Kinder Morgan, Inc. (KMI) Q3 2025 Financial Results Summary
HOUSTON, October 22, 2025 – Kinder Morgan, Inc. (NYSE: KMI) announced its financial results for the third quarter of 2025 today.
Summary of Financial Results
- Net income attributable to KMI:
- Q3 2025: $628 million
- Q3 2024: $625 million
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Growth of 0% year-over-year.
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Adjusted Net Income attributable to KMI:
- Q3 2025: $648 million
- Q3 2024: $557 million
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Increase of 16% year-over-year.
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Adjusted EBITDA:
- Q3 2025: $1,991 million
- Q3 2024: $1,880 million
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Growth of 6% year-over-year.
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Earnings per share (EPS):
- Q3 2025: $0.28
- Q3 2024: $0.28
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No change year-over-year.
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Adjusted EPS:
- Q3 2025: $0.29
- Q3 2024: $0.25
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Increase of 16% year-over-year.
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Cash Flow from Operations:
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Generated $1.4 billion in Q3 2025, a rise of 13% from the prior year.
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Free Cash Flow (FCF):
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FCF after capital expenditures was $0.6 billion, up by 5% from the previous year.
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Debt Metrics:
- Net Debt-to-Adjusted EBITDA ratio at the end of Q3 2025: 3.9 times.
Dividend and Share Repurchase
- KMI’s board approved a cash dividend of $0.2925 per share for Q3 2025, a 2% increase from the previous year. This dividend is payable on November 17, 2025, to shareholders of record as of November 3, 2025.
Business Segment Performance
- Natural Gas Pipelines:
- Financial performance improved due to higher contributions from Texas Intrastate and Tennessee Gas Pipelines.
- Natural gas transport volumes increased by 6% compared to Q3 2024.
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Natural gas gathering volumes were up 9% year-over-year.
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Products Pipelines:
- Segment earnings increased due to higher transport rates.
- Total refined product volumes decreased by 1% year-over-year.
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Crude and condensate volumes were down 3%, partially offset by increased volumes in other crude and condensate pipelines.
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Terminals:
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Earnings improved led by the Jones Act tanker fleet, remaining fully contracted under term charter agreements.
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CO2 Segment:
- Earnings declined due to lower crude and CO2 volumes, as well as lower CO2 prices.
Future Outlook
- The company is optimistic about the growth prospects for LNG and natural gas, anticipating that total demand for natural gas will grow by 20% through 2030.
- KMI plans to exceed its budget for 2025 with expected net income attributable to KMI of $2.8 billion, an 8% increase from 2024, and an Adjusted EBITDA of $8.3 billion, a 4% increase from 2024.
Key Projects and Developments
- KMI has a project backlog of $9.3 billion with substantial contributions expected to come from LNG and natural gas infrastructure projects.
- The company is pursuing several high-demand projects including the South Texas Enhancement Project and the Trident Intrastate Pipeline.
In conclusion, Kinder Morgan’s robust financial performance in Q3 2025 showcases its strategic growth in the energy sector, supported by solid operational execution and careful management of capital investments. The approved dividend increase reflects the company’s commitment to returning value to shareholders amidst positive market trends.
| Income | Three Months Ended | September 30, 2025 | September 30, 2024 | Nine Months Ended | September 30, 2025 | September 30, 2024 |
|---|---|---|---|---|---|---|
| Revenues | 4,146 | 3,699 | 12,429 | 11,113 | ||
| Operating costs, expenses and other | ||||||
| Costs of sales (excluding items shown separately below) | ||||||
| Operating and maintenance | ||||||
| Depreciation, depletion and amortization | ||||||
| General and administrative | ||||||
| Taxes, other than income taxes | ||||||
| Other income, net | ||||||
| Total operating costs, expenses and other | ||||||
| Operating income | ||||||
| Other income (expense) | ||||||
| Earnings from equity investments (1) | ||||||
| Interest, net | ||||||
| Other, net | ||||||
| Income before income taxes | 609 | 587 | 1,835 | 1,758 | ||
| Income tax expense | 183 | 176 | 558 | 530 | ||
| Net income attributable to | 111 | 107 | 334 | 327 | ||
| NCI | -1 | — | (10) | (87) | ||
| Net income attributable to KMI | 3,083 | 2,684 | 9,069 | 7,837 | ||
| Net income attributable to NCI | 1,063 | 1,015 | 3,360 | 3,276 | ||
| Net income attributable to Kinder Morgan, Inc. | 839 | 764 | 2,687 | 2,516 | ||
| Class P Shares | -185 | -113 | (548) | (490) | ||
| Net income | 654 | 651 | 2,139 | 2,026 | ||
| Class P Shares | -26 | -26 | (79) | (80) | ||
| Basic and diluted earnings per share | $0.28 | $0.28 | $0.92 | $0.87 | ||
| Basic and diluted weighted average shares outstanding | 2,224 | 2,221 | 2,223 | 2,220 | ||
| Declared dividends per share | $0.2925 | $0.2875 | $0.8775 | $0.8625 | ||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. (2) | $648 | $557 | $2,033 | $1,863 | ||
| Adjusted EPS (2) | $0.29 | $0.25 | $0.91 | $0.83 | ||
Notes:
(1) Includes amortization of basis differences related to our JVs (previously known as and presented separately as amortization of excess cost of equity investments).
(2) Adjusted Net Income Attributable to Kinder Morgan, Inc. is Net income attributable to Kinder Morgan, Inc. adjusted for Certain Items. Adjusted EPS calculation uses Adjusted Net Income Attributable to Common Stock. See Table 2 for reconciliations.
| Assets | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $71 | $88 |
| Other current assets | 2,355 | 2,433 |
| Property, plant and equipment, net | 39,021 | 38,013 |
| Investments | 7,747 | 7,845 |
| Goodwill | 20,084 | 20,084 |
| Deferred charges and other assets | 3,038 | 2,944 |
| Total assets | $72,316 | $71,407 |
| Liabilities and Stockholders’ Equity | ||
| Short-term debt | $1,081 | $2,009 |
| Other current liabilities | 2,765 | 3,092 |
| Long-term debt | 31,303 | 29,779 |
| Debt fair value adjustments | 196 | 102 |
| Other | 4,938 | 4,558 |
| Total liabilities | 40,283 | 39,540 |
| Other stockholders’ equity | 30,754 | 30,626 |
| Accumulated other comprehensive loss | -14 | -95 |
| Total KMI stockholders’ equity | 30,740 | 30,531 |
| Noncontrolling interests | 1,293 | 1,336 |
| Total stockholders’ equity | 32,033 | 31,867 |
| Total liabilities and stockholders’ equity | $72,316 | $71,407 |
| Net Debt (1) | $32,269 | $31,725 |
Notes:
(1) Amounts calculated as total debt, less (i) cash and cash equivalents; (ii) debt fair value adjustments; and (iii) the foreign exchange impact on our Euro denominated debt of $44 million and $(25) million as of September 30, 2025 and December 31, 2024, respectively, as we have entered into swaps to convert that debt to U.S.$.
