At a glance
Kinder Morgan Inc is worth $72.87B, about 24 times its fiscal 2025 earnings. Revenue grew 12.2% to $16.94B in fiscal 2025, with 18.0% kept as profit; over 5 years it has grown 7.7% a year. It pays a 6.33% dividend yield, raised every year for at least 8 years, and returned $13.53B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.6% over the past year with dividends reinvested and +20.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.1% in the 2020 crash (S&P 500: 33.7%) and 20.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months and 21 months after the lows.
The business in plain English
Kinder Morgan owns and runs the pipelines, underground storage and terminals that move energy around North America. As of December 31, 2025, it owned an interest in or operated about 78,000 miles of pipelines and 136 terminals. They handle natural gas, gasoline, diesel, crude oil, carbon dioxide (CO2), chemicals and renewable fuels for energy producers, power plants and exporters of liquefied natural gas (LNG), which is gas chilled into a liquid for shipping overseas.
The Natural Gas Pipelines segment produced 65% of the company's $16.9 billion in revenue for the year ended December 31, 2025. It includes about 42,000 miles of wholly owned gas pipelines plus stakes in about 25,000 more, reaching Texas, Louisiana, the Rockies, the Midwest, the Southeast, the Northeast and the West. Products Pipelines supplied 15.9%, Terminals 12.4% and CO2 6.9%. The CO2 unit uses carbon dioxide to coax more crude from older oil fields.
Kinder Morgan's strategy centers on stable, fee-based transportation and storage, and its gas pipeline, storage and LNG terminal revenue comes mainly from long-term fixed contracts. Firm services, where customers pay to reserve capacity, made up 31.5% of 2025 revenue. Commodity sales (42.8%) and natural gas sales (23.3%) together brought in more, so reported revenue can swing with energy prices, a risk the company says hedging does not eliminate.
Price history
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KMI +33.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commodity sales | $7.25B | 42.8% |
| Firm services | $5.34B | 31.5% |
| Natural gas sales | $3.95B | 23.3% |
| Other | $192.0M | 1.1% |
| Other sales | $129.0M | 0.8% |
By business segment
| Natural Gas Pipelines | $11.01B | 65% |
| Products Pipelines | $2.69B | 15.9% |
| Terminals | $2.10B | 12.4% |
| CO2 | $1.17B | 6.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.53B, up 9.3% from a year earlier, and net income was $764.0M (+21.7%).
- For fiscal 2025, revenue was $16.94B (+12.2% year over year; +7.7% a year from FY2020 to FY2025) with a 18% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Operating margin | 27.9% good |
| Free cash flow margin | 17.1% good |
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-24.32B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.70B | $119.0M | $2.84B |
| FY2021 | $16.61B | $1.78B | $4.43B |
| FY2022 | $19.20B | $2.55B | $3.35B |
| FY2023 | $15.33B | $2.39B | $4.17B |
| FY2024 | $15.10B | $2.61B | $3.01B |
| FY2025 | $16.94B | $3.06B | $2.89B |
Valuation snapshot
| Market value | $72.87B |
|---|---|
| P/E ratio | 23.9 |
| Dividend yield | 6.33% |
Rank among 1514 US companies
Market value at each year end
Kinder Morgan’s market value went from $46.23B at the end of 2016 to $72.87B on Nov 2, 2026, up 58%; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $72.87B | +19.1% |
| 2025 | $61.16B | +0.5% |
| 2024 | $60.87B | +55.2% |
| 2023 | $39.21B | -3.5% |
| 2022 | $40.64B | +13.0% |
| 2021 | $35.96B | +16.2% |
| 2020 | $30.95B | -35.5% |
| 2019 | $47.95B | +41.3% |
| 2018 | $33.94B | -15.9% |
| 2017 | $40.35B | -12.7% |
| 2016 | $46.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KMI price data to Nov 2, 2026 | +25.9% | +33.6% | +31.3% | +20.7% | +11.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.9% |
| 2025 | +4.7% |
| 2024 | +64.4% |
| 2023 | +4.1% |
| 2022 | +21.3% |
| 2021 | +23.8% |
| 2020 | -30.8% |
| 2019 | +44.4% |
| 2018 | -11.2% |
| 2017 | -10.5% |
| 2016 | +42.8% |
| 2015 | -62.8% |
| 2014 | +23.3% |
| 2013 | +6.2% |
| 2012 | +13.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.2% over that stretch · deepest drop along the way 55.1%, back to its old high 24.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.2% over that stretch · deepest drop along the way 20.3%, back to its old high 21.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($398K), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 6, 2026 | John W Schlosser V.P. (President, Terminals) | sell (plan) | $197K |
| Oct 16, 2026 | Michael P. Garthwaite VP (Pres., Products Pipelines) | sell (plan) | $52K |
| Aug 17, 2026 | Michael P. Garthwaite VP (Pres., Products Pipelines) | sell (plan) | $51K |
| Jul 16, 2026 | Michael P. Garthwaite VP (Pres., Products Pipelines) | sell (plan) | $50K |
| Sep 16, 2026 | Michael P. Garthwaite VP (Pres., Products Pipelines) | sell (plan) | $48K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.54% | Mar 31, 2026 |
ETFs with the most weight in KMI
| MLPX Global X MLP & Energy Infrastructure ETF | 8.64% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 7.89% |
| TPYP Tortoise North American Pipeline Fund | 7.67% |
| USAI Pacer American Energy Independence ETF | 7.64% |
| UMI USCF Midstream Energy Income Fund ETF | 6.37% |
| EINC VanEck Energy Income ETF | 6.29% |
| ENFR Alerian Energy Infrastructure ETF | 5.2% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 5.09% |
What could go wrong
- Big building projects can slip or cost more. Large builds such as the $1.8 billion Trident and $1.7 billion Mississippi Crossing pipelines need permits and land access. Permit problems, public opposition, weather and tariffs on materials have delayed projects and raised costs before.
- Regulators can limit what pipelines charge. The Federal Energy Regulatory Commission (FERC) and state utility commissions can set the rates many of its pipelines charge. Regulators or customers can also challenge existing rates, which could reduce revenue.
- Needs steady oil and gas supply and demand. Its pipelines need gas and oil to move. If producers drill less, wells run dry, or demand shifts toward renewables and electric vehicles, pipeline use and contract renewals could fall.
- Energy price swings hit part of the business. Commodity sales were 42.8% of 2025 revenue, and the CO2 unit produces oil. Hedging (contracts that lock in prices) reduces this risk but does not remove it, and hedges can themselves cause losses.
- Accidents, storms and gaps in insurance. Moving and storing fuels and chemicals can lead to accidents such as spills or explosions. Hurricanes, flooding and coastal erosion can damage its assets, and insurance does not cover every loss.
- Large debt raises interest rate risk. Total debt was about $33.1 billion as of September 30, 2026. Higher interest rates would raise the cost of refinancing maturing bonds and variable-rate loans, and debt terms can limit flexibility.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Kinder Morgan has raised its regular dividend for 8 years in a row. Dividends per share grew from $1.05 in 2020 to $1.17 in 2025, about 2.2% a year. In 2025 the dividend used 85.2% of earnings and 90.1% of free cash flow (cash left after running and expanding the business), leaving a thin cushion. Buybacks are small: $897 million over 2021 to 2025, against $12.6 billion of dividends, and none in 2025.
The shares have fallen hard in some downturns. In the 2020 COVID crash they dropped 55.1% in under a month and took about 25 months to recover. They lost 62.8% in 2015, and the deepest decline in 15.7 years of price history was 72.7%. In the 2022 bear market the stock gained 9.2% while the broad market fell, but a 20.3% drop in June 2022 took about 21 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kinder Morgan make money?
Mostly by moving, storing and selling energy. In 2025, Natural Gas Pipelines brought in 65% of its $16.9 billion of revenue, Products Pipelines 15.9%, Terminals 12.4% and CO2 6.9%. Firm service fees, which customers pay to reserve pipeline space, made up 31.5% of revenue, and much of that comes under long-term contracts. Commodity sales (42.8%) and natural gas sales (23.3%) made up most of the rest, so total revenue can swing with energy prices.
Does Kinder Morgan raise its dividend every year?
It has raised its regular dividend for 8 years in a row. Dividends per share rose from $1.05 in 2020 to $1.17 in 2025, about 2.2% a year, so the increases have been small. In 2025 the dividend took 85.2% of earnings and 90.1% of free cash flow. The company's 10-K warns that its dividend guidance is based on estimates. It also says paying dividends can compete with investing in the business.
How much debt does Kinder Morgan have?
Total debt was about $33.1 billion as of September 30, 2026. That compares with $31.6 billion of equity and $75.4 billion of total assets. During 2025 it issued $1.85 billion of new senior notes (a type of bond) and repaid $1.5 billion of maturing ones. The 10-K lists the debt as a risk. Higher interest rates would raise the cost of variable-rate loans and of refinancing bonds as they come due.
What new pipelines is Kinder Morgan building?
Several large natural gas projects, most backed by long-term contracts. Its 10-K filed February 13, 2026 named the three largest by Kinder Morgan's share of cost. South System Expansion 4 ($1.83 billion) has phases expected in late 2028 and late 2029. The Trident pipeline ($1.8 billion) runs from Katy, Texas, to the LNG and industrial corridor near Port Arthur, with phases expected in early 2027 and late 2028. Mississippi Crossing ($1.7 billion) is expected in the second quarter of 2028. All dates assume permits arrive on time.
How has Kinder Morgan stock performed?
Well over the past five years, with big swings along the way. As of October 28, 2026, the stock returned 36.4% over one year, 20.9% a year over five years and 10.7% a year over ten years. Results varied widely from year to year. It lost 62.8% in 2015 and 30.8% in 2020 but gained 64.4% in 2024. Its deepest peak-to-trough fall in 15.7 years of price history was 72.7%.