Energy
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.
Key risk: High Leverage and Long-Term Debt Load
KMI carries $29.87B in long-term debt against $31.32B in stockholders' equity, resulting in a debt-to-equity ratio of approximately 1.29. While debt levels are relatively stable YoY, the elevated leverage constrains financial flexibility and increases sensitivity to interest rate movements. Rising rates could meaningfully increase refinancing costs over time.
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