Kinder Morgan, Inc. Q3 FY2023 results: revenue $3.9 billion, down 24.5% on the year

Kinder Morgan, Inc. (KMI) reported revenue of $3.9 billion for Q3 FY2023, the quarter ended 30 September 2023, down 24.5% on the same quarter a year earlier. Net income was $532 million, down 7.6% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 23 October 2023.

Revenue$3.9 billiondown 24.5%

Net income$532 milliondown 7.6%

Diluted EPS$0.24

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,907	n/a	n/a	n/a
Operating income	938	n/a	n/a	n/a
Operating margin	24.0%	n/a	n/a
Pre-tax income	700	n/a	n/a	n/a
Income tax	145	n/a	n/a	n/a
Effective tax rate	20.7%	n/a	n/a
Net income	532	n/a	n/a	n/a
Net margin	13.6%	n/a	n/a
Diluted EPS	$0.24	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,286	n/a	n/a	n/a
Capital expenditure	647	n/a	n/a	n/a
Free cash flow	639	n/a	n/a	n/a
Free cash flow margin	16.4%	n/a	n/a
Depreciation and amortisation	561	n/a	n/a	n/a
Buybacks	73.0	n/a	n/a	n/a
Dividends paid	634	n/a	n/a	n/a
Dividend per share	$0.28	n/a	n/a	n/a
Diluted shares, weighted	2,230m	n/a	n/a	n/a
Shares outstanding at period end	2,228m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	68,862	n/a	n/a	n/a
Cash and equivalents	80.0	n/a	n/a	n/a
Inventory	565	n/a	n/a	n/a
Goodwill	19,965	n/a	n/a	n/a
Long-term debt	27,871	n/a	n/a	n/a
Borrowings, as the company tags them	27,863	n/a	n/a	n/a
Shareholders' equity	30,258	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,907	4,038	3,842	3,572	3,699	3,987	4,241	4,042	4,146	4,508	4,828	4,477
Operating income	938	1,101	1,223	1,038	1,015	1,108	1,145	1,152	1,063	1,364	1,444	1,346
Operating margin	24%	27%	32%	29%	27%	28%	27%	29%	26%	30%	30%	30%
Pre-tax income	700	824	982	770	764	891	929	919	839	1,305	1,288	1,166
Tax rate	21%	25%	21%	22%	15%	22%	20%	19%	22%	22%	22%	23%
Net income	532	594	746	575	625	667	717	715	628	996	976	867
Net margin	14%	15%	19%	16%	17%	17%	17%	18%	15%	22%	20%	19%
Diluted EPS	$0.24	$0.26	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44	$0.39
Operating cash flow	1,286	2,322	1,189	1,687	1,249	1,510	1,162	1,649	1,414	1,692	1,491	1,960
Capital expenditure	647	628	619	581	657	772	766	647	793	820	804	982
Free cash flow	639	1,694	570	1,106	592	738	396	1,002	621	872	687	978
Buybacks	73.0	132	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	634	631	631	641	643	642	642	654	654	654	654	665
Shares outstanding	2,228m	2,220m	2,219m	2,219m	2,222m	2,222m	2,222m	2,222m	2,225m	2,225m	2,225m	2,225m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 23 October 2023, accession 0001506307-23-000118: the filing on EDGAR. All of Kinder Morgan, Inc.'s filings: EDGAR company page.

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