60,572
Book Value per Share	$15.74	$15.42	$15.06	$15.26	$14.90	$13.89	$13.59	$13.68	$13.63	$13.74	$14.01
Tangible Book Value per Share	$3.49	$4.01	$3.75	$4.00	$4.25	$4.03	$4.07	$3.99	$3.70	$3.91	$4.20
Total Capital	78,630	74,852	72,967	72,521	69,281	67,255	65,241	63,902	63,845	63,757	64,452
Total Debt	43,227	40,050	37,843	37,324	34,392	34,689	33,320	31,788	32,116	31,890	32,003
Total Long-Term Debt	42,406	37,354	35,015	33,936	31,915	32,131	30,674	28,403	28,067	29,881	30,777
Net Debt	36,898	32,236	30,219	26,512	25,499	25,563	24,595	23,341	24,146	23,831	24,362
Capital Expenditures (CapEx)	3,857	2,552	3,070	2,800	2,188	638	875	1,621	2,317	2,629	3,026
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-709	-786	-964	-1,778	-519	-522	-493	-536	-726	-785	-451
Debt-free Net Working Capital (DFNWC)	-420	1.00	-638	1,553	615	687	654	258	-630	-571	-342
Net Working Capital (NWC)	-1,241	-2,695	-3,466	-1,835	-1,862	-1,871	-1,992	-3,127	-4,679	-2,580	-1,568
Net Nonoperating Expense (NNE)	451	836	141	986	1,208	245	581	575	825	780	579
Net Nonoperating Obligations (NNO)	37,593	32,861	30,840	27,091	26,047	26,088	25,099	23,856	24,659	24,374	24,896
Total Depreciation and Amortization (D&A)	2,360	2,268	2,322	2,392	2,494	2,304	2,135	2,186	2,250	2,354	2,453
Debt-free, Cash-free Net Working Capital to Revenue	-4.92%	-6.02%	-7.03%	-12.57%	-3.93%	-4.46%	-2.97%	-2.79%	-4.73%	-5.20%	-2.66%
Debt-free Net Working Capital to Revenue	-2.92%	0.01%	-4.66%	10.98%	4.66%	5.87%	3.94%	1.34%	-4.11%	-3.78%	-2.02%
Net Working Capital to Revenue	-8.62%	-20.64%	-25.29%	-12.97%	-14.10%	-15.99%	-11.99%	-16.29%	-30.51%	-17.09%	-9.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.25	$0.01	$0.66	$0.96	$0.05	$0.78	$1.12	$1.06	$1.17	$1.37
Adjusted Weighted Average Basic Shares Outstanding	2.19B	2.23B	2.23B	2.26B	2.27B	2.26B	2.27B	2.26B	2.23B	2.22B	2.22B
Adjusted Diluted Earnings per Share	$0.10	$0.25	$0.01	$0.66	$0.96	$0.05	$0.78	$1.12	$1.06	$1.17	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	2.19B	2.23B	2.23B	2.26B	2.27B	2.26B	2.27B	2.26B	2.23B	2.22B	2.22B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.66	$0.96	$0.05	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.23B	2.23B	2.21B	2.22B	2.26B	2.26B	2.27B	2.25B	2.22B	2.22B	2.22B
Normalized Net Operating Profit after Tax (NOPAT)	3,161	2,748	2,479	3,033	2,781	2,444	3,785	3,200	3,311	3,500	3,739
Normalized NOPAT Margin	21.95%	21.04%	18.09%	21.45%	21.05%	20.89%	22.79%	16.66%	21.59%	23.18%	22.08%
Pre Tax Income Margin	5.36%	12.54%	15.77%	17.72%	23.96%	5.65%	13.36%	17.37%	20.88%	22.56%	23.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.19	1.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.32	0.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.69	0.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.56	-0.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,047.12%	179.75%	591.03%	96.51%	138.81%	1,364.44%	137.57%	99.81%	107.80%	99.67%	87.25%
Augmented Payout Ratio	2,052.88%	179.75%	703.14%	110.73%	138.90%	1,392.22%	137.57%	113.83%	128.80%	99.93%	87.25%

