Detailed financial statements for Kinder Morgan, Inc. (KMI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems.
Analysis Summary
Kinder Morgan, Inc. reported revenue of $16.95B in the most recent fiscal year, growing at a 5-year CAGR of 8.1%. Net income reached $3.06B, with a 91.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 56.7%, operating margin 29.0%, net margin 19.6%. Free cash flow grew at 2.5% CAGR over 5 years.
At $33.87 (closing price, October 30, 2026), KMI trades at a P/E of 20.91 and an ROE of 11.46%. Market capitalisation stands at $75.5B, placing it among large-cap names.
Balance sheet quality for KMI: current ratio of 0.6, net debt of $32.28B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.22B represents 105% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.94B | $13.62B | $14.28B | $13.16B | $11.48B | $17.53B | $19.55B | $15.16B | $15.07B | $16.95B |
| Cost of Revenue | $8.00B | $9.09B | $9.26B | $8.26B | $7.20B | $11.17B | $14.05B | $10.02B | $9.54B | $9.55B |
| Gross Profit | $4.95B | $4.53B | $5.01B | $4.90B | $4.28B | $6.37B | $5.50B | $5.13B | $5.53B | $7.40B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $669.0M | $688.0M | $601.0M | $590.0M | $648.0M | $655.0M | $637.0M | $668.0M | $712.0M | $936.0M |
| Operating Expenses | $1.09B | $1.09B | $946.0M | $1.02B | $1.04B | $1.08B | $1.08B | $1.09B | $1.15B | $2.59B |
| Operating Income | $3.86B | $3.44B | $4.07B | $3.88B | $3.25B | $5.28B | $4.43B | $4.04B | $4.38B | $4.81B |
| EBITDA | $5.74B | $6.25B | $6.71B | $7.36B | $4.41B | $5.85B | $7.03B | $7.25B | $7.63B | $7.48B |
| Interest Expense | $1.89B | $1.83B | $1.90B | $1.79B | $1.59B | $1.50B | $1.51B | $1.80B | $1.87B | $1.80B |
| Pre-tax Income | $1.64B | $2.16B | $2.51B | $3.17B | $661.0M | $2.22B | $3.33B | $3.20B | $3.41B | $3.99B |
| Income Tax | $917.0M | $1.94B | $587.0M | $926.0M | $481.0M | $369.0M | $710.0M | $715.0M | $687.0M | $832.0M |
| Net Income | $708.0M | $183.0M | $1.61B | $2.19B | $119.0M | $1.78B | $2.55B | $2.39B | $2.61B | $3.06B |
| EPS | $0.25 | $0.01 | $0.66 | $0.96 | $0.05 | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
| EPS (Diluted) | $0.25 | $0.01 | $0.66 | $0.96 | $0.05 | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
| Shares Outstanding (Diluted) | 2,230.0 M | 2,230.0 M | 2,216.0 M | 2,264.0 M | 2,263.0 M | 2,266.0 M | 2,258.0 M | 2,234.0 M | 2,220.0 M | 2,225.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.51B | $4.83B | $4.48B | $4.53B |
| Gross Profit | $3.06B | $2.37B | $3.07B | $1.90B |
| Operating Income | $1.36B | $1.44B | $1.35B | $1.16B |
| EBITDA | $1.60B | $2.35B | $2.21B | $1.54B |
| Net Income | $996.0M | $976.0M | $867.0M | $764.0M |
| EPS | $0.45 | $0.44 | $0.39 | $0.34 |
| EPS (Diluted) | $0.45 | $0.44 | $0.39 | $0.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $684.0M | $264.0M | $3.28B | $185.0M | $1.18B | $1.14B | $745.0M | $83.0M | $88.0M | $109.0M |
| Short-term Investments | 0 | 0 | 0 | $925.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.55B | $1.61B | $1.50B | $1.38B | $1.29B | $1.61B | $1.84B | $1.59B | $1.51B | $1.71B |
