KINDER MORGAN, INC.
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KMI Q3 2025 request
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Income Statement
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Revenue | 4,146 | 3,699 | +12.1% |
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| 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% |
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| 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 |
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| Intersegment Elimination | -7 | -5 | -40.0% |
| Cost Of Goods And Service Excluding Depreciation Depletion And Amortization | 1,395 | 1,024 | +36.2% |
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| 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 |
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| 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% |
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| Corporate Non Segment | 6 | 8 | -25.0% |
| General & Administrative | 183 | 176 | +4.0% |
| Taxes Excluding Income And Excise Taxes | 111 | 107 | +3.7% |
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| 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% |
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| 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 |
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| 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 |
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| Noncontrolling Interest | 26 | 26 | 0.0% |
| Parent | 628 | 625 | +0.5% |
| Retained Earnings | 628 | 625 | +0.5% |
Show Consolidation Items breakouts |
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| 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 |
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| 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 |
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| 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 |
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| Intersegment Elimination | -7 | -5 | -40.0% |
| Other Revenue | 423 | 411 | +2.9% |
Show Business Segments breakouts |
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| 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 |
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| 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
| 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 |
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| CO2 · Operating Segments | 68 | — | — |
| Natural Gas Pipelines · Operating Segments | 7,171 | — | — |
| Products Pipelines · Operating Segments | 386 | — | — |
| Terminals · Operating Segments | 122 | — | — |
| Goodwill | 20,084 | — | — |
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| Energy Transition Ventures | 114 | — | — |
| Other Non-Current Assets | 1,264 | 1,218 | +3.8% |
| Total Assets | 72,316 | — | — |
Show Business Segments breakouts |
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| 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 |
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| Corporate Non Segment | 671 | — | — |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 1,774 | — | — |
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| 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 |
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| 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% |
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| 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% |
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| 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
| 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 |
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| 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.