KINDER MORGAN, INC.

KMI 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 16,937 15,100 +12.2%
Show Product Lines breakouts
Oil And Gas Service 9,490 8,916 +6.4%
Product 7,255 5,957 +21.8%
Product And Service Other 192 227 -15.4%
Show Business Segments breakouts
CO2 1,167 1,202 -2.9%
CO2 · Intersegment Elimination -3 -2 -50.0%
CO2 · Operating Segments 1,170 1,204 -2.8%
Natural Gas Pipelines 10,990 8,930 +23.1%
Natural Gas Pipelines · Intersegment Elimination -19 -12 -58.3%
Natural Gas Pipelines · Operating Segments 11,009 8,942 +23.1%
Products Pipelines 2,686 2,955 -9.1%
Products Pipelines · Operating Segments 2,686 2,955 -9.1%
Terminals 2,094 2,013 +4.0%
Terminals · Intersegment Elimination -10 -9 -11.1%
Terminals · Operating Segments 2,104 2,022 +4.1%
Show Geography breakouts
MX 11 43 -74.4%
US 16,926 15,057 +12.4%
Show Consolidation Items breakouts
Corporate Non Segment -32 -23 -39.1%
Intersegment Elimination -32 -23 -39.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 6,854 6,607 +3.7%
Show Related Party Transactions By Related Party breakouts
Related Party 349 346 +0.9%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 5,529 4,337 +27.5%
Show Business Segments breakouts
CO2 · Operating Segments 94 82 +14.6%
Natural Gas Pipelines · Operating Segments 4,299 2,837 +51.5%
Products Pipelines · Operating Segments 1,112 1,394 -20.2%
Terminals · Operating Segments 50 42 +19.0%
Operating Costs And Expenses 3,057 2,972 +2.9%
Depreciation & Amortization 2,453 2,354 +4.2%
Show Business Segments breakouts
CO2 · Operating Segments 378 354 +6.8%
Natural Gas Pipelines · Operating Segments 1,173 1,105 +6.2%
Products Pipelines · Operating Segments 358 365 -1.9%
Terminals · Operating Segments 518 508 +2.0%
Show Consolidation Items breakouts
Corporate Non Segment 26 22 +18.2%
General & Administrative 744 712 +4.5%
Taxes Excluding Income And Excise Taxes 445 433 +2.8%
Show Business Segments breakouts
CO2 · Operating Segments 51 60 -15.0%
Natural Gas Pipelines · Operating Segments 287 269 +6.7%
Products Pipelines · Operating Segments 45 43 +4.7%
Terminals · Operating Segments 55 53 +3.8%
Other Operating Income Expense Net -15 -92 +83.7%
Show Related Party Transactions By Related Party breakouts
Related Party 101 69 +46.4%
Total Costs & Expenses 12,213 10,716 +14.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 4,798 4,541 +5.7%
Operating Income 4,724 4,384 +7.8%
Income Loss From Equity Method Investments 896 840 +6.7%
Show Business Segments breakouts
CO2 · Operating Segments 23 27 -14.8%
Natural Gas Pipelines · Operating Segments 817 748 +9.2%
Products Pipelines · Operating Segments 58 57 +1.8%
Terminals · Operating Segments -2 8 -125.0%
Interest Income Expense Nonoperating Net -1,801 -1,844 +2.3%
Other Non-Operating Income (Expense) 173 27 +540.7%
Non-Operating Income (Expense) -732 -977 +25.1%
Income Before Taxes 3,992 3,407 +17.2%
Income Tax Expense (Benefit) -832 -687 -21.1%
Net Income 3,160 2,720 +16.2%
Show Business Segments breakouts
CO2 · Operating Segments 612 685 -10.7%
Natural Gas Pipelines · Operating Segments 6,080 5,393 +12.7%
Products Pipelines · Operating Segments 1,157 1,164 -0.6%
Terminals · Operating Segments 1,143 1,099 +4.0%
Show Equity Components breakouts
Noncontrolling Interest 104 107 -2.8%
Parent 3,056 2,613 +17.0%
Retained Earnings 3,056 2,613 +17.0%
Show Consolidation Items breakouts
Operating Segments 8,992 8,341 +7.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,056 2,066 -0.5%
