Kinder Morgan (KMI) Q4 FY2025 earnings: revenue $4.5 billion, up 13.1% on the year

Kinder Morgan, Inc. (KMI) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier. Net income was $996 million, up 49.3% on the year, and diluted earnings per share $0.45. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$4.5 billion

+13.1% on the year · +8.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

30.3%

27.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$996 million

+49.3% on the year · +58.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.45

+50.0% on the year · +60.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 lowered, 8 new, 3 kept.

Fourth-quarter net income up 49%: Net income attributable to KMI was $996 million, versus $667 million a year earlier. Excluding Certain Items, mainly an asset-sale gain, Adjusted Net Income was $866 million, 22% higher.
EPS and Adjusted EPS higher: EPS was $0.45, up 50%, and Adjusted EPS was $0.39, up 22%. Adjusted EBITDA was $2,271 million, up 10% from $2,063 million.
Full-year net income up 17%: For 2025, net income attributable to KMI was $3,056 million. Adjusted EPS was $1.30, up 13%, and Adjusted EBITDA was $8,391 million, up 6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,508	4,146	3,987	+8.7%	+13.1%
Cost of revenue	1,447	1,395	1,239	+3.7%	+16.8%
Gross profit	3,061	2,751	2,748	+11.3%	+11.4%
Gross margin	67.9%	66.4%	68.9%
Operating income	1,364	1,063	1,108	+28.3%	+23.1%
Operating margin	30.3%	25.6%	27.8%
Interest expense	442	456	442	-3.1%	0.0%
Pre-tax income	1,305	839	891	+55.5%	+46.5%
Income tax	284	185	197	+53.5%	+44.2%
Effective tax rate	21.8%	22.1%	22.1%
Net income	996	628	667	+58.6%	+49.3%
Net margin	22.1%	15.1%	16.7%
Diluted EPS	$0.45	$0.28	$0.30	+60.7%	+50.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,692	1,414	1,510	+19.7%	+12.1%
Capital expenditure	820	793	772	+3.4%	+6.2%
Free cash flow	872	621	738	+40.4%	+18.2%
Free cash flow margin	19.3%	15.0%	18.5%
Cash from investing	-477	-663	-771
Cash from financing	-1,239	-815	-657
Depreciation and amortisation	618	609	596	+1.5%	+3.7%
Buybacks	0.0	0.0	0.0
Dividends paid	654	654	642	0.0%	+1.9%
Dividend per share	n/a	$0.29	n/a
Diluted shares, weighted	2,225m	2,224m	2,222m	+0.0%	+0.1%
Shares outstanding at period end	2,225m	2,225m	2,222m	+0.0%	+0.1%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	31,162	30,740	30,531	+1.4%	+2.1%
Non-controlling interest	1,287	1,293	1,336	-0.5%	-3.7%
Debt	32,003	32,580	31,890	-1.8%	+0.4%
Operating lease liabilities	167	n/a	193		-13.5%
Other liabilities	8,129	7,703	7,457	+5.5%	+9.0%
Total liabilities and equity	72,748	72,316	71,407	+0.6%	+1.9%
Fixed assets	39,331	39,021	38,013	+0.8%	+3.5%
Goodwill	20,084	20,084	20,084	0.0%	0.0%
Intangible assets	1,730	1,774	1,760	-2.5%	-1.7%
Investments	7,532	7,747	7,845	-2.8%	-4.0%
Cash and equivalents	63.0	71.0	88.0	-11.3%	-28.4%
Inventory	574	560	555	+2.5%	+3.4%
Other assets	3,434	3,059	3,062	+12.3%	+12.1%
Total assets	72,748	72,316	71,407	+0.6%	+1.9%

Questions

What was Kinder Morgan's revenue in Q4 FY2025?

Kinder Morgan (KMI) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier.

How much did Kinder Morgan earn in Q4 FY2025?

Net income for Q4 FY2025 was $996 million, up 49.3% on the year, and diluted earnings per share $0.45.

When did Kinder Morgan report Q4 FY2025 results?

Kinder Morgan filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,425	4,293	5,151	5,177	4,579	3,888	3,501	3,907	4,038	3,842	3,572	3,699	3,987	4,241	4,042	4,146	4,508	4,828	4,477	4,531
Cost of revenue	1,989	1,894	2,683	2,717	1,961	1,215	971	1,405	1,347	1,107	967	1,024	1,239	1,476	1,211	1,395	1,447	1,749	1,405	1,566
Gross profit	2,436	2,399	2,468	2,460	2,618	2,673	2,530	2,502	2,691	2,735	2,605	2,675	2,748	2,765	2,831	2,751	3,061	3,079	3,072	2,965
Gross margin	55%	56%	48%	48%	57%	69%	72%	64%	67%	71%	73%	72%	69%	65%	70%	66%	68%	64%	69%	65%
Operating income	950	1,024	1,006	931	1,104	1,194	1,030	938	1,101	1,223	1,038	1,015	1,108	1,145	1,152	1,063	1,364	1,444	1,346	1,160
Operating margin	21%	24%	20%	18%	24%	31%	29%	24%	27%	32%	29%	27%	28%	27%	29%	26%	30%	30%	30%	26%
Interest expense	370	333	355	399	426	445	443	457	452	472	464	466	442	451	452	456	442	430	425	430
Pre-tax income	775	878	837	729	891	899	778	700	824	982	770	764	891	929	919	839	1,305	1,288	1,166	980
Tax rate	16%	22%	22%	18%	22%	22%	22%	21%	25%	21%	22%	15%	22%	20%	19%	22%	22%	22%	23%	19%
Net income	637	667	635	576	670	679	586	532	594	746	575	625	667	717	715	628	996	976	867	764
Net margin	14%	16%	12%	11%	15%	17%	17%	14%	15%	19%	16%	17%	17%	17%	18%	15%	22%	20%	19%	17%
Diluted EPS	$0.28	$0.29	$0.28	$0.25	$0.30	$0.30	$0.26	$0.24	$0.27	$0.33	$0.26	$0.28	$0.30	$0.32	$0.32	$0.28	$0.45	$0.44	$0.39	$0.34
Operating cash flow	1,268	1,084	1,564	915	1,404	1,333	1,550	1,286	2,322	1,189	1,687	1,249	1,510	1,162	1,649	1,414	1,692	1,491	1,960	1,590
Capital expenditure	387	407	372	365	477	507	535	647	628	619	581	657	772	766	647	793	820	804	982	1,045
Free cash flow	881	677	1,192	550	927	826	1,015	639	1,694	570	1,106	592	738	396	1,002	621	872	687	978	545
Buybacks	0.0	1.0	172	160	35.0	113	204	73.0	132	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	615	616	631	629	628	627	637	634	631	631	641	643	642	642	654	654	654	654	665	665
Shares outstanding	2,267m	2,267m	2,257m	2,250m	2,248m	2,241m	2,229m	2,228m	2,220m	2,219m	2,219m	2,222m	2,222m	2,222m	2,222m	2,225m	2,225m	2,225m	2,225m	2,228m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.