Overview
KINDER MORGAN, INC.
Latest 10-K: FY2025, filed Feb 13, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $16.94B
- 12.2%YoYup from FY2024
- TotalRevenue
- Gross profit
- $11.41B
- 6.0%YoYup from FY2024
- GrossProfit
- Operating income
- $4.72B
- 7.8%YoYup from FY2024
- OperatingIncome
- Net income
- $3.06B
- 17.0%YoYup from FY2024
- NetIncome
- Diluted EPS
- $1.37
- 17.1%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 2.22B
- 0.1%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- KINDER MORGAN, INC. reported revenue of $16.94B for fiscal 2025, up 12.2% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 27.9% and net margin was 18.0%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.37, up 17.1% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 22, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $16.94B12.2%up S&P 500 6.4% | $15.10B1.5%down S&P 500 4.5% | $15.33B20.1%down S&P 500 4.8% | $19.20B15.6%up S&P 500 10.3% | $16.61B42.0%up S&P 500 13.8% | 0.5% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $11.41B6.0%up S&P 500 6.8% | $10.76B3.5%up S&P 500 5.5% | $10.40B4.5%up S&P 500 5.2% | $9.95B1.7%down S&P 500 8.3% | $10.12B10.5%up S&P 500 15.7% | 3.0% S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $4.72B7.8%up S&P 500 7.3% | $4.38B2.8%up S&P 500 7.4% | $4.26B4.9%up S&P 500 4.9% | $4.07B39.4%up S&P 500 7.5% | $2.92B86.9%up S&P 500 23.5% | 12.8% S&P 500 7.2% |
| Net Income | $3.06B17.0%up S&P 500 4.8% | $2.61B9.3%up S&P 500 5.7% | $2.39B6.2%down S&P 500 1.9% | $2.55B42.8%up S&P 500 1.3% | $1.78B1399.2%up S&P 500 33.9% | 14.4% S&P 500 4.1% |
| EPS (Diluted) | $1.3717.1%up S&P 500 6.2% | $1.1710.4%up S&P 500 7.9% | $1.065.4%down S&P 500 1.9% | $1.1243.6%up S&P 500 1.5% | $0.781460.0%up S&P 500 34.8% | 15.1% S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $72.75B1.9%up S&P 500 5.6% | $71.41B0.5%up S&P 500 3.4% | $71.02B1.3%up S&P 500 4.1% | $70.08B0.5%down S&P 500 2.2% | $70.42B2.2%down S&P 500 6.7% | 0.8% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $40.30B1.9%up S&P 500 6.4% | $39.54B0.6%up S&P 500 1.9% | $39.29B3.5%up S&P 500 2.9% | $37.96B1.4%down S&P 500 2.0% | $38.49B2.3%down S&P 500 5.2% | 1.2% S&P 500 4.4% |
| Stockholders' Equity | $32.45B1.8%up S&P 500 6.8% | $31.87B0.4%up S&P 500 5.4% | $31.73B1.2%down S&P 500 7.3% | $32.11B0.6%up S&P 500 2.5% | $31.92B0.3%up S&P 500 9.0% | 0.4% S&P 500 6.1% |
| Cash & Equivalents | $0.06B28.4%down S&P 500 5.2% | $0.09B6.0%up S&P 500 1.9% | $0.08B88.9%down S&P 500 6.7% | $0.74B34.6%down S&P 500 -8.6% | $1.14B3.7%down S&P 500 -2.9% | -51.5% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $32.00B†0.4%up S&P 500 2.3% | $31.89B†0.7%down S&P 500 0.1% | $32.12B†1.0%up S&P 500 0.1% | $31.79B†4.6%down S&P 500 0.1% | $33.32B†3.9%down S&P 500 0.0% | -1.0% S&P 500 3.7% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.92B5.0%up S&P 500 6.3% | $5.63B13.2%down S&P 500 4.8% | $6.49B30.7%up S&P 500 9.9% | $4.97B13.0%down S&P 500 -0.7% | $5.71B25.5%up S&P 500 10.7% | 0.9% S&P 500 7.0% |
| Capital Expenditures | $3.03B15.1%up S&P 500 5.4% | $2.63B13.5%up S&P 500 2.8% | $2.32B42.9%up S&P 500 11.3% | $1.62B26.5%up S&P 500 14.0% | $1.28B25.0%down S&P 500 8.1% | 24.0% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $2.89B3.8%down S&P 500 7.3% | $3.01B28.0%down S&P 500 6.1% | $4.17B24.7%up S&P 500 8.8% | $3.35B24.4%down S&P 500 -11.3% | $4.43B55.7%up S&P 500 10.2% | -10.1% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.0%
Wall Street
on net earnings
FY2024 4.3%
4.7%
Value investor
on free cash flow
FY2024 4.9%
Gap −0.3 pts: Value-investor figure 0.3 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 20.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.7%
Wall Street
on EBITDA
FY2024 7.3%
5.1%
Value investor
on EBIT
FY2024 4.7%
Gap −2.6 pts: Value-investor figure 2.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 13.0×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
53.1%
Wall Street
on book equity
FY2024 52.4%
17.4%
Value investor
on tangible book
FY2024 16.5%
Gap −35.7 pts: Value-investor figure 35.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
9.5%
Wall Street
ROE: net income ÷ equity
FY2024 8.2%
5.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 5.3%
Gap −4.0 pts: Value-investor figure 4.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
42.4%
Wall Street
EBITDA margin
FY2024 44.6%
17.1%
Value investor
Free-cash-flow margin
FY2024 19.9%
Gap −25.3 pts: Value-investor figure 25.3 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.64×
Wall Street
Current ratio
FY2024 0.49×
0.50×
Value investor
Quick ratio, inventory excluded
FY2024 0.39×
Gap −0.14×: Value-investor figure 0.14 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.22×
Wall Street
EBITDA ÷ total debt
FY2024 0.21×
0.09×
Value investor
FCF ÷ total debt
FY2024 0.09×
Gap −0.13×: Value-investor figure 0.13 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 4.45×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on KMI yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on KMI and publish the result to your public profile.
Cite this page
Data as of Oct 22, 2026. Canonical address: https://valuein.biz/data/KMI
Valuein. (2026, October 22). KINDER MORGAN, INC. (KMI) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/KMI
@misc{valuein_kmi_2026,
author = {{Valuein}},
title = {KINDER MORGAN, INC. (KMI) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/KMI}},
note = {Data as of 2026-10-22; source: SEC EDGAR filings}
}10-K filed Feb 13, 2026 · accession 0001506307-26-000011
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing