Revenue growth has accelerated to 13.5% as of 2026Q1, though gross margins remain volatile, fluctuating between 32.7% and 67.9% over the past ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 17.52B | 16.95B | 15.07B | 15.16B | 19.55B | 17.53B | 11.48B | 13.16B | 14.28B | 13.62B | 12.94B | 13.92B | 16.18B | 14.09B | 10B | 8.33B | 8.21B | 7.16B |
| Revenue Growth % | 13.1% | 12.45% | -0.55% | -22.49% | 11.53% | 52.74% | -12.77% | -7.82% | 4.85% | 5.21% | -7.01% | -13.96% | 14.81% | 40.93% | 20.03% | 1.49% | 14.63% | - |
| Cost of Goods Sold | 9.3B | 9.55B | 9.54B | 10.02B | 14.05B | 11.17B | 7.2B | 8.26B | 9.26B | 9.09B | 8B | 8.74B | 10.48B | 9.17B | 6.2B | 6.04B | 6.12B | 5.29B |
| COGS % of Revenue | - | 56.34% | 63.33% | 66.13% | 71.85% | 63.7% | 62.68% | 62.79% | 64.88% | 66.77% | 61.78% | 62.83% | 64.78% | 65.09% | 61.96% | 72.45% | 74.53% | 73.95% |
| Gross Profit | 8.23B | 7.4B | 5.53B | 5.13B | 5.5B | 6.37B | 4.28B | 4.9B | 5.01B | 4.53B | 4.95B | 5.17B | 5.7B | 4.92B | 3.8B | 2.29B | 2.09B | 1.86B |
| Gross Margin % | 46.95% | 43.66% | 36.67% | 33.87% | 28.15% | 36.3% | 37.32% | 37.21% | 35.12% | 33.23% | 38.22% | 37.17% | 35.22% | 34.91% | 38.04% | 27.55% | 25.47% | 26.05% |
| Gross Profit Growth % | - | 33.88% | 7.67% | -6.72% | -13.53% | 48.58% | -12.52% | -2.33% | 10.81% | -8.53% | -4.39% | -9.2% | 15.84% | 29.35% | 65.74% | 9.77% | 12.08% | - |
| Operating Expenses | 3.21B | 2.59B | 1.15B | 1.09B | 1.08B | 1.08B | 1.04B | 1.02B | 946M | 1.09B | 1.09B | 1.13B | 1.03B | 1.01B | 1.22B | 745.3M | 802.5M | 510M |
| OpEx % of Revenue | - | 15.27% | 7.6% | 7.19% | 5.51% | 6.17% | 9.03% | 7.72% | 6.63% | 7.98% | 8.42% | 8.11% | 6.35% | 7.15% | 12.15% | 8.95% | 9.78% | 7.12% |
| Selling, General & Admin | 1.05B | 936M | 712M | 668M | 637M | 655M | 648M | 590M | 601M | 688M | 669M | 690M | 610M | 613M | 929M | 560.8M | 631.1M | 373M |
| SG&A % of Revenue | - | 5.52% | 4.72% | 4.41% | 3.26% | 3.74% | 5.65% | 4.48% | 4.21% | 5.05% | 5.17% | 4.96% | 3.77% | 4.35% | 9.29% | 6.73% | 7.69% | 5.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 1.65B | 433M | 421M | 441M | 426M | 389M | 426M | 345M | 398M | 421M | 439M | 418M | 395M | 286M | 230.3M | 171.4M | 137M |
| Operating Income | 5.01B | 4.81B | 4.38B | 4.04B | 4.43B | 5.28B | 3.25B | 3.88B | 4.07B | 3.44B | 3.86B | 4.04B | 4.67B | 3.91B | 2.59B | 1.55B | 1.29B | 1.35B |
| Operating Margin % | 28.61% | 28.39% | 29.08% | 26.69% | 22.63% | 30.14% | 28.29% | 29.49% | 28.49% | 25.26% | 29.8% | 29.06% | 28.87% | 27.76% | 25.89% | 18.6% | 15.69% | 18.92% |
| Operating Income Growth % | - | 9.79% | 8.36% | -8.61% | -16.24% | 62.73% | -16.34% | -4.6% | 18.29% | -10.84% | -4.65% | -13.38% | 19.41% | 51.12% | 67.05% | 20.31% | -4.96% | - |
| EBITDA | 7.49B | 7.26B | 6.74B | 6.29B | 6.61B | 7.42B | 5.41B | 6.29B | 6.37B | 5.7B | 6.07B | 6.35B | 6.71B | 5.72B | 4.01B | 2.64B | 2.37B | 2.43B |
| EBITDA Margin % | 42.74% | 42.86% | 44.7% | 41.53% | 33.81% | 42.31% | 47.14% | 47.81% | 44.58% | 41.86% | 46.87% | 45.65% | 41.48% | 40.57% | 40.15% | 31.71% | 28.83% | 33.87% |
| EBITDA Growth % | 9.99% | 7.84% | 7.02% | -4.79% | -10.88% | 37.11% | -14% | -1.15% | 11.67% | -6.03% | -4.53% | -5.31% | 17.37% | 42.43% | 51.98% | 11.6% | -2.42% | - |
| D&A (Non-Cash Add-back) | 2.48B | 2.45B | 2.35B | 2.25B | 2.19B | 2.13B | 2.16B | 2.41B | 2.3B | 2.26B | 2.21B | 2.31B | 2.04B | 1.81B | 1.43B | 1.09B | 1.08B | 1.07B |
| EBIT | 5.09B | 5.03B | 5.27B | 5B | 4.84B | 3.71B | 2.25B | 4.95B | 4.41B | 3.99B | 3.53B | 2.8B | 4.9B | 5.13B | 2.77B | 1.72B | 1.14B | 1.69B |
