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MARKETS / NYSE / KMI
NYSE · NATURAL GAS TRANSMISSION · LARGE CAP

Kinder Morgan, Inc. KMI

17 fiscal years on record · USD · FY2025 reported · SEC filings only
8 YEARS OF DIVIDEND GROWTH
$15.2B
▲ 12.7% YoY
$3.1B
▲ 17.0% YoY
$2.9B
▼ 3.8% YoY
In brief

What this company does

Its pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and renewable fuels, and its terminals store and handle commodities including gasoline, diesel fuel, jet fuel and chemicals. As of December 31, 2025, it owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Its Natural Gas Pipelines segment includes interstate and intrastate pipelines, underground storage facilities, LNG liquefaction and terminal facilities, and NGL fractionation facilities. Its Products Pipelines segment consists of refined petroleum products, crude oil and condensate pipelines and associated terminals, a condensate processing facility, and transmix processing facilities. Its Terminals segment includes refined petroleum product, chemical, renewable fuel and other liquid terminal facilities, along with bulk terminal facilities that handle products such as petroleum coke, metal and ores. Its CO2 segment produces, transports and markets CO2 for use in enhanced oil recovery projects as a flooding medium for recovering crude oil from mature oil fields. No single external customer accounted for 10% or more of its total consolidated revenues in 2025, 2024 or 2023. It employed 11,028 full-time personnel at December 31, 2025, including approximately 867 full-time hourly personnel at certain terminals and pipelines covered by collective bargaining agreements expiring between 2026 and 2029.

Written from the business description in KINDER MORGAN, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth
USD 15.2B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 15.2 · Net income 3.1
8B16B200920112013201520172019202120232025
Compound annual growth
−5.7%
+8.5%
+0.5%
+4.5%
+6.2%
+91.4%
+28.3%
+6.9%
+93.9%
+29.9%
+1.8%
+2.2%
−3.1%
−3.2%
+1.5%
−4.7%
+9.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +8.5% a year over five years — but profit grew faster: net income at +91.4%, earnings per share at +93.9%.

The share count fell from 2.26B to 2.22B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
21 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 31.1% · Net 20.8%
20%40%200920112013201520172019202120232025
ROE
FY2025 · ROE 9.9%
5%200920112013201520172019202120232025
Gross margin63.6%
Operating margin31.1%
Net margin20.8%
Return on assets4.4%
EBITDAUSD 7.2B

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders
USD 2.6B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.9
2B4B200920112013201520172019202120232025
Net buybacks $B Dividends $B
FY2025 · Dividends 2.6 · Net buybacks 0.0
2B4BDividendsNet buybacks201020122014201620182020202220242025
Dividends paidUSD 2.6B
Net buybacksUSD 0.00
Share of profit85.2%
Consecutive raises8 years

USD 2.6B in dividends — 85% of the year's profit went back to shareholders.

Total assetsUSD 72.7B
EquityUSD 31.2B
CashUSD 63.0M
Gross debtUSD 32.0B
Net debtUSD 31.9B
Current ratio0.64×

Net debt stands at 102% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B15.213.513.618.116.210.112.113.313.713.114.416.214.110.07.97.97.2
Operating income $B4.74.44.34.12.91.64.93.83.53.52.44.44.02.61.41.11.4
EBITDA $B7.26.76.56.35.13.77.36.15.85.74.86.55.84.02.52.22.5
Income tax $B0.80.70.70.70.40.50.90.61.90.90.60.60.70.10.40.20.3
Net income $B3.12.62.42.51.80.12.21.60.20.70.31.01.20.30.6−0.00.5
Free cash flow $B2.93.04.23.34.42.82.52.11.41.91.40.80.80.81.20.90.3
EPS, diluted $1.371.171.061.120.780.050.960.660.010.250.100.891.15····
Dividend / sh $1.171.151.131.111.081.051.00······1.401.05··
Payout %8598106981371985991016121581670172136376130−1707·
ROE %9.98.67.88.35.70.46.54.80.52.00.74.48.92.86.9−0.5·
Shares out B2.222.222.222.252.272.262.262.262.222.232.232.131.03····

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Kinder Morgan, Inc.vsEnergy Transfer LPSame industry: Natural Gas TransmissionKinder Morgan, Inc.vsEnterprise Products Partners L.p.Same industry: Natural Gas TransmissionKinder Morgan, Inc.vsTarga Resources Corp.Same industry: Natural Gas TransmissionKinder Morgan, Inc.vsWilliams Companies, Inc.Same industry: Natural Gas TransmissionKinder Morgan, Inc.vsWestern Midstream Partners, LPSame industry: Natural Gas TransmissionKinder Morgan, Inc.vsKinetik Holdings Inc.Same industry: Natural Gas TransmissionKinder Morgan, Inc.vsArchrock, Inc.Same industry: Natural Gas Transmission
Provenance
Company facts, as filed
How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 18 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityNatural Gas Transmission
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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