Kinder Morgan, Inc.Kinder Morgan, Inc.
Kinder Morgan, Inc.

Kinder Morgan, Inc.

KMI
Energy·Oil, Gas & Consumable Fuels

Kinder Morgan, Inc. engages in providing pipeline transportation of natural gas services. It operates through the following business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment operates major interstate and intrastate natural gas pipelines and storage systems. The Products Pipelines segment is involved in the operation of refined petroleum products, crude oil, and condensate pipelines. The Terminals segment includes the operation of liquids and bulk terminal facilities that store and handle various commodities. The CO2 segment produces, transports, and markets to oil fields that use CO2 as a flooding medium to increase recovery and production of crude oil from mature oil fields. The company was founded by Richard D. Kinder and William V. Morgan in February 1997 and is headquartered in Houston, TX.

Market cap
No dataNo data
Revenue
$16.9B+12.2% YoY
Net income
$3.1B+17.0% YoY
Free cash flow
$2.9B−3.8% YoY

Market

Listed stock
Tokenized stocks
KMIPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$16.9B+12.2% YoY
Operating income
$4.7B+7.8% YoY
Net income
$3.1B+17.0% YoY
Free cash flow
$2.9B−3.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $16.6B, 2022 $19.2B, 2023 $15.3B, 2024 $15.1B, 2025 $16.9B. Operating income: 2021 $2.9B, 2022 $4.1B, 2023 $4.3B, 2024 $4.4B, 2025 $4.7B. Net income: 2021 $1.8B, 2022 $2.5B, 2023 $2.4B, 2024 $2.6B, 2025 $3.1B. Free cash flow: 2021 $4.4B, 2022 $3.3B, 2023 $4.2B, 2024 $3B, 2025 $2.9B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
12.2%+1369 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $2.9B, 2022-12-31 $4.1B, 2023-12-31 $4.3B, 2024-12-31 $4.4B, 2025-12-31 $4.7B. Net income: 2021-12-31 $1.8B, 2022-12-31 $2.5B, 2023-12-31 $2.4B, 2024-12-31 $2.6B, 2025-12-31 $3.1B. Free cash flow: 2021-12-31 $4.4B, 2022-12-31 $3.3B, 2023-12-31 $4.2B, 2024-12-31 $3B, 2025-12-31 $2.9B

Growth heatmap

2022202320242025CAGR
Revenue
+15.6%
-20.1%
-1.5%
+12.2%
+0.5%
Gross profit
-1.7%
+26.0%
-3.2%
+14.4%
+8.2%
Operating income
+39.4%
+4.9%
+2.8%
+7.8%
+12.8%
Free cash flow
-24.4%
+24.7%
-28.0%
-3.8%
-10.1%

Earnings quality

Operating cash flow
$5.9B+5.0% YoY
Net income
$3.1B+17.0% YoY
Free cash flow
$2.9B−3.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 194%, 2024-12-31 216%, 2023-12-31 271%, 2022-12-31 195%, 2021-12-31 320%. Free cash flow: 2025-12-31 95%, 2024-12-31 115%, 2023-12-31 175%, 2022-12-31 131%, 2021-12-31 248%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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