LNG export tailwind
Growing US LNG export capacity requires pipeline takeaway to move gas from producing basins to export terminals. Track how much of Kinder Morgan's growth backlog is tied to that buildout.
Stock research
Kinder Morgan, Inc. (KMI) Stock Research
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.
For the fiscal year ended December 31, 2025, Kinder Morgan, Inc. reported revenue of $16.9B and net income of $3.1B, with operating cash flow of $5.9B. Source: Form 10-K filed February 13, 2026
- $16.9B
- FY ending 2025-12-31
- $3.1B
- FY ending 2025-12-31
- $1.37
- 18.0%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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About Kinder Morgan
Long-term contracts underpin its income-oriented profile.
- NYSE: KMI
- Energy
- Natural Gas Transmission (SIC 4922)
- December 31
- Houston, Texas
- 1997
KMI key financials
Reported figures from Kinder Morgan, Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $16.9B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $3.1B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $5.9B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $1.37 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 18.0% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 2.22B | As of 2026-02-12 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in KMI
For Kinder Morgan, Inc., the most important recurring operating and market variables are:
- ◆Natural-gas pipeline transportation and storage demand, including volumes linked to LNG exports
- ◆Fee-based, take-or-pay contract mix versus commodity-price-sensitive exposure
- ◆Growth-project backlog spanning pipeline expansions and energy-transition investments
- ◆Leverage and dividend coverage from distributable cash flow
Key questions for the KMI thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Contract structure
Most revenue comes from fee-based or take-or-pay contracts rather than direct commodity exposure, which supports steadier cash flow. Confirm that mix hasn't shifted meaningfully toward commodity-linked segments.
Growth backlog
Assess the size, timing, and expected returns of new pipeline and infrastructure projects, since project execution and returns on invested capital drive long-term distributable cash flow growth.
Dividend coverage and leverage
Compare distributable cash flow to the dividend payout and track debt levels relative to EBITDA, since income-oriented investors weigh coverage and balance-sheet risk heavily for this stock.
Does KMI's reported profit turn into cash?
Operating cash flow was $5.9B, 1.94 times net income of $3.1B, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of KMI's revenue is left as profit?
Net income was 18.0% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchKMI primary sources
- Latest annual report: Form 10-K filed February 13, 2026
- Latest quarterly report: Form 10-Q filed July 24, 2026
- Kinder Morgan investor relations
- Kinder Morgan filings at the SEC
- All KMI filings on SEC EDGAR
How we source and review company pages: research methodology.
Congressional trading in KMI
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Alan Armstrong | 2026-03-27 | Sale | Self | $1,001 - $15,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Rick Allen | 2026-02-19 | Purchase | Spouse | $1,001 - $15,000 | Filing #20034133 |
| Gilbert Cisneros | 2026-02-10 | Purchase | Self | $1,001 - $15,000 | Filing #20034144 |
| Gilbert Cisneros | 2026-01-09 | Sale | Self | $1,001 - $15,000 | Filing #20033983 |
| Marjorie Greene | 2025-10-24 | Purchase | Self | $1,001 - $15,000 | Filing #20033360 |
| Gilbert Cisneros | 2025-09-05 | Sale | Self | $1,001 - $15,000 | Filing #20032248 |
| Gilbert Cisneros | 2025-08-05 | Sale | Self | $1,001 - $15,000 | Filing #20031022 |
| Lisa McClain | 2025-07-22 | Sale | Spouse | $1,001 - $15,000 | Filing #20030891 |
| Ritchie Torres | 2025-07-11 | Sale | Self | $1,001 - $15,000 | Filing #20030930 |
| Lisa McClain | 2025-07-10 | Purchase | Spouse | $1,001 - $15,000 | Filing #20030891 |
All verified KMI congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare KMI with similar companies
Kinder Morgan peers
KMI — frequently asked questions
What does Kinder Morgan, Inc. do?
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.
What were KMI's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Kinder Morgan, Inc. reported revenue of $16.9B and net income of $3.1B, with operating cash flow of $5.9B. The figures come from Kinder Morgan, Inc.'s SEC XBRL filings.
When does Kinder Morgan, Inc.'s fiscal year end?
The SEC lists Kinder Morgan, Inc.'s fiscal year end as December 31.
Do members of Congress trade KMI?
The current verified House and Senate snapshot contains 17 transaction rows for KMI, each linked to the original filing.
Where is Kinder Morgan, Inc. headquartered?
Kinder Morgan, Inc. is headquartered in Houston, Texas and was founded in 1997.
Is KMI a good investment?
This page does not rate KMI as a buy or sell. It sets out what Kinder Morgan, Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the KMI numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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