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Kinder Morgan (KMI) stock

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NYSE: KMI NYSE Oil & Gas Storage & Transportation Next results ~January 20, 2027

C+ Fundamentals grade

Kinder Morgan is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$11–$31 across our lower- and higher-growth cases (3.3%–13.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 39% below it.

Price used: $32.71, November 2, 2026

Kinder Morgan valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Kinder Morgan files

10-Q filed October 23: Kinder Morgan

Model value +7.6%

Revenue for the twelve months to September 2026 reached $18.3bn, up 11.7% on a year earlier. That pace eased from 12.5% a quarter earlier. Free-cash-flow margin held steady at 16.8%. Our model value climbs from $18.91 to $20.35 a share, still well short of the $34.43 share price. The rating stays Sell. At that price, the model implies the market expects cash flow to grow roughly 12.8% a year for five years. Set against the 2.0% a year revenue growth Kinder Morgan has actually delivered, that embedded expectation looks demanding.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Kinder Morgan stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18.0bn, up 12.5% on a year earlier, slower than 13.1% a quarter earlier. Free-cash-flow margin held at 17.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $22.47 a share, against a share price of $33.62. At that price, our model says the market is pricing in about 11.8% a year of cash-flow growth for five years, faster than the 1.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Kinder Morgan's trailing-twelve-month revenue grew 11.7% year on year, with a free-cash-flow margin of 16.8%.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$11–$31 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.8% while net income grew 32.1%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 29.0% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $32.71 is 39% above our value per share of $20.
  • High debt. Long-term debt exceeds cash by $30.4bn, more than 1.5 times annual revenue.
  • Gross margin slipping. Gross margin is down 9.1 points on a year ago.
  • Earnings expected to fall. The consensus expects earnings per share to fall 1% next year.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$0.35 against an average estimate of $0.33: beat by 6.2%
Revenue
$4.53bn, up 9.3% on a year earlier
Guidance given
net income attributable to KMI $3.1bn (2026); adjusted EPS $1.36 (2026)
Next report
October 21, 2026; average EPS estimate $0.38

Kinder Morgan's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$18.3B
Operating margin
29.0%
Net margin
19.6%
EPS (TTM, diluted)
$1.62

Growth

Revenue growth
+11.7%
Change in growth rate
−0.7 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$3.1B
FCF margin
16.8%

Earnings

Last results
October 21, 2026
Next results (est.)
January 20, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kinder Morgan valuation models and calculator

What the price is pricing in

The share price implies about 12.2% a year of cash-flow growth for five years.That is faster than the 2.0% a year revenue growth Kinder Morgan has delivered.

  • Priced in12.2%
  • Last 12 months11.7%
  • 3 years a year4.9%
  • 5 years a year2.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($32.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$20
Price used
$32.82close November 3, 2026
Implied change
▼ 39%
Uncertainty
High

How we got here: a discounted-cash-flow model of Kinder Morgan's free cash flow after stock-based pay with after-tax interest added back ($3.6B, FY2026 Q3 TTM), growing 3.1% and 5.6% in the next two years (forecasts, guidance and its record), then back to 8.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$31 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Kinder Morgan's free cash flow after stock-based pay ( $3.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Kinder Morgan as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$11–$31 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$19–$26 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$16 ~$12–$21 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$15–$19 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$16–$22 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kinder Morgan with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −39%
  • Revenue growth 5 points higher ▲ +51%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +0%
  • Discount rate 1 point higher ▼ −25%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $8$17$28$42$61$86
8.5% $3$9$17$27$41$58
10% —$4$10$18$29$42

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$32.71
Market value$72.8bn
+ Net debt (− = net cash)$32.2bn
Enterprise value$104.9bn
Multiples
Price / sales 4.0x
Price / earnings 20.2x
Price / free cash flow 23.6x
EV / EBITDA 13.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Kinder Morgan's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.1% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 68.7%, moving by 9.7 percentage points (standard deviation) across 5 years.

