Kinder Morgan, Inc.

KMI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Valuation
Market cap	$61,159	$60,873	$39,210	$40,639	$35,961	$30,996	$48,001	$34,873	$40,972	$46,958	$33,830	$48,106	$37,296	$32,044	$22,744	–	–	–
Enterprise value	$94,769	$94,457	$73,181	$73,581	$69,824	$64,793	$81,417	$69,560	$79,704	$86,695	$77,112	$90,955	$88,083	$75,965	$44,858	–	–	–
P/E (TTM) at period end	20.01×	23.30×	16.40×	15.95×	20.16×	260.47×	21.92×	23.55×	1517.50×	85.07×	149.03×	46.89×	31.26×	101.73×	43.40×	–	–	–
P/S (TTM) at period end	3.61×	4.03×	2.56×	2.12×	2.17×	2.65×	3.63×	2.47×	2.99×	3.60×	2.35×	2.96×	2.65×	3.21×	2.86×	–	–	–
P/B at period end	1.96×	1.99×	1.29×	1.32×	1.17×	0.99×	1.42×	1.04×	1.22×	1.36×	0.96×	1.41×	2.85×	2.31×	2.65×	–	–	–
EV / EBITDA (TTM)	13.20×	14.02×	11.24×	11.77×	13.82×	17.40×	11.18×	11.42×	13.77×	15.09×	16.21×	14.02×	15.20×	18.93×	18.01×	–	–	–
EV / Sales (TTM)	5.60×	6.26×	4.77×	3.83×	4.20×	5.54×	6.16×	4.92×	5.82×	6.64×	5.35×	5.61×	6.26×	7.62×	5.65×	–	–	–
Returns
Return on equity	9.8%	8.6%	7.9%	8.3%	5.8%	0.4%	6.5%	4.4%	0.1%	1.6%	0.6%	3.0%	9.1%	2.3%	6.1%	(0.5%)	11.9%	–
Return on invested capital	5.8%	5.5%	5.2%	5.0%	3.8%	0.7%	5.1%	4.2%	0.5%	2.1%	0.8%	4.6%	4.9%	4.0%	3.1%	1.3%	3.4%	(29.2%)
Dividend yield	4.3%	4.2%	6.4%	6.2%	6.8%	7.6%	4.5%	4.6%	2.7%	2.4%	12.5%	3.7%	4.3%	3.7%	3.4%	–	–	–
Financial health
Current ratio	0.64×	0.49×	0.35×	0.55×	0.66×	0.63×	0.63×	0.76×	0.44×	0.55×	0.69×	0.59×	0.64×	0.70×	0.37×	0.49×	0.60×	–
Debt / equity	1.03×	1.04×	1.06×	1.03×	1.08×	1.10×	1.02×	1.11×	1.13×	1.16×	1.23×	1.26×	2.76×	2.48×	2.01×	1.71×	3.22×	–
Effective tax rate	20.8%	20.2%	22.3%	21.3%	16.6%	72.8%	29.3%	23.4%	89.7%	56.0%	73.1%	21.0%	21.6%	10.3%	44.6%	72.2%	38.2%	(10.5%)
Share count
Diluted shares outstanding	2,223	2,220	2,234	2,258	2,266	2,263	2,264	2,216	2,230	2,230	2,193	1,137	1,036	907	708	0	1,303	1,303