This table displays calculated financial ratios and metrics derived from Kinder Morgan's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,224,806,397.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2,224,806,397.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.44
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-24.53%	-11.81%	-1.18%	2.03%	-5.32%	-1.26%	10.39%	13.16%	12.08%	13.07%	13.84%
EBITDA Growth	0.00%	-1.23%	3.10%	2.55%	8.22%	5.52%	-2.21%	9.74%	4.02%	23.45%	18.47%
EBIT Growth	-1.07%	-3.06%	2.71%	1.28%	10.40%	5.74%	-5.15%	12.13%	4.17%	33.99%	26.21%
NOPAT Growth	-2.13%	-3.83%	3.11%	0.49%	16.29%	4.51%	-4.88%	14.61%	-4.19%	23.65%	22.55%
Net Income Growth	-6.72%	-10.82%	9.96%	-1.31%	17.30%	12.30%	-3.88%	23.26%	0.46%	47.12%	34.72%
EPS Growth	-4.00%	-13.33%	10.00%	0.00%	16.67%	15.38%	-3.03%	23.08%	0.00%	50.00%	37.50%
Operating Cash Flow Growth	40.55%	65.38%	-10.80%	8.84%	-2.88%	-34.97%	-2.27%	-2.25%	13.21%	12.05%	28.31%
Free Cash Flow Firm Growth	-5.69%	-78.64%	-44.50%	-45.10%	-103.85%	147.71%	-97.22%	-169.11%	-138.49%	-103.65%	5,644.20%
Invested Capital Growth	-1.46%	0.75%	0.52%	0.59%	1.68%	-0.26%	1.60%	2.26%	1.73%	1.96%	0.08%
Revenue Q/Q Growth	11.60%	3.35%	-4.85%	-7.03%	3.56%	7.79%	6.37%	-4.69%	2.57%	8.73%	7.10%
EBITDA Q/Q Growth	-5.48%	8.63%	11.54%	-10.46%	-0.25%	5.92%	4.06%	0.62%	-5.50%	25.73%	-0.90%
EBIT Q/Q Growth	-8.88%	13.22%	15.89%	-15.28%	-0.68%	8.44%	4.98%	0.43%	-7.81%	39.48%	-2.27%
NOPAT Q/Q Growth	-7.91%	11.03%	16.59%	-15.70%	6.57%	-0.21%	6.11%	1.57%	-10.91%	28.79%	5.16%
Net Income Q/Q Growth	-9.02%	11.35%	25.08%	-22.12%	8.14%	6.61%	7.06%	-0.13%	-11.86%	56.12%	-1.96%
EPS Q/Q Growth	-7.69%	8.33%	26.92%	-21.21%	7.69%	7.14%	6.67%	0.00%	-12.50%	60.71%	-2.22%
Operating Cash Flow Q/Q Growth	-17.03%	80.56%	-48.79%	41.88%	-25.96%	20.90%	-23.05%	41.91%	-14.25%	19.66%	-11.88%
Free Cash Flow Firm Q/Q Growth	76.83%	-73.87%	65.47%	-28.19%	-112.41%	1,779.89%	-98.14%	-1,885.67%	57.18%	74.31%	3,024.11%
Invested Capital Q/Q Growth	-0.77%	2.16%	-0.32%	-0.45%	0.30%	0.21%	1.53%	0.20%	-0.22%	0.44%	-0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.33%	64.12%	68.30%	69.88%	69.42%	66.27%	62.56%	67.29%	63.68%	65.44%	61.41%
EBITDA Margin	37.98%	39.92%	46.80%	45.07%	43.42%	42.66%	41.74%	44.06%	40.59%	46.94%	43.43%
Operating Margin	24.01%	27.27%	31.83%	29.06%	27.44%	27.79%	27.00%	28.50%	25.64%	30.26%	29.91%
EBIT Margin	23.62%	25.88%	31.52%	28.72%	27.55%	27.72%	27.35%	28.82%	25.90%	33.23%	30.32%
Profit (Net Income) Margin	14.21%	15.30%	20.12%	16.85%	17.60%	17.41%	17.52%	18.36%	15.77%	22.65%	20.73%
Tax Burden Percent	79.29%	75.00%	78.72%	78.18%	85.21%	77.89%	79.98%	80.74%	77.95%	78.24%	77.72%
Interest Burden Percent	75.84%	78.85%	81.09%	75.05%	74.98%	80.63%	80.09%	78.88%	78.12%	87.12%	87.98%
Effective Tax Rate	20.71%	25.00%	21.28%	21.82%	14.79%	22.11%	20.02%	19.26%	22.05%	21.76%	22.28%
Return on Invested Capital (ROIC)	5.43%	5.58%	6.83%	6.25%	6.36%	5.80%	5.91%	6.49%	5.80%	7.06%	7.13%
