KINDER MORGAN, INC.

KMI 10-Q · Q3 2025

KMI Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 4,146 3,699 +12.1%
Show Product Lines breakouts
Oil And Gas Service 2,340 2,215 +5.6%
Product 1,758 1,441 +22.0%
Product And Service Other 48 43 +11.6%
Show Business Segments breakouts
CO2 281 319 -11.9%
CO2 · Intersegment Elimination -1
CO2 · Operating Segments 282 319 -11.6%
Natural Gas Pipelines 2,672 2,173 +23.0%
Natural Gas Pipelines · Intersegment Elimination -4 -3 -33.3%
Natural Gas Pipelines · Operating Segments 2,676 2,176 +23.0%
Products Pipelines 677 711 -4.8%
Products Pipelines · Operating Segments 677 711 -4.8%
Terminals 516 496 +4.0%
Terminals · Intersegment Elimination -2 -2 0.0%
Terminals · Operating Segments 518 498 +4.0%
Show Consolidation Items breakouts
Intersegment Elimination -7 -5 -40.0%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 1,395 1,024 +36.2%
Show Business Segments breakouts
CO2 · Operating Segments 22 21 +4.8%
Natural Gas Pipelines · Operating Segments 1,089 673 +61.8%
Products Pipelines · Operating Segments 281 325 -13.5%
Terminals · Operating Segments 9 8 +12.5%
Operating Costs And Expenses 786 790 -0.5%
Depreciation & Amortization 609 587 +3.7%
Show Business Segments breakouts
CO2 · Operating Segments 98 87 +12.6%
Natural Gas Pipelines · Operating Segments 294 276 +6.5%
Products Pipelines · Operating Segments 81 90 -10.0%
Terminals · Operating Segments 130 126 +3.2%
Show Consolidation Items breakouts
Corporate Non Segment 6 8 -25.0%
General & Administrative 183 176 +4.0%
Taxes Excluding Income And Excise Taxes 111 107 +3.7%
Show Business Segments breakouts
CO2 · Operating Segments 12 17 -29.4%
Natural Gas Pipelines · Operating Segments 70 64 +9.4%
Products Pipelines · Operating Segments 10 11 -9.1%
Terminals · Operating Segments 16 13 +23.1%
Other Operating Income Expense Net -1
Total Costs & Expenses 3,083 2,684 +14.9%
Operating Income 1,063 1,015 +4.7%
Income Loss From Equity Method Investments 221 199 +11.1%
Show Business Segments breakouts
CO2 · Operating Segments 6 7 -14.3%
Natural Gas Pipelines · Operating Segments 212 174 +21.8%
Products Pipelines · Operating Segments 13 16 -18.8%
Terminals · Operating Segments -10 2 -600.0%
Interest Income Expense Nonoperating Net -456 -466 +2.1%
Other Non-Operating Income (Expense) 11 16 -31.2%
Non-Operating Income (Expense) -224 -251 +10.8%
Income Before Taxes 839 764 +9.8%
Income Tax Expense (Benefit) -185 -113 -63.7%
Net Income 654 651 +0.5%
Show Business Segments breakouts
CO2 · Operating Segments 135 168 -19.6%
Natural Gas Pipelines · Operating Segments 1,391 1,285 +8.2%
Products Pipelines · Operating Segments 288 277 +4.0%
Terminals · Operating Segments 274 268 +2.2%
Show Equity Components breakouts
Noncontrolling Interest 26 26 0.0%
Parent 628 625 +0.5%
Retained Earnings 628 625 +0.5%
Show Consolidation Items breakouts
Operating Segments 2,088 1,998 +4.5%
Net Income Loss Attributable To Noncontrolling Interest -26 -26 0.0%
Net Income 628 625 +0.5%
EPS (Basic) 0.28 0.28 0.0%
EPS (Diluted) 0.28 0.28 0.0%
Wtd Avg Shares (Basic) 2,224 2,221 +0.1%
Wtd Avg Shares (Diluted) 2,224 2,221 +0.1%
Revenue 3,723 3,288 +13.2%
Show Product Lines breakouts
Fee-based services 681 654 +4.1%
Fee-based services · CO2 12 9 +33.3%
Fee-based services · Intersegment Elimination -1 -1 0.0%
Fee-based services · Natural Gas Pipelines 282 270 +4.4%
Fee-based services · Products Pipelines 282 265 +6.4%
Fee-based services · Terminals 106 111 -4.5%
Firm services 1,304 1,219 +7.0%
