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Kinder Morgan (KMI) FY2025 results: revenue $16.9 billion, up 12.2% on the year

Kinder Morgan, Inc. (KMI) reported revenue of $16.9 billion for fiscal 2025, the year ended 31 December 2025, up 12.2% on the year before. Net income was $3.1 billion, up 17.0%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$16.9 billion
+12.2% on the year
FY2018FY2025
Operating margin
27.9%
29.0% a year earlier
FY2018FY2025
Net income
$3.1 billion
+17.0% on the year
FY2018FY2025
Diluted EPS
$1.37
+17.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • Backlog reached $10 billion: Backlog was $10 billion, up from $9.3 billion at the end of the third quarter. The company added $912 million of projects and placed about $265 million in service.
  • Power demand growth expected in served markets: Management expects power demand growth from population growth and data center siting. It cites more than 65,000 miles of natural gas pipelines connected to major basins.
Read the Q4 FY2025 earnings call summary

From this 10-K

Kinder Morgan owns and operates energy infrastructure: pipelines that move natural gas, refined petroleum products, crude oil, condensate, carbon dioxide and renewable fuels, and terminals that store and handle gasoline, diesel, jet fuel, chemicals, petroleum coke, metals, ethanol and other renewable fuels and feedstocks. At the end of 2025 it owned an interest in or operated approximately 78,000 miles of pipeline, 136 terminals, approximately 706 Bcf of working natural gas storage and renewable natural gas generation capacity of approximately 6.9 Bcf a year of gross production. The company describes itself as one of the largest energy infrastructure companies in North America. There are four business segments: Natural Gas Pipelines, Products Pipelines, Terminals and CO2.

Kinder Morgan, Inc., the 10-K for 2025

Kinder Morgan owns and operates energy infrastructure: pipelines that move natural gas, refined petroleum products, crude oil, condensate, carbon dioxide and renewable fuels, and terminals that store and handle gasoline, diesel, jet fuel, chemicals, petroleum coke, metals, ethanol and other renewable fuels and feedstocks. At the end of 2025 it owned an interest in or operated approximately 78,000 miles of pipeline, 136 terminals, approximately 706 Bcf of working natural gas storage and renewable natural gas generation capacity of approximately 6.9 Bcf a year of gross production. The company describes itself as one of the largest energy infrastructure companies in North America. There are four business segments: Natural Gas Pipelines, Products Pipelines, Terminals and CO2.

Natural Gas Pipelines

The largest segment, covering interstate and intrastate transportation, storage, processing and treating. The filing states the market is highly competitive, with new pipelines, storage, treating facilities and related services being built to serve domestic and export demand, and names location, rates, terms of service, flexibility, the availability of alternative energy and reliability as the principal elements of competition. Several joint ventures sit inside the segment, including Bear Creek Storage, WYCO and the Liberty pipeline, along with partly owned lines such as Utopia and Cypress, each half owned.

Products Pipelines

Refined petroleum products transportation, where profitability turns on the volume moved and the rates charged, along with the liquids terminals attached to those lines and a transmix business that reprocesses mixed product streams. Competition comes from proprietary pipelines and terminals owned by major oil companies, other independent pipelines and terminals, trucking and marine firms on short hauls, and for transmix from refineries owned by the majors and independent transmix plants.

Terminals

Refined product, chemical, renewable fuel and other liquid terminals outside the products pipelines segment, plus all the bulk terminals, which handle petroleum coke, metals and ores. The terminals sit mainly near large American cities, and the filing puts their location and the flexibility offered to customers forward as what attracts and keeps business. Services include short-term product storage, truck loading, vapour handling, additive and dye injection and ethanol blending. The segment also owns Jones Act-qualified product tankers carrying crude oil, condensate, refined products and renewable fuel between American ports.

CO2

This segment produces, transports and markets carbon dioxide used in enhanced oil recovery, where it is pumped into mature oil fields to flush out crude. The company also owns and operates oil and gas producing fields and renewable natural gas, liquefied natural gas and landfill gas-to-energy facilities. Its carbon dioxide pipelines let it sell supply and transportation as a package. One example of the oil side is the Diamond M field expansion, whose first phase entered service in October 2024, with the second and third phases expected in 2026 and peak production of approximately 5,400 barrels a day expected in 2027.

Recent deals

In February 2025 the company completed the purchase of a natural gas gathering and processing system in North Dakota from Outrigger Energy II for $648 million, including a 0.27 Bcf/d processing plant and a 104-mile large-diameter high-pressure gathering header with 0.35 Bcf/d of capacity connecting Williston Basin supply to demand markets. In December 2025 it sold its 25 percent non-operated interest in EagleHawk for $382 million.

Strategy and people

The stated strategy is to focus on stable, fee-based transportation and storage assets central to growing North American markets or to American exports, raise utilisation of existing assets while controlling costs and operating safely, keep discipline in capital allocation, use economies of scale through expansions and acquisitions, and keep its finances in good order while returning value to stockholders. The company employed 11,028 full-time people at the end of 2025, including approximately 867 full-time hourly staff at certain terminals and pipelines covered by collective bargaining agreements expiring between 2026 and 2029. Safety is managed through an operations management system, with performance measured on the recordable incident rate defined by the Occupational Safety and Health Administration, counting recordable workplace incidents per 100 full-time employees a year.

From Kinder Morgan's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,93715,10015,334+12.2%
Cost of revenue5,5294,3374,938+27.5%
Gross profit11,40810,76310,396+6.0%
Gross margin67.4%71.3%67.8%
Operating income4,7244,3844,263+7.8%
Operating margin27.9%29.0%27.8%
Interest expense1,8011,8441,797-2.3%
Pre-tax income3,9923,4073,201+17.2%
Income tax832687715+21.1%
Effective tax rate20.8%20.2%22.3%
Net income3,0562,6132,391+17.0%
Net margin18.0%17.3%15.6%
Diluted EPS$1.37$1.17$1.06+17.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,9175,6356,491+5.0%
Capital expenditure3,0262,6292,317+15.1%
Free cash flow2,8913,0064,174-3.8%
Free cash flow margin17.1%19.9%27.2%
Cash from investing-3,179-2,629-4,175
Cash from financing-2,843-2,887-3,014
Depreciation and amortisation2,4532,3542,250+4.2%
Buybacks0.07.0522
Dividends paid2,6042,5572,529+1.8%
Dividend per share$1.17$1.15$1.13+1.7%
Diluted shares, weighted2,223m2,220m2,234m+0.1%
Shares outstanding at period end2,225m2,222m2,220m+0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity31,16230,53130,306+2.1%
Non-controlling interest1,2871,3361,423-3.7%
Debt32,00331,89032,116+0.4%
Operating lease liabilities167193230-13.5%
Other liabilities8,1297,4576,945+9.0%
Total liabilities and equity72,74871,40771,020+1.9%
Fixed assets39,33138,01337,297+3.5%
Goodwill20,08420,08420,1210.0%
Intangible assets1,7301,7601,957-1.7%
Investments7,5327,8457,874-4.0%
Cash and equivalents63.088.083.0-28.4%
Inventory574555525+3.4%
Other assets3,4343,0623,163+12.1%
Total assets72,74871,40771,020+1.9%

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