ROIC Less NNEP Spread (ROIC-NNEP)	4.64%	4.73%	6.05%	5.38%	5.47%	5.11%	5.21%	5.73%	5.09%	6.87%	6.64%
Return on Net Nonoperating Assets (RNNOA)	3.46%	3.59%	4.57%	4.06%	4.15%	3.94%	4.06%	4.44%	3.95%	5.26%	5.12%
Return on Equity (ROE)	8.89%	9.17%	11.40%	10.31%	10.51%	9.75%	9.97%	10.93%	9.74%	12.32%	12.25%
Cash Return on Invested Capital (CROIC)	7.48%	5.15%	5.45%	5.41%	4.56%	6.48%	4.51%	4.07%	4.53%	4.64%	6.83%
Operating Return on Assets (OROA)	5.40%	5.62%	6.90%	6.31%	5.97%	5.88%	5.93%	6.43%	5.94%	7.81%	7.31%
Return on Assets (ROA)	3.25%	3.33%	4.40%	3.70%	3.82%	3.69%	3.80%	4.10%	3.62%	5.32%	5.00%
Return on Common Equity (ROCE)	8.52%	8.77%	10.92%	9.88%	10.07%	9.32%	9.55%	10.48%	9.34%	11.82%	11.76%
Return on Equity Simple (ROE_SIMPLE)	8.46%	0.00%	8.42%	8.40%	8.70%	0.00%	8.79%	9.20%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	744	826	963	812	865	863	916	930	829	1,067	1,122
NOPAT Margin	19.04%	20.45%	25.06%	22.72%	23.38%	21.65%	21.59%	23.01%	19.99%	23.67%	23.24%
Net Nonoperating Expense Percent (NNEP)	0.79%	0.86%	0.79%	0.87%	0.89%	0.69%	0.70%	0.76%	0.71%	0.19%	0.49%
Return On Investment Capital (ROIC_SIMPLE)	-	1.29%	-	-	-	1.35%	1.41%	1.44%	1.28%	1.66%	1.74%
Cost of Revenue to Revenue	38.67%	35.88%	31.70%	30.12%	30.58%	33.73%	37.44%	32.71%	36.32%	34.56%	38.59%
SG&A Expenses to Revenue	23.04%	22.68%	22.25%	25.76%	26.12%	23.65%	21.17%	23.78%	23.37%	21.58%	18.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.32%	36.85%	36.47%	40.82%	41.98%	38.48%	35.56%	38.79%	38.04%	35.18%	31.50%
Earnings before Interest and Taxes (EBIT)	923	1,045	1,211	1,026	1,019	1,105	1,160	1,165	1,074	1,498	1,464
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,484	1,612	1,798	1,610	1,606	1,701	1,770	1,781	1,683	2,116	2,097
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	1.21	1.30	1.43	1.61	1.97	2.07	2.12	2.05	1.94	2.38
Price to Tangible Book Value (P/TBV)	4.02	4.45	4.73	5.18	5.76	6.93	7.33	7.37	7.08	6.48	7.81
Price to Revenue (P/Rev)	2.19	2.39	2.59	2.83	3.24	3.99	4.09	4.09	3.83	3.58	4.26
Price to Earnings (P/E)	14.07	15.33	16.11	17.78	19.30	23.05	24.53	23.98	23.07	19.82	22.50
Dividend Yield	7.19%	6.82%	6.34%	5.79%	5.16%	4.22%	4.03%	3.93%	4.10%	4.28%	3.49%
Earnings Yield	7.11%	6.52%	6.21%	5.62%	5.18%	4.34%	4.08%	4.17%	4.34%	5.05%	4.44%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.10	1.16	1.23	1.33	1.52	1.57	1.59	1.56	1.50	1.75
Enterprise Value to Revenue (EV/Rev)	3.73	4.06	4.26	4.47	4.91	5.66	5.78	5.71	5.42	5.09	5.71
Enterprise Value to EBITDA (EV/EBITDA)	9.22	9.71	10.07	10.55	11.23	12.72	13.42	13.35	12.89	11.73	13.04
Enterprise Value to EBIT (EV/EBIT)	14.13	14.96	15.52	16.32	17.29	19.58	20.84	20.63	19.90	17.61	19.24
Enterprise Value to NOPAT (EV/NOPAT)	17.72	18.79	19.48	20.51	21.47	24.40	25.93	25.55	25.13	23.06	25.36
Enterprise Value to Operating Cash Flow (EV/OCF)	10.63	9.59	10.25	10.58	11.54	15.16	15.97	16.38	15.50	14.57	16.02