| Inventory | $357.0M | $424.0M | $385.0M | $371.0M | $348.0M | $562.0M | $634.0M | $525.0M | $555.0M | $574.0M |
| Total Current Assets | $3.23B | $2.71B | $5.72B | $3.24B | $3.20B | $3.83B | $3.80B | $2.54B | $2.52B | $2.75B |
| Property, Plant & Equipment | $38.70B | $40.16B | $37.90B | $36.42B | $35.84B | $35.97B | $35.60B | $37.30B | $38.01B | $39.55B |
| Goodwill | $22.15B | $22.16B | $21.96B | $21.45B | $19.85B | $19.91B | $19.96B | $20.12B | $20.08B | $20.08B |
| Intangible Assets | $3.32B | $3.10B | $2.88B | $2.68B | $2.45B | $1.68B | $1.81B | $1.96B | $1.76B | $1.73B |
| Total Assets | $80.31B | $79.06B | $78.87B | $74.16B | $71.97B | $72.37B | $70.08B | $71.02B | $71.41B | $74.55B |
| Accounts Payable | $1.26B | $1.34B | $1.34B | $914.0M | $837.0M | $1.26B | $1.44B | $1.37B | $1.40B | $1.41B |
| Short-term Debt | $2.70B | $2.70B | $3.39B | $2.38B | $2.56B | $2.69B | $3.38B | $4.05B | $2.01B | $1.27B |
| Total Current Liabilities | $5.92B | $6.18B | $7.56B | $5.10B | $5.07B | $5.82B | $6.93B | $7.22B | $5.10B | $4.32B |
| Long-term Debt | $37.35B | $34.80B | $33.73B | $31.80B | $32.02B | $30.94B | $28.64B | $28.30B | $30.07B | $30.94B |
| Total Liabilities | $45.50B | $43.93B | $43.67B | $40.11B | $40.94B | $40.45B | $37.96B | $39.29B | $39.54B | $42.10B |
| Retained Earnings | -$6.67B | -$7.75B | -$7.72B | -$7.69B | -$9.94B | -$10.60B | -$10.55B | -$10.69B | -$10.63B | -$10.18B |
| Total Equity | $34.43B | $33.64B | $33.68B | $33.74B | $31.44B | $30.82B | $30.74B | $30.31B | $30.53B | $31.16B |
| Total Debt | $40.05B | $37.51B | $37.11B | $34.18B | $34.58B | $33.91B | $32.31B | $32.63B | $32.34B | $32.39B |
| Net Debt | $39.37B | $37.24B | $33.83B | $33.07B | $33.40B | $32.77B | $31.57B | $32.55B | $32.25B | $32.28B |
| Working Capital | -$2.69B | -$3.47B | -$1.83B | -$1.86B | -$1.87B | -$1.99B | -$3.13B | -$4.68B | -$2.58B | -$1.57B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $109.0M | $72.0M | $89.0M | $918.0M |
| Total Assets | $74.55B | $73.07B | $74.06B | $75.40B |
| Total Liabilities | $42.10B | $40.49B | $41.18B | $42.57B |
| Total Equity | $31.16B | $31.32B | $31.63B | $31.59B |
| Total Debt | $32.39B | $32.06B | $32.25B | $33.07B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $721.0M | $223.0M | $1.61B | $2.19B | $623.0M | $1.85B | $2.62B | $2.49B | $2.72B | $3.04B |
| Depreciation & Amortization | $2.21B | $2.26B | $2.30B | $2.41B | $2.16B | $2.13B | $2.26B | $2.25B | $2.35B | $2.45B |
| Stock-based Compensation | $66.0M | $65.0M | $63.0M | $62.0M | $73.0M | $59.0M | $60.0M | $63.0M | 0 | 0 |
| Change in Working Capital | -$90.0M | -$2.0M | $399.0M | -$250.0M | $31.0M | -$218.0M | -$258.0M | $1.20B | -$76.0M | -$223.0M |
| Operating Cash Flow | $4.79B | $4.60B | $5.04B | $4.75B | $4.55B | $5.71B | $4.97B | $6.49B | $5.63B | $6.25B |
| Capital Expenditure | -$2.88B | -$3.19B | -$2.92B | -$2.27B | -$1.71B | -$1.28B | -$1.62B | -$2.35B | -$2.63B | -$3.03B |
| Acquisitions | $1.40B | -$4.0M | $3.12B | $1.50B | $1.07B | -$1.55B | -$487.0M | -$1.84B | -$62.0M | -$648.0M |
