KINDER MORGAN, INC.

KMI 10-Q · Q2 2025

KMI Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 4,042 3,572 +13.2%
Show Product Lines breakouts
Oil And Gas Service 2,326 2,178 +6.8%
Product 1,668 1,346 +23.9%
Product And Service Other 48 48 0.0%
Show Business Segments breakouts
CO2 289 298 -3.0%
CO2 · Intersegment Elimination -1
CO2 · Operating Segments 290 298 -2.7%
Natural Gas Pipelines 2,531 1,990 +27.2%
Natural Gas Pipelines · Intersegment Elimination -5 -3 -66.7%
Natural Gas Pipelines · Operating Segments 2,536 1,993 +27.2%
Products Pipelines 691 776 -11.0%
Products Pipelines · Operating Segments 691 776 -11.0%
Terminals 531 508 +4.5%
Terminals · Intersegment Elimination -2 -1 -100.0%
Terminals · Operating Segments 533 509 +4.7%
Show Consolidation Items breakouts
Intersegment Elimination -8 -4 -100.0%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 1,211 967 +25.2%
Show Business Segments breakouts
CO2 · Operating Segments 21 19 +10.5%
Natural Gas Pipelines · Operating Segments 890 567 +57.0%
Products Pipelines · Operating Segments 292 373 -21.7%
Terminals · Operating Segments 14 12 +16.7%
Operating Costs And Expenses 773 741 +4.3%
Depreciation & Amortization 616 584 +5.5%
Show Business Segments breakouts
CO2 · Operating Segments 88 89 -1.1%
Natural Gas Pipelines · Operating Segments 294 275 +6.9%
Products Pipelines · Operating Segments 97 90 +7.8%
Terminals · Operating Segments 129 125 +3.2%
Show Consolidation Items breakouts
Corporate Non Segment 8 5 +60.0%
General & Administrative 188 179 +5.0%
Taxes Excluding Income And Excise Taxes 111 109 +1.8%
Show Business Segments breakouts
CO2 · Operating Segments 12 14 -14.3%
Natural Gas Pipelines · Operating Segments 73 69 +5.8%
Products Pipelines · Operating Segments 11 11 0.0%
Terminals · Operating Segments 14 14 0.0%
Other Operating Income Expense Net -9 -46 +80.4%
Total Costs & Expenses 2,890 2,534 +14.0%
Operating Income 1,152 1,038 +11.0%
Income Loss From Equity Method Investments 206 195 +5.6%
Show Business Segments breakouts
CO2 · Operating Segments 4 6 -33.3%
Natural Gas Pipelines · Operating Segments 185 175 +5.7%
Products Pipelines · Operating Segments 15 12 +25.0%
Terminals · Operating Segments 2 2 0.0%
Interest Income Expense Nonoperating Net -452 -464 +2.6%
Other Non-Operating Income (Expense) 13 1 +1200.0%
Non-Operating Income (Expense) -233 -268 +13.1%
Income Before Taxes 919 770 +19.4%
Income Tax Expense (Benefit) -177 -168 -5.4%
Net Income 742 602 +23.3%
Show Business Segments breakouts
CO2 · Operating Segments 150 204 -26.5%
Natural Gas Pipelines · Operating Segments 1,436 1,219 +17.8%
Products Pipelines · Operating Segments 289 298 -3.0%
Terminals · Operating Segments 300 281 +6.8%
Show Equity Components breakouts
Noncontrolling Interest 27 27 0.0%
Parent 715 575 +24.3%
Retained Earnings 715 575 +24.3%
Show Consolidation Items breakouts
Operating Segments 2,175 2,002 +8.6%
Net Income Loss Attributable To Noncontrolling Interest -27 -27 0.0%
Net Income 715 575 +24.3%
EPS (Basic) 0.32 0.26 +23.1%
EPS (Diluted) 0.32 0.26 +23.1%
Wtd Avg Shares (Basic) 2,222 2,219 +0.1%
Wtd Avg Shares (Diluted) 2,222 2,219 +0.1%
Revenue 3,606 3,213 +12.2%
Show Product Lines breakouts
Fee-based services 666 657 +1.4%
Fee-based services · CO2 10 10 0.0%
Fee-based services · Intersegment Elimination -2 -1 -100.0%
Fee-based services · Natural Gas Pipelines 281 257 +9.3%
Fee-based services · Products Pipelines 278 276 +0.7%
Fee-based services · Terminals 99 115 -13.9%
Firm services 1,293 1,183 +9.3%
Firm services · CO2 1
Firm services · Intersegment Elimination -1 -1 0.0%