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue and gross profit
Revenue	$18,344	$16,937	$15,100	$15,334	$19,200	$16,610	$11,700	$13,209	$14,144	$13,705	$13,058	$14,403	$16,226	$14,070	$9,973	$7,943	$7,852	$6,879	$12,095
Cost of revenue	($7,237)	($5,529)	($4,337)	($4,938)	($9,255)	($6,493)	($2,545)	($3,263)	($4,421)	($4,345)	($3,429)	($4,059)	($6,278)	($5,253)	($3,057)	($3,278)	($3,505)	($5,295)	($9,980)
Gross profit	$11,107	$11,408	$10,763	$10,396	$9,945	$10,117	$9,155	$9,946	$9,723	$9,360	$9,629	$10,344	$9,948	$8,817	$6,916	$4,665	$4,347	$1,865	$2,114
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($752)	($744)	($712)	($668)	($637)	($655)	($648)	($590)	($601)	($688)	($703)	($690)	($610)	($613)	($929)	($515)	($631)	($373)	($352)
Total operating expenses	($5,793)	($6,684)	($6,379)	($6,133)	($5,880)	($7,201)	($7,595)	($5,073)	($5,929)	($5,831)	($6,091)	($7,897)	($5,500)	($4,827)	($4,323)	($3,242)	($3,214)	($608)	($4,586)
Total costs and expenses	($13,030)	($12,213)	($10,716)	($11,071)	($15,135)	($13,694)	($10,140)	($8,336)	($10,350)	($10,176)	($9,520)	($11,956)	($11,778)	($10,080)	($7,380)	($6,520)	($6,719)	($5,622)	($14,567)
Operating income	$5,314	$4,724	$4,384	$4,263	$4,065	$2,916	$1,560	$4,873	$3,794	$3,529	$3,538	$2,447	$4,448	$3,990	$2,593	$1,423	$1,133	$1,257	($2,472)
Earnings
EBITDA	–	$7,177	$6,738	$6,513	$6,251	$5,051	$3,724	$7,284	$6,091	$5,790	$5,747	$4,756	$6,488	$5,796	$4,012	$2,491	$2,189	$2,304	($1,554)
Interest income	–	–	–	–	–	–	–	–	–	–	–	$4	$9	$15	$28	$21	$21	$23	$48
Interest expense	($1,727)	($1,801)	($1,844)	($1,797)	($1,513)	($1,492)	($1,595)	($1,801)	($1,917)	($1,832)	($1,806)	($2,051)	($1,807)	($1,690)	($1,427)	($703)	($668)	($599)	($676)
Pre-tax income	$4,739	$3,992	$3,407	$3,201	$3,335	$2,219	$661	$3,165	$2,506	$2,161	$1,638	$772	$3,091	$3,438	$1,343	$810	$230	$847	($2,898)
Income tax expense	($1,033)	($832)	($687)	($715)	($710)	($369)	($481)	($926)	($587)	($1,938)	($917)	($564)	($648)	($742)	($139)	($361)	($166)	($324)	($304)
Net income	$3,603	$3,056	$2,613	$2,391	$2,548	$1,784	$119	$2,190	$1,609	$183	$708	$253	$1,026	$1,193	$315	$594	($41)	$495	($3,599)
Per share
Diluted EPS (GAAP)	$1.62	$1.37	$1.17	$1.06	$1.12	$0.78	$0.05	$0.96	$0.66	$0.01	$0.25	$0.10	$0.89	$1.15	$0.35	$0.74	($41,000)	$0.38	($2.76)
Basic EPS (GAAP)	$1.62	$1.37	$1.17	$1.06	$1.12	$0.78	$0.05	$0.96	$0.66	$0.01	$0.25	$0.10	$0.89	$1.15	$0.35	$0.74	($41,000)	$0.70	($5.09)
Basic shares outstanding	2,226	2,223	2,220	2,234	2,258	2,266	2,263	2,264	2,216	2,230	2,230	2,187	1,137	1,036	907	707	0	707	707
Margins
Gross margin	60.5%	67.4%	71.3%	67.8%	51.8%	60.9%	78.2%	75.3%	68.7%	68.3%	73.7%	71.8%	61.3%	62.7%	69.3%	58.7%	55.4%	27.1%	17.5%
Operating margin	29.0%	27.9%	29.0%	27.8%	21.2%	17.6%	13.3%	36.9%	26.8%	25.7%	27.1%	17.0%	27.4%	28.4%	26.0%	17.9%	14.4%	18.3%	(20.4%)
Net margin	19.6%	18.0%	17.3%	15.6%	13.3%	10.7%	1.0%	16.6%	11.4%	1.3%	5.4%	1.8%	6.3%	8.5%	3.2%	7.5%	(0.5%)	7.2%	(29.8%)

Analyst consensus

Buy34 analysts

Bearish · 1 · Hold · 16 · Bullish · 17

Earnings history

	EPS	Estimate
Q4 2024	$0.32	$0.34	Miss
Q1 2025	$0.34	$0.36	Miss
Q2 2025	$0.28	$0.28	Match
Q3 2025	$0.29	$0.29	Match
Q4 2025	$0.39	$0.36	Beat
Q1 2026	$0.48	$0.40	Beat
Q2 2026	$0.37	$0.32	Beat
Q3 2026	$0.35	$0.32	Beat

Peers

Company overview

IPO dateFeb 11, 2011

CEOKimberly Allen Dang

Employees11,028

SectorEnergy

IndustryOil & Gas Midstream

CountryUS

ExchangeNew York Stock Exchange

Websitewww.kindermorgan.com

Kinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems. This includes natural gas gathering systems, processing and treatment facilities, natural gas liquids fractionation plants, transportation systems, and infrastructure for liquefied natural gas liquefaction and storage. Within its Products Pipelines segment, the company owns and operates pipelines designed for refined petroleum products, crude oil, and condensate, supported by associated product terminals and facilities for petroleum pipeline transmix. The Terminals segment involves the ownership and operation of both liquid and bulk terminals that are utilized for storing and handling a wide array of commodities, such as gasoline, diesel fuel, various chemicals, ethanol, metals, and petroleum coke. This division also includes the ownership of tankers. Lastly, the CO2 segment is dedicated to the production, transportation, and marketing of carbon dioxide, primarily for enhanced oil recovery from mature oil fields. This segment also holds interests in or operates oil fields and gasoline processing plants, oversees a crude oil pipeline system located in West Texas, and manages renewable natural gas (RNG) and liquefied natural gas (LNG) facilities. In total, Kinder Morgan owns and operates approximately 83,000 miles of pipelines and 143 terminals. The company, initially named Kinder Morgan Holdco LLC, officially changed its name to Kinder Morgan, Inc. in February 2011. Founded in 1936, its corporate headquarters are situated in Houston, Texas.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.