  • Durability 19 / 20

    Operating margin has been a median 26.9%; its worst year was 19.3%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 17.4% of revenue.

  • Discipline 12 / 20

    The diluted share count fell 1.8% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.56 +20% $18.4bn +9%
Next $1.55 −1% $18.5bn +1%

Next year's EPS estimate has moved +0.7% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 5 analysts raised Kinder Morgan's forecast and 0 cut it.

Consensus EPS forecast Kinder Morgan, last 90 days
$1.53 $1.54 $1.55 $1.56 $1.57 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.56 Current fiscal year, 60 days ago: $1.55 Current fiscal year, 30 days ago: $1.56 Current fiscal year, 7 days ago: $1.56 Current fiscal year, Now: $1.56 $1.56 Next fiscal year, 90 days ago: $1.53 Next fiscal year, 60 days ago: $1.54 Next fiscal year, 30 days ago: $1.54 Next fiscal year, 7 days ago: $1.55 Next fiscal year, Now: $1.55 $1.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.56$1.53
60 days ago $1.55$1.54
30 days ago $1.56$1.54
7 days ago $1.56$1.55
Now $1.56$1.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.33 $0.35 +6.2%
Jun 2026 $0.31 $0.37 +18.3%
Mar 2026 $0.39 $0.48 +22.1%
Dec 2025 $0.37 $0.39 +6.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Adjusted EPS 2026 about $1.36 Non-GAAP Maintained vs about 1.36
    “For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times.” source
  • Adjusted EPS, favorable to budget the year about 13% growth Non-GAAP
    “KMI currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the year.” source
  • net income attributable to KMI 2026 about $3.1bn Maintained vs about 3.1bn
    “For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times.” source
  • Adjusted EBITDA 2026 about $8.6bn Non-GAAP Maintained vs about 8.6bn
    “For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times.” source
  • year-end Net Debt-to-Adjusted EBITDA ratio (budget) 2026 about 3.8 Non-GAAP Raised vs about 3.6
    “For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times.” source
  • Adjusted EBITDA, favorable to budget the year about 6% growth Non-GAAP
    “KMI currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the year.” source
Show 1 more item
  • year-end Net Debt-to-Adjusted EBITDA ratio (current expectation) the year about 3.6 Non-GAAP Maintained vs about 3.6
    “KMI also expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, which is 0.2 times favorable to KMI's budget.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Kinder Morgan's revenue by +3.1% next year and +5.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.8%, weight 70%) and the company's own record (+8.3%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1354%
Hold1146%
Sell00%

Monthly trend

  1. Oct 20262111124
  2. Sep 20262101325
  3. Aug 2026291223
  4. Jul 2026291223

Counts of recommendations published by analysts covering Kinder Morgan, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
3.46
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
12.7%
of shares
Employees
11,028
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Kinder Morgan’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.09× the last 60 days’ realised volatility , richer than 32% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

KMI Kinder Morgan Grade C+ $32.94

Own 100 shares, sell the $36.00 call expiring December 18, 2026 (46 days) for $0.22 a share — $22.00 per contract.

Previous session · Bid $0.22, ask $0.27, quoted Mon 2 Nov, 17:27 New York time with KMI at $32.94. Option prices move with the shares: check the live chain at your broker before trading.

  • If KMI ends below $36.00: you keep your shares and the $22.00 — 0.7% extra on the position, 5.3% a year at that pace.
  • If it ends above $36.00: your shares are sold at $36.00, a total return of 10.0% including the premium — at or above our value of ~$20.
$328 $0 −$654 Break-even $32.72 Price $32.94 ← Our value ~$20
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$22.00
Annualised
5.3%
Break-even
$32.72
Max gain
$328.5
Chance of selling
~20%