Firm services · Natural Gas Pipelines 1,018 920 +10.7%
Firm services · Products Pipelines 47 49 -4.1%
Firm services · Terminals 228 215 +6.0%
Natural gas sales 879 464 +89.4%
Natural gas sales · CO2 11 10 +10.0%
Natural gas sales · Intersegment Elimination -2 -1 -100.0%
Natural gas sales · Natural Gas Pipelines 870 455 +91.2%
Other sales 28 26 +7.7%
Other sales · CO2 22 20 +10.0%
Other sales · Intersegment Elimination -1
Other sales · Natural Gas Pipelines 7 6 +16.7%
Product 1,647 1,373 +20.0%
Product sales 740 883 -16.2%
Product sales · CO2 210 266 -21.1%
Product sales · Intersegment Elimination -2 -1 -100.0%
Product sales · Natural Gas Pipelines 211 211 0.0%
Product sales · Products Pipelines 305 392 -22.2%
Product sales · Terminals 16 15 +6.7%
Product · CO2 243 296 -17.9%
Product · Intersegment Elimination -5 -2 -150.0%
Product · Natural Gas Pipelines 1,088 672 +61.9%
Product · Products Pipelines 305 392 -22.2%
Product · Terminals 16 15 +6.7%
Total services 1,959 1,840 +6.5%
Total services · CO2 11 10 +10.0%
Total services · Intersegment Elimination -3 -2 -50.0%
Total services · Natural Gas Pipelines 1,299 1,177 +10.4%
Total services · Products Pipelines 325 325 0.0%
Total services · Terminals 327 330 -0.9%
Show Business Segments breakouts
CO2 · Operating Segments 254 306 -17.0%
Natural Gas Pipelines · Operating Segments 2,387 1,849 +29.1%
Products Pipelines · Operating Segments 630 717 -12.1%
Terminals · Operating Segments 343 345 -0.6%
Show Consolidation Items breakouts
Intersegment Elimination -8 -4 -100.0%
Other Revenue 436 359 +21.4%
Show Business Segments breakouts
CO2 · Operating Segments 36 -8 +550.0%
Natural Gas Pipelines · Operating Segments 149 144 +3.5%
Products Pipelines · Operating Segments 61 59 +3.4%
Terminals · Operating Segments 190 164 +15.9%
Operating Expenses -188 -184 -2.2%
Comprehensive Income 800 589 +35.8%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 130 -12 +1183.3%
Net Income Loss Available To Common Stockholders Basic (Q)
Show Statement Class Of Stock breakouts
Class P [Member] 711 572 +24.3%
Operating Lease Lease Income 376 348 +8.0%
Show Business Segments breakouts
CO2 · Operating Segments 18 17 +5.9%
Natural Gas Pipelines · Operating Segments 113 114 -0.9%
Products Pipelines · Operating Segments 55 53 +3.8%
Terminals · Operating Segments 190 164 +15.9%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 82 98 -16.3%
Restricted Cash And Investments Current 115 26 +342.3%
Accounts Receivable Gross Current 1,453 1,293 +12.4%
Inventory 560 537 +4.3%
Other Assets Current 276 190 +45.3%
Total Current Assets 2,486 2,190 +13.5%
Non-Current Assets
Property, Plant & Equipment 38,818 37,533 +3.4%
Long Term Investments 7,854
Show Business Segments breakouts
CO2 · Operating Segments 70
Natural Gas Pipelines · Operating Segments 7,258
Products Pipelines · Operating Segments 394
Terminals · Operating Segments 132
Goodwill 20,084
Show Reporting Unit breakouts
Energy Transition Ventures 114
Other Non-Current Assets 1,311 1,186 +10.5%
Total Assets 72,371
Show Business Segments breakouts
CO2 · Operating Segments 3,636
Natural Gas Pipelines · Operating Segments 51,463
Products Pipelines · Operating Segments 8,549
Terminals · Operating Segments 7,974
Show Consolidation Items breakouts
Corporate Non Segment 749
Other Assets
Intangible Assets Net Excluding Goodwill 1,818
Show Business Segments breakouts
CO2 · Operating Segments 436
Natural Gas Pipelines · Operating Segments 816
Products Pipelines · Operating Segments 552
Terminals · Operating Segments 14
