Kinder Morgan Inc. (KMI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.39	$0.48	+23.1%	—	$4.8B	—
Q4 25	$0.37	$0.39	+5.4%	—	$4.5B	—
Q3 25	$0.3	$0.29	-3.3%	—	$4.1B	—
Q2 25	$0.28	$0.28	0.0%	—	$4B	—
Q1 25	$0.36	$0.34	-5.6%	—	$4.2B	—
Q4 24	$0.33	$0.32	-3.0%	—	$4B	—
Q3 24	$0.26	$0.25	-3.8%	—	$3.7B	—
Q2 24	$0.25	$0.25	0.0%	—	$3.6B	—
Q1 24	$0.34	$0.34	0.0%	—	$3.8B	—
Q4 23	$0.29	$0.28	-3.4%	—	$4B	—
Q3 23	$0.26	$0.25	-3.8%	—	$3.9B	—
Q2 23	$0.24	$0.24	0.0%	—	$3.5B	—
Q1 23	$0.29	$0.3	+3.4%	—	$3.9B	—
Q4 22	$0.3	$0.31	+3.3%	—	$4.6B	—
Q3 22	$0.29	$0.25	-13.8%	—	$5.2B	—
Q2 22	$0.27	$0.27	0.0%	—	$5.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.37	—	—	$16.9B	—
FY24	—	$1.17	—	—	$15.1B	—
FY23	—	$1.06	—	—	$15.3B	—
FY22	—	$1.12	—	—	$19.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.1B	$13.7B	$14.1B	$13.2B	$11.7B	$16.6B	$19.2B	$15.3B	$15.1B	$16.9B
YoY change	-9.34%	+4.95%	+3.2%	-6.61%	-11.4%	+42%	+15.6%	-20.1%	-1.53%	+12.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.1B	13.7B	14.1B	13.2B	11.7B	16.6B	19.2B	15.3B	15.1B	16.9B
Cost of revenue	5.6B	6.6B	6.7B	5.7B	4.7B	8.6B	11.4B	7.2B	6.7B	8B
Gross profit	7.4B	7.1B	7.4B	7.5B	7B	8B	7.8B	8.1B	8.4B	9B
Gross margin	56.8%	51.8%	52.5%	57%	59.8%	48.1%	40.4%	53.1%	55.7%	52.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	703M	688M	601M	590M	648M	655M	637M	668M	712M	744M
Operating expenses	702M	687M	598M	587M	646M	648M	630M	670M	620M	729M
Operating income	3.9B	3.5B	4B	3.9B	3.5B	4.5B	4B	4.2B	4.4B	4.7B
Operating margin	30.1%	25.8%	28%	29.8%	29.8%	27.3%	21%	27.7%	29%	27.9%
Non-operating income, net	-481M	451M	462M	1B	-1.2B	-829M	815M	750M	867M	1.1B
Pretax income	1.6B	2.2B	2.5B	3.2B	661M	2.2B	3.3B	3.2B	3.4B	4B
Income tax	917M	1.9B	587M	926M	481M	369M	710M	715M	687M	832M
Net income	721M	223M	1.9B	2.2B	180M	1.9B	2.6B	2.5B	2.7B	3.2B
Net margin	5.52%	1.63%	13.6%	17%	1.54%	11.1%	13.7%	16.2%	18%	18.7%
EBITDA	7.1B	5.8B	6.4B	5.4B	7.6B	8.3B	6.2B	6.5B	6.7B	7.2B
EPS	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37
Diluted EPS	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	4B	3.8B	3.6B	3.7B	4B	4.2B	4B	4.1B	4.5B	4.8B	4.5B
Cost of revenue	2B	1.9B	1.7B	1.6B	1.6B	1.8B	2.1B	1.8B	2B	2.1B	2.4B	2B
Gross profit	1.9B	2.1B	2.1B	2B	2.1B	2.2B	2.2B	2.2B	2.1B	2.4B	2.4B	2.5B
Gross margin	49.7%	52.6%	55.9%	56.6%	56.4%	54%	50.8%	54.8%	51.7%	54.2%	50.7%	54.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	162M	171M	175M	179M	176M	182M	187M	188M	183M	186M	184M	192M
Operating expenses	162M	175M	166M	178M	175M	101M	187M	179M	182M	181M	177M	180M
Operating income	935M	1.1B	1.2B	993M	1B	1.2B	1.1B	1.2B	1.1B	1.4B	1.4B	1.3B
Operating margin	23.9%	27.3%	31%	27.8%	27.5%	29.7%	27%	28.5%	25.6%	30.3%	29.9%	30.1%
Non-operating income, net	222M	174M	263M	241M	214M	149M	235M	219M	232M	383M	274M	245M
Pretax income	700M	824M	982M	770M	764M	891M	929M	919M	839M	1.3B	1.3B	1.2B
Income tax	145M	206M	209M	168M	113M	197M	186M	177M	185M	284M	287M	272M
Net income	555M	618M	773M	602M	651M	694M	743M	742M	654M	1B	1B	894M
Net margin	14.2%	15.3%	20.1%	16.9%	17.6%	17.4%	17.5%	18.4%	15.8%	22.6%	20.7%	20%
EBITDA	1.5B	1.7B	1.7B	1.5B	1.6B	1.8B	1.8B	1.8B	1.7B	2B	2.1B	2B
EPS	0.24	0.27	0.33	0.26	0.28	0.3	0.32	0.32	0.28	0.45	0.44	0.39
Diluted EPS	0.24	0.27	0.33	0.26	0.28	0.3	0.32	0.32	0.28	0.45	0.44	0.39

