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Kinder Morgan, Inc.

KMI Energy Oil & Gas Midstream

Kinder Morgan, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.9 billion, up 12.2% from fiscal 2024.

Revenue
+10.8%
EPS
+21.9%
Free cash flow
−52.6%
Total debt
−1.26%

Quarter to June 2026, against a year earlier

33.87 0.10 −0.29%
Market cap
$75.7B
P/E
21.7×
Fwd P/E
22.0×
Dividend yield
4.36%
F-score
6/9
Altman Z
1.14
Beneish M
−2.50
Dividend safety
22/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2017

  • Natural Gas Pipelines
  • Terminals
  • Products Pipelines
  • CO2
  • Kinder Morgan Canada

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 0.09
Sold, $m 2.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell 1 2 2 2 2 2 2 2 1 1 1 —
Insider Ownership 12.81%

Capital & Financial Ratios $m

Size
Market Cap 75,680.00
Revenue ttm 17,959.00
Net income ttm 3,570.00
Free cash flow ttm 2,655.00
Net debt Q 32,129.00
Valuation
P/E 21.72
Forward P/E 22.00
Price / sales 4.20
Forward P/S Powerpack
Price / FCF 28.40
Price / book 2.29
Financial health
Current ratio Q 0.46 (below 1: weak)
Debt / equity Q 0.98
Interest coverage Q 3.17
Growth
Revenue growth Q +10.76% (above 0%: growing)
Operating income growth Q +16.84% (above 0%: growing)
EPS, this year +20.72% (at or above 15%: strong)
EPS, next year A −1.01% (below 0%: weak)
Revenue, next year A +8.51%
EPS, past 5 yrs +93.89% (at or above 15%: strong)
EPS, next 5 yrs A +9.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.0×, against a ten-year median of 5.5×; over the ten years it ranged from 3.6× in 2023 to 6.9× in 2016.
P/E against its own 10 years 36.07%
10-year low 10-year high
P/S against its own 10 years 97.91%
10-year low 10-year high
P/B against its own 10 years 99.27%
10-year low 10-year high
EV/Sales against its own 10 years 78.04%
10-year low 10-year high
EV/FCF against its own 10 years 65.45%
10-year low 10-year high

Dividends raised every year since 2017

Yield
4.36%
Annual rate
1.48
Payout ratio
94.7%
Growth, 2017–26
+10.1%/yr
  1. 0.50 ’17
  2. 0.73 ’18 +45%
  3. 0.95 ’19 +31%
  4. 1.04 ’20 +9%
  5. 1.07 ’21 +3%
  6. 1.10 ’22 +3%
  7. 1.13 ’23 +2%
  8. 1.15 ’24 +2%
  9. 1.17 ’25 +2%
  10. 1.19 ’26 +2%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 96 214 109 119
Receivables 1,588 1,506 1,714 1,563
Inventory 525 555 574 565
Other 333 246 357 341
2,542 2,521 2,754 2,588
2023 2024 2025 Q'26
Payables 1,366 1,395 1,408 1,567
ST’ Debt 4,049 2,009 1,226 2,443
Other 1,021 878 898 907
7,221 5,101 4,322 5,647