Current Liabilities
Debt Current 788 3,062 -74.3%
Show Debt Instrument breakouts
Trust I preferred securities, 4.75%, due March 2028(b) · Capital Trust I 111 111 0.0%
Show Short Term Debt Type breakouts
Commercial Paper 650 735 -11.6%
Notes Payable Other Payables 27 66 -59.1%
Accounts Payable 1,301 1,204 +8.1%
Interest Payable Current 530 524 +1.1%
Taxes Payable Current 212 223 -4.9%
Other Accrued Liabilities Current 802 717 +11.9%
Total Current Liabilities 3,633 5,958 -39.0%
Non-Current Liabilities
Debt Instrument Carrying Amount Of Long Term Portion 31,688 28,560 +11.0%
Debt Fair Value Adjustments 183 89 +105.6%
Long-Term Debt 31,871 28,649 +11.2%
Deferred Tax Liabilities 2,417 1,729 +39.8%
Deferred Credits And Other Liabilities Noncurrent 2,369 2,672 -11.3%
Liabilities Noncurrent 36,657 33,050 +10.9%
Total Liabilities 40,290 39,008 +3.3%
Stockholders' Equity
Common Stock 22 22 0.0%
Additional Paid-In Capital 41,269 41,218 +0.1%
Retained Earnings -10,497 -10,640 +1.3%
Accumulated Other Comprehensive Income -24 -262 +90.8%
Total Stockholders' Equity 30,770 30,338 +1.4%
Minority Interest 1,311 1,356 -3.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 32,081 31,694 +1.2%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -65 -159 +59.1%
Accumulated Gain Loss Net Cash Flow Hedge Parent 41 -103 +139.8%
Accumulated Other Comprehensive Income -24 -262 +90.8%
Additional Paid In Capital 41,269 41,218 +0.1%
Common Stock 22 22 0.0%
Noncontrolling Interest 1,311 1,356 -3.3%
Parent 30,770 30,338 +1.4%
Retained Earnings -10,497 -10,640 +1.3%
Total Liabilities & Equity 72,371 70,702 +2.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Deferred Income Taxes 327 357 -8.4%
Unrealized Gain Loss On Derivatives -11 52 -121.2%
Show Business Segments breakouts
CO2 · Operating Segments -4 7 -157.1%
Natural Gas Pipelines · Operating Segments -9 43 -120.9%
Products Pipelines · Operating Segments 1 1 0.0%
Gain Loss On Sales Of Assets And Asset Impairment Charges -2 -77 +97.4%
Equity Method Investment Dividends Or Distributions 397 416 -4.6%
Change in Accounts Receivable 67 267 -74.9%
Change in Inventory -2 -7 +71.4%
Increase Decrease In Other Current Assets 14 -10 +240.0%
Change in Accounts Payable -53 -121 +56.2%
Increase Decrease In Interest Payable Net -18 25 -172.0%
Increase Decrease In Accrued Taxes Payable -60 -48 -25.0%
Increase Decrease In Other Accrued Liabilities -30 -78 +61.5%
Other Operating Activities Cash Flow Statement -103 -20 -415.0%
Net Cash from Operations 2,811 2,876 -2.3%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -648 -58 -1017.2%
Capital Expenditures -1,413 -1,200 -17.8%
Payments To Acquire Equity Method Investments -69 -44 -56.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 92 81 +13.6%
Other Investing Activities -1 49 -102.0%
Net Cash from Investing -2,039 -1,172 -74.0%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 11 25 -56.0%
Financing Activities
Proceeds From Issuance Of Debt 6,523 5,943 +9.8%
Debt Repayments -5,910 -6,239 +5.3%
Debt Issuance Costs -16 -19 +15.8%
Payments Of Dividends Common Stock -1,296 -1,272 -1.9%
Payments Of Dividends Minority Interest -78 -81 +3.7%
Proceeds From Payments For Other Financing Activities -12 -1 -1100.0%
Net Cash from Financing -789 -1,676 +52.9%
Supplemental
Interest Paid 926 914 +1.3%
Income Taxes Paid 38 11 +245.5%
Other Cash Flow
Net Change in Cash -17 28 -160.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 197 124 +58.9%

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

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