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	46.2B	40.3B	34.1B	47.9B	30.9B	35.9B	40.8B	39.4B	60.8B	61.1B	68.1B
Enterprise value	85.5B	77.7B	67.9B	81B	64.3B	68B	71.8B	71.3B	92.4B	92.8B	102.1B
Shares outstanding	2.2B	2.2B	2.2B	2.3B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B	2.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	64.1	180.7	17.8	21.4	171.9	19.4	15.6	15.9	22.4	19.3	19.8
P/S	3.54	2.94	2.41	3.63	2.64	2.16	2.13	2.57	4.03	3.61	3.8
P/B	1.33	1.15	0.97	1.37	0.95	1.13	1.27	1.24	1.91	1.88	2.16
EV/EBITDA	12	13.4	10.6	15	8.48	8.19	11.6	11	13.7	12.9	13.4
EV/Sales	6.55	5.67	4.8	6.13	5.5	4.09	3.74	4.65	6.12	5.48	5.68
Earnings yield	1.56%	0.55%	5.63%	4.67%	0.58%	5.15%	6.43%	6.31%	4.47%	5.17%	5.05%
FCF yield	4.06%	3.51%	6.28%	5.17%	9.19%	12.3%	8.2%	10.5%	4.94%	4.73%	1.58%
PEG	—	—	—	—	—	—	—	—	—	—	0.91

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	56.8%	51.8%	52.5%	57%	59.8%	48.1%	40.4%	53.1%	55.7%	52.9%	54.8%
Operating margin	30.1%	25.8%	28%	29.8%	29.8%	27.3%	21%	27.7%	29%	27.9%	30.1%
Net margin	5.52%	1.63%	13.6%	17%	1.54%	11.1%	13.7%	16.2%	18%	18.7%	19.3%
ROE	2.07%	0.63%	5.45%	6.42%	0.55%	5.8%	8.17%	7.84%	8.54%	9.74%	11%
ROA	0.9%	0.28%	2.43%	3.02%	0.25%	2.63%	3.75%	3.5%	3.81%	4.34%	4.45%
ROIC	2.33%	0.5%	4.39%	4.09%	1.44%	5.91%	5.03%	5.18%	5.52%	5.83%	6.24%
Return on tangible assets	2.46%	0.78%	6.58%	8.64%	0.66%	6.79%	9.89%	9.25%	9.81%	10.9%	11.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.55	0.44	0.76	0.63	0.63	0.66	0.55	0.35	0.49	0.64	0.46
Quick ratio	0.48	0.37	0.71	0.56	0.56	0.56	0.46	0.28	0.39	0.5	0.36
Debt / equity	1.15	1.07	1.05	0.98	1.06	1.04	0.99	1.01	0.99	0.98	0.99
Debt / assets	0.5	0.48	0.47	0.46	0.48	0.47	0.45	0.45	0.44	0.44	0.43
Net debt / EBITDA	5.52	6.43	5.27	6.12	4.4	3.86	5	4.92	4.69	4.42	4.16
Interest coverage	2.17	1.93	2.07	2.18	—	—	—	—	—	—	—
Effective tax rate	56%	89.7%	23.4%	29.3%	72.8%	16.6%	21.3%	22.3%	20.2%	20.8%	22.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.86	6.15	6.38	5.83	5.17	7.33	8.5	6.86	6.8	7.62	8.07
EPS (basic)	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37	1.37
EPS (diluted)	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37	1.55
Book value per share	15.6	15.8	15.9	15.4	14.4	14.1	14.2	14.2	14.4	14.6	14.2
FCF per share	0.84	0.63	0.97	1.09	1.26	1.95	1.48	1.86	1.35	1.3	1.42
Cash per share	0.31	0.12	1.48	0.49	0.52	0.5	0.33	0.04	0.04	0.03	0.04
Capex per share	0.15	0.05	0.05	0.04	0.47	0.18	0	0.01	—	1.36	1.53

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.53%	0.86%	0.74%	0.62%	9.14%	2.44%	0.03%	0.18%	—	17.9%	18.9%
Capex / operating cash flow	8.7%	2.58%	2.21%	1.52%	36.7%	9.76%	0.12%	0.42%	—	51.1%	51.8%
Payout ratio	176.4%	572.2%	92.4%	97.1%	1.4K%	136.5%	95.4%	101.7%	94%	82.4%	75.8%
Dividend yield	2.75%	3.17%	5.21%	4.54%	7.89%	7.03%	6.13%	6.42%	4.2%	4.26%	3.89%

Yield

3.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.298

ex-dividend Aug 3, 2026

Payout ratio

76%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.298
May 4, 2026	$0.298
Feb 2, 2026	$0.293

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$4B	$3.8B	$3.6B	$3.7B	$4B	$4.2B	$4B	$4.1B	$4.5B	$4.8B	$4.5B
YoY change	-24.5%	-11.8%	-1.18%	+2.03%	-5.32%	-1.26%	+10.4%	+13.2%	+12.1%	+13.1%	+13.8%	+10.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	684M	264M	3.3B	1.1B	1.2B	1.1B	745M	83M	88M	63M
Receivables	1.4B	1.4B	1.5B	1.4B	1.3B	1.6B	1.8B	1.6B	1.5B	1.7B
Inventory	357M	424M	385M	371M	348M	562M	634M	525M	555M	574M
Total current assets	3.2B	2.7B	5.7B	3.2B	3.2B	3.8B	3.8B	2.5B	2.5B	2.8B
Property, plant & equipment	62B	64.3B	62.3B	62.2B	35.8B	35.7B	35.6B	37.3B	38B	39.3B
Goodwill & intangibles	50.9B	50.5B	49.7B	48.3B	44.6B	43.2B	43.5B	44.2B	43.7B	43.6B
Total assets	80.3B	79.1B	78.9B	74.2B	72B	70.4B	70.1B	71B	71.4B	72.7B
Accounts payable	1.3B	1.3B	1.3B	914M	837M	1.3B	1.4B	1.4B	1.4B	1.4B
Short-term debt	2.7B	2.8B	3.4B	2.4B	2.6B	2.6B	3.4B	4B	2B	1.2B
Total current liabilities	5.9B	6.2B	7.6B	5.1B	5.1B	5.8B	6.9B	7.2B	5.1B	4.3B
Long-term debt	37.4B	34.8B	33.7B	31.8B	32B	30.6B	28.3B	28B	29.7B	30.6B
Total liabilities	45.5B	43.9B	43.7B	39.3B	39.4B	38.5B	38B	39.3B	39.5B	40.3B
Shareholders' equity	34.8B	35.1B	35.2B	34.9B	32.6B	31.9B	32.1B	31.7B	31.9B	32.4B
Total debt	40B	37.6B	37.1B	34.2B	34.6B	33.2B	31.7B	32B	31.7B	31.8B
Net debt	39.4B	37.4B	33.8B	34B	33.4B	32.1B	30.9B	31.9B	31.6B	31.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	80M	83M	119M	98M	108M	88M	80M	82M	71M	63M	72M	89M
Receivables	1.5B	1.6B	1.4B	1.3B	1.3B	1.5B	1.5B	1.5B	1.4B	1.7B	1.6B	1.6B
Inventory	565M	525M	548M	537M	526M	555M	577M	560M	560M	574M	593M	565M
Total current assets	2.4B	2.5B	2.3B	2.2B	2.2B	2.5B	2.6B	2.5B	2.4B	2.8B	2.7B	2.6B
Property, plant & equipment	—	37.3B	—	—	—	38B	—	—	—	39.3B	—	—
Goodwill & intangibles	43.2B	44.2B	44B	43.9B	43.8B	43.7B	43.9B	43.8B	43.7B	43.6B	43.5B	43.9B
Total assets	68.9B	71B	70.7B	70.7B	70.9B	71.4B	72.3B	72.4B	72.3B	72.7B	73.1B	74.1B
