Skip to content
stoqly

Kinder Morgan

KMI NYSE Oil & Gas Storage & Transportation Financials FY2016–FY2025

Kinder Morgan's revenue rose 12.2% to $16.9 billion in fiscal 2025. Its operating margin was 27.9%, down from 29.0% a year earlier. Free cash flow was $2.9 billion, down 3.8%. It paid out $2.6 billion in dividends and buybacks, 90% of free cash flow. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$34.43

2.1%
Value it Compare
Revenue Total sales reported in the income statement.
$16.9B
12.2% vs prior year
Operating margin Operating income as a share of revenue.
27.9%
1.1 pts
Net income Profit after all expenses, interest and tax.
$3.1B
17.0%
Free cash flow Cash from operations minus capital spending.
$2.9B
3.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.8%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$76.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.3x
On $1.62 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Kinder Morgan does

No business description yet.

Legal name
KINDER MORGAN, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001506307-26-000011
0001506307

Revenue and margins

Kinder Morgan had $16.9B of revenue in fiscal 2025, up 12.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 20.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.9B in fiscal 2025, 17.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Kinder Morgan returned $2.6B to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Kinder Morgan yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$31.9B and divides by 2,223.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.3x · peers 24.2x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Kinder Morgan can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$745M$83.0M$88.0M$63.0M
Debt incl. finance leases $33.3B$31.8B$32.1B$31.9B$32.0B
Net debt / EBITDA 6.4x5.0x4.9x4.7x4.5x
Debt / equity 1.1x1.0x1.1x1.0x1.0x
Interest coverage 1.9x2.8x2.3x2.4x2.6x
Current ratio 0.7x0.6x0.4x0.5x0.6x
Quick ratio 0.6x0.5x0.3x0.4x0.5x
Total assets $70.4B$70.1B$71.0B$71.4B$72.7B
Total liabilities $38.5B$38.0B$39.3B$39.5B$40.3B
Shareholders' equity $30.8B$30.7B$30.3B$30.5B$31.2B
Net debt (− = net cash) $32.2B$31.0B$32.0B$31.8B$31.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.2M

2 insiders

Of sales under plans

100%

$1.2M

DateInsiderTradeSharesPriceValueFiling
Oct 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $33.65 $0.1M Form 4
Sep 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $30.80 $0.0M Form 4
Aug 17, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $32.65 $0.1M Form 4
Jul 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $32.52 $0.1M Form 4
Jul 6, 2026 John W SchlosserV.P. (President, Terminals) Sold plan 6,166 $31.90 $0.2M Form 4
Jun 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $31.44 $0.0M Form 4
Jun 5, 2026 John W SchlosserV.P. (President, Terminals) Sold plan 6,166 $31.83 $0.2M Form 4
May 18, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $33.65 $0.1M Form 4
May 5, 2026 John W SchlosserV.P. (President, Terminals) Sold plan 6,166 $32.41 $0.2M Form 4
Apr 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $31.72 $0.0M Form 4
Apr 6, 2026 John W SchlosserV.P. (President, Terminals) Sold plan 6,166 $32.93 $0.2M Form 4
Mar 16, 2026 Michael P. GarthwaiteVP (Pres., Products Pipelines) Sold plan 1,550 $33.30 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 87 / 87 / 8
Accruals ratio −5.8%−4.2%−4.0%
Altman Z'' 0.330.540.68

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Kinder Morgan KMI $76.7B 12.2% 27.9% 17.1% 5.8% 21.3x 7
Targa Resources TRGP $65.1B 4.0% 19.6% 3.4% 13.3% 28.9x 6 Compare →
Williams Companies WMB $87.8B 13.8% 35.1% 8.4% 7.5% 28.6x 6 Compare →
Oneok OKE $60.6B 55.0% 17.1% 7.3% 8.1% 16.5x 5 Compare →
Kinetik KNTK $4.2B 19.0% 9.4% 6.3% 8.6% 19.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.1B $13.7B $14.1B $13.2B $11.7B $16.6B $19.2B $15.3B $15.1B $16.9B
Gross profit $9.6B $9.4B $9.7B $9.9B $9.2B $10.1B $9.9B — — —
Operating income $3.5B $3.5B $3.8B $4.9B $1.6B $2.9B $4.1B $4.3B $4.4B $4.7B
Interest expense $2.1B $1.9B $1.9B $1.9B $1.7B $1.5B $1.5B $1.8B $1.8B $1.8B
Pretax income $1.6B $2.2B $2.5B $3.2B $661M $2.2B $3.3B $3.2B $3.4B $4.0B
Income tax $917M $1.9B $587M $926M $481M $369M $710M $715M $687M $832M
Net income $708M $183M $1.6B $2.2B $119M $1.8B $2.5B $2.4B $2.6B $3.1B
Diluted EPS $0.25 $0.01 $0.66 $0.96 $0.05 $0.78 $1.12 $1.06 $1.17 $1.37
Diluted shares 2.23B 2.23B 2.22B 2.26B 2.26B 2.27B 2.26B 2.23B 2.22B 2.22B
Cash flow
Cash from operations $4.8B $4.6B $5.0B $4.7B $4.6B $5.7B $5.0B $6.5B $5.6B $5.9B
Capital expenditure $2.9B $3.2B $2.9B $2.3B $1.7B $1.3B $1.6B $2.3B $2.6B $3.0B
Free cash flow $1.9B $1.4B $2.1B $2.5B $2.8B $4.4B $3.3B $4.2B $3.0B $2.9B
Depreciation and amortization $2.2B $2.3B $2.3B $2.4B $2.2B $2.1B $2.2B $2.3B $2.4B $2.5B
Acquisitions $333M $4.0M $39.0M $79.0M $16.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $250M $273M $2.0M $50.0M $0.0M $368M $522M $7.0M $0.0M
Dividends paid $1.1B $1.1B $1.6B $2.2B $2.4B $2.4B $2.5B $2.5B $2.6B $2.6B
Dividends and buybacks $1.1B $1.4B $1.9B $2.2B $2.4B $2.4B $2.9B $3.1B $2.6B $2.6B
Balance sheet
Cash and short-term investments $684M $264M $3.3B $1.1B $1.2B $1.1B $745M $83.0M $88.0M $63.0M
Total debt $40.1B $37.8B $37.3B $34.4B $34.7B $33.3B $31.8B $32.1B $31.9B $32.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $3.2B $2.7B $5.7B $3.2B $3.2B $3.8B $3.8B $2.5B $2.5B $2.8B
Current liabilities $5.9B $6.2B $7.6B $5.1B $5.1B $5.8B $6.9B $7.2B $5.1B $4.3B
Inventory $357M $424M $385M $371M $348M $562M $634M $525M $555M $574M
Property and equipment, net $38.7B $40.2B $37.9B $36.4B $35.8B $35.7B $35.6B $37.3B $38.0B $39.3B
Total assets $80.3B $79.1B $78.9B $74.2B $72.0B $70.4B $70.1B $71.0B $71.4B $72.7B
Total liabilities $45.5B $43.9B $43.7B $39.3B $39.4B $38.5B $38.0B $39.3B $39.5B $40.3B
Shareholders' equity $34.4B $33.6B $33.7B $33.7B $31.4B $30.8B $30.7B $30.3B $30.5B $31.2B
Margins
Gross margin 73.7% 68.3% 68.7% 75.3% 78.3% 60.9% 51.8% — — —
Operating margin 27.1% 25.8% 26.8% 36.9% 13.3% 17.6% 21.2% 27.8% 29.0% 27.9%
EBITDA margin 44.0% 42.3% 43.1% 55.1% 31.8% 30.4% 32.6% 42.5% 44.6% 42.4%
Net margin 5.4% 1.3% 11.4% 16.6% 1.0% 10.7% 13.3% 15.6% 17.3% 18.0%
FCF margin 14.4% 10.3% 15.1% 18.8% 24.3% 26.7% 17.4% 27.2% 19.9% 17.1%
Returns
Return on capital 2.3% 2.4% 4.1% 5.1% 1.2% 3.8% 5.0% 5.2% 5.5% 5.8%
Return on capital employed 4.6% 4.8% 5.3% 6.9% 2.3% 4.4% 6.4% 6.7% 6.7% 7.0%
Return on equity 2.0% 0.5% 4.8% 6.5% 0.4% 5.7% 8.3% 7.8% 8.6% 9.9%
Return on assets 0.9% 0.2% 2.0% 2.9% 0.2% 2.5% 3.6% 3.4% 3.7% 4.2%
Growth
Revenue growth −9.3% 5.0% 3.2% −6.6% −11.4% 42.0% 15.6% −20.1% −1.5% 12.2%
Net income growth 179.8% −74.2% 779.2% 36.1% −94.6% 1,399.2% 42.8% −6.2% 9.3% 17.0%
EPS growth 150.0% −96.0% 6,500.0% 45.5% −94.8% 1,460.0% 43.6% −5.4% 10.4% 17.1%
FCF growth 32.4% −24.7% 51.4% 15.9% 14.7% 55.7% −24.4% 24.8% −28.0% −3.8%
Share count change 1.7% 0.0% −0.6% 2.2% −0.0% 0.1% −0.4% −1.1% −0.6% 0.1%
Financial health
Net debt / EBITDA 6.9x 6.5x 5.6x 4.6x 9.0x 6.4x 5.0x 4.9x 4.7x 4.5x
Debt / equity 1.2x 1.1x 1.1x 1.0x 1.1x 1.1x 1.0x 1.1x 1.0x 1.0x
Interest coverage 1.7x 1.9x 2.0x 2.6x 0.9x 1.9x 2.8x 2.3x 2.4x 2.6x
Current ratio 0.6x 0.4x 0.8x 0.6x 0.6x 0.7x 0.6x 0.4x 0.5x 0.6x
Quick ratio 0.5x 0.4x 0.7x 0.6x 0.6x 0.6x 0.5x 0.3x 0.4x 0.5x
Capital allocation
Capex / revenue 22.1% 23.3% 20.5% 17.2% 14.6% 7.7% 8.4% 15.1% 17.4% 17.9%
Payouts / FCF 59.6% 97.0% 88.4% 87.4% 84.8% 55.2% 85.8% 73.1% 85.3% 90.1%
Quality scores
Piotroski F-score 6.0 6.0 9.0 6.0 5.0 7.0 7.0 4.0 7.0 7.0
Altman Z'' 0.6 0.5 0.7 0.9 0.4 0.5 0.5 0.3 0.5 0.7
Accruals ratio −4.9% −5.5% −4.4% −3.3% −6.1% −5.5% −3.4% −5.8% −4.2% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0001506307). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open