Kinder Morgan, Inc. (KMI) financials
NYSE · Energy · Oil & Gas Midstream · 11,028 employees · CEO Kimberly Allen Dang
- Price
- $33.87 -0.29%
- Market cap
- $75.5B
- Enterprise value
- $108B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-01-20 EPS est. $0.38
Revenue (TTM)$18.3B+11.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)29.0%+1.0 pp vs a year agoOperating income $5.31B
Net income (TTM)$3.6B+32.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.08B+12.0% vs a year agoCapex $3.65B
Diluted EPS (TTM)$1.62+32.8% vs a year agoSum of the last 4 quarters
Net cash-$32.2B+1.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $75.5B EV $108B
- Revenue
- $18.3B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 19.6% Net income / revenue, TTM
- P/E
- 20.9× Forward 21.6× (FY2026)
- P/S
- 4.1× Price / sales, TTM
- EV / EBITDA
- 14.0× TTM
- Free cash flow
- $3.08B Trailing 12 months
- Net income
- $3.6B Trailing 12 months
- Revenue estimate
- $18.3B FY2026 consensus
- Earnings
- 2027-01-20 Revenue est. $4.46B
- Dividend
- $1.18 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 3.6%, EPS beat by 9.2%Revenue $4.53B vs $4.37B expected (+3.6%); EPS $0.35 vs $0.32 (+9.2%).
- Revenue growth slowing: 9.3% year on yearQ3 '26 revenue $4.53B, against an average of 12.7% over the four quarters before.
- Operating margin 29.0% (TTM), +1.0 pp on a year agoOperating income grew 15.7% while revenue grew 11.8%.
- 12.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.74B vs operating income $5.31B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 19.9% of revenue (a year ago 18.2%)$3.65B invested in the last 4 quarters (+22.4% on a year earlier). Free cash flow $3.08B = 85.5% of net income.
- Returned $2.64B to shareholders = 85.6% of free cash flowBuybacks $0 (a year earlier $0), dividends $2.64B, stock-based pay $0 (TTM).
- Diluted share count up 0.1% in a year2.23B diluted shares in Q3 '26, 2.22B a year earlier.
- Net debt $32.2BCash + short-term investments $918M, debt incl. leases $33.1B; a year ago net debt $32.5B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.53B | $4.15B | +9.3% |
| Gross margin | 41.8% | 32.7% | +9.1 pp |
| Operating income | $1.16B | $1.06B | +9.2% |
| Operating margin | 25.6% | 25.6% | 0.0 pp |
| Net income | $764M | $628M | +21.7% |
| Diluted EPS | $0.34 | $0.28 | +21.4% |
| Operating cash flow | $1.59B | $1.41B | +12.4% |
| Capex | $1.05B | $793M | +31.8% |
| Free cash flow | $545M | $621M | -12.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.53B | $4.37B | +3.6% |
| EPS (as estimated) | $0.35 | $0.32 | +9.2% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Natural Gas Pipelines | $2.9B | +8.3% | 63.3% | $11.9B | +14.5% | |
| Products Pipelines | $772M | +14.0% | 16.9% | $3.02B | +8.8% | |
| Terminals | $562M | +8.5% | 12.3% | $2.22B | +6.3% | |
| CO2 | $344M | +22.0% | 7.5% | $1.32B | +13.9% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Unallocated | $9M | 0.0% | 100.0% | $36M | 0.0% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $6.73B
- Capex
- -$3.65B
- Buybacks
- $0
- Dividends
- -$2.64B
- Acquisitions
- -$503M
- Net debt issued
- $775M
- Stock-based compensation
- $0
- Free cash flow
- $3.08B
- Returned to shareholders / FCF
- 85.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 20.9× | 19.3× | 16.1× – 23.4× |
| EV / EBITDA | 14.0× | 11.3× | 9.9× – 12.5× |
| EV / Sales | 5.9× | 4.8× | 3.7× – 6.2× |
| Price / FCF | 24.5× | 14.2× | 8.1× – 21.2× |
| Price / Book | 2.4× | 1.5× | 1.2× – 2.0× |
| FCF yield | 4.1% | 8.1% | 4.7% – 12.3% |
| Return on invested capital | 5.8% | 5.3% | 4.6% – 6.4% |
| Return on equity | 11.5% | 8.1% | 5.8% – 9.8% |
Analysts
Consensus target $37.67 (+11.2%)
range $34.00 – $43.00 · rating Buy
Strong buy0
Buy18
Hold15
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $18.3B | +7.8% | $1.57 | +14.6% | 21.6× | 12 |
| FY2027 | $18.5B | +1.1% | $1.55 | -1.0% | 21.8× | 13 |
| FY2028 | $19.4B | +5.1% | $1.68 | +8.4% | 20.1× | 8 |
| FY2029 | $20.7B | +6.6% | $1.83 | +8.8% | 18.5× | 5 |
| FY2030 | $22.2B | +7.1% | $1.97 | +7.6% | 17.2× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 241 figures Kinder Morgan, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.59B | $1.3B | +22.5% | $1.41B | $1.4B | +0.9% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $1.6B | $1.44B | +10.5% | $1.71B | $1.51B | +13.8% |
| Accrual for Environmental Loss Contingencies | $174M2026-06-30 | $185M | -5.9% | $176M | $188M | -6.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$162M | -$14M | -1,057.1% | $45M | -$95M | +147.4% |
| Additional Collateral, Aggregate Fair Value | $0 | $0 | – | $25M2024-12-31 | $54M | -53.7% |
| Additional Paid in Capital | $41.3B | $41.3B | +0.1% | $41.3B | $41.2B | +0.1% |