Accounts payable	1.4B	1.4B	1.1B	1.2B	1.3B	1.4B	1.2B	1.3B	1.3B	1.4B	1.4B	1.6B
Short-term debt	3.1B	4B	2B	3.1B	2B	2B	3B	788M	1.1B	1.2B	2.2B	2.4B
Total current liabilities	6.3B	7.2B	4.6B	6B	4.7B	5.1B	5.8B	3.6B	3.8B	4.3B	5.2B	5.6B
Long-term debt	27.8B	28B	30.1B	28.5B	29.9B	29.7B	29.9B	31.8B	31.4B	30.6B	29.8B	29.7B
Total liabilities	37.3B	39.3B	39B	39B	39.1B	39.5B	40.4B	40.3B	40.3B	40.3B	40.5B	41.2B
Shareholders' equity	31.6B	31.7B	31.7B	31.7B	31.7B	31.9B	31.9B	32.1B	32B	32.4B	32.6B	32.9B
Total debt	30.9B	32B	32B	31.6B	31.9B	31.7B	32.9B	32.5B	32.5B	31.8B	31.9B	32.1B
Net debt	30.8B	31.9B	31.9B	31.5B	31.8B	31.6B	32.8B	32.5B	32.4B	31.7B	31.9B	32B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	721M	223M	1.9B	2.2B	180M	1.9B	2.6B	2.5B	2.7B	3.2B
Depreciation & amortization	2.2B	2.3B	2.3B	2.4B	2.2B	2.1B	2.2B	2.3B	2.4B	2.5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-132M	25M	180M	-42M	53M	-52M	-311M	1.2B	-121M	-80M
Operating cash flow	3.8B	4.6B	4.7B	5.4B	2.9B	4.2B	5B	6.7B	5.7B	5.9B
Capital expenditure	330M	118M	104M	82M	1.1B	406M	6M	-28M	—	-3B
Investing cash flow	1B	-589M	2.7B	1.8B	642M	-1.2B	-1.2B	-2.1B	-177M	-3.5B
Dividends paid	-1.3B	-1.3B	-1.8B	-2.2B	-2.4B	-2.5B	-2.5B	-2.5B	-2.6B	-2.6B
Share repurchases	0	-250M	-273M	-2M	-50M	0	-368M	-522M	-7M	0
Financing cash flow	-2.6B	-1.7B	-1.8B	-6.2B	-2.6B	-3.5B	-3.1B	-3B	-2.9B	-2.8B
Net change in cash	2.2B	2.3B	5.6B	951M	913M	-494M	629M	1.6B	2.6B	-435M
Free cash flow	1.9B	1.4B	2.1B	2.5B	2.8B	4.4B	3.3B	4.1B	3B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	555M	618M	773M	602M	651M	694M	743M	742M	654M	1B	1B	894M
Depreciation & amortization	561M	567M	587M	584M	587M	596M	610M	616M	609M	618M	633M	620M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	39M	-33M	-121M	172M	74M	-188M	-34M	30M	31M	-112M	-89M	141M
Operating cash flow	1.3B	1.4B	1.4B	1.5B	1.4B	1.4B	1.4B	1.5B	1.4B	1.7B	1.5B	2B
Capital expenditure	—	—	—	—	—	—	—	—	-793M	-820M	-804M	-982M
Investing cash flow	-48M	-1.8B	12M	-65M	-65M	3M	-693M	-25M	-840M	-272M	-849M	-1.6B
Dividends paid	-634M	-631M	-631M	-641M	-643M	-642M	-642M	-654M	-654M	-654M	-654M	-665M
Share repurchases	-73M	-132M	-7M	0	0	0	0	0	0	0	—	—
Financing cash flow	-1.1B	119M	-570M	-1.1B	-554M	-657M	333M	-1.1B	-815M	-1.2B	-617M	-469M
Net change in cash	224M	-315M	882M	360M	801M	706M	1B	393M	-241M	181M	25M	-111M
Free cash flow	639M	1.7B	570M	1.1B	592M	738M	396M	1B	621M	872M	687M	978M

Kinder Morgan Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history