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KMI

Kinder Morgan, Inc.

KMI

Kinder Morgan, Inc. • NYSE
$27.32 ▲ 1.37% (+0.37)
Market Cap $60.71 B
52w High $31.48
52w Low $23.94
Dividend Yield 1.17%
P/E 22.39
Volume 5.58M
Outstanding Shares 2.22B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.146B ▲ $294M ▼ $628M ▼ 15.147% ▼ $0.28 ▼ $1.904B ▼
Q2-2025 $4.042B ▼ $299M $715M ▼ 17.689% ▲ $0.32 $1.987B ▼
Q1-2025 $4.254B ▲ $299M ▲ $717M ▲ 16.855% ▲ $0.32 ▲ $1.989B ▲
Q4-2024 $3.967B ▲ $288M ▲ $667M ▲ 16.814% ▼ $0.3 ▲ $1.929B ▲
Q3-2024 $3.676B $283M $625M 17.002% $0.28 $1.812B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $71M ▼ $72.316B ▼ $40.283B ▼ $30.74B ▼
Q2-2025 $82M ▲ $72.371B ▲ $40.29B ▼ $30.77B ▲
Q1-2025 $80M ▼ $72.318B ▲ $40.392B ▲ $30.605B ▲
Q4-2024 $88M ▼ $71.407B ▲ $39.54B ▲ $30.531B ▲
Q3-2024 $108M $70.879B $39.133B $30.406B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $654M ▼ $1.414B ▼ $-663M ▼ $-815M ▲ $-64M ▲ $621M ▼
Q2-2025 $742M ▼ $1.649B ▲ $-625M ▲ $-1.122B ▼ $-98M ▼ $1.002B ▲
Q1-2025 $743M ▲ $1.162B ▼ $-1.414B ▼ $333M ▲ $81M $396M ▼
Q4-2024 $694M ▲ $1.51B ▲ $-771M ▼ $-657M ▼ $81M ▲ $734M ▲
Q3-2024 $621M $1.249B $-686M $-554M $9M $592M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
CO2
CO2
 $280.00M ▲$310.00M ▲$290.00M ▼$280.00M ▼
Natural Gas Pipelines
Natural Gas Pipelines
 $2.44Bn ▲$2.75Bn ▲$2.54Bn ▼$2.68Bn ▲
Products Pipelines
Products Pipelines
 $740.00M ▲$660.00M ▼$690.00M ▲$680.00M ▼
Terminals
Terminals
 $520.00M ▲$520.00M ▲$530.00M ▲$520.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Kinder Morgan’s profit picture looks steady and mature. Revenue has bounced around over the past few years but overall sits in a fairly stable range, while operating profit and cash-style earnings have generally trended upward. Profitability improved meaningfully from the very weak year early in the period and has held up well since, suggesting a resilient business model. The company doesn’t look like a fast grower, but rather a stable earner that converts a good share of its revenue into profit, helped by its fee-based, “toll road” style contracts.

Balance Sheet

Balance Sheet The balance sheet shows a large, capital‑intensive infrastructure company with broadly stable assets and equity over time. Debt remains high, which is typical for this type of business, but it has been nudging down rather than up, indicating some gradual balance-sheet discipline. Cash on hand is quite low relative to the size of the business, so liquidity relies more on ongoing cash generation and access to financing than on cash reserves. Overall, the financial structure looks steady but clearly leveraged, which makes interest rates and credit conditions important to watch.

Cash Flow

Cash Flow Cash generation is one of Kinder Morgan’s key strengths. Operating cash flow has been consistently strong, comfortably covering investment spending and still leaving room for surplus cash. Free cash flow has been solid in most years, even as the company continues to invest in its asset base. Capital spending has risen somewhat from earlier years but remains at a level that appears manageable given the cash coming in. This pattern supports the idea of a dependable, cash‑rich infrastructure business, though not one without the need for ongoing investment to maintain and grow its network.

Competitive Edge

Competitive Edge Kinder Morgan holds a powerful competitive position built around its vast pipeline and terminal network, which would be very hard and expensive for a new entrant to replicate. Its role is more like a toll collector than a commodity trader, relying heavily on long‑term, fee‑based contracts that help smooth out swings in oil and gas prices. Scale and network reach give it cost advantages and make it an important partner to producers and customers. On top of that, its specialized carbon dioxide infrastructure and ability to handle multiple types of products provide differentiation. Key risks are regulatory pressures, environmental scrutiny, and the long‑term impact of the energy transition on fossil‑fuel volumes, but its entrenched infrastructure offers a meaningful moat in the near to medium term.

Innovation and R&D

Innovation and R&D Kinder Morgan is not a classic high‑R&D company, but it does invest in practical technology to squeeze more reliability, safety, and efficiency out of its system. It uses data analytics and AI for predictive maintenance and demand forecasting, has developed its own pipeline integrity tools, and partners with tech firms to improve decision‑making. On the energy transition front, it is building positions in renewable natural gas and carbon capture, leveraging its existing infrastructure and carbon dioxide expertise. Early work on hydrogen transport adds optionality, though it is still at a formative stage and heavily dependent on supportive policy and economics. Overall, the company is innovating in a measured, incremental way rather than betting the farm on unproven technologies.

Summary

Kinder Morgan looks like a mature, infrastructure‑heavy energy company with stable earnings, strong cash generation, and a substantial, hard‑to‑replicate network. Its fee‑based, contract‑driven model supports consistency, while gradual balance‑sheet improvement and ongoing investment point to controlled, rather than aggressive, growth. The company is cautiously positioning itself for a lower‑carbon future through renewable natural gas and carbon capture, using its existing strengths rather than reinventing itself overnight. Main areas to watch include its high but manageable debt load, regulatory and environmental headwinds, and how effectively it turns early‑stage transition projects into durable, profitable businesses over time.

NEWS

October 22, 2025 · 4:05 PM UTC

Kinder Morgan Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 8:30 AM UTC

Kinder Morgan Announces Third Quarter ‘25 Earnings Webcast

Read more