Kinder Morgan, Inc.
kindermorgan.comHow Do They Make Money?
Sources
-
10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service ↗
Revenue, FY2025
$16.9B
Sources
-
10-K for FY2025, filed Feb 13, 2026
$16.9B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Services
|
56%
FY2022: 42%
|
Services, FY2025
$9.5B Sources
|
|
Commodity sales
|
43%
FY2022: 57%
|
Commodity sales, FY2025
$7.3B Sources
|
|
Other
|
1.1%
FY2022: 0.8%
|
Other, FY2025
$192M Sources
|
Do Revenues Turn Into Profits?
Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 17 cents into free cash flow.
Operating income, FY2025
Sources
10-K for FY2025, filed Feb 13, 2026
$4.7BView ↗
▲ +8%
vs FY2024 ($4.4B, 29%)
Net income, FY2025
Sources
10-K for FY2025, filed Feb 13, 2026
$3.1BView ↗
▲ +17%
vs FY2024 ($2.6B, 17%)
Free cash flow, FY2025
Sources
10-K for FY2025, filed Feb 13, 2026
$2.9BView ↗
▼ −4%
vs FY2024 ($3B, 20%)
How Are They Changing?
Since the FY2025 annual report
Latest quarter: Q3 FY2026, the three months to Sep 30, 2026
Services share of revenue
vs 56.4% in Q3 FY2025
Sources
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
Flat. Revenue was $16.9B in FY2025, about the same as the $16.6B of FY2021.
Revenue over time
Services
Commodity sales
Other
$20B$10B$0
$7.8B
$8.7B
$8.1B
$10.9B
$8.4B
$6.8B
$8.9B
$6B
$9.5B
$7.3B
100%50%0%
47%
52%
42%
57%
55%
44%
59%
39%
56%
43%
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