Firm services · Intersegment Elimination -1 -1 0.0%
Firm services · Natural Gas Pipelines 1,037 949 +9.3%
Firm services · Products Pipelines 51 59 -13.6%
Firm services · Terminals 217 211 +2.8%
Natural gas sales 960 568 +69.0%
Natural gas sales · CO2 10 11 -9.1%
Natural gas sales · Intersegment Elimination -2 -2 0.0%
Natural gas sales · Natural Gas Pipelines 952 559 +70.3%
Other sales 30 34 -11.8%
Other sales · CO2 24 32 -25.0%
Other sales · Intersegment Elimination -1
Other sales · Natural Gas Pipelines 7 2 +250.0%
Product 1,738 1,415 +22.8%
Product sales 748 813 -8.0%
Product sales · CO2 210 254 -17.3%
Product sales · Intersegment Elimination -2 -1 -100.0%
Product sales · Natural Gas Pipelines 239 221 +8.1%
Product sales · Products Pipelines 292 330 -11.5%
Product sales · Terminals 9 9 0.0%
Product · CO2 244 297 -17.8%
Product · Intersegment Elimination -5 -3 -66.7%
Product · Natural Gas Pipelines 1,198 782 +53.2%
Product · Products Pipelines 292 330 -11.5%
Product · Terminals 9 9 0.0%
Total services 1,985 1,873 +6.0%
Total services · CO2 12 10 +20.0%
Total services · Intersegment Elimination -2 -2 0.0%
Total services · Natural Gas Pipelines 1,319 1,219 +8.2%
Total services · Products Pipelines 333 324 +2.8%
Total services · Terminals 323 322 +0.3%
Show Business Segments breakouts
CO2 · Operating Segments 256 307 -16.6%
Natural Gas Pipelines · Operating Segments 2,517 2,001 +25.8%
Products Pipelines · Operating Segments 625 654 -4.4%
Terminals · Operating Segments 332 331 +0.3%
Show Consolidation Items breakouts
Intersegment Elimination -7 -5 -40.0%
Other Revenue 423 411 +2.9%
Show Business Segments breakouts
CO2 · Operating Segments 26 12 +116.7%
Natural Gas Pipelines · Operating Segments 159 175 -9.1%
Products Pipelines · Operating Segments 52 57 -8.8%
Terminals · Operating Segments 186 167 +11.4%
Operating Expenses -184 -181 -1.7%
Comprehensive Income 638 712 -10.4%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 22 99 -77.8%
Net Income Loss Available To Common Stockholders Basic 624 621 +0.5%
Operating Lease Lease Income 365 351 +4.0%
Show Business Segments breakouts
CO2 · Operating Segments 18 19 -5.3%
Natural Gas Pipelines · Operating Segments 115 115 0.0%
Products Pipelines · Operating Segments 46 50 -8.0%
Terminals · Operating Segments 186 167 +11.4%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 71 108 -34.3%
Restricted Cash And Investments Current 62 25 +148.0%
Accounts Receivable Gross Current 1,444 1,265 +14.2%
Inventory 560 526 +6.5%
Other Assets Current 289 178 +62.4%
Total Current Assets 2,426 2,177 +11.4%
Non-Current Assets
Property, Plant & Equipment 39,021 37,709 +3.5%
Long Term Investments 7,747
Show Business Segments breakouts
CO2 · Operating Segments 68
Natural Gas Pipelines · Operating Segments 7,171
Products Pipelines · Operating Segments 386
Terminals · Operating Segments 122
Goodwill 20,084
Show Reporting Unit breakouts
Energy Transition Ventures 114
Other Non-Current Assets 1,264 1,218 +3.8%
Total Assets 72,316
Show Business Segments breakouts
CO2 · Operating Segments 3,593
Natural Gas Pipelines · Operating Segments 51,605
Products Pipelines · Operating Segments 8,509
Terminals · Operating Segments 7,938
Show Consolidation Items breakouts
Corporate Non Segment 671
Other Assets
Intangible Assets Net Excluding Goodwill 1,774
Show Business Segments breakouts
CO2 · Operating Segments 425
Natural Gas Pipelines · Operating Segments 800
Products Pipelines · Operating Segments 536
Terminals · Operating Segments 13
Current Liabilities
