KINDER MORGAN, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KINDER MORGAN, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,058	13,705	14,144	13,209	11,700	16,610	19,200	15,334	15,100	16,937
Cost of revenue	3,429	4,345	4,421	3,263	2,545	6,493	9,255	4,938	4,337	5,529
Gross profit	9,629	9,360	9,723	9,946	9,155	10,117	9,945	10,396	10,763	11,408
General and administrative	703	688	601	590	648	655	637	668	712	744
Operating expenses						623	593	759	736	746
Operating income	3,538	3,529	3,794	4,873	1,560	2,916	4,065	4,263	4,384	4,724
Other non-operating income	-1,900	-1,368	-1,288	-1,708	-899	-697	-730	-1,062	-977	-732
Pre-tax income	1,638	2,161	2,506	3,165	661	2,219	3,335	3,201	3,407	3,992
Income tax	917	1,938	587	926	481	369	710	715	687	832
Net income to minority interests	13	40	310	49	61	66	77	95	107	104
Net income	708	183	1,609	2,190	119	1,784	2,548	2,391	2,613	3,056
EBITDA	5,747	5,790	6,091	7,284	3,724	5,051	6,251	6,513	6,738	7,177
EPS, basic	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37
EPS, diluted	0.25	0.01	0.66	0.96	0.05	0.78	1.12	1.06	1.17	1.37
Shares, basic (weighted)	2,230	2,230	2,216	2,264	2,263	2,266	2,258	2,234	2,220	2,223
Shares, diluted (weighted)	2,230	2,230	2,216	2,264	2,263	2,266	2,258	2,234	2,220	2,223
Dividend per share	0.50	0.50	0.80	1.00	1.05	1.08	1.11	1.13	1.15	1.17

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	684	264	3,280	185	1,184	1,140	745	83	88	63
Short-term investments			0	925	0
Receivables	1,370	1,448	1,498	1,379
Inventory	357	424	385	371	348	562	634	525	555	574
Other current assets	337	238	248	270	168	289	304	333	246	357
Total current assets	3,229	2,715	5,722	3,238	3,203	3,829	3,803	2,542	2,521	2,754
Property, plant and equipment	38,705	40,155	37,897	36,419	35,836	35,653	35,599	37,297	38,013	39,331
Lease right-of-use assets				329	303	315	287	285	253	216
Goodwill	22,152	22,162	21,965	21,451	19,851	19,914	19,965	20,121	20,084	20,084
Intangible assets	3,318	3,099	2,880	2,676	2,453	1,678	1,809	1,957	1,760	1,730
Long-term investments	7,027	7,298	7,481	7,759	7,917	7,578	7,653	7,874	7,845	7,532
Other non-current assets	1,522	1,582	1,355	1,757	2,177	1,649	1,249	1,229	1,184	1,317
Total assets	80,305	79,055	78,866	74,157	71,973	70,416	70,078	71,020	71,407	72,748
Accounts payable	1,257	1,340	1,337	914	837	1,259	1,444	1,366	1,395	1,408
Accrued liabilities		0	876
Deferred revenue		79	80
Short-term debt	2,696	2,828	3,388	2,477	2,558	2,646	3,385	4,049	2,009	1,226
Total current liabilities	5,924	6,181	7,557	5,100	5,074	5,821	6,930	7,221	5,101	4,322
Long-term debt	37,354	35,015	33,936	31,915	32,131	30,674	28,403	28,067	29,881	30,777
Lease liabilities				289	263	270	240	230	193	167
Total liabilities	45,503	43,931	43,669	39,268	39,407	38,495	37,964	39,291	39,540	40,299
Total debt	38,901	36,916	33,936	31,915	32,131	30,674	28,403	28,067	29,881	30,777
Paid-in capital	41,739	41,909	41,701	41,745	41,756	41,806	41,673	41,190	41,237	41,276
Retained earnings	-6,669	-7,754	-7,716	-7,693	-9,936	-10,595	-10,551	-10,689	-10,633	-10,181
Other comprehensive income	-661	-541	-330	-333	-407	-411	-402	-217	-95	45
Shareholders' equity	34,431	33,636	33,678	33,742	31,436	30,823	30,742	30,306	30,531	31,162
Minority interests	371	1,488	853	344	402	1,098	1,372	1,423	1,336	1,287
Total equity	34,802	35,124	34,531	34,086	31,838	31,921	32,114	31,729	31,867	32,449
Total liabilities and equity	80,305	79,055	78,866	74,157	71,973	70,416	70,078	71,020	71,407	72,748
Shares outstanding	2,230	2,217	2,262	2,265	2,264	2,267	2,248	2,220	2,222	2,225

