From each company's latest annual SEC filing. Fiscal years can end on different dates.
Targa Resources (TRGP) and Kinder Morgan (KMI) reported similar revenue: $17.0B (fiscal year ended Dec 2025) versus $16.9B (fiscal year ended Dec 2025). KMI's net margin was 18.0% and TRGP's 11.3%. Both file with the SEC under the same industry code, SIC 4922 (Natural Gas Transmission).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
| Company fact | KMI | TRGP |
|---|---|---|
| Company | Kinder Morgan, Inc. | Targa Resources Corp. |
| Exchange | NYSE | NYSE |
| Headquarters | Houston, Texas | — |
| Founded | 1997 | — |
| SEC industry | Natural Gas Transmission | Natural Gas Transmission |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-13 | 10-K · 2026-02-19 |
| Metric | KMI | TRGP |
|---|---|---|
| Revenue | $16.9B2025-01-01 to 2025-12-31 · SEC filing | $17.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $3.1B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $5.9B2025-01-01 to 2025-12-31 · SEC filing | $3.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $1.372025-01-01 to 2025-12-31 · SEC filing | $8.492025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 18.0%2025-01-01 to 2025-12-31 · SEC filing | 11.3%2025-01-01 to 2025-12-31 · SEC filing |
KMI: FY ending 2025-12-31 · TRGP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Kinder Morgan owns one of the largest energy-infrastructure networks in North America, moving natural gas, refined products, and carbon dioxide through its pipelines and terminals. Long-term contracts underpin its income-oriented profile.
Targa Resources gathers, processes, and transports natural gas and natural-gas liquids.
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
We have not yet published a company-specific driver list for TRGP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
You now know how KMI and TRGP are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about the natural gas transmission cycle, including “Natural-gas pipeline transportation and storage demand, including volumes linked to LNG exports” at KMI, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchStart with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 17 matched transaction rows for KMI and 6 matched transaction rows for TRGP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
Kinder Morgan and Targa Resources share the SEC industry classification “Natural Gas Transmission.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Targa Resources (TRGP) and Kinder Morgan (KMI) reported similar revenue: $17.0B (fiscal year ended Dec 2025) versus $16.9B (fiscal year ended Dec 2025). KMI's net margin was 18.0% and TRGP's 11.3%. Both file with the SEC under the same industry code, SIC 4922 (Natural Gas Transmission). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Kinder Morgan, Inc. and Targa Resources Corp. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-10. Independent educational research; not investment advice.
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