Net Income Loss Attributable To Noncontrolling Interest -104 -107 +2.8%
Net Income 3,056 2,613 +17.0%
EPS (Basic) 1.37 1.17 +17.1%
EPS (Diluted) 1.37 1.17 +17.1%
Wtd Avg Shares (Basic) 2,223 2,220 +0.1%
Wtd Avg Shares (Diluted) 2,223 2,220 +0.1%
Revenue 15,202 13,483 +12.7%
Show Product Lines breakouts
Fee-based services 2,719 2,597 +4.7%
Fee-based services · CO2 45 41 +9.8%
Fee-based services · Corporate Non Segment -8 -7 -14.3%
Fee-based services · Natural Gas Pipelines 1,161 1,044 +11.2%
Fee-based services · Products Pipelines 1,090 1,059 +2.9%
Fee-based services · Terminals 431 460 -6.3%
Firm services 5,342 4,957 +7.8%
Firm services · CO2 1 2 -50.0%
Firm services · Corporate Non Segment -4 -4 0.0%
Firm services · Natural Gas Pipelines 4,254 3,893 +9.3%
Firm services · Products Pipelines 221 220 +0.5%
Firm services · Terminals 870 846 +2.8%
Natural gas sales 3,949 2,340 +68.8%
Natural gas sales · CO2 49 43 +14.0%
Natural gas sales · Corporate Non Segment -9 -6 -50.0%
Natural gas sales · Natural Gas Pipelines 3,909 2,303 +69.7%
Other sales 129 103 +25.2%
Other sales · CO2 103 85 +21.2%
Other sales · Corporate Non Segment -3 -2 -50.0%
Other sales · Natural Gas Pipelines 29 20 +45.0%
Product 7,141 5,929 +20.4%
Product sales 3,063 3,486 -12.1%
Product sales · CO2 857 1,031 -16.9%
Product sales · Corporate Non Segment -8 -4 -100.0%
Product sales · Natural Gas Pipelines 1,001 965 +3.7%
Product sales · Products Pipelines 1,157 1,444 -19.9%
Product sales · Terminals 56 50 +12.0%
Product · CO2 1,009 1,159 -12.9%
Product · Corporate Non Segment -20 -12 -66.7%
Product · Natural Gas Pipelines 4,939 3,288 +50.2%
Product · Products Pipelines 1,157 1,444 -19.9%
Product · Terminals 56 50 +12.0%
Service 8,061 7,554 +6.7%
Service · CO2 46 43 +7.0%
Service · Corporate Non Segment -12 -11 -9.1%
Service · Natural Gas Pipelines 5,415 4,937 +9.7%
Service · Products Pipelines 1,311 1,279 +2.5%
Service · Terminals 1,301 1,306 -0.4%
Show Business Segments breakouts
CO2 · Operating Segments 1,055 1,202 -12.2%
Natural Gas Pipelines · Operating Segments 10,354 8,225 +25.9%
Products Pipelines · Operating Segments 2,468 2,723 -9.4%
Terminals · Operating Segments 1,357 1,356 +0.1%
Show Consolidation Items breakouts
Corporate Non Segment -32 -23 -39.1%
Other Revenue 1,735 1,617 +7.3%
Show Business Segments breakouts
CO2 · Operating Segments 115 2 +5650.0%
Natural Gas Pipelines · Operating Segments 655 717 -8.6%
Products Pipelines · Operating Segments 218 232 -6.0%
Terminals · Operating Segments 747 666 +12.2%
Cost of Revenue (FY) — — —
Show Related Party Transactions By Related Party breakouts
Related Party 177 145 +22.1%
Operating Expenses -746 -736 -1.4%
Interest Income (FY) — — —
Show Counterparty Name breakouts
NGPL Holdings, LLC · Earnings from equity investments 25 25 0.0%
Comprehensive Income 3,196 2,735 +16.9%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 184 -29 +734.5%
Operating Lease Lease Income 1,464 1,400 +4.6%
Show Business Segments breakouts
CO2 · Operating Segments 70 66 +6.1%
Natural Gas Pipelines · Operating Segments 455 459 -0.9%
Products Pipelines · Operating Segments 192 209 -8.1%
Terminals · Operating Segments 747 666 +12.2%
Net Income Loss Available To Common Stockholders Basic (FY) — — —
Show Statement Class Of Stock breakouts
Class P 3,040 2,598 +17.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 63 88 -28.4%
Restricted Cash And Investments Current 46 126 -63.5%
Accounts Receivable Gross Current 1,714 1,506 +13.8%
Show Related Party Transactions By Related Party breakouts
Related Party 54 48 +12.5%
Inventory 574 555 +3.4%
Other Assets Current 357 246 +45.1%
Show Related Party Transactions By Related Party breakouts
Related Party 4 1 +300.0%
Total Current Assets 2,754 2,521 +9.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,451 1,355 +7.1%
Non-Current Assets
Property, Plant & Equipment 39,331 38,013 +3.5%
Show Consolidated Entities breakouts
Elba Liquefaction Company L.L.C. 1,099 1,129 -2.7%
Show Public Utility Regulated Or Unregulated Status breakouts
Regulated Operation 13,241 12,914 +2.5%
Unregulated Operation 26,090 25,099 +3.9%
Long Term Investments 7,532 7,845 -4.0%
Show Business Segments breakouts
CO2 · Operating Segments 67 74 -9.5%
Natural Gas Pipelines · Operating Segments 6,962 7,252 -4.0%
Products Pipelines · Operating Segments 381 387 -1.6%
Terminals · Operating Segments 122 132 -7.6%
Goodwill 20,084 20,084 0.0%
Show Business Segments breakouts
CO2 1,033 1,033 0.0%
Natural Gas Pipelines 16,720 16,720 0.0%
Products Pipelines 1,529 1,529 0.0%
Terminals 802 802 0.0%
Show Reporting Unit breakouts
ETV 114 — —
Other Non-Current Assets 1,317 1,184 +11.2%
Total Assets 72,748 71,407 +1.9%
Show Business Segments breakouts
CO2 · Operating Segments 3,608 3,583 +0.7%
Natural Gas Pipelines · Operating Segments 52,546 50,402 +4.3%
Products Pipelines · Operating Segments 8,044 8,639 -6.9%
Terminals · Operating Segments 7,917 8,086 -2.1%
Show Consolidation Items breakouts
Corporate Non Segment 633 697 -9.2%
Show Related Party Transactions By Related Party breakouts
Related Party 58 49 +18.4%
Operating Lease Right-of-Use Assets 216 253 -14.6%
Other Assets
Intangible Assets Net Excluding Goodwill 1,730 1,760 -1.7%
Show Business Segments breakouts
CO2 · Operating Segments 414 458 -9.6%
Natural Gas Pipelines · Operating Segments 900 687 +31.0%
Products Pipelines · Operating Segments 403 597 -32.5%
Terminals · Operating Segments 13 18 -27.8%
Current Liabilities
Debt Current 1,226 2,009 -39.0%
Show Debt Instrument breakouts
1.75%, due November 2026 · Senior Notes 500 — —
4.15%, due August 2026 · Senior Notes 375 — —
7.50%, due November 2026 · Senior Notes 200 — —
Credit facility and commercial paper borrowings(a) 13 331 -96.1%
Other miscellaneous debt(e) 27 67 -59.7%
Trust I Preferred Securities, 4.75%, due March 2028(d) · Capital Trust I 111 111 0.0%
Show Related Party Transactions By Related Party breakouts
Related Party 5 5 0.0%
Show Short Term Debt Type breakouts
Commercial Paper 13 331 -96.1%
Accounts Payable 1,408 1,395 +0.9%
Show Related Party Transactions By Related Party breakouts
Related Party 20 21 -4.8%
Interest Payable Current 534 543 -1.7%
Taxes Payable Current 256 276 -7.2%
Other Accrued Liabilities Current 898 878 +2.3%
Show Related Party Transactions By Related Party breakouts
Related Party 7 8 -12.5%
Total Current Liabilities 4,322 5,101 -15.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,420 2,223 -36.1%
Non-Current Liabilities
Debt Instrument Carrying Amount Of Long Term Portion 30,597 29,779 +2.7%
Debt Fair Value Adjustments 180 102 +76.5%
Long-Term Debt 30,777 29,881 +3.0%
Show Related Party Transactions By Related Party breakouts
Related Party 127 132 -3.8%
Deferred Tax Liabilities 2,891 2,070 +39.7%
Deferred Credits And Other Liabilities Noncurrent 2,309 2,488 -7.2%