Collar

Own the shares, buy the $31.00 put and sell the $36.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.30 a share ($30.00 per contract of 100 shares).
  • Worst case at expiry: -6.8%, if the shares fall below $31.00 (-5.9% from today).
  • Best case at expiry: +8.4%, if the shares rise above $36.00 (+9.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $20.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Kinder Morgan in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kinder Morgan
$15B $16B $17B $18B $19B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $15.3B Revenue (TTM), FY24 Q1: $15.3B Revenue (TTM), FY24 Q2: $15.4B Revenue (TTM), FY24 Q3: $15.2B Revenue (TTM), FY24 Q4: $15.1B Revenue (TTM), FY25 Q1: $15.5B Revenue (TTM), FY25 Q2: $16B Revenue (TTM), FY25 Q3: $16.4B Revenue (TTM), FY25 Q4: $16.9B Revenue (TTM), FY26 Q1: $17.5B Revenue (TTM), FY26 Q2: $18B Revenue (TTM), FY26 Q3: $18.3B $18.3B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $15.3B
FY24 Q1 $15.3B
FY24 Q2 $15.4B
FY24 Q3 $15.2B
FY24 Q4 $15.1B
FY25 Q1 $15.5B
FY25 Q2 $16B
FY25 Q3 $16.4B
FY25 Q4 $16.9B
FY26 Q1 $17.5B
FY26 Q2 $18B
FY26 Q3 $18.3B
Revenue growth, TTM YoY Kinder Morgan
-30% -20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -20.1% Revenue growth, TTM YoY, FY24 Q1: -18.7% Revenue growth, TTM YoY, FY24 Q2: -10.4% Revenue growth, TTM YoY, FY24 Q3: -4.6% Revenue growth, TTM YoY, FY24 Q4: -1.5% Revenue growth, TTM YoY, FY25 Q1: 1.4% Revenue growth, TTM YoY, FY25 Q2: 4.0% Revenue growth, TTM YoY, FY25 Q3: 8.3% Revenue growth, TTM YoY, FY25 Q4: 12.2% Revenue growth, TTM YoY, FY26 Q1: 13.1% Revenue growth, TTM YoY, FY26 Q2: 12.5% Revenue growth, TTM YoY, FY26 Q3: 11.7% 11.7%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -20.1%
FY24 Q1 -18.7%
FY24 Q2 -10.4%
FY24 Q3 -4.6%
FY24 Q4 -1.5%
FY25 Q1 1.4%
FY25 Q2 4.0%
FY25 Q3 8.3%
FY25 Q4 12.2%
FY26 Q1 13.1%
FY26 Q2 12.5%
FY26 Q3 11.7%
Operating margin (TTM) Kinder Morgan
27% 27.5% 28% 28.5% 29% 29.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 27.8% Operating margin (TTM), FY24 Q1: 28.1% Operating margin (TTM), FY24 Q2: 28.0% Operating margin (TTM), FY24 Q3: 28.9% Operating margin (TTM), FY24 Q4: 29.0% Operating margin (TTM), FY25 Q1: 27.8% Operating margin (TTM), FY25 Q2: 27.7% Operating margin (TTM), FY25 Q3: 27.2% Operating margin (TTM), FY25 Q4: 27.9% Operating margin (TTM), FY26 Q1: 28.7% Operating margin (TTM), FY26 Q2: 29.0% Operating margin (TTM), FY26 Q3: 29.0% 29.0%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 27.8%
FY24 Q1 28.1%
FY24 Q2 28.0%
FY24 Q3 28.9%
FY24 Q4 29.0%
FY25 Q1 27.8%
FY25 Q2 27.7%
FY25 Q3 27.2%
FY25 Q4 27.9%
FY26 Q1 28.7%
FY26 Q2 29.0%
FY26 Q3 29.0%
FCF margin (TTM) Kinder Morgan
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 27.2% FCF margin (TTM), FY24 Q1: 25.6% FCF margin (TTM), FY24 Q2: 26.1% FCF margin (TTM), FY24 Q3: 26.2% FCF margin (TTM), FY24 Q4: 19.9% FCF margin (TTM), FY25 Q1: 18.3% FCF margin (TTM), FY25 Q2: 17.1% FCF margin (TTM), FY25 Q3: 16.8% FCF margin (TTM), FY25 Q4: 17.1% FCF margin (TTM), FY26 Q1: 18.2% FCF margin (TTM), FY26 Q2: 17.6% FCF margin (TTM), FY26 Q3: 16.8% 16.8%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 27.2%
FY24 Q1 25.6%
FY24 Q2 26.1%
FY24 Q3 26.2%
FY24 Q4 19.9%
FY25 Q1 18.3%
FY25 Q2 17.1%
FY25 Q3 16.8%
FY25 Q4 17.1%
FY26 Q1 18.2%
FY26 Q2 17.6%
FY26 Q3 16.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Kinder Morgan took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $16.9B
  2. Selling, general and admin $744M · 4.4%
  3. Other operating costs $11.5B · 67.7%
  4. Operating income $4.7B · 27.9%
  5. Income tax $832M · 4.9%
  6. Interest and other $836M · 4.9%
  7. Net income $3.1B · 18.0%

