Kinder Morgan
KMI · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Kinder Morgan reported revenue of $15.2B in the fiscal year ended Dec 2025, up 12.7% from the year before. Operating income was $4.7B, an operating margin of 31.1%, and net income was $3.1B. Operating cash flow of $5.9B less capital expenditure of $3B left free cash flow of $2.9B. Net debt was $31.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.2B | $18.1B | $13.6B | $13.5B | $15.2B |
| Cost of revenue | $6.5B | $9.3B | – | – | – |
| Gross profit | $9.7B | $8.9B | – | – | – |
| Operating income | $2.9B | $4.1B | $4.3B | $4.4B | $4.7B |
| Net interest incomeBanks | −$1.5B | −$1.5B | −$1.8B | – | – |
| Pre-tax income | $2.2B | $3.3B | $3.2B | $3.4B | $4B |
| Income tax | $369M | $710M | $715M | $687M | $832M |
| Net income | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| Diluted EPS | 0.78 | 1.12 | 1.06 | 1.17 | 1.37 |
| Diluted shares | 2,266M | 2,258M | 2,234M | 2,220M | 2,223M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $745M | $83M | $88M | $63M |
| Inventory | $562M | $634M | $525M | $555M | $574M |
| Current assets | $3.8B | $3.8B | $2.5B | $2.5B | $2.8B |
| Net PP&E | $35.7B | $35.6B | $37.3B | $38B | $39.3B |
| Goodwill | $19.9B | $20B | $20.1B | $20.1B | $20.1B |
| Total assets | $70.4B | $70.1B | $71B | $71.4B | $72.7B |
| Payables | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B |
| Deferred revenue | $212M | $204M | $415M | $377M | $459M |
| Current liabilities | $5.8B | $6.9B | $7.2B | $5.1B | $4.3B |
| Short-term debt | $2.6B | $3.4B | $4B | $2B | $1.2B |
| Long-term debt | $30.7B | $28.4B | $28.1B | $29.9B | $30.8B |
| Total liabilities | $38.5B | $38B | $39.3B | $39.5B | $40.3B |
| Shareholders' equity | $30.8B | $30.7B | $30.3B | $30.5B | $31.2B |
| Backlog (remaining obligations) | $27.7B | $27.5B | $31.9B | $34.6B | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.7B | $5B | $6.5B | $5.6B | $5.9B |
| Capital expenditure | $1.3B | $1.6B | $2.3B | $2.6B | $3B |
| Free cash flow | $4.4B | $3.3B | $4.2B | $3B | $2.9B |
| Depreciation & amortisation | $2.1B | $2.2B | $2.3B | $2.4B | $2.5B |
| Share buybacks | $0 | $368M | $522M | $7M | $0 |
| Dividends paid | $2.4B | $2.5B | $2.5B | $2.6B | $2.6B |
| Dividend per share | 1.08 | 1.11 | 1.13 | 1.15 | 1.17 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.2% | −24.7% | −1.2% | 12.7% |
| Operating income growth (YoY) | – | 39.4% | 4.9% | 2.8% | 7.8% |
| EPS growth (YoY) | – | 43.6% | −5.4% | 10.4% | 17.1% |
| Gross margin | 59.8% | 48.9% | – | – | – |
| Operating margin | 18.1% | 22.4% | 31.2% | 32.5% | 31.1% |
| Net margin | 11.0% | 14.1% | 17.5% | 19.4% | 20.1% |
| Return on equityBlank when equity is negative | 5.8% | 8.3% | 7.9% | 8.6% | 9.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 6.4% | 6.7% | 6.6% | 6.9% |
| Free cash flow margin | 27.4% | 18.5% | 30.6% | 22.3% | 19.0% |
| Cash conversion (CFO ÷ net income) | 3.20x | 1.95x | 2.71x | 2.16x | 1.94x |
| Inventory days | 32 | 25 | – | – | – |
| Payable days | 71 | 57 | – | – | – |
| Debt ÷ equity | 1.08x | 1.03x | 1.06x | 1.04x | 1.03x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $32.2B | $31B | $32B | $31.8B | $31.9B |
| Current ratio | 0.66x | 0.55x | 0.35x | 0.49x | 0.64x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.