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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 |
| Operating Revenue | - | 19,042 | 15,157 | 14,873 | 16,745 |
| 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 |
| Selling General And Administration | - | 637 | 668 | 712 | 744 |
| Total Expenses | - | 15,135 | 11,071 | 10,716 | 12,213 |
| Operating Income | - | 4,065 | 4,263 | 4,384 | 4,724 |
| Total Operating Income As Reported | - | 4,065 | 4,263 | 4,384 | 4,724 |
| EBITDA | - | 6,251 | 6,513 | 6,738 | 7,177 |
| Normalized EBITDA | - | 6,251 | 6,513 | 6,738 | 7,177 |
| EBIT | - | 4,065 | 4,263 | 4,384 | 4,724 |
| Net Interest Income | - | -1,513 | -1,797 | -1,844 | -1,801 |
| Other Non Operating Income Expenses | - | 55 | -37 | 27 | 173 |
| Other Income Expense | - | 783 | 735 | 867 | 1,069 |
| Net Non Operating Interest Income Expense | - | -1,513 | -1,797 | -1,844 | -1,801 |
| Pretax Income | - | 3,335 | 3,201 | 3,407 | 3,992 |
| Tax Provision | - | 710 | 715 | 687 | 832 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 2,625 | 2,486 | 2,720 | 3,160 |
| Net Income From Continuing And Discontinued Operation | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Net Income | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Net Income Common Stockholders | - | 2,535 | 2,377 | 2,598 | 3,040 |
| Net Income Including Noncontrolling Interests | - | 2,625 | 2,486 | 2,720 | 3,160 |
| Normalized Income | - | 2,548 | 2,391 | 2,613 | 3,056 |
| Diluted NI Availto Com Stockholders | - | 2,535 | 2,377 | 2,598 | 3,040 |
| Basic Average Shares | - | 2,258 | 2,234 | 2,220 | 2,223 |
| Diluted Average Shares | - | 2,258 | 2,234 | 2,220 | 2,223 |
| Reconciled Depreciation | - | 2,186 | 2,250 | 2,354 | 2,453 |
| Reconciled Cost Of Revenue | - | 11,441 | 7,188 | 6,691 | 7,982 |
| Total Unusual Items | -1,624 | 32 | 15 | - | - |
| Total Unusual Items Excluding Goodwill | -1,624 | 32 | 15 | - | - |
| Minority Interests | - | -77 | -95 | -107 | -104 |
| Special Income Charges | -1,624 | 32 | 15 | - | - |
| Gain On Sale Of Business | -1,624 | 32 | 15 | - | - |
| Impairment Of Capital Assets | 1,624 | 0 | - | - | - |
| General And Administrative Expense | - | 637 | 668 | 712 | 744 |
| Other Gand A | - | 637 | 668 | 712 | 744 |
| Gain On Sale Of Ppe | -1,624 | 32 | 15 | - | - |
| Total Other Finance Cost | - | 1,513 | 1,797 | 1,844 | 1,801 |
| Other Operating Expenses | - | -39 | -13 | -92 | -15 |
| Otherunder Preferred Stock Dividend | - | 13 | 14 | 15 | 16 |
| Earnings From Equity Interest | - | 728 | 772 | 840 | 896 |
| Other Taxes | - | 441 | 421 | 433 | 445 |
| Securities Amortization | 78 | - | - | - | - |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kinder Morgan, Inc.this co. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Marathon Petroleum Corporation | MPC | $78.0B | 19.26 | 4.50 | 23.4% | 9.30 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 | 3.24 | 9.9% | 12.48 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 |
| - |
| - |
| - |
| - |
| - |
| 2.54 |
| 15.1% |
| 9.47 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Targa Resources Corp. | TRGP | $57.4B | 29.84 | 18.71 | 62.7% | 15.40 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| Peer Median | - | 25.22 | 2.89 | 14.4% | 9.74 | |