KINDER MORGAN, INC.

KMI 10-K · Q4 2025
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KMI Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 4,508 3,987 +13.1%
Show Product Lines breakouts
Oil And Gas Service 2,464 2,291 +7.6%
Product 1,993 1,650 +20.8%
Product And Service Other 51 46 +10.9%
Show Business Segments breakouts
CO2 285 298 -4.4%
CO2 · Intersegment Elimination -1 -1 0.0%
CO2 · Operating Segments 286 299 -4.3%
Natural Gas Pipelines 3,037 2,434 +24.8%
Natural Gas Pipelines · Intersegment Elimination -6 -3 -100.0%
Natural Gas Pipelines · Operating Segments 3,043 2,437 +24.9%
Products Pipelines 655 740 -11.5%
Products Pipelines · Operating Segments 655 740 -11.5%
Terminals 531 515 +3.1%
Terminals · Intersegment Elimination -4 -4 0.0%
Terminals · Operating Segments 535 519 +3.1%
Show Consolidation Items breakouts
Intersegment Elimination -11 -8 -37.5%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 1,447 1,239 +16.8%
Show Business Segments breakouts
CO2 · Operating Segments 24 21 +14.3%
Natural Gas Pipelines · Operating Segments 1,175 866 +35.7%
Products Pipelines · Operating Segments 246 347 -29.1%
Terminals · Operating Segments 12 12 0.0%
Operating Costs And Expenses 787 761 +3.4%
Depreciation & Amortization 618 596 +3.7%
Show Business Segments breakouts
CO2 · Operating Segments 99 89 +11.2%
Natural Gas Pipelines · Operating Segments 298 279 +6.8%
Products Pipelines · Operating Segments 84 96 -12.5%
Terminals · Operating Segments 130 130 0.0%
Show Consolidation Items breakouts
Corporate Non Segment 7 2 +250.0%
General & Administrative 186 182 +2.2%
Taxes Excluding Income And Excise Taxes 111 106 +4.7%
Show Business Segments breakouts
CO2 · Operating Segments 14 15 -6.7%
Natural Gas Pipelines · Operating Segments 72 67 +7.5%
Products Pipelines · Operating Segments 12 10 +20.0%
Terminals · Operating Segments 12 12 0.0%
Other Operating Income Expense Net -5 -5 0.0%
Total Costs & Expenses 3,144 2,879 +9.2%
Operating Income 1,364 1,108 +23.1%
Income Loss From Equity Method Investments 249 215 +15.8%
Show Business Segments breakouts
CO2 · Operating Segments 7 7 0.0%
Natural Gas Pipelines · Operating Segments 224 192 +16.7%
Products Pipelines · Operating Segments 14 14 0.0%
Terminals · Operating Segments 4 2 +100.0%
Interest Income Expense Nonoperating Net -442 -442 0.0%
Other Non-Operating Income (Expense) 134 10 +1240.0%
Non-Operating Income (Expense) -59 -217 +72.8%
Income Before Taxes 1,305 891 +46.5%
Income Tax Expense (Benefit) -284 -197 -44.2%
Net Income 1,021 694 +47.1%
Show Business Segments breakouts
CO2 · Operating Segments 146 157 -7.0%
Natural Gas Pipelines · Operating Segments 1,800 1,383 +30.2%
Products Pipelines · Operating Segments 307 299 +2.7%
Terminals · Operating Segments 294 281 +4.6%
Show Equity Components breakouts
Noncontrolling Interest 25 27 -7.4%
Parent 996 667 +49.3%
Retained Earnings 996 667 +49.3%
Show Consolidation Items breakouts
Operating Segments 2,547 2,120 +20.1%
Net Income Loss Attributable To Noncontrolling Interest -25 -27 +7.4%
Net Income 996 667 +49.3%
EPS (Basic) 0.45 0.3 +50.0%
EPS (Diluted) 0.45 0.3 +50.0%
Wtd Avg Shares (Basic) 0 0 —
Wtd Avg Shares (Diluted) 0 0 —
Revenue 4,011 3,572 +12.3%
Show Product Lines breakouts
Fee-based services 704 647 +8.8%
Fee-based services · CO2 13 10 +30.0%
Fee-based services · Natural Gas Pipelines 297 246 +20.7%
Fee-based services · Products Pipelines 273 270 +1.1%
Fee-based services · Terminals 125 125 0.0%
Firm services 1,403 1,294 +8.4%
Firm services · CO2 0 1 -100.0%
Firm services · Natural Gas Pipelines 1,126 1,032 +9.1%