Compound Annual Growth %

10y 5y 3y
Sales 1.63% 7.68% (4.09%)
Cash Flow 1.08% 5.39% 6.01%
Earnings 29.69% 91.39% 6.25%
Book Value (0.87%) 0.38% 0.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.33 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.37 0.39 Beat by 0.02
Q1 FY26 0.38 0.48 Beat by 0.10
Q2 FY26 0.31 0.37 Beat by 0.06
Q3 FY26 0.33 0.35 Beat by 0.02
Q4 FY26 0.38 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.44 0.39 — — —
’25 0.32 0.32 0.28 0.45 1.37
’24 0.33 0.26 0.28 0.30 1.17
’23 0.30 0.26 0.24 0.27 1.06
’22 0.29 0.28 0.25 0.30 1.12
’21 0.62 (0.34) 0.22 0.28 0.78
’20 (0.14) (0.28) 0.20 0.27 0.05
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,828 4,477 — — —
’25 4,241 4,042 4,146 4,508 16,937
’24 3,842 3,572 3,699 3,987 15,100
’23 3,888 3,501 3,907 4,038 15,334
’22 4,293 5,151 5,177 4,579 19,200
’21 5,211 3,150 3,824 4,425 16,610
’20 3,106 2,560 2,919 3,115 11,700
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,491 1,960 — — —
’25 1,162 1,649 1,414 1,692 5,917
’24 1,189 1,687 1,249 1,510 5,635
’23 1,333 1,550 1,286 2,322 6,491
’22 1,084 1,564 915 1,404 4,967
’21 1,873 1,438 1,129 1,268 5,708
’20 893 1,339 1,050 1,268 4,550
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 687 475 — — —
’25 (252) 1,002 621 872 2,243
’24 570 1,048 592 734 2,944
’23 826 1,001 640 (135) 2,332
’22 677 1,192 62 928 2,859
’21 1,606 1,160 (738) 1,258 3,286
’20 453 816 646 1,981 3,896
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,058 13,705 14,144 13,209 11,700 16,610 19,200 15,334 15,100 16,937 17,959 +2.9% 18,378 18,594 19,544 +4.9%
Gross margin, % 73.74 68.30 68.74 75.30 78.25 60.91 51.80 67.80 71.28 67.36 66.61 (6.4) pt
EBT 1,638 2,161 2,506 3,165 661 2,219 3,335 3,201 3,407 3,992 4,598 +10.4%
EBT margin, % 12.54 15.77 17.72 23.96 5.65 13.36 17.37 20.88 22.56 23.57 25.60 +11.0 pt
Net income 721 223 1,919 2,239 180 1,850 2,625 2,486 2,720 3,160 3,570 +17.8%
Per share, $
Per share, $ Revenue 5.86 6.15 6.38 5.83 5.17 7.33 8.50 6.86 6.80 7.62 8.07 +3.0%
Earnings 0.25 0.01 0.66 0.96 0.05 0.78 1.12 1.06 1.17 1.37 1.56 +20.8%
Cash flow 2.13 2.06 2.28 2.10 2.01 2.52 2.20 2.91 2.54 2.66 2.95 +2.5%
Capex (1.29) (1.38) (1.28) (1.00) (0.29) (1.07) (0.93) (1.86) (1.21) (1.65) (1.75) +2.8%
Free cash flow 0.84 0.68 0.99 1.10 1.72 1.45 1.27 1.04 1.33 1.01 1.19 +2.1%
Book value 15.61 15.75 15.58 15.06 14.07 14.09 14.22 14.20 14.35 14.60 14.78 (0.7%)
Shares, m 2,230 2,230 2,216 2,264 2,263 2,266 2,258 2,234 2,220 2,223 2,224 0.0%
Valuation, ×
Valuation, × P/E 86.44 1,880.00 23.30 22.05 273.40 20.33 16.08 16.66 23.42 20.07 21.72 238.2
P/S 3.69 3.06 2.41 3.63 2.64 2.16 2.12 2.60 4.03 3.61 4.20 3.0
P/B 1.38 1.19 0.99 1.41 0.97 1.13 1.27 1.26 1.91 1.88 2.29 1.3
EV/Sales 6.70 5.80 4.81 6.15 5.51 4.10 3.73 4.69 6.13 5.49 5.99 5.3
EV/FCF 46.69 52.02 30.89 32.72 16.53 20.73 25.06 30.81 31.42 41.46 40.50 32.8
Cash, $m
Cash, $m Operating cash flow 4,758 4,601 5,043 4,748 4,550 5,708 4,967 6,491 5,635 5,917 6,557 +2.5%
Capex (2,885) (3,074) (2,839) (2,267) (654) (2,422) (2,108) (4,159) (2,691) (3,674) (3,902) +2.7%
Free cash flow 1,873 1,527 2,204 2,481 3,896 3,286 2,859 2,332 2,944 2,243 2,655 +2.0%
Balance, $m
Balance, $m Working capital (2,695) (3,466) (1,835) (1,862) (1,871) (1,992) (3,127) (4,679) (2,580) (1,568) (3,059) (5.8%)
Net debt 39,263 37,517 33,993 33,258 33,480 32,173 30,994 32,020 31,676 31,894 32,129 (2.3%)
Shareholders’ equity 34,802 35,124 34,531 34,086 31,838 31,921 32,114 31,729 31,867 32,449 32,879 (0.8%)
Returns, %
Returns, % ROA 0.67 0.03 1.88 2.86 0.16 2.51 3.63 3.39 3.67 4.24 4.74 +3.6 pt
ROIC 2.99 3.04 3.46 4.52 1.49 2.84 4.03 4.18 4.31 4.59 5.02 +1.6 pt
ROE 1.57 0.08 4.25 6.38 0.36 5.60 7.96 7.49 8.22 9.50 10.67 +7.9 pt
People
People Employees 11,121 10,897 11,012 11,086 10,524 10,529 10,525 10,891 10,933 11,028 — (0.1%)
Revenue/emp, $m 1.17 1.26 1.28 1.19 1.11 1.58 1.82 1.41 1.38 1.54 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Kinder Morgan is an energy-infrastructure company founded in 1997 and headquartered in Houston. Kimberly A. Dang is chief executive officer. It moves, stores, processes and handles the fuels and materials that producers, utilities, refiners, industrial companies and exporters need to get from supply areas to end markets.

As of December 31, 2025, it owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals and approximately 706 Bcf of working natural-gas storage capacity. Its pipelines carry natural gas, refined petroleum products, crude oil, condensate, CO2 and renewable fuels. Its terminals store and handle products including gasoline, diesel, jet fuel, chemicals, petroleum coke, metals, ethanol and renewable-fuel feedstocks.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Natural Gas Pipelines 8,502 62.04%
Terminals 1,972 14.39%
Products Pipelines 1,744 12.73%
CO2 1,196 8.73%
Kinder Morgan Canada 256 1.87%
Gross margin 68.30%
Operating margin 25.75%
Pre-tax margin 15.77%

Revenue by segment since 2010

Kinder Morgan, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $91.6B 29.5× 29.8× +9.78% (above 0%: growing) +51.11% (above 0%: growing) −195.82% (below 0%: shrinking) 83.33% 38.72% Compare
EPD Enterprise Products Partners L.P. $84.3B 13.3× 12.6× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $75.7B 21.7× 22.0× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06%
ET Energy Transfer LP $71.9B 14.2× 12.0× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41% Compare
TRP TC Energy Corporation $67.0B 26.8× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $67.0B 30.1× 27.8× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
LNG Cheniere Energy, Inc. $65.9B 24.5× 27.5× +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
MPLX MPLX LP $60.7B 12.9× 14.0× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61% Compare
OKE ONEOK, Inc. $60.4B 16.7× 15.2× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22% Compare
Median of peers $67.0B 20.6× 19.3× +16.90% +25.10% +115.86% 52.53% 33.26%

All 57 Oil & Gas Midstream stocks →

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 12.72%
Richard D. Kinder(b) 11.60%
The Vanguard Group(p) 9.05%
BlackRock, Inc.(q) 6.88%
State Street Corporation(r) 5.72%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Kinder Morgan, Inc. (KMI) Latest News

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KMI metrics, ten years each

stockrow.com/KMI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com