Shares of revenue. Source: Kinder Morgan's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 7.2 7.9 7.9 10.0 14.1 16.2 14.4 13.1 13.7 14.1 13.2 11.7 16.6 19.2 15.3 15.1 16.9 18.3
Gross profit — — 4.7 6.9 8.8 — — 9.6 9.4 9.7 9.9 9.2 10.1 9.9 — — — —
EBITDA 2.5 2.2 2.5 4.0 5.8 6.5 4.8 5.7 5.8 6.1 7.3 3.7 5.1 6.3 6.5 6.7 7.2 7.8
Operating income 1.4 1.1 1.4 2.6 4.0 4.4 2.4 3.5 3.5 3.8 4.9 1.6 2.9 4.1 4.3 4.4 4.7 5.3
Net income 0.5 −0.0 0.6 0.3 1.2 1.0 0.3 0.7 0.2 1.6 2.2 0.1 1.8 2.5 2.4 2.6 3.1 3.6
Diluted EPS — — — — $0.57 $0.45 $0.10 $0.25 $0.01 $0.66 $0.96 $0.05 $0.78 $1.12 $1.06 $1.17 $1.37 $1.62
Growth (year on year)
Revenue — +9.3% +1.2% +25.6% +41.1% +15.3% −11.2% −9.3% +5.0% +3.2% −6.6% −11.4% +42.0% +15.6% −20.1% −1.5% +12.2% +11.7%
EBITDA — −11.6% +13.8% +61.1% +44.5% +11.9% −26.7% +20.8% +0.7% +5.2% +19.6% −48.9% +35.6% +23.8% +4.2% +3.5% +6.5% +13.2%
Operating income — −19.5% +25.6% +82.2% +53.9% +11.5% −45.0% +44.6% −0.3% +7.5% +28.4% −68.0% +86.9% +39.4% +4.9% +2.8% +7.8% +18.9%
Net income — −108.3% — −47.0% +278.7% −14.0% −75.3% — −74.2% — +36.1% −94.6% — +42.8% −6.2% +9.3% +17.0% +32.1%
Diluted EPS — — — — — −22.6% −77.5% — −96.0% — +45.5% −94.8% — +43.6% −5.4% +10.4% +17.1% +31.9%
Margins
Gross margin — — 58.7% 69.3% 62.7% — — 73.7% 68.3% 68.7% 75.3% 78.2% 60.9% 51.8% — — — —
EBITDA margin 34.5% 27.9% 31.4% 40.2% 41.2% 40.0% 33.0% 44.0% 42.2% 43.1% 55.1% 31.8% 30.4% 32.6% 42.5% 44.6% 42.4% 42.6%
Operating margin 19.6% 14.4% 17.9% 26.0% 28.4% 27.4% 17.0% 27.1% 25.7% 26.8% 36.9% 13.3% 17.6% 21.2% 27.8% 29.0% 27.9% 29.0%
Net margin 6.9% −0.5% 7.5% 3.2% 8.5% 6.3% 1.8% 5.4% 1.3% 11.4% 16.6% 1.0% 10.7% 13.3% 15.6% 17.3% 18.0% 19.6%
Free-cash-flow margin 3.5% 11.6% 14.7% 7.9% 5.4% 5.2% 9.8% 14.4% 10.3% 15.1% 18.8% 24.3% 26.7% 17.4% 27.2% 19.9% 17.1% 16.8%
Cash flow
Cash from operations 1.6 1.9 2.4 2.8 4.1 4.5 5.3 4.8 4.6 5.0 4.7 4.6 5.7 5.0 6.5 5.6 5.9 6.7
Capital spending 1.3 1.0 1.2 2.0 3.4 3.6 3.9 2.9 3.2 2.9 2.3 1.7 1.3 1.6 2.3 2.6 3.0 3.7
