Kinder Morgan (KMI) financial statements
Kinder Morgan reported revenue of $16.9B in fiscal 2025, up 2.9% a year over 9 years.
Net income was $3.1B and the operating margin 27.9%, against 27.1% in 2016.
Free cash flow was $2.9B, and the company returned $2.6B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kinder Morgan's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1B | $13.7B | $14.1B | $13.2B | $11.7B | $16.6B | $19.2B | $15.3B | $15.1B | $16.9B |
| Cost of revenue | $3.4B | $4.3B | $4.4B | $3.3B | $2.5B | $6.5B | $9.3B | $4.9B | $4.3B | $5.5B |
| Gross profit | $9.6B | $9.4B | $9.7B | $9.9B | $9.2B | $10.1B | $9.9B | $10.4B | $10.8B | $11.4B |
| Selling, general and admin | $703M | $688M | $601M | $590M | $648M | $655M | $637M | $668M | $712M | $744M |
| Operating income | $3.5B | $3.5B | $3.8B | $4.9B | $1.6B | $2.9B | $4.1B | $4.3B | $4.4B | $4.7B |
| Pre-tax income | $1.6B | $2.2B | $2.5B | $3.2B | $661M | $2.2B | $3.3B | $3.2B | $3.4B | $4.0B |
| Income tax | $917M | $1.9B | $587M | $926M | $481M | $369M | $710M | $715M | $687M | $832M |
| Net income | $708M | $183M | $1.6B | $2.2B | $119M | $1.8B | $2.5B | $2.4B | $2.6B | $3.1B |
| EPS (diluted) | $0.25 | $0.01 | $0.66 | $0.96 | $0.05 | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 |
| Diluted shares | 2.23B | 2.23B | 2.22B | 2.26B | 2.26B | 2.27B | 2.26B | 2.23B | 2.22B | 2.22B |
| Gross margin | 73.7% | 68.3% | 68.7% | 75.3% | 78.2% | 60.9% | 51.8% | 67.8% | 71.3% | 67.4% |
| Operating margin | 27.1% | 25.7% | 26.8% | 36.9% | 13.3% | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% |
| Net margin | 5.4% | 1.3% | 11.4% | 16.6% | 1.0% | 10.7% | 13.3% | 15.6% | 17.3% | 18.0% |
Balance sheet
Fiscal years, from Kinder Morgan's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $684M | $264M | $3.3B | $1.1B | $1.2B | $1.1B | $745M | $83M | $88M | $63M |
| Receivables | $1.4B | $1.4B | $1.5B | $1.4B | — | — | — | — | — | — |
| Inventory | $357M | $424M | $385M | $371M | $348M | $562M | $634M | $525M | $555M | $574M |
| Total current assets | $3.2B | $2.7B | $5.7B | $3.2B | $3.2B | $3.8B | $3.8B | $2.5B | $2.5B | $2.8B |
| Property, plant and equipment | $38.7B | $40.2B | $37.9B | $36.4B | $35.8B | $35.7B | $35.6B | $37.3B | $38.0B | $39.3B |
| Goodwill | $22.2B | $22.2B | $22.0B | $21.5B | $19.9B | $19.9B | $20.0B | $20.1B | $20.1B | $20.1B |
| Total assets | $80.3B | $79.1B | $78.9B | $74.2B | $72.0B | $70.4B | $70.1B | $71.0B | $71.4B | $72.7B |
| Total current liabilities | $5.9B | $6.2B | $7.6B | $5.1B | $5.1B | $5.8B | $6.9B | $7.2B | $5.1B | $4.3B |
| Long-term debt | $37.4B | $35.0B | $33.9B | $31.9B | $32.1B | $30.7B | $28.4B | $28.1B | $29.9B | $30.8B |
| Total liabilities | $45.5B | $43.9B | $43.7B | $39.3B | $39.4B | $38.5B | $38.0B | $39.3B | $39.5B | $40.3B |
| Shareholders' equity | $34.4B | $33.6B | $33.7B | $33.7B | $31.4B | $30.8B | $30.7B | $30.3B | $30.5B | $31.2B |
| Net debt | $39.4B | $37.6B | $34.0B | $34.2B | $33.5B | $32.2B | $31.0B | $32.0B | $31.8B | $31.9B |
Cash flow
Fiscal years, from Kinder Morgan's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.8B | $4.6B | $5.0B | $4.7B | $4.5B | $5.7B | $5.0B | $6.5B | $5.6B | $5.9B |
| Capital spending | $2.9B | $3.2B | $2.9B | $2.3B | $1.7B | $1.3B | $1.6B | $2.3B | $2.6B | $3.0B |
| Free cash flow | $1.9B | $1.4B | $2.1B | $2.5B | $2.8B | $4.4B | $3.3B | $4.2B | $3.0B | $2.9B |
| Dividends paid | $1.1B | $1.1B | $1.6B | $2.2B | $2.4B | $2.4B | $2.5B | $2.5B | $2.6B | $2.6B |
| Share buybacks (net) | $0 | -$250M | -$273M | -$2M | -$50M | $0 | -$368M | -$522M | -$7M | $0 |
| Net borrowing | -$1.4B | -$2.2B | $160M | -$3.2B | -$108M | -$872M | -$677M | $234M | -$116M | -$37M |
| Free cash flow margin | 14.4% | 10.3% | 15.1% | 18.8% | 24.3% | 26.7% | 17.4% | 27.2% | 19.9% | 17.1% |
| Dividends per share | $0.50 | $0.50 | $0.73 | $0.96 | $1.04 | $1.08 | $1.11 | $1.13 | $1.15 | $1.17 |
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Open KMI in InvestinglyQuestions
What was Kinder Morgan's revenue in 2025?
$16.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kinder Morgan generate?
$2.9B in fiscal 2025 (operating cash flow minus capital spending).
From Kinder Morgan's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.