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Energy Transfer vs Kinder Morgan: revenue, profit, margins and growth compared

Energy Transfer brought in $85.5B of revenue in fiscal 2025, Kinder Morgan $16.9B in fiscal 2025. Revenue changed by +3.5% at Energy Transfer and +12.2% at Kinder Morgan on the year before, so Kinder Morgan grew faster. Energy Transfer kept 5.2% of its revenue as net profit, Kinder Morgan 18.0%. Free cash flow was $3.8B at Energy Transfer and $2.9B at Kinder Morgan.

Side by side, latest fiscal year

ETKMI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$85.5B$16.9B
Revenue growth+3.5%+12.2%
Net income$4.4B$3.1B
Net margin5.2%18.0%
Free cash flow$3.8B$2.9B
Free cash flow margin4.5%17.1%
Earnings per share (diluted)n/a$1.37
Cash$1.3B$63M
Debt$68.3B$30.8B
Price to earningsn/a22.4
Market value$69.5B$68.5B
Dividend yieldn/a3.80%
Rank by revenue in sector#1 of 109 · Utilities#17 of 109 · Utilities

Over the years

Revenue
ET FY2018: $54.1BET FY2019: $54.2BET FY2020: $39BET FY2021: $67.4BET FY2022: $89.9BET FY2023: $78.6BET FY2024: $82.7BET FY2025: $85.5BKMI FY2018: $14.1BKMI FY2019: $13.2BKMI FY2020: $11.7BKMI FY2021: $16.6BKMI FY2022: $19.2BKMI FY2023: $15.3BKMI FY2024: $15.1BKMI FY2025: $16.9BFY18FY19FY20FY21FY22FY23FY24FY25
ET $85.5BKMI $16.9B
Net income
ET FY2018: $1.7BET FY2019: $3.5BET FY2020: -$648MET FY2021: $5.5BET FY2022: $4.8BET FY2023: $3.9BET FY2024: $4.8BET FY2025: $4.4BKMI FY2018: $1.6BKMI FY2019: $2.2BKMI FY2020: $119MKMI FY2021: $1.8BKMI FY2022: $2.5BKMI FY2023: $2.4BKMI FY2024: $2.6BKMI FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
ET $4.4BKMI $3.1B
Net margin
ET FY2018: 3.2%ET FY2019: 6.5%ET FY2020: -1.7%ET FY2021: 8.1%ET FY2022: 5.3%ET FY2023: 5.0%ET FY2024: 5.8%ET FY2025: 5.2%KMI FY2018: 11.4%KMI FY2019: 16.6%KMI FY2020: 1.0%KMI FY2021: 10.7%KMI FY2022: 13.3%KMI FY2023: 15.6%KMI FY2024: 17.3%KMI FY2025: 18.0%FY18FY19FY20FY21FY22FY23FY24FY25
ET 5.2%KMI 18.0%
Revenue growth
ET FY2019: +0.2%ET FY2020: -28.1%ET FY2021: +73.1%ET FY2022: +33.3%ET FY2023: -12.6%ET FY2024: +5.2%ET FY2025: +3.5%KMI FY2019: -6.6%KMI FY2020: -11.4%KMI FY2021: +42.0%KMI FY2022: +15.6%KMI FY2023: -20.1%KMI FY2024: -1.5%KMI FY2025: +12.2%FY19FY20FY21FY22FY23FY24FY25
ET +3.5%KMI +12.2%
Free cash flow
ET FY2018: $99MET FY2019: $2.1BET FY2020: $2.2BET FY2021: $8.3BET FY2022: $5.7BET FY2023: $6.4BET FY2024: $7.3BET FY2025: $3.8BKMI FY2018: $2.1BKMI FY2019: $2.5BKMI FY2020: $2.8BKMI FY2021: $4.4BKMI FY2022: $3.3BKMI FY2023: $4.2BKMI FY2024: $3BKMI FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
ET $3.8BKMI $2.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Energy Transfer and Kinder Morgan

Which is bigger by revenue, Energy Transfer or Kinder Morgan?

Energy Transfer is bigger by revenue: $85.5B in fiscal 2025, against $16.9B for Kinder Morgan in fiscal 2025.

Which keeps more of its revenue as profit, Energy Transfer or Kinder Morgan?

Energy Transfer had a net margin of 5.2% in fiscal 2025; Kinder Morgan had 18.0% in fiscal 2025.

Which grew revenue faster, Energy Transfer or Kinder Morgan?

In their latest fiscal years revenue changed by +3.5% at Energy Transfer and +12.2% at Kinder Morgan.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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