Free cash flow 0.3 0.9 1.2 0.8 0.8 0.9 1.4 1.9 1.4 2.1 2.5 2.8 4.4 3.3 4.2 3.0 2.9 3.1
Stock-based pay — 0.0 0.0 0.1 0.0 0.0 — — — — — — — — — — — —
Free cash flow after stock pay — 0.9 1.2 0.7 0.8 0.9 — — — — — — — — — — — —
Balance sheet
Cash 0.2 0.5 0.4 0.7 0.6 0.3 0.2 0.7 0.3 3.3 0.2 1.2 1.1 0.7 0.1 0.1 0.1 0.9
Total debt 0.0 14.6 17.3 34.4 36.2 43.0 43.4 40.1 37.8 37.3 34.4 34.7 33.3 31.8 32.1 31.9 32.0 33.1
Net debt (negative = net cash) −0.2 14.1 16.8 33.7 35.6 42.6 43.2 39.4 37.6 34.0 34.2 33.5 32.2 31.0 32.0 31.8 31.9 32.2
Diluted shares — — — — 2,072m 2,274m 2,193m 2,230m 2,230m 2,216m 2,264m 2,263m 2,266m 2,258m 2,234m 2,220m 2,223m 2,225m
Returned to shareholders
Dividends — 0.7 0.8 1.2 1.6 1.8 4.2 1.1 1.1 1.6 2.2 2.4 2.4 2.5 2.5 2.6 2.6 2.6
Buybacks — — — — 0.2 0.1 — 0.0 0.3 0.3 0.0 0.1 0.0 0.4 0.5 0.0 0.0 —
Total returned — 0.7 0.8 1.2 1.8 1.9 4.2 1.1 1.4 1.9 2.2 2.4 2.4 2.9 3.1 2.6 2.6 2.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $75.4bn
Short-term assets $3.5bnLonger-term assets $71.9bn
What it owes, and who funded it · $74.2bn
Short-term liabilities $5.2bnLonger-term liabilities $37.4bnShareholders' equity $31.6bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $5.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.5bn short-term assets against $37.4bn of longer-dated liabilities.
  • More cash than debt $918m of cash against $33.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 105% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 94% to 105% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.7bn of operating cash flow against $33.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Kinder Morgan's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$2.6B
Returned to shareholders
90%
of free cash flow
Buybacks, last 3 fiscal years
$529M
Diluted share count
+0.1%
year over year
Total shareholder yield
3.6%
dividends 3.6% + buybacks 0.0% of market value
Dividend payout ratio
73%
of net income paid out

