Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Kinder Morgan delivered strong FY2025 results with revenue surging 12.2% to $16.9B and net income rising 17.0% to $3.1B, driven by robust natural gas pipeline volumes, though operating margin compressed slightly and leverage remains elevated at ~$30.8B in long-term debt.
Revenue
$16.94B
+12.17% YoY
EPS (Diluted)
$1.37
+17.09% YoY
Operating Income
$4.72B
+7.76% YoY
Source: SEC XBRL
Kinder Morgan (KMI) reported FY2025 revenue of $16.94B, up 12.2% year over year. Operating margin was 27.9%, down 1.1 points from 29.0% a year earlier. Operating cash flow was $5.92B, up 5.0% year over year.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.37 | 0.33 | Beat +13.0% |
| Mar 2026 | 0.48 | 0.40 | Beat +19.3% |
| Dec 2025This filing | 0.39 | 0.37 | Beat +5.6% |
| Sep 2025 | 0.29 | 0.29 | Miss -1.7% |
Reported EPS of $0.39 versus the $0.37 analyst consensus — a +5.6% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue increased 12.2% year-over-year from $15.1B to $16.9B in FY2025, reflecting stronger natural gas transportation demand and favorable commodity-linked contract repricing across Kinder Morgan's pipeline network.
Source: 10-K Income Statement, Financial Data
Net income grew 17.0% to $3.06B and basic EPS rose 17.1% to $1.37, outpacing revenue growth and suggesting improved cost discipline and/or favorable below-the-line items such as lower interest expense or tax benefits relative to the prior year.
Source: 10-K Income Statement, Financial Data
Operating cash flow increased 5.0% to $5.92B, comfortably funding $3.18B in investing activities (up 20.9% YoY), indicating Kinder Morgan is actively deploying capital into growth projects and infrastructure expansion.
Source: 10-K Cash Flow Statement, Financial Data
Operating margin declined approximately 110 basis points from 29.0% to 27.9%, suggesting that while revenues grew strongly, operating costs (including D&A of $2.45B, up 4.2%) rose at a faster pace, partially offsetting top-line gains.
Source: 10-K Income Statement & Key Ratios, Financial Data
Long-term debt rose 3.0% to $30.8B, with the debt-to-equity ratio at approximately 1.29x, reflecting Kinder Morgan's capital-intensive business model and continued investment in pipeline infrastructure, partially funded by incremental borrowings.
Source: 10-K Balance Sheet, Financial Data
Compiled by AI from this SEC filing · 1 high, 4 medium, 0 low
Kinder Morgan carries $30.8B in long-term debt against $31.2B in stockholders' equity (D/E ratio of ~1.29x), creating significant interest expense obligations. Any deterioration in operating cash flows or rising interest rates could pressure the company's ability to service debt and maintain its dividend.
Source: 10-K Balance Sheet, Financial Data
Current assets of $2.75B are well below current liabilities of $4.32B, resulting in a current ratio of only 0.64x. While common for pipeline MLPs and C-corps with strong operating cash flows, this negative working capital position means Kinder Morgan relies heavily on credit facilities and operating cash generation to meet near-term obligations.
Source: 10-K Balance Sheet, Financial Data
Operating margin declined from 29.0% to 27.9% in FY2025, suggesting cost inflation or mix shifts are outpacing revenue growth. Continued margin compression could reduce free cash flow available for debt reduction, dividends, and growth capital.
Source: 10-K Key Ratios, Financial Data
Investing cash outflows increased 20.9% to $3.18B in FY2025, reflecting aggressive infrastructure investment. Large capital projects carry execution, permitting, and cost overrun risks that could delay returns or impair asset values if projects underperform expectations.
Source: 10-K Cash Flow Statement, Financial Data
Cash and equivalents fell 28.4% to just $63M at year-end FY2025, an extremely thin cash buffer for a company of this size. This leaves Kinder Morgan highly dependent on revolving credit facilities and consistent operating cash flow to manage day-to-day liquidity needs.
Source: 10-K Balance Sheet, Financial Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 16.94 $B | 15.10 $B | +12.17% |
Operating Income $B | 4.72 $B | 4.38 $B | +7.76% |
Net Income $B | 3.06 $B | 2.61 $B | +16.95% |
EPS (Basic) $ | 1.37 $ | 1.17 $ | +17.09% |
EPS (Diluted) $ | 1.37 $ | 1.17 $ | +17.09% |
Answers draw on this SEC filing and the data on this page
KMI reported stronger Q2 FY2026 profitability, with revenue up 10.8% to $4.477B and net income attributable to Kinder Morgan up 21.3% to $867M, driven by higher product sales, growing natural-gas services activity, and favorable segment performance. Source: 10-Q Item 2 MD&A, pp.34-37.
Kinder Morgan delivered a strong Q1 FY2026 with revenue rising 13.8% YoY to $4.83B and net income surging 36.1% to $976M, driven by higher natural gas volumes and improved operating leverage.
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