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	721	223	1,919	2,239	180	1,850	2,625	2,486	2,720	3,160
Depreciation and amortization	2,209	2,261	2,297	2,411	2,164	2,135	2,186	2,250	2,354	2,453
Deferred income tax	1,087	2,073	405	717	345	355	692	710	647	780
Change in receivables	-107	-78	-45	98	88	-265	-220	301	52	-192
Change in inventory	49	-90	15	4	16	-202	-183	188	-12	-21
Change in payables	144	73	21	-198	-19	387	161	-201	-5	96
Cash from operations	4,758	4,601	5,043	4,748	4,550	5,708	4,967	6,491	5,635	5,917
Capital expenditures	-2,882	-3,188	-2,904	-2,270	-1,707	-1,281	-1,621	-2,317	-2,629	-3,026
Acquisitions	-333	-4	-39	-79	-16
Cash from investing	-1,625	-3,403	-68	-1,714	-911	-2,305	-2,175	-4,175	-2,629	-3,179
Debt issued	8,629	8,868	14,751	8,036	3,888	5,959	9,058	7,590	10,441	10,017
Debt repaid	-10,060	-11,064	-14,591	-11,224	-3,996	-6,831	-9,735	-7,356	-10,557	-10,054
Stock issued	0	0
Share buybacks	0	-250	-273	-2	-50	0	-368	-522	-7	0
Dividends paid	-1,118	-1,120	-1,618	-2,163	-2,362	-2,443	-2,504	-2,529	-2,557	-2,604
Cash from financing	-2,637	-1,681	-1,824	-6,185	-2,638	-3,465	-3,145	-3,014	-2,887	-2,843
Exchange rate effect	2	22	-146	29	-1	0	0	0	-1	0
Net change in cash	498	-461	3,005	-3,122	1,000	-62	-353	-698	118	-105
Free cash flow	1,876	1,413	2,139	2,478	2,843	4,427	3,346	4,174	3,006	2,891
Interest paid	2,050	1,854	1,879	1,860	1,661	1,529	1,460	1,844	1,816	1,811
Income taxes paid	4	-140	-109	372	227	10	13	11	33	47

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.6%	Gross profit / revenue.
Operating margin	29.0%	Operating income / revenue.
EBITDA margin	42.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.6%	Pre-tax income / revenue.
Net margin	19.3%	Net income / revenue.
FCF margin	17.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.5%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	6.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	18.9%	Capital expenditures / revenue.
D&A / revenue	13.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	91.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	93.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.46x	Current assets / current liabilities.
Quick ratio	0.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.2%	Total debt / total assets.
Liabilities / assets	55.6%	Total liabilities / total assets.
Net debt	$29.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	29.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.44x	Revenue / average property, plant and equipment.
Inventory turnover	10.6x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Days payables	95 days	365 x average accounts payable / cost of revenue.
FCF conversion	91.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	51.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.07	Revenue / diluted weighted shares.
FCF per share	$1.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.95	Cash from operations / diluted weighted shares.
Book value per share	$14.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.35	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	75.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	83.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$68.47B	Share price x shares outstanding.
Enterprise value	$98.19B	Market cap + total debt - cash - short-term investments.
P/E	19.8x	Market cap / net income. Only when net income is positive.
P/S	3.81x	Market cap / revenue.
P/B	2.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.08x	Market cap / tangible book value, when positive.
P/FCF	21.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.4x	Market cap / cash from operations, when positive.
EV/Sales	5.47x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	2.84x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was KINDER MORGAN, INC.'s revenue in fiscal 2025?

KINDER MORGAN, INC. reported revenue of $16.94B for fiscal 2025, 12.2% higher than the year before.

Was KINDER MORGAN, INC. profitable in fiscal 2025?

Yes. Net income was $3.06B, a net margin of 18%.

How much free cash flow did KINDER MORGAN, INC. generate in fiscal 2025?

Cash from operations of $5.92B minus capital expenditures of $3.03B left free cash flow of $2.89B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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