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Kinder Morgan, Inc. operates as an energy infrastructure company primarily in North America. It operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline, and storage systems; natural gas gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas gasification, liquefaction, and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, and crude oil and condensate pipelines; and associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminals that stores and handles various commodities, including gasoline, diesel fuel, renewable fuel and feedstocks, chemicals, ethanol, metals, and petroleum coke; and owns tankers. The CO2 segment produces, transports, and markets CO2 to recovery and production crude oil from mature oil fields; owns interests in/or operates oil fields and gasoline processing plants; and operates a crude oil pipeline system in West Texas, as well as owns and operates RNG and LNG facilities. The company was formerly known as Kinder Morgan Holdco LLC and changed its name to Kinder Morgan, Inc. in February 2011. Kinder Morgan, Inc. was founded in 1997 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $16.9B | $7.2B | $3.1B | $2.9B | 9.8% | 12.2% | 17.0% |
| 2024 | $15.1B | $6.7B | $2.6B | $3.0B | 8.6% | -1.5% | 9.3% |
| 2023 | $15.3B | $6.5B | $2.4B | $4.2B | 7.9% | -20.1% | -6.2% |
| 2022 | $19.2B | $6.3B | $2.5B | $3.3B | 8.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,200 | 15,334 | 15,100 | 16,937 |
| Cost Of Revenue | - | 11,441 | 7,188 | 6,691 | 7,982 |
| Gross Profit | - | 7,759 | 8,146 | 8,409 | 8,955 |
| Operating Expense | - | 3,694 | 3,883 | 4,025 | 4,231 |
| Operating Income | - | 4,065 | 4,263 | 4,384 | 4,724 |
| EBITDA | - | 6,251 | 6,513 | 6,738 | 7,177 |
| EBIT | - | 4,065 | 4,263 | 4,384 | 4,724 |
| Pretax Income | - | 3,335 | 3,201 | 3,407 | 3,992 |
| Tax Provision | - | 710 | 715 | 687 | 832 |
| Net Income | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Net Income Common Stockholders | - | 2,535 | 2,377 | 2,598 | 3,040 |
| Total Expenses | - | 15,135 | 11,071 | 10,716 | 12,213 |
| Selling General And Administration | - | 637 | 668 | 712 | 744 |
| Normalized EBITDA | - | 6,251 | 6,513 | 6,738 | 7,177 |
| Normalized Income | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Market Cap | 70,615.75 | 70,615.75 | 70,615.75 | 70,615.75 | 70,615.75 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kinder Morgan, Inc.this co. | KMI | $70.8B | 23.11 | 2.27 | 9.8% | 14.26 |
| Occidental Petroleum Corporation | OXY | $80.5B | 24.35 | 2.04 | 8.4% | 6.69 |
| SLB N.V. | SLB | $79.8B | 24.98 | 3.23 | 12.9% | 13.35 |
| Valero Energy Corporation | VLO | $73.1B | 30.04 | 2.97 | 9.9% | 11.54 |
| EOG Resources, Inc. | EOG | $72.3B | 14.32 |
| - |
| - |
| - |
| - |
| - |
| 2.39 |
| 16.7% |
| 6.90 |
| Marathon Petroleum Corporation | MPC | $68.5B | 16.31 | 3.81 | 23.4% | 8.28 |
| Diamondback Energy, Inc. | FANG | $56.6B | 32.93 | 1.48 | 4.5% | 9.69 |
| ONEOK, Inc. | OKE | $54.7B | 16.25 | 2.45 | 15.1% | 11.28 |
| Targa Resources Corp. | TRGP | $53.7B | 26.90 | 16.86 | 62.7% | 14.23 |
| Peer Median | - | 24.67 | 2.71 | 14.0% | 10.49 | |