Kinder Morgan (KMI) FY2025 10-K Annual Report

Filed: Feb 13, 2026

Utilities

Natural Gas TransmissionSEC EDGAR

Kinder Morgan (KMI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

Kinder Morgan FY2025 10-K Analysis

Management Discussion & Analysis

• Divestiture of EagleHawk 25% equity interest for $382 million in Natural Gas Pipelines segment
• Acquisition of Outrigger Energy for $648 million, adding natural gas gathering/processing capacity in North Dakota
• 2026 dividends expected $1.19/share, up 2% from $1.17/share in 2025
• Discretionary capital expenditures nearly $3.3 billion planned for 2026 in expansion projects and joint ventures
• Forward-looking guidance subject to risks and uncertainties; actual performance may vary

Risk Factors

• Dividend payments non-cumulative, risk of reduced future payments if expected dividends are unmet
• Obligated Group cross guarantee exposes $31.15B debt securities to joint repayment risk among KMI and subsidiaries
• Current liabilities decreased from $4.74B in 2024 to $4.02B in 2025, affecting short-term liquidity management
• Revenues $15.5B and operating income $4.17B in 2025 indicate dependency on operational cash flow for debt servicing
• No specific regulatory, geopolitical, or competitive disruption risks disclosed in this section

Kinder Morgan FY2025 Key Financial Metrics
XBRL

Revenue

$15.2B

▲ +12.7% YoY

Net Income

$3.1B

▲ +17.0% YoY

Operating Margin

31.1%

▼ -144bp YoY

Net Margin

20.1%

▲ +72bp YoY

ROE

9.8%

▲ +125bp YoY

Total Assets

$72.7B

▲ +1.9% YoY

EPS (Diluted)

$1.37

▲ +17.1% YoY

Operating Cash Flow

$5.9B

▲ +5.0% YoY

Source: XBRL data from Kinder Morgan FY2025 10-K filing on SEC EDGAR. All figures in USD.

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