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated KMI TRGP LNG MPLX WMB CQP Median
Revenue, last 12 months $18.3bn $16.7bn $23.2bn $13.2bn $12.5bn $11.7bn $2.0bn
Revenue growth, last 12 months 11.7% −2.0% 22.5% 8.7% 8.8% 13.2% 8.8%
Revenue growth, 3-year average 4.9% −2.1% −2.0% 4.9% 4.2% −0.1% 4.0%
Revenue growth, latest quarter 9.3% 4.2% 39.0% 10.3% 10.3% 7.1% 10.7%
Gross margin 51.8% 43.2% 42.6% — — 47.3% 42.6%
Operating margin 29.0% 22.9% 28.1% 44.4% 37.5% 34.2% 27.3%
Operating margin, 3-year average 28.4% 18.4% 35.9% 44.0% 35.4% 34.6% 20.8%
Net margin 19.6% 13.5% 13.1% 35.7% 25.0% 28.1% 13.1%
Cash from operations / revenue 36.7% 25.6% 30.9% 45.2% 48.5% 29.5% 29.5%
Free-cash-flow margin 16.8% 4.4% 16.3% 25.2% −12.6% 24.8% 11.8%
Free-cash-flow margin, 3-year average 19.9% 3.2% 15.8% 35.0% 10.9% 27.1% 8.8%
Stock pay / revenue — 0.5% 0.8% 0.2% 0.7% — 0.5%
Change in share count 0.1% −1.5% −5.6% — 0.4% 11.7% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 11.7% 8.8% 13 of 29
Change in growth rate Growth -0.7pp +0.5pp 17 of 29
Operating margin Profitability 29.0% 28.1% 13 of 27
Net margin Profitability 19.6% 13.1% 12 of 29
Free-cash-flow margin Cash generation 16.8% 13.6% 10 of 28
Long-term debt as % of assets Balance sheet 41.6% 46.2% 12 of 26
Change in share count Balance sheet 0.1% 0.2% 9 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Natural Gas Pipelines $11B 64.9% ▲ 23.1%
Products Pipelines $2.7B 15.9% ▼ 9.1%
Terminals $2.1B 12.4% ▲ 4.0%
Co2 $1.2B 6.9% ▼ 2.9%
Products and services
Line of business Revenue YoY
Oil and Gas Service $9.5B ▲ 6.4%
Services $8.1B ▲ 6.7%
Products $7.3B ▲ 21.8%
Firm Services $5.3B ▲ 7.8%
Natural Gas Sales $3.9B ▲ 68.8%
Product Other Than Natural Gas $3.1B ▼ 12.1%
Feebasedservices $2.7B ▲ 4.7%
Other $192M ▼ 15.4%
Other Commodity $129M ▲ 25.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $16.9B 99.9% ▲ 12.4%
Mexico $11M 0.1% ▼ 74.4%