Show Related Party Transactions By Related Party breakouts
Related Party 69 60 +15.0%
Liabilities Noncurrent 35,977 34,439 +4.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 10,469 9,181 +14.0%
Total Liabilities 40,299 39,540 +1.9%
Show Related Party Transactions By Related Party breakouts
Related Party 228 226 +0.9%
Operating Lease Liabilities 167 193 -13.5%
Stockholders' Equity
Common Stock 22 22 0.0%
Additional Paid-In Capital 41,276 41,237 +0.1%
Retained Earnings -10,181 -10,633 +4.3%
Accumulated Other Comprehensive Income 45 -95 +147.4%
Total Stockholders' Equity 31,162 30,531 +2.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 14,052 14,416 -2.5%
Minority Interest 1,287 1,336 -3.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 32,449 31,867 +1.8%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -22 -62 +64.5%
Accumulated Gain Loss Net Cash Flow Hedge Parent 67 -33 +303.0%
Accumulated Other Comprehensive Income 45 -95 +147.4%
Additional Paid In Capital 41,276 41,237 +0.1%
Common Stock 22 22 0.0%
Noncontrolling Interest 1,287 1,336 -3.7%
Parent 31,162 30,531 +2.1%
Retained Earnings -10,181 -10,633 +4.3%
Total Liabilities & Equity 72,748 71,407 +1.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Deferred Income Taxes 780 647 +20.6%
Unrealized Gain Loss On Derivatives -23 72 -131.9%
Show Business Segments breakouts
CO2 · Operating Segments -4 2 -300.0%
Natural Gas Pipelines · Operating Segments -37 75 -149.3%
Products Pipelines · Operating Segments 1 — —
Gain Loss On Sales Of Assets And Asset Impairment Charges -6 -74 +91.9%
Equity Method Investment Realized Gain Loss On Disposal -123 — —
Equity Method Investment Dividends Or Distributions 805 823 -2.2%
Pension Contributions Net Of Noncash Pension Benefit Expenses -10 9 -211.1%
Change in Accounts Receivable -192 52 -469.2%
Change in Inventory -21 -12 -75.0%
Increase Decrease In Other Current Assets -9 -46 +80.4%
Change in Accounts Payable 96 -5 +2020.0%
Increase Decrease In Interest Payable Net -13 43 -130.2%
Increase Decrease In Accrued Taxes Payable -15 5 -400.0%
Increase Decrease In Other Current Liabilities 41 -48 +185.4%
Increase Decrease In Deferred Revenue 5 -58 +108.6%
Other Operating Activities Cash Flow Statement -115 -7 -1542.9%
Net Cash from Operations 5,917 5,635 +5.0%
Investing Activities
Acquisitions Of Assets And Investments Net Of Cash Acquired -648 -62 -945.2%
Capital Expenditures -3,026 -2,629 -15.1%
Proceeds From Sale Of Equity Method Investments 382 — —
Payments To Acquire Equity Method Investments -178 -121 -47.1%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 330 177 +86.4%
Other Investing Activities -39 6 -750.0%
Net Cash from Investing -3,179 -2,629 -20.9%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 25 36 -30.6%
Financing Activities
Proceeds From Issuance Of Debt 10,017 10,441 -4.1%
Debt Repayments -10,054 -10,557 +4.8%
Debt Issuance Costs -20 -33 +39.4%
Payments Of Dividends Common Stock -2,604 -2,557 -1.8%
Payments Of Dividends Minority Interest -153 -154 +0.6%
Proceeds From Payments For Other Financing Activities -29 -20 -45.0%
Net Cash from Financing -2,843 -2,887 +1.5%
Supplemental
Interest Paid 1,811 1,816 -0.3%
Income Taxes Paid 47 33 +42.4%
Other Cash Flow
Net Change in Cash -105 118 -189.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 109 214 -49.1%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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