Firm services · Products Pipelines 70 54 +29.6%
Firm services · Terminals 208 208 0.0%
Natural gas sales 1,116 680 +64.1%
Natural gas sales · CO2 12 10 +20.0%
Natural gas sales · Natural Gas Pipelines 1,107 671 +65.0%
Other sales 33 27 +22.2%
Other sales · CO2 26 22 +18.2%
Other sales · Natural Gas Pipelines 8 6 +33.3%
Product 1,904 1,631 +16.7%
Product sales 755 924 -18.3%
Product sales · CO2 194 244 -20.5%
Product sales · Natural Gas Pipelines 289 310 -6.8%
Product sales · Products Pipelines 259 358 -27.7%
Product sales · Terminals 15 13 +15.4%
Product · CO2 232 276 -15.9%
Product · Natural Gas Pipelines 1,404 987 +42.2%
Product · Products Pipelines 259 358 -27.7%
Product · Terminals 15 13 +15.4%
Show Business Segments breakouts
CO2 · Operating Segments 245 287 -14.6%
Natural Gas Pipelines · Operating Segments 2,827 2,265 +24.8%
Products Pipelines · Operating Segments 602 682 -11.7%
Terminals · Operating Segments 348 346 +0.6%
Show — breakouts
Revenue -11 -8 -37.5%
Revenue -4 -4 0.0%
Revenue 0 -1 +100.0%
Revenue -3 -1 -200.0%
Revenue -1 -1 0.0%
Revenue -2 -1 -100.0%
Revenue -6 -3 -100.0%
Revenue 2 -2 +200.0%
Revenue 67 58 +15.5%
Revenue 5,436 4,952 +9.8%
Revenue 1,332 1,294 +2.9%
Revenue 1,322 1,321 +0.1%
Revenue 8,064 7,557 +6.7%
Other Revenue 497 415 +19.8%
Show Business Segments breakouts
CO2 · Operating Segments 41 12 +241.7%
Natural Gas Pipelines · Operating Segments 216 172 +25.6%
Products Pipelines · Operating Segments 53 58 -8.6%
Terminals · Operating Segments 187 173 +8.1%
Operating Expenses -182 -191 +4.7%
Comprehensive Income 1,055 747 +41.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 39 -47 +183.0%
Operating Lease Lease Income 365 359 +1.7%
Show Business Segments breakouts
CO2 · Operating Segments 17 18 -5.6%
Natural Gas Pipelines · Operating Segments 115 115 0.0%
Products Pipelines · Operating Segments 46 53 -13.2%
Terminals · Operating Segments 187 173 +8.1%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Deferred Income Taxes 268 193 +38.9%
Unrealized Gain Loss On Derivatives -37 40 -192.5%
Show Business Segments breakouts
CO2 · Operating Segments -1 3 -133.3%
Natural Gas Pipelines · Operating Segments -40 46 -187.0%
Gain Loss On Sales Of Assets And Asset Impairment Charges -3 2 -250.0%
Equity Method Investment Dividends Or Distributions 220 223 -1.3%
Change in Accounts Receivable -267 -248 -7.7%
Change in Inventory -16 -14 -14.3%
Increase Decrease In Other Current Assets -22 -44 +50.0%
Change in Accounts Payable 126 102 +23.5%
Increase Decrease In Interest Payable Net 168 181 -7.2%
Increase Decrease In Accrued Taxes Payable -34 -10 -240.0%
Other Operating Activities Cash Flow Statement -40 39 -202.6%
Net Cash from Operations 1,692 1,510 +12.1%
Investing Activities
Capital Expenditures -820 -772 -6.2%
Payments To Acquire Equity Method Investments -75 -28 -167.9%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 61 60 +1.7%
Other Investing Activities -25 -27 +7.4%
Net Cash from Investing -477 -771 +38.1%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 8 5 +60.0%
Financing Activities
Proceeds From Issuance Of Debt 1,583 1,638 -3.4%
Debt Repayments -2,144 -1,620 -32.3%
Debt Issuance Costs -2 -2 0.0%
Payments Of Dividends Common Stock -654 -642 -1.9%
Payments Of Dividends Minority Interest -31 -31 0.0%
Proceeds From Payments For Other Financing Activities 9 0 —
Net Cash from Financing -1,239 -657 -88.6%
Supplemental
Interest Paid 273 274 -0.4%
Income Taxes Paid 4 7 -42.9%
Other Cash Flow
Net Change in Cash -24 81 -129.6%
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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