KMI

MKT CAP:$70B

Kinder Morgan, Inc.

Market Cap

$70B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$31.68+$3.97 (+14.35%)

Apr 24, 2026

Company Details

Kinder Morgan, Inc. operates as an energy infrastructure company in North America. The company operates through four segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment owns and operate...

CEO

Kimberly Allen Dang

IPO Date

Feb 11, 2011

Website

www.kindermorgan.com

Key Metrics TTM

Revenue

$16.6B

-3.1% YoY

Net Income

$3.2B

EPS (Diluted)

$1.43

Free Cash Flow

$3.9B

Revenue / Share

$7.46

Gross Margin

48.4%

Operating Margin

29.2%

Net Margin

19.1%

FCF Margin

23.3%

P/S

4.2x

P/E

22.2x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$4.8BEPS $0.44

FY 2025

Feb 13, 2026

$16.9BEPS $1.37

Q4 2025

Feb 13, 2026

$4.5BEPS $0.45

Q3 2024

Oct 18, 2024

$3.7BEPS $0.28

Q2 2024

Jul 19, 2024

$3.6B+3.6%EPS $0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$3.1B	$1.8B	$940M
Q1 18	$3.5B	$1.3B	$990M
Q3 18	$3.6B	$1.2B	$989M
Q4 18	$3.7B	$1.2B	$1.0B
Q2 19	$3.2B	$1.2B	$945M
Q3 19	$3.2B	$1.2B	$931M
Q4 19	$3.4B	$1.2B	$1.0B
Q4 20	$3.1B	$1.2B	$892M
Q1 21	$5.9B	$2.6B	$2.4B
Q2 23	$3.5B	$1.2B	$957M
Q4 23	$4.0B	$1.3B	$1.1B
Q1 24	$3.8B	$1.5B	$1.2B
Q2 24	$3.6B	$1.3B	$1.0B
Q3 24	$3.7B	$1.3B	$1.0B
Q4 25	$4.5B	$3.1B	$1.4B
Q1 26	$4.8B	$2.4B	$1.4B

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q1 18	—	—
Q3 18	3.1x	21.0x
Q4 18	2.5x	16.4x
Q2 19	3.4x	20.8x
Q3 19	3.4x	20.7x
Q4 19	3.5x	22.4x
Q4 20	2.4x	13.8x
Q1 21	2.4x	12.1x
Q2 23	2.4x	12.0x
Q4 23	2.5x	12.6x
Q1 24	2.4x	12.2x
Q2 24	3.0x	17.6x
Q3 24	3.3x	19.3x
Q4 25	3.9x	20.7x
Q1 26	4.5x	23.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$1.1B	$239M
Q2 16	$1.3B	$635M
Q1 18	$974M	$267M
Q3 18	$907M	$170M
Q4 18	$1.7B	$954M
Q2 19	$1.5B	$839M
Q3 19	$1.0B	$482M
Q4 19	$1.6B	$1.1B
Q4 20	$1.3B	$912M
Q1 21	$1.9B	$1.6B
Q2 23	$1.6B	$1.0B
Q4 23	$2.3B	$1.7B
Q1 24	$1.2B	$605M
Q2 24	$1.7B	$1.1B
Q3 24	$1.2B	$592M
Q4 25	$1.8B	$1.6B

