Kinder Morgan

KMI · NYSE · Energy · Financials, fiscal 2016 to 2025

KMI · Last close · October 26, 2026

$33.94

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%.

KINDER MORGAN, INC. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001506307-26-000011 Updated October 23, 2026

Revenue

$16.9B

12.2%

Operating margin

27.9%

1.1 pts

Net income

$3.1B

16.9%

Free cash flow

$2.9B

3.8%

Return on capital

5.8%

0.3 pts

Market cap

$75.6B

Oct 26 close

P/E

21.0x

On $1.62 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 20.8% a year and net income 17.6% a year, with the share count about the same.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Kinder Morgan yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Kinder Morgan says to expect

Full year 2026: results against budgetKMI currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the year.
Full year 2026: year-end net debt ratioKMI also expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, which is 0.2 times favorable to KMI’s budget.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 21, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Kinder Morgan's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Kinder Morgan's fiscal 2025 free cash flow of $2.9B, net cash of −$31.9B at December 31, 2025 and 2,223 million diluted shares, from its filings. The scenarios are fitted to Kinder Morgan: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -4.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Oil & Gas Storage & Transportation), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Kinder Morgan's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Kinder Morgan's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $33.94
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Kinder Morgan's earnings per share of $1.62 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21×, the middle of Kinder Morgan's own P/E today, its peers' median and its sector's median (Kinder Morgan's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Targa Resources, Williams Companies, Oneok.

Earnings growth in the years ahead (% a year) Starts at Kinder Morgan's revenue growth over the last 3 years, -4.1% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $33.94
Value at this multiple, against the last close: —
Kinder Morgan's P/E at the last close: 21.0×

Company	Last close	Earnings per share	P/E today
Targa ResourcesTRGP	$304.68	$10.46	29.1×
Williams CompaniesWMB	$71.75	$2.51	28.6×
Kinder MorganKMI	$33.94	$1.62	21.0×
OneokOKE	$96.36	$5.80	16.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,140	745	83	88	63
Debt incl. finance leases	33,320	31,788	32,116	31,890	32,003
Net debt (negative means net cash)	32,180	31,043	32,033	31,802	31,940
Net debt to EBITDA	6.4x	5.0x	4.9x	4.7x	4.5x
Debt to equity	1.1x	1.0x	1.1x	1.0x	1.0x
Interest coverage	1.9x	2.8x	2.3x	2.4x	2.6x
Current ratio	0.7x	0.6x	0.3x	0.5x	0.6x
Quick ratio	0.6x	0.5x	0.3x	0.4x	0.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $26.2 million of Kinder Morgan shares on the open market, and 4 insiders sold $3.0 million, $2.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$33.65	$52,153	Form 4
Sep 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$30.80	$47,740	Form 4
Aug 17, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$32.65	$50,608	Form 4
Jul 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$32.52	$50,406	Form 4
Jul 6, 2026	John W SchlosserV.P. (President, Terminals)	Sold plan	6,166	$31.90	$196,695	Form 4
Jun 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$31.44	$48,732	Form 4
Jun 5, 2026	John W SchlosserV.P. (President, Terminals)	Sold plan	6,166	$31.83	$196,264	Form 4
May 18, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$33.65	$52,158	Form 4
May 5, 2026	John W SchlosserV.P. (President, Terminals)	Sold plan	6,166	$32.41	$199,840	Form 4
Apr 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$31.72	$49,166	Form 4
Apr 6, 2026	John W SchlosserV.P. (President, Terminals)	Sold plan	6,166	$32.93	$203,046	Form 4
Mar 16, 2026	Michael P. GarthwaiteVP (Pres., Products Pipelines)	Sold plan	1,550	$33.30	$51,615	Form 4

The latest 12 of 23 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 8	7 of 8	7 of 8
Accruals ratio	−5.8%	−4.2%	−4.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Kinder Morgan side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Kinder Morgan	FY25	12.2%	27.9%	17.1%	5.8%	4.5x	7
Targa Resources	FY25	4.0%	19.6%	3.4%	13.3%	3.6x	6	Compare
Williams Companies	FY25	13.8%	35.1%	8.4%	7.5%	4.5x	6	Compare
Oneok	FY25	55.0%	17.1%	7.3%	8.1%	4.5x	5	Compare
Enterprise Products	FY25	−6.4%	13.8%	5.6%	11.6%	3.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13,058	13,705	14,144	13,209	11,700	16,610	19,200	15,334	15,100	16,937
Revenue growth	−9.3%	5.0%	3.2%	−6.6%	−11.4%	42.0%	15.6%	−20.1%	−1.5%	12.2%
Gross profit	9,629	9,360	9,723	9,946	9,155	10,117	9,945	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	3,538	3,529	3,794	4,873	1,560	2,916	4,065	4,263	4,384	4,724
Net income	708	183	1,609	2,190	119	1,784	2,548	2,391	2,613	3,056
Diluted EPS (US$)	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37
Diluted shares (millions)	2,230	2,230	2,216	2,264	2,263	2,266	2,258	2,234	2,220	2,223
Cash flow
Cash from operations	4,758	4,601	5,043	4,748	4,550	5,708	4,967	6,491	5,635	5,917
Capital expenditure	2,882	3,188	2,904	2,270	1,707	1,281	1,621	2,317	2,629	3,026
Free cash flow	1,876	1,413	2,139	2,478	2,843	4,427	3,346	4,174	3,006	2,891
Dividends paid	1,118	1,120	1,618	2,163	2,362	2,443	2,504	2,529	2,557	2,604
Share buybacks	0	250	273	2	50	0	368	522	7	0
Acquisitions	333	4	39	79	16	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	684	264	3,280	1,110	1,184	1,140	745	83	88	63
Debt incl. finance leases	40,050	37,843	37,324	34,392	34,689	33,320	31,788	32,116	31,890	32,003
Total assets	80,305	79,055	78,866	74,157	71,973	70,416	70,078	71,020	71,407	72,748
Total liabilities	45,503	43,931	43,669	39,268	39,407	38,495	37,964	39,291	39,540	40,299
Shareholders' equity	34,431	33,636	33,678	33,742	31,436	30,823	30,742	30,306	30,531	31,162
Margins and ratios
Gross margin	73.7%	68.3%	68.7%	75.3%	78.2%	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%
Net margin	5.4%	1.3%	11.4%	16.6%	1.0%	10.7%	13.3%	15.6%	17.3%	18.0%
Free cash flow margin	14.4%	10.3%	15.1%	18.8%	24.3%	26.6%	17.4%	27.2%	19.9%	17.1%
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 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%
Net debt to EBITDA	6.8x	6.5x	5.6x	4.6x	9.0x	6.4x	5.0x	4.9x	4.7x	4.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Kinder Morgan's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Kinder Morgan.