KMI KINDER MORGAN, INC.

Overview and Growth

KINDER MORGAN, INC. generated $16.94B of revenue in fiscal 2025, with net income of $3.06B and an operating cash inflow of $5.92B. At $16.94B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 12.2% from $15.10B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $1.37, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 17.1% from $1.17 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis.

Profitability

Gross profit was $11.41B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 67.4% of revenue, showing how much of the top line remained after direct costs. Operations produced $4.72B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 27.9% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $3.06B, after the operating, financing, tax, and other items recognized for the period. Net margin was 18.0%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $3.99B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 23.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $832.00M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 20.8%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

Total assets were $72.75B, supported by $40.30B of liabilities and $32.45B of shareholder equity. The near-term balance sheet paired $2.75B of current assets with $4.32B of current liabilities at the reporting date. Current assets covered only 0.64x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $63.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 1.5%, excluding receivables and other current assets. Borrowings totaled $32.00B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.99x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 44.0%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 55.4%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 0.1%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Cash flow from operations was $5.92B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 1.94x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $3.03B, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 51.1% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $2.89B of positive free cash flow for the period. The free-cash-flow margin was 17.1%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 4.0%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.