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AI核心结论
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.
营业收入
$4.83B
同比 ++13.84%
每股收益（基本）
$0.44
同比 ++37.50%
营业利润
$1.44B
同比 ++26.11%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Kinder Morgan (KMI) Q1 FY2026 营收 $4.83B，同比增长 13.8%。 净利润 $976M，同比增长 36.1%，稀释每股收益 $0.44。
Total revenue increased 13.8% YoY from $4.24B to $4.83B in Q1 FY2026, reflecting stronger natural gas transportation and storage volumes amid elevated energy demand across KMI's pipeline network.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating margin improved approximately 290 basis points YoY from 27.0% to 29.9%, as revenue growth outpaced cost increases, demonstrating meaningful operating leverage in KMI's largely fee-based business model.
来源: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Net income jumped 36.1% YoY to $976M and diluted EPS rose 37.5% from $0.32 to $0.44, reflecting both operational improvement and relatively stable share count, signaling strong bottom-line execution.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow grew 28.3% YoY to $1.49B, well above net income, supported by $633M in D&A, indicating healthy cash generation capacity to fund dividends and capital expenditures.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Investing cash outflows declined 43.2% YoY from -$1.41B to -$803M, suggesting a lighter capital expenditure cycle in Q1 FY2026 compared to the prior year period, which may improve near-term free cash flow generation.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
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.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
KMI's current ratio stands at approximately 0.52, meaning current liabilities of $5.18B significantly exceed current assets of $2.71B. This structural liquidity gap is common for large pipeline operators relying on revolving credit facilities, but it represents a risk if credit markets tighten or short-term obligations accelerate unexpectedly.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Cash and equivalents declined 10% YoY to just $72M against a $73B asset base, leaving KMI with very limited liquid reserves. The company relies heavily on operating cash flows and credit facilities to meet near-term obligations, creating vulnerability in periods of operational disruption.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Although KMI operates primarily on fee-based contracts, a portion of revenues remains exposed to natural gas price fluctuations and throughput volumes. A significant decline in natural gas demand or prices could reduce shipper utilization and pressure revenues, as evidenced by the meaningful revenue swing of +$587M YoY tied to market conditions.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Financing cash flow swung from a positive $333M in Q1 FY2025 to a negative $617M in Q1 FY2026, a $950M reversal, likely reflecting debt repayments or reduced borrowings. While deleveraging is positive long-term, this shift reduces near-term cash availability and highlights reliance on operating cash flows to fund all capital needs.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.48，分析师一致预期 $0.40，超预期 +19.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.83B | $4.24B | +13.84% |
营业利润 | $1.44B | $1.15B | +26.11% |
净利润 | $976M | $717M | +36.12% |
每股收益（基本） | $0.44 | $0.32 | +37.50% |
每股收益（稀释） | $0.44 | $0.32 | +37.50% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $73.07B | $72.32B | +1.04% |
流动资产 | $2.71B | $2.58B | +4.96% |
总负债 | $40.49B | $40.39B | +0.24% |
流动负债 | $5.18B | $5.78B | -10.31% |
股东权益 | $31.32B | $30.61B | +2.34% |
现金及等价物 | $72M | $80M | -10.00% |
长期债务 | $29.87B | $29.96B | -0.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.49B | $1.16B | +28.31% |
投资活动现金流 | $-803M | $-1.41B | +43.21% |
筹资活动现金流 | $-617M | $333M | -285.29% |
折旧及摊销 | $633M | $610M | +3.77% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 29.9% | 27.0% | +2.91% |
净利率 | 20.2% | — | — |
净资产收益率 | 3.1% | — | — |
总资产收益率 | 1.3% | — | — |
流动比率 | $0.522 | — | — |
资产负债率 | $1.293 | — | — |
预计发布日期、分析师预期与关注要点
Oil & Gas Storage & Transportation 行业其他公司
KMI delivered a strong Q1 FY2026, with revenue growing 13.8% YoY to $4.83B and net income surging 36.1% to $976M. Diluted EPS came in at $0.44, up 37.5% from $0.32 in Q1 FY2025, reflecting robust natural gas demand and improved operating leverage.
KMI's revenue increased by approximately $587M YoY to $4.83B in Q1 FY2026, primarily driven by higher natural gas transportation and storage volumes across its pipeline network. The company's largely fee-based business model allowed it to capture this volume growth with strong margin expansion, pushing operating margin to 29.9%.
KMI's balance sheet shows $73.1B in total assets and $31.3B in stockholders' equity, but the company carries $29.87B in long-term debt and a current ratio of just 0.52, indicating reliance on credit facilities for near-term liquidity. Operating cash flow of $1.49B provides solid coverage for dividends and capital needs, though the high leverage remains a key risk to monitor.
Yes, KMI's free cash flow improved dramatically in Q1 FY2026, with operating cash flow of $1.49B and investing outflows of only $803M, implying approximately $688M in free cash flow compared to an estimated negative free cash flow in Q1 FY2025 when investing outflows were $1.41B. This improvement reflects both stronger earnings and a lighter capital expenditure cycle.
The most significant risks for KMI include its high long-term debt of $29.87B (debt-to-equity of 1.29), which increases sensitivity to interest rate changes, and a very low current ratio of 0.52, reflecting limited near-term liquidity. Additionally, minimal cash on hand of just $72M means KMI depends heavily on operating cash flows and credit facilities to meet obligations.