KINDER MORGAN, INC.
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KMI Q2 2025 request
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 4,042 | 3,572 | +13.2% |
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| 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% |
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| 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% |
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| Intersegment Elimination | -8 | -4 | -100.0% |
| Cost Of Goods And Service Excluding Depreciation Depletion And Amortization | 1,211 | 967 | +25.2% |
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| 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% |
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| 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% |
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| Corporate Non Segment | 8 | 5 | +60.0% |
| General & Administrative | 188 | 179 | +5.0% |
| Taxes Excluding Income And Excise Taxes | 111 | 109 | +1.8% |
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| 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% |
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| 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% |
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| 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 |
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| Noncontrolling Interest | 27 | 27 | 0.0% |
| Parent | 715 | 575 | +24.3% |
| Retained Earnings | 715 | 575 | +24.3% |
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| 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% |
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| 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 |
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| 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 |
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| Intersegment Elimination | -8 | -4 | -100.0% |
| Other Revenue | 436 | 359 | +21.4% |
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| 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 |
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| Class P [Member] | 711 | 572 | +24.3% |
| Operating Lease Lease Income | 376 | 348 | +8.0% |
Show Business Segments breakouts |
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| 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
| 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 | — | — |
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| CO2 · Operating Segments | 70 | — | — |
| Natural Gas Pipelines · Operating Segments | 7,258 | — | — |
| Products Pipelines · Operating Segments | 394 | — | — |
| Terminals · Operating Segments | 132 | — | — |
| Goodwill | 20,084 | — | — |
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| Energy Transition Ventures | 114 | — | — |
| Other Non-Current Assets | 1,311 | 1,186 | +10.5% |
| Total Assets | 72,371 | — | — |
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| CO2 · Operating Segments | 3,636 | — | — |
| Natural Gas Pipelines · Operating Segments | 51,463 | — | — |
| Products Pipelines · Operating Segments | 8,549 | — | — |
| Terminals · Operating Segments | 7,974 | — | — |
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| Corporate Non Segment | 749 | — | — |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 1,818 | — | — |
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| 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% |
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| Trust I preferred securities, 4.75%, due March 2028(b) · Capital Trust I | 111 | 111 | 0.0% |
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| 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% |
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| 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
| 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% |
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| 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.