From Kinder Morgan's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$49.4B
Institutions reporting
1,808
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
112 / 117

Top buyers and sellers, Q2 2026: 870 institutions bought and 772 sold ; the biggest buyer was Ontario Teachers Pension Plan Board (+7.5M shares) and the biggest seller Two Sigma Investments, LP (−5.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.6B 175.8M 11.4% ▲ 1.1%
State Street Corp $4.2B 130.9M 8.5% ▲ 4.3%
Vanguard Capital Management LLC $4B 125.6M 8.1% ▲ 0.5%
Vanguard Portfolio Management LLC $2.2B 67.9M 4.4% ▲ 0.8%
Bank Of America Corp $2B 61.5M 4.0% ▼ 0.9%
Geode Capital Management, LLC $1.8B 55.7M 3.6% ▲ 1.4%
Norges Bank $1.2B 37.6M 2.4% —
Jpmorgan Chase & Co $1B 32.4M 2.1% ▲ 4.7%
Morgan Stanley $974M 30.5M 2.0% ▲ 0.7%
Charles Schwab Investment Management Inc $952M 29.8M 1.9% ▼ 2.0%
Blackstone Inc. $833M 26.1M 1.7% ▲ 24.3%
Goldman Sachs Group Inc $822M 25.7M 1.7% ▲ 14.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kinder Morgan's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $89,236 1 trade by 1 insider, last 12 months Insider sales History → $3M 19 trades by 4 insiders · 91% under pre-set plans
Net ▼ $2.9M net selling
Insider Date Trade Shares Price Value
Garthwaite Michael P. VP (Pres., Products Pipelines) October 16, 2026 Sell pre-set plan 1,550 $33.65 $52,153
Garthwaite Michael P. VP (Pres., Products Pipelines) September 16, 2026 Sell pre-set plan 1,550 $30.80 $47,745
Garthwaite Michael P. VP (Pres., Products Pipelines) August 17, 2026 Sell pre-set plan 1,550 $32.65 $50,612
Garthwaite Michael P. VP (Pres., Products Pipelines) July 16, 2026 Sell pre-set plan 1,550 $32.52 $50,400
Schlosser John W V.P. (President, Terminals) July 6, 2026 Sell pre-set plan 6,166 $31.90 $196,720
Garthwaite Michael P. VP (Pres., Products Pipelines) June 16, 2026 Sell pre-set plan 1,550 $31.44 $48,727
Schlosser John W V.P. (President, Terminals) June 5, 2026 Sell pre-set plan 6,166 $31.83 $196,264
Garthwaite Michael P. VP (Pres., Products Pipelines) May 18, 2026 Sell pre-set plan 1,550 $33.65 $52,151
Schlosser John W V.P. (President, Terminals) May 5, 2026 Sell pre-set plan 6,166 $32.41 $199,840
Garthwaite Michael P. VP (Pres., Products Pipelines) April 16, 2026 Sell pre-set plan 1,550 $31.72 $49,168
Schlosser John W V.P. (President, Terminals) April 6, 2026 Sell pre-set plan 6,166 $32.93 $203,071
Garthwaite Michael P. VP (Pres., Products Pipelines) March 16, 2026 Sell pre-set plan 1,550 $33.30 $51,609

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 59 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 1 sale of Kinder Morgan shares.

  • Rick W. Allen(R-GA 12):Purchase, $1,001 - $15,000, traded February 19, 2026, filed March 11, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 21, 2026
  • October 22, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on Kinder Morgan was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kinder Morgan in brief

What does Kinder Morgan do?
Kinder Morgan is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Kinder Morgan's stock ticker?
Kinder Morgan trades under the ticker KMI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kinder Morgan's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kinder Morgan reported revenue of $18.3B, 11.7% higher than a year earlier, according to its SEC filings.
What is Kinder Morgan's free cash flow?
Kinder Morgan's free-cash-flow margin is 16.8% of revenue over the trailing twelve months, ranking 10 of the 28 oil & gas storage & transportation companies we cover.
What is Kinder Morgan's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Kinder Morgan's free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$11–$31 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Kinder Morgan's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Kinder Morgan buying back stock, and does it pay a dividend?
Kinder Morgan spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Kinder Morgan's market cap?
On November 2, 2026, Kinder Morgan's market capitalisation was about $72.8B, with a price-to-earnings ratio of 20.2 and net debt of $32.2B. Market figures come from third-party market data and may be delayed.
Does Kinder Morgan pay a dividend?
Yes: Kinder Morgan paid $2.6B in dividends over the trailing twelve months, a dividend yield of 3.62% and a payout ratio of 73.2%.
How much debt does Kinder Morgan have?
Kinder Morgan's debt-to-equity ratio is 104.7%, from its latest balance sheet (93.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Kinder Morgan's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Kinder Morgan are Targa Resources, Cheniere Energy, Inc., Mplx LP, Williams Companies and Cheniere Energy Partners, L.p. The side-by-side comparison below sets their revenue, margins and growth against Kinder Morgan's.
Are insiders buying or selling Kinder Morgan stock?
Over the last 12 months, Kinder Morgan's directors and officers reported 1 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Kinder Morgan's next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Kinder Morgan announces its own schedule.