| Stock Repurchased | 0 | -$250.0M | -$273.0M | -$2.0M | -$50.0M | 0 | -$368.0M | -$522.0M | -$7.0M | 0 |
| Dividends Paid | -$1.27B | -$1.28B | -$1.77B | -$2.16B | -$2.36B | -$2.44B | -$2.50B | -$2.53B | -$2.56B | -$2.60B |
| Free Cash Flow | $1.91B | $1.41B | $2.12B | $2.48B | $2.84B | $4.43B | $3.35B | $4.15B | $3.01B | $3.22B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.69B | $1.49B | $1.96B | $1.59B |
| Capital Expenditure | -$820.0M | -$804.0M | -$982.0M | -$1.04B |
| Free Cash Flow | $872.0M | $687.0M | $978.0M | $545.0M |
| Dividends Paid | -$654.0M | -$654.0M | -$665.0M | -$665.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.2% | +4.8% | -7.8% | -12.8% | +52.7% | +11.5% | -22.5% | -0.5% | +12.5% | |
| Net Income Growth (YoY) | -74.2% | +779.2% | +36.1% | -94.6% | +1,399.2% | +42.8% | -6.2% | +9.3% | +17.0% | |
| EPS Growth (YoY) | -96.0% | +6,500.0% | +45.5% | -95.1% | +1,566.7% | +43.6% | -5.4% | +10.4% | +17.1% | |
| Shares Change (YoY) | +0.0% | -0.6% | +2.2% | -0.0% | +0.1% | -0.4% | -1.1% | -0.6% | +0.2% | |
| FCF Growth (YoY) | -25.8% | +50.0% | +16.9% | +14.7% | +55.7% | -24.4% | +23.9% | -27.5% | +7.2% | |
| Gross Margin | 38.2% | 33.2% | 35.1% | 37.2% | 37.3% | 36.3% | 28.1% | 33.9% | 36.7% | 43.7% |
| Operating Margin | 29.8% | 25.3% | 28.5% | 29.5% | 28.3% | 30.1% | 22.6% | 26.7% | 29.1% | 28.4% |
| EBITDA Margin | 44.3% | 45.9% | 47.0% | 56.0% | 38.4% | 33.4% | 35.9% | 47.9% | 50.6% | 44.1% |
| Net Margin | 5.5% | 1.3% | 11.3% | 16.6% | 1.0% | 10.2% | 13.0% | 15.8% | 17.3% | 18.0% |
| FCF Margin | 14.7% | 10.4% | 14.8% | 18.8% | 24.8% | 25.2% | 17.1% | 27.4% | 19.9% | 19.0% |
| Effective Tax Rate | 56.0% | 89.7% | 23.4% | 29.3% | 72.8% | 16.6% | 21.3% | 22.3% | 20.2% | 20.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.85 | $0.63 | $0.96 | $1.09 | $1.26 | $1.95 | $1.48 | $1.86 | $1.35 | $1.45 |
| Dividends Per Share | $0.57 | $0.57 | $0.80 | $0.96 | $1.04 | $1.08 | $1.11 | $1.13 | $1.15 | $1.17 |
| Shares Outstanding (Basic) | 2,230.0 M | 2,230.0 M | 2,216.0 M | 2,264.0 M | 2,263.0 M | 2,266.0 M | 2,258.0 M | 2,234.0 M | 2,220.0 M | 2,225.0 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 11.46% |
| Return on Invested Capital | 5.78% |
| Return on Assets | 4.78% |
| Gross Margin | 56.67% |
| Operating Margin | 28.97% |
| Net Margin | 19.64% |
Financial Health
| Debt / Equity | 1.05 |
| Current Ratio | 0.67 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 82.84 | 1,807.00 | 23.30 | 22.05 | 292.09 | 20.33 | 16.14 | 16.64 | 23.42 | 20.07 |
| P/B | 1.34 | 1.20 | 1.01 | 1.42 | 0.98 | 1.17 | 1.33 | 1.30 | 1.99 | 1.96 |
| P/S | 3.57 | 2.96 | 2.39 | 3.64 | 2.69 | 2.05 | 2.09 | 2.60 | 4.04 | 3.61 |
| Gross Margin | 38.2% | 33.2% | 35.1% | 37.2% | 37.3% | 36.3% | 28.1% | 33.9% | 36.7% | 43.7% |
| Operating Margin | 29.8% | 25.3% | 28.5% | 29.5% | 28.3% | 30.1% | 22.6% | 26.7% | 29.1% | 28.4% |
| Net Margin | 5.5% | 1.3% | 11.3% | 16.6% | 1.0% | 10.2% | 13.0% | 15.8% | 17.3% | 18.0% |
Related companies: PAA · WMB · EPD · MPLX · OKE · TRGP · TCPA
Explore sector: Energy · Oil & Gas Midstream
More sections of KMI: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks