01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Kinder Morgan, Inc. (KMI) reported a strong 2025, with revenues increasing by 12% to $16.9 billiona, driven primarily by a significant rise in natural gas sales due to higher commodity prices and volumes, as well as growth in services revenues from new projects and acquisitions.
The company successfully integrated the Outrigger Energy acquisition in North Dakota and divested its 25%b interest in EagleHawk. KMI continues to focus on its strategic plan, emphasizing stable, fee-based infrastructure assets, operational efficiency, and disciplined capital allocation.
The company anticipates a 2% increase in its 2026 dividend to $1.19c per share and plans to invest approximately $3.3 billion in expansion projects and joint ventures. KMI maintains a robust financial profile, with a strong cash flow from operations and a significant credit facility, demonstrating its commitment to shareholder returns and strategic growth.
02—Key points
Key Highlights
- Total revenues increased by 12% to $16.9 billion in 2025, driven by higher natural gas sales and growth in services revenues.
- Completed the acquisition of Outrigger Energy's North Dakota natural gas gathering and processing system for $648 million.
- Divested a 25% non-operated equity interest in EagleHawk for $382 million.
- Placed several key expansion projects in service, including the TGP and SNG Evangeline Pass projects supporting LNG exports.
- Projects placed in service in 2025 included the Altamont Green River pipeline and Tejas South to North expansion.
- Anticipates a 2% increase in 2026 dividends to $1.19 per share.
- Plans discretionary capital expenditures of nearly $3.3 billion for expansion projects and joint ventures in 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $16.94B$15.10B | +12.2% |
| Operating Expenses | $12.21B$10.72B | +14.0% |
| Operating Income | $4.72B$4.38B | +7.8% |
| Net Income | $3.06B$2.61B | +17.0% |
| EPS (Basic) | $1.37$1.17 | +17.1% |
| EPS (Diluted) | $1.37$1.17 | +17.1% |
| Shares Outstanding (Basic) | 2.22B2.22B | +0.1% |
| Shares Outstanding (Diluted) | 2.22B2.22B | +0.1% |
05—Questions
Frequently Asked Questions
What were the main drivers of Kinder Morgan's revenue growth in 2025?
Kinder Morgan's revenue grew by 12% to $16.9 billion in 2025, primarily driven by a $1.6 billion increase in natural gas sales due to higher commodity prices and volumes, and a $507 million increase in services revenues, supported by new expansion projects, acquisitions, and higher rates.
What significant acquisitions and divestitures did Kinder Morgan complete in 2025?
In February 2025, Kinder Morgan acquired a natural gas gathering and processing system in North Dakota from Outrigger Energy II for $648 million. In December 2025, the company completed the divestiture of its 25% non-operated equity interest in EagleHawk for $382 million.
What is Kinder Morgan's outlook for dividends and capital expenditures in 2026?
Kinder Morgan expects to declare dividends of $1.19 per share for 2026, representing a 2% increase from 2025. The company also plans to invest approximately $3.3 billion in expansion projects and contributions to joint ventures during 2026.
How is Kinder Morgan managing its debt and financial position?
Kinder Morgan has a substantial debt load but is focused on generating strong cash flow from operations to manage its obligations. The company's liquidity is supported by its operating cash flows and a $3.5 billion credit facility. Its ratio of Net Debt-to-Adjusted EBITDA is a key metric for evaluating leverage.
06—Continue