| Net Interest Income | -1.78B | -1.8B | -1.87B | -1.8B | -1.51B | -1.5B | -1.59B | -1.79B | -1.9B | -1.83B | -1.89B | -2.02B | -1.8B | -1.68B | -1.4B | -680.3M | -644.9M | -573.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 9M | 15M | 28M | 23M | 23.4M | 16.1M |
| Interest Expense | 1.78B | 1.8B | 1.87B | 1.8B | 1.51B | 1.5B | 1.59B | 1.79B | 1.9B | 1.83B | 1.89B | 2.03B | 1.81B | 1.69B | 1.43B | 703.3M | 668.3M | 589.5M |
| Other Income/Expense | -662M | -820M | -976M | -844M | -1.09B | -3.06B | -2.59B | -716M | -1.56B | -1.28B | -2.22B | -3.27B | -1.58B | -473M | -1.25B | -534.2M | -819.8M | -255.5M |
| Pretax Income | 4.35B | 3.99B | 3.41B | 3.2B | 3.33B | 2.22B | 661M | 3.17B | 2.51B | 2.16B | 1.64B | 772M | 3.09B | 3.44B | 1.34B | 1.01B | 467.9M | 1.1B |
| Pretax Margin % | 24.83% | 23.55% | 22.6% | 21.12% | 17.06% | 12.66% | 5.76% | 24.05% | 17.55% | 15.87% | 12.66% | 5.55% | 19.11% | 24.4% | 13.43% | 12.19% | 5.7% | 15.35% |
| Income Tax | 933M | 832M | 687M | 715M | 710M | 369M | 481M | 926M | 587M | 1.94B | 917M | 564M | 648M | 742M | 210M | 362.8M | 167.6M | 326.6M |
| Effective Tax Rate % | 21.44% | 20.84% | 20.16% | 22.34% | 21.29% | 16.63% | 72.77% | 29.26% | 23.42% | 89.68% | 55.98% | 73.06% | 20.96% | 21.58% | 15.64% | 35.74% | 35.82% | 29.71% |
| Net Income | 3.31B | 3.06B | 2.61B | 2.39B | 2.55B | 1.78B | 119M | 2.19B | 1.61B | 183M | 708M | 253M | 1.03B | 1.19B | 315M | 523.8M | -41.3M | 495M |
| Net Margin % | 18.92% | 18.03% | 17.34% | 15.78% | 13.03% | 10.18% | 1.04% | 16.64% | 11.27% | 1.34% | 5.47% | 1.82% | 6.34% | 8.47% | 3.15% | 6.29% | -0.5% | 6.91% |
| Net Income Growth % | 28.29% | 16.95% | 9.28% | -6.16% | 42.83% | 1399.16% | -94.57% | 36.11% | 779.24% | -74.15% | 179.84% | -75.34% | -14% | 278.73% | -39.86% | 1368.28% | -108.34% | - |
| Net Income (Continuing) | 3.42B | 3.16B | 2.72B | 2.49B | 2.63B | 1.85B | 180M | 2.24B | 1.92B | 223M | 721M | 208M | 2.44B | 2.7B | 1.2B | 652.2M | 300.3M | 773.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -203.2M | 0 | 300K |
| Minority Interest | 1.26B | 1.29B | 1.34B | 1.42B | 1.37B | 1.1B | 1.13B | 1.15B | 1.52B | 1.49B | 371M | 284M | 350M | 15.19B | 10.23B | 5.25B | 5.1B | 4.67B |
| EPS (Diluted) | 1.49 | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 | 0.05 | 0.96 | 0.66 | 0.01 | 0.25 | 0.14 | 0.90 | 1.15 | 0.49 | 0.74 | -0.03 | 0.38 |
| EPS Growth % | 28.45% | 17.09% | 10.38% | -5.36% | 43.59% | 1566.67% | -95.13% | 45.45% | 6500% | -96% | 78.57% | -84.44% | -21.74% | 134.69% | -33.78% | 2434.38% | -108.34% | - |
| EPS (Basic) | - | 1.37 | 1.17 | 1.06 | 1.12 | 0.78 | 0.05 | 0.96 | 0.66 | 0.01 | 0.25 | 0.14 | 0.89 | 1.15 | 0.49 | 0.74 | -0.06 | 0.70 |
| Diluted Shares Outstanding | 2.23B | 2.23B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | 2.22B | 2.23B | 2.23B | 2.19B | 1.14B | 1.04B | 1.35B | 708M | 1.3B | 1.3B |
| Basic Shares Outstanding | 2.23B | 2.23B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | 2.22B | 2.23B | 2.23B | 2.19B | 1.14B | 1.04B | 907M | 707M | 707M | 707M |
| Dividend Payout Ratio | - | 85.21% | 97.86% | 105.77% | 98.27% | 136.94% | 1984.87% | 98.77% | 100.56% | 612.02% | 157.91% | 1669.57% | 171.54% | 135.96% | 375.87% | 146.93% | - | 131.31% |
Regulatory and Permitting Hurdles
As reported in recent financial filings, KMI has demonstrated a notable acceleration in top-line performance, with revenue growth reaching 13.5% in 2026Q1, marking a sustained upward trend from the 12.8% growth observed in 2025Q3 and contrasting sharply with the contraction seen in late 2023.