Debt Current 1,081 1,984 -45.5%
Show Debt Instrument breakouts
4.15% Due August 2026 Notes · Colorado Interstate Gas Company 375
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 568 307 +85.0%
Notes Payable Other Payables 27 66 -59.1%
Accounts Payable 1,295 1,256 +3.1%
Interest Payable Current 362 361 +0.3%
Taxes Payable Current 291 286 +1.7%
Other Accrued Liabilities Current 817 727 +12.4%
Total Current Liabilities 3,846 4,731 -18.7%
Non-Current Liabilities
Debt Instrument Carrying Amount Of Long Term Portion 31,303 29,825 +5.0%
Debt Fair Value Adjustments 196 222 -11.7%
Long-Term Debt 31,499 30,047 +4.8%
Deferred Tax Liabilities 2,605 1,853 +40.6%
Deferred Credits And Other Liabilities Noncurrent 2,333 2,502 -6.8%
Liabilities Noncurrent 36,437 34,402 +5.9%
Total Liabilities 40,283 39,133 +2.9%
Stockholders' Equity
Common Stock 22 22 0.0%
Additional Paid-In Capital 41,255 41,217 +0.1%
Retained Earnings -10,523 -10,658 +1.3%
Accumulated Other Comprehensive Income -14 -175 +92.0%
Total Stockholders' Equity 30,740 30,406 +1.1%
Minority Interest 1,293 1,340 -3.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 32,033 31,746 +0.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -67 -158 +57.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent 53 -17 +411.8%
Accumulated Other Comprehensive Income -14 -175 +92.0%
Additional Paid In Capital 41,255 41,217 +0.1%
Common Stock 22 22 0.0%
Noncontrolling Interest 1,293 1,340 -3.5%
Parent 30,740 30,406 +1.1%
Retained Earnings -10,523 -10,658 +1.3%
Total Liabilities & Equity 72,316 70,879 +2.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Deferred Income Taxes 512 454 +12.8%
Unrealized Gain Loss On Derivatives 14 32 -56.2%
Show Business Segments breakouts
CO2 · Operating Segments -3 -1 -200.0%
Natural Gas Pipelines · Operating Segments 3 29 -89.7%
Products Pipelines · Operating Segments 1
Gain Loss On Sales Of Assets And Asset Impairment Charges -3 -76 +96.1%
Equity Method Investment Dividends Or Distributions 585 600 -2.5%
Change in Accounts Receivable 75 300 -75.0%
Change in Inventory -5 2 -350.0%
Increase Decrease In Other Current Assets 13 -2 +750.0%
Change in Accounts Payable -30 -107 +72.0%
Increase Decrease In Interest Payable Net -181 -138 -31.2%
Increase Decrease In Accrued Taxes Payable 19 15 +26.7%
Increase Decrease In Other Accrued Liabilities -26 -68 +61.8%
Other Operating Activities Cash Flow Statement -75 -46 -63.0%
Net Cash from Operations 4,225 4,125 +2.4%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -648 -58 -1017.2%
Capital Expenditures -2,206 -1,857 -18.8%
Payments To Acquire Equity Method Investments -103 -93 -10.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 269 117 +129.9%
Other Investing Activities -14 33 -142.4%
Net Cash from Investing -2,702 -1,858 -45.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 17 31 -45.2%
Financing Activities
Proceeds From Issuance Of Debt 8,434 8,803 -4.2%
Debt Repayments -7,910 -8,937 +11.5%
Debt Issuance Costs -18 -31 +41.9%
Payments Of Dividends Common Stock -1,950 -1,915 -1.8%
Payments Of Dividends Minority Interest -122 -123 +0.8%
Proceeds From Payments For Other Financing Activities -38 -20 -90.0%
Net Cash from Financing -1,604 -2,230 +28.1%
Supplemental
Interest Paid 1,538 1,542 -0.3%
Income Taxes Paid 43 26 +65.4%
Other Cash Flow
Net Change in Cash -81 37 -318.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 133 133 0.0%

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

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