Enterprise Value to Free Cash Flow (EV/FCFF)	14.24	21.51	21.32	22.74	29.29	23.42	35.03	39.57	34.65	32.72	25.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	1.01	1.01	1.00	1.01	1.00	1.03	1.02	1.02	0.99	0.98
Long-Term Debt to Equity	0.88	0.88	0.95	0.90	0.95	0.94	0.94	0.99	0.98	0.95	0.92
Financial Leverage	0.75	0.76	0.76	0.75	0.76	0.77	0.78	0.77	0.78	0.77	0.77
Leverage Ratio	2.18	2.21	2.19	2.20	2.21	2.24	2.25	2.24	2.25	2.24	2.25
Compound Leverage Factor	1.65	1.74	1.77	1.65	1.65	1.81	1.80	1.77	1.75	1.95	1.98
Debt to Total Capital	49.54%	50.30%	50.32%	50.01%	50.22%	50.02%	50.83%	50.45%	50.42%	49.65%	49.59%
Short-Term Debt to Total Capital	5.00%	6.34%	3.09%	4.83%	3.11%	3.15%	4.69%	1.22%	1.67%	1.90%	3.38%
Long-Term Debt to Total Capital	44.54%	43.96%	47.22%	45.18%	47.11%	46.87%	46.15%	49.23%	48.75%	47.75%	46.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.11%	2.23%	2.15%	2.14%	2.10%	2.10%	2.03%	2.03%	2.00%	2.00%	1.95%
Common Equity to Total Capital	48.35%	47.47%	47.54%	47.85%	47.68%	47.89%	47.13%	47.53%	47.58%	48.35%	48.46%
Debt to EBITDA	4.82	5.01	4.97	4.88	4.83	4.75	4.95	4.78	4.72	4.35	4.18
Net Debt to EBITDA	3.61	3.77	3.73	3.65	3.62	3.55	3.72	3.60	3.58	3.31	3.16
Long-Term Debt to EBITDA	4.33	4.38	4.67	4.40	4.53	4.45	4.49	4.66	4.57	4.19	3.89
Debt to NOPAT	9.27	9.70	9.62	9.48	9.24	9.11	9.56	9.15	9.21	8.56	8.12
Net Debt to NOPAT	6.95	7.29	7.21	7.10	6.93	6.81	7.19	6.89	6.98	6.51	6.14
Long-Term Debt to NOPAT	8.34	8.48	9.03	8.57	8.67	8.54	8.68	8.93	8.90	8.23	7.57
Altman Z-Score	0.55	0.53	0.63	0.66	0.76	0.92	0.95	1.02	0.99	0.98	1.18
Noncontrolling Interest Sharing Ratio	4.24%	4.38%	4.27%	4.24%	4.21%	4.34%	4.23%	4.18%	4.13%	4.08%	4.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.39	0.35	0.50	0.37	0.46	0.49	0.45	0.68	0.63	0.64	0.52
Quick Ratio	0.25	0.23	0.33	0.23	0.29	0.31	0.27	0.42	0.39	0.41	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,561	408	675	485	-60	1,010	19	-335	-143	-37	1,077
Operating Cash Flow to CapEx	198.76%	369.75%	192.08%	290.36%	190.11%	195.60%	151.70%	254.87%	178.31%	206.34%	185.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.22	0.22	0.22	0.22	0.21	0.22	0.22	0.23	0.24	0.24
Accounts Receivable Turnover	9.41	8.95	11.22	11.92	10.95	9.76	10.76	11.63	12.12	10.52	11.46
Inventory Turnover	9.33	9.25	9.24	9.50	8.93	8.83	9.14	9.82	10.61	10.58	10.68
Fixed Asset Turnover	0.44	0.42	0.42	0.42	0.41	0.40	0.41	0.42	0.43	0.44	0.45
Accounts Payable Turnover	3.97	3.81	4.86	4.48	3.63	3.46	4.43	4.30	4.52	4.26	4.78
Days Sales Outstanding (DSO)	38.80	40.80	32.53	30.62	33.33	37.39	33.91	31.38	30.12	34.70	31.85
Days Inventory Outstanding (DIO)	39.12	39.47	39.51	38.42	40.85	41.32	39.94	37.17	34.40	34.49	34.17
Days Payable Outstanding (DPO)	91.95	95.69	75.09	81.49	100.57	105.64	82.37	84.88	80.81	85.63	76.28
Cash Conversion Cycle (CCC)	-14.04	-15.43	-3.05	-12.45	-26.39	-26.92	-8.52	-16.33	-16.29	-16.44	-10.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	55,198	56,388	56,205	55,954	56,123	56,241	57,102	57,219	57,095	57,345	57,147