The recent revenue expansion appears to be driven by increased throughput demand and favorable re-contracting spreads across the company's extensive natural gas pipeline network. Investors should monitor whether this growth trajectory can be maintained as the company navigates potential capacity constraints and evolving energy export requirements.
Based on the provided income statement data, KMI's gross margin has exhibited significant fluctuations, ranging from a low of 32.7% in 2025Q3 to a peak of 67.9% in 2025Q4, suggesting that operational costs remain sensitive to seasonal and segment-specific throughput variations.
While the 49.0% gross margin reported in 2026Q1 indicates a recovery from mid-2025 lows, the inconsistency in these figures suggests that the company's cost structure is not as inelastic as the fee-based contract model might imply. Analysts should investigate whether these swings are attributable to one-time maintenance events or underlying shifts in the cost of service.
According to the latest quarterly results, KMI has maintained an operating margin of approximately 29.9%, indicating that the company is successfully scaling its operating income in tandem with revenue growth despite the capital-intensive nature of its 83,000-mile pipeline network.
The ability to keep operating margins relatively stable while growing the top line suggests effective management of fixed overhead costs. However, the recent uptick in SG&A expenses to $298 million in 2026Q1 warrants further investigation to determine if this represents a permanent increase in the cost base or temporary project-related spending.
As indicated by the reported figures, KMI's net income has shown consistent growth, reaching $976 million in 2026Q1, which appears to be largely free from the distorting effects of stock-based compensation that impacted the 2024Q4 period with a $64 million charge.
The absence of significant non-operating items in recent quarters suggests that the reported EPS of $0.44 is a reliable reflection of core operational performance. Investors should remain cautious, however, as the company's reliance on depreciation-heavy assets means that GAAP net income may continue to diverge from the more critical distributable cash flow metrics.
While the market often views KMI's existing pipeline network as an irreplaceable moat, the recent increase in federal scrutiny regarding interstate gas certifications poses a material risk that could stifle future growth and increase compliance costs beyond current projections.
Short-term observers might argue that the company's reliance on brownfield expansions is vulnerable to a tightening regulatory environment, which could limit the ability to capture future LNG export demand. The potential for margin compression due to rising maintenance capital requirements remains a key analytical challenge to the long-term bull case.
Quick answers to the most common questions about buying KMI stock.
For fiscal year 2025, Kinder Morgan, Inc. (KMI) reported total revenue of $16.95B. This represents a 136.7% increase compared to $7.16B in 2009.
Kinder Morgan, Inc. (KMI) is profitable, generating $3.06B in net income for the fiscal year ending 2025 with a net profit margin of 18.0%.
Kinder Morgan, Inc. (KMI) reported an operating income of $4.81B, resulting in an operating profit margin of 28.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Kinder Morgan, Inc. (KMI) generated $7.40B in gross profit for the year, representing a gross profit margin of 43.7%. This demonstrates the company's core pricing power and production efficiency.