| Amortization of Intangible Assets | – | – | – | $190M | $197M | -3.6% |
| APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | -$23M | -$14M | -64.3% | $39M | $54M | -27.8% |
| Asset Retirement Obligation | $255M2025-12-31 | $248M | +2.8% | $255M | $248M | +2.8% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $14M | $13M | +7.7% |
| Asset Retirement Obligation, Cash Paid to Settle | – | – | – | $30M | $16M | +87.5% |
| Asset Retirement Obligation, Current | $2M2025-12-31 | $2M | 0.0% | $2M | $2M | 0.0% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $23M | $10M | +130.0% |
| Assets | $75.4B | $72.3B | +4.3% | $72.7B | $71.4B | +1.9% |
| Assets, Current | $3.47B | $2.43B | +43.0% | $2.75B | $2.52B | +9.2% |
| Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests | – | – | – | -$38M2024-12-31 | – | – |
| Capital Expenditures Incurred but Not yet Paid | -$51M | – | – | $50M2024-12-31 | $120M | -58.3% |
| Cash and Cash Equivalents, at Carrying Value | $918M | $71M | +1,193.0% | $63M | $88M | -28.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $943M | $133M | +609.0% | $109M | $214M | -49.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $824M | -$64M | +1,387.5% | -$105M | $118M | -189.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.30 | $0.29 | +1.7% | $1.17 | $1.15 | +1.7% |
| Common Stock, Dividends, Per Share, Declared | $0.30 | $0.29 | +1.7% | $1.17 | $1.15 | +1.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 4B | 4B | 0.0% | 4B | 4B | 0.0% |
| Common Stock, Shares, Issued | 2.23B | 2.22B | +0.1% | 2.22B | 2.22B | +0.1% |
| Common Stock, Shares, Outstanding | 2.23B | 2.22B | +0.1% | 2.22B | 2.22B | +0.1% |
| Common Stock, Value, Issued | $22M | $22M | 0.0% | $22M | $22M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $26M | $26M | 0.0% | $104M | $107M | -2.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $652M | $638M | +2.2% | $3.2B | $2.74B | +16.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $678M | $664M | +2.1% | $3.3B | $2.84B | +16.1% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $33M | $36M | -8.3% | $30M | $15M | +100.0% |
| Contract with Customer, Asset, Reclassified to Receivable | $3M | $0 | – | $8M | $25M | -68.0% |
| Contract with Customer, Liability | $488M | $445M | +9.7% | $459M | $377M | +21.8% |
| Contract with Customer, Liability, Revenue Recognized | $29M | $14M | +107.1% | $78M | $97M | -19.6% |
| Contribution of Property | – | – | – | $0 | $0 | – |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $1.57B | $1.4B | +12.3% | $5.53B | $4.34B | +27.5% |
| Costs and Expenses | $3.37B | $3.08B | +9.3% | $12.2B | $10.7B | +14.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $23M | $11M | +109.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4M | $3M | +33.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $52M | $40M | +30.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $25M | $26M | -3.8% |
| Debt Instrument, Face Amount | $33.2B | $32.4B | +2.4% | $33.4B2019-12-31 | $36.6B | -8.8% |
| Debt Instrument, Unamortized Discount (Premium), Net | $67M2025-12-31 | $70M | -4.3% | $67M | $70M | -4.3% |
| Debt, Current | $1.73B | $1.08B | +59.7% | $1.23B | $2.01B | -39.0% |
| Debt, Weighted Average Interest Rate | 5.6%2025-12-31 | 5.8% | -4.1% | 5.6% | 5.8% | -4.1% |
| Deferred Credits and Other Liabilities, Noncurrent | $2.44B | $2.33B | +4.6% | $2.31B | $2.49B | -7.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $729M | $602M | +21.1% |
| Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | -$149M2025-12-31 | -$167M | +10.8% | -$149M | -$167M | +10.8% |
| Deferred Income Tax Expense (Benefit) | $194M | $185M | +4.9% | $780M | $647M | +20.6% |
| Deferred Income Tax Liabilities, Net | $3.6B | $2.61B | +38.3% | $2.89B | $2.07B | +39.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $51M | $45M | +13.3% |
| Deferred Tax Asset, Interest Carryforward | $346M2025-12-31 | $372M | -7.0% | $346M | $372M | -7.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.81B2025-12-31 | $2.3B | -21.3% | $1.81B | $2.3B | -21.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $1.02B2025-12-31 | $1.42B | -28.2% | $1.02B | $1.42B | -28.2% |
| Deferred Tax Assets, Other | $183M2025-12-31 | $179M | +2.2% | $183M | $179M | +2.2% |
| Deferred Tax Assets, Tax Credit Carryforwards | $265M2025-12-31 | $312M | -15.1% | $265M | $312M | -15.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $67M2025-12-31 | $81M | -17.3% | $67M | $81M | -17.3% |
| Deferred Tax Assets, Valuation Allowance | $72M2025-12-31 | $64M | +12.5% | $72M | $64M | +12.5% |
| Deferred Tax Liabilities, Gross | $4.7B2025-12-31 | $4.37B | +7.6% | $4.7B | $4.37B | +7.6% |
| Deferred Tax Liabilities, Net | $2.89B2025-12-31 | $2.07B | +39.7% | $2.89B | $2.07B | +39.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01