Invested Capital Turnover	0.29	0.27	0.27	0.28	0.27	0.27	0.27	0.28	0.29	0.30	0.31
Increase / (Decrease) in Invested Capital	-817	418	288	327	925	-147	897	1,265	972	1,104	45
Enterprise Value (EV)	59,253	62,223	65,075	68,607	74,384	85,403	89,551	91,248	88,900	86,221	100,084
Market Capitalization	34,700	36,654	39,607	43,515	49,028	60,236	63,393	65,329	62,907	60,572	74,598
Book Value per Share	$13.58	$13.63	$13.68	$13.67	$13.70	$13.74	$13.77	$13.85	$13.83	$14.01	$14.08
Tangible Book Value per Share	$3.88	$3.70	$3.77	$3.78	$3.84	$3.91	$3.89	$3.99	$4.00	$4.20	$4.29
Total Capital	62,582	63,845	63,889	63,405	63,777	63,757	64,935	64,740	64,613	64,452	64,639
Total Debt	31,001	32,116	32,146	31,711	32,031	31,890	33,009	32,659	32,580	32,003	32,056
Total Long-Term Debt	27,871	28,067	30,171	28,649	30,047	29,881	29,965	31,871	31,499	30,777	29,870
Net Debt	23,230	24,146	24,097	23,736	24,016	23,831	24,837	24,608	24,700	24,362	24,225
Capital Expenditures (CapEx)	647	628	619	581	657	772	766	647	793	820	804
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-785	-726	-436	-830	-703	-785	-450	-556	-472	-451	-469
Debt-free Net Working Capital (DFNWC)	-688	-630	-293	-706	-570	-571	-155	-359	-339	-342	-289
Net Working Capital (NWC)	-3,818	-4,679	-2,268	-3,768	-2,554	-2,580	-3,199	-1,147	-1,420	-1,568	-2,475
Net Nonoperating Expense (NNE)	189	208	190	210	214	169	173	188	175	46	121
Net Nonoperating Obligations (NNO)	23,617	24,659	24,462	24,260	24,377	24,374	25,176	25,138	25,062	24,896	24,564
Total Depreciation and Amortization (D&A)	561	567	587	584	587	596	610	616	609	618	633
Debt-free, Cash-free Net Working Capital to Revenue	-4.94%	-4.73%	-2.85%	-5.40%	-4.64%	-5.20%	-2.90%	-3.48%	-2.88%	-2.66%	-2.68%
Debt-free Net Working Capital to Revenue	-4.33%	-4.11%	-1.92%	-4.60%	-3.76%	-3.78%	-1.00%	-2.25%	-2.07%	-2.02%	-1.65%
Net Working Capital to Revenue	-24.05%	-30.51%	-14.84%	-24.53%	-16.86%	-17.09%	-20.64%	-7.18%	-8.65%	-9.26%	-14.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.24	$0.26	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44
Adjusted Weighted Average Basic Shares Outstanding	2.23B	2.23B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.23B
Adjusted Diluted Earnings per Share	$0.24	$0.26	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	2.23B	2.23B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.23B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B	2.22B
Normalized Net Operating Profit after Tax (NOPAT)	741	826	938	776	866	863	916	930	829	1,067	1,122
Normalized NOPAT Margin	18.97%	20.45%	24.40%	21.73%	23.40%	21.65%	21.59%	23.01%	19.99%	23.67%	23.24%
Pre Tax Income Margin	17.92%	20.41%	25.56%	21.56%	20.65%	22.35%	21.91%	22.74%	20.24%	28.95%	26.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	104.57%	107.80%	105.01%	105.53%	102.08%	99.67%	101.26%	96.54%	96.89%	87.25%	80.90%
Augmented Payout Ratio	121.16%	128.80%	121.28%	113.85%	107.34%	99.93%	101.26%	96.54%	96.89%	87.25%	80.90%