Capital Expenditures

Quarter	CapEx
Q1 16	$811M
Q2 16	$659M
Q1 18	$707M
Q3 18	$737M
Q4 18	$714M
Q2 19	$624M
Q3 19	$541M
Q4 19	$551M
Q4 20	$356M
Q1 21	$267M
Q2 23	$535M
Q4 23	$656M
Q1 24	$619M
Q2 24	$639M
Q3 24	$657M
Q4 25	$172M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+15.5%	+11.1%
Q2 19	+2.0%	+2.6%
Q3 19	-7.7%	-8.4%
Q4 19	-6.3%	-9.5%
Q4 20	-15.9%	-16.4%
Q1 21	+82.8%	+54.6%
Q2 23	+8.8%	+11.2%
Q4 23	+18.3%	+23.5%
Q1 24	+23.6%	+19.4%
Q2 24	-38.6%	-26.8%
Q3 24	+5.8%	+6.1%
Q4 25	+13.6%	+8.5%
Q1 26	+26.0%	+28.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$0	0.0%
Q2 16	$0	0.0%
Q1 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 16	$189M	—
Q1 18	—	$173M
Q3 18	—	$154M
Q4 18	—	$110M
Q2 19	—	$148M
Q3 19	—	$154M
Q4 19	—	$134M
Q4 20	—	$187M
Q1 21	—	$156M
Q2 23	—	$169M
Q4 23	—	$171M
Q1 24	$175M	—
Q2 24	$179M	—
Q3 24	$176M	—
Q4 25	$186M	—
Q1 26	$298M	—

Revenue Segments

Quarter	Co2	Natural Gas Pipelines	Products Pipelines	Terminals
Q1 18	$335M	$2.2B	$399M	$493M
Q3 18	$330M	$2.2B	$432M	$502M
Q4 18	$293M	$2.5B	$440M	$511M
Q2 19	$310M	$2.0B	$442M	$507M
Q3 19	$298M	$1.9B	$484M	$508M
Q4 19	$306M	$2.1B	$481M	$510M
Q4 20	$246M	$2.0B	$439M	$437M
Q1 21	$245M	$4.6B	$453M	$420M
Q2 23	$302M	$2.0B	$735M	$478M
Q4 23	$312M	$2.4B	$801M	$494M
Q1 24	$302M	$2.3B	$728M	$496M
Q2 24	$306M	$2.0B	$776M	$509M
Q3 24	$319M	$2.2B	$711M	$498M
Q4 25	$286M	$3.0B	$655M	$535M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$100M	$0	$100M
Q3 22	$483M	$0	$483M
Q4 22	$745M	$0	$745M
Q1 23	$416M	$0	$416M
Q2 23	$497M	$0	$497M
Q3 23	$80M	$0	$80M
Q4 23	$83M	$0	$83M
Q1 24	$119M	$0	$119M
Q2 24	$98M	$0	$98M
Q3 24	$108M	$0	$108M
Q4 24	$88M	$0	$88M
Q1 25	$80M	$0	$80M
Q2 25	$82M	$0	$82M
Q3 25	$71M	$0	$71M
Q4 25	$109M	$0	$109M
Q1 26	$72M	$0	$72M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	2.23B	0.0%	—
Q1 18	2.21B	-1.0%	—
Q3 18	2.21B	-0.1%	—
Q4 18	2.25B	+2.0%	+0.9%
Q2 19	2.26B	+0.6%	+1.5%
Q3 19	2.26B	+0.1%	+2.6%
Q4 19	2.27B	+0.0%	+2.7%
Q4 20	2.26B	-0.0%	+0.7%
Q1 21	2.26B	0.0%	+0.1%
Q2 23	2.24B	-1.2%	-1.2%
Q4 23	2.22B	-0.7%	-1.9%
Q1 24	2.22B	-0.0%	-1.9%
Q2 24	2.22B	-0.0%	-2.0%
Q3 24	2.22B	+0.1%	-0.7%
Q4 25	2.23B	+0.2%	+0.2%
Q1 26	2.23B	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$278.5K	11K
Q1 18	$317.4K	11K
Q3 18	$328.6K	11K
Q4 18	$335.0K	11K
Q2 19	$291.2K	11K
Q3 19	$290.0K	11K
Q4 19	$302.5K	11K
Q4 20	$294.8K	11K
Q1 21	$557.0K	11K
Q2 23	$330.0K	11K
Q4 23	$364.4K	11K
Q1 24	$351.9K	11K
Q2 24	$330.3K	11K
Q3 24	$337.5K	11K
Q4 25	$408.8K	11K
Q1 26	$437.8K	11K

Revenue / Employee