Financials Breakdown Chart

Key Financial Trends

Market overview of Kinder Morgan, Inc. (KMI) based on quarterly statements across the last four years shows a pattern of solid cash generation, sustained distributions, and a high but manageable debt load. Below are the top trends and takeaways for retail investors.

Strong 2025 Q4 earnings: Net income attributable to common shareholders reached about $996,000,000 in Q4 2025, up from roughly $694,000,000 in Q4 2024, signaling improving quarterly profitability.
Healthy quarterly revenue and gross profit: 2025 Q4 Operating Revenue of $4.508B and Total Gross Profit of $2.95B indicate stable topline performance and solid margins within the pipeline/energy distribution business.
Consistent, sizable cash flow from operations: Cash flow from continuing operating activities for 2025 quarters ranged roughly from $1.16B to $1.69B, demonstrating robust cash generation to support dividends and investments.
Positive free cash flow in key 2025 quarters: Free cash flow (approx. CFO minus capex) was positive in multiple 2025 quarters (e.g., Q4 ~$0.87B, Q2 ~$1.0B, Q3 ~$0.62B, Q1 ~$0.40B), supporting dividends and potential deleveraging.
Steady dividend policy: Quarterly dividends around $0.68–$0.70B (roughly $2.7B annualized) suggest stable income for shareholders and a predictable cash return profile.
Access to capital markets to fund growth: Debt issuance of about $1.58B in 2Q 2025 indicates continued access to external financing to fund capex and distributions when needed.
Elevated leverage and ongoing interest costs: Long-term debt remains high (roughly $29B–$31.5B in recent periods), and interest & investment income is typically negative (for example, Q4 2025 shows -$193M), signaling ongoing interest expense pressure on earnings.
Investing cash outlays continue to weigh on near-term cash: Net cash from continuing investing activities was negative in several quarters (e.g., Q4 2025 about -$477M), reflecting ongoing capital expenditure and acquisitions that compete with dividends for cash.
Persistent debt burden amid rate risk: The combination of high long-term debt and rising rates could pressure interest costs and debt service coverage if cash flows compress, a key risk given the current leverage profile.
Occasional cash balance pressure in some quarters: Net Change in Cash & Equivalents was sometimes small or negative in certain quarters (for example, a modest negative change in Q3/Q4 2025), underscoring sensitivity to financing and investing activities.

05/06/26 02:21 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Kinder Morgan's Financials

When does Kinder Morgan's fiscal year end?

According to the most recent income statement we have on file, Kinder Morgan's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Kinder Morgan's net income changed over the last 10 years?

Kinder Morgan's net income appears to be on an upward trend, with a most recent value of $3.16 billion in 2025, rising from $208 million in 2015. The previous period was $2.72 billion in 2024. View Kinder Morgan's forecast to see where analysts expect Kinder Morgan to go next.

What is Kinder Morgan's operating income?

Kinder Morgan's total operating income in 2025 was $4.72 billion, based on the following breakdown:

Total Gross Profit: $10.96 billion
Total Operating Expenses: $6.24 billion

How has Kinder Morgan's revenue changed over the last 10 years?

Over the last 10 years, Kinder Morgan's total revenue changed from $14.40 billion in 2015 to $16.94 billion in 2025, a change of 17.6%.

How much debt does Kinder Morgan have?

Kinder Morgan's total liabilities were at $40.30 billion at the end of 2025, a 1.9% increase from 2024, and a 17.3% decrease since 2015.

How much cash does Kinder Morgan have?

In the past 10 years, Kinder Morgan's cash and equivalents has ranged from $63 million in 2025 to $3.28 billion in 2018, and is currently $63 million as of their latest financial filing in 2025.

How has Kinder Morgan's book value per share changed over the last 10 years?

Over the last 10 years, Kinder Morgan's book value per share changed from 15.74 in 2015 to 14.01 in 2025, a change of -11.0%.

Related Companies

Financial statements for NYSE:KMI last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Kinder Morgan (KMI) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Kinder Morgan's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Kinder Morgan (KMI) Financials

Annual Income Statements for Kinder Morgan

Quarterly Income Statements for Kinder Morgan

Annual Cash Flow Statements for Kinder Morgan

Quarterly Cash Flow Statements for Kinder Morgan

Annual Balance Sheets for Kinder Morgan

Quarterly Balance Sheets for Kinder Morgan

Annual Metrics And Ratios for Kinder Morgan

Quarterly Metrics And Ratios for Kinder Morgan

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Kinder Morgan's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools