# Kinder Morgan Inc. (KMI) – NYSE: Q2 2025 Financial Results
HOUSTON, July 16, 2025 – Kinder Morgan, Inc. (NYSE: KMI) released its financial results for the second quarter of 2025 today.
## Key Financial Highlights
– **Net Income**:
– Q2 2025: $715 million
– Q2 2024: $575 million
– Change: **Up 24%**
– **Adjusted Net Income**:
– Q2 2025: $619 million
– Q2 2024: $548 million
– Change: **Up 13%**
– **Earnings per Share (EPS)**:
– Q2 2025: $0.32
– Q2 2024: $0.26
– Change: **Up 23%**
– **Adjusted EPS**:
– Q2 2025: $0.28
– Q2 2024: $0.25
– Change: **Up 12%**
– **Adjusted EBITDA**:
– Q2 2025: $1,972 million
– Q2 2024: $1,858 million
– Change: **Up 6%**
– **Cash Flow from Operations**:
– Q2 2025: $1.6 billion
– Q2 2024: $1.687 billion
– Change: **Down 5%**
– **Free Cash Flow (FCF)**:
– Q2 2025: $1.0 billion
– Q2 2024: $1.106 billion
– Change: **Down 9%**
– **Net Debt-to-Adjusted EBITDA Ratio**:
– Q2 2025: 4.0 times
– Q2 2024: 4.0 times
– No change.
## Operational Highlights
– **Project Backlog**:
– Q2 2025: $9.3 billion
– Q1 2025: $8.8 billion
– Change: **Up 6%**
– **Projects Placed in Service**:
– Amount: $750 million
– **Natural Gas Pipelines Segment**:
– Increased contributions due to higher transport volumes.
– Natural gas transport volumes up **3%** versus Q2 2024.
– **Product Pipelines Segment**:
– Volumes:
– Refined products up **2%**
– Crude and condensate up **2%**, compared to Q2 2024.
– **Terminals Segment**:
– Earnings increased thanks to higher rates and expansions.
– **CO2 Segment**:
– Earnings down due to lower CO2 and D3 RIN prices.
## Dividend Declaration
– **Dividend**:
– Declared: $0.2925 per share
– Annualized: $1.17
– Change: **Up 2%** from Q2 2024
– Payable: August 15, 2025, to stockholders of record as of July 31, 2025.
## Business Outlook for 2025
– **Expected Net Income**:
– Budgeted at $2.8 billion
– Change: **Up 8%** from 2024.
– **Expected Adjusted EPS**:
– Projected at $1.27
– Change: **Up 10%** from 2024.
– **Expected Adjusted EBITDA**:
– Budgeted at $8.3 billion
– Change: **Up 4%** from 2024.
– **Projected Net Debt-to-Adjusted EBITDA Ratio**:
– By end of 2025: 3.8 times.
## Additional Insights
– Kinder Morgan is experiencing growth mainly due to strong demand in the natural gas market and continued investments in infrastructure.
– With significant capacity and contracts in place, the company is well-positioned to benefit from rising natural gas demand, which is expected to grow by **20%** through 2030.
– The company focuses on pursuing natural gas infrastructure projects to meet increasing demands, particularly in relation to liquefied natural gas (LNG).
– Positive regulatory environment and planned capital investments, such as a significant expansion of the Trident Intrastate Pipeline, support KMI’s operational outlook.
In summary, Kinder Morgan’s second-quarter financial results show substantial increases compared to the same period last year, particularly in net income, adjusted net income, and earnings per share. The company continues to expand its project backlog, reinforcing its position within the energy infrastructure market. The declaration of the quarterly dividend further reflects the board’s confidence in its ongoing financial strength.
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | 2024 | June 30, 2025 | 2024 | |
| Revenues | 4,042 | 3,572 | 8,283 | 7,414 |
| Operating costs, expenses and other | ||||
| Costs of sales (exclusive of items shown separately below) | 1,211 | 967 | 2,687 | 2,074 |
| Operations and maintenance | 773 | 741 | 1,484 | 1,421 |
| Depreciation, depletion and amortization | 616 | 584 | 1,226 | 1,171 |
| General and administrative | 188 | 179 | 375 | 354 |
| Other income, net | 4 | 2 | 1 | 2 |
| Total operating costs, expenses and other | ||||
| Operating income | ||||
| Other income (expense) | ||||
| Earnings from equity investments | (9) | (46) | (9) | (87) |
| Net income before income taxes | 2,890 | 2,534 | 5,986 | 5,153 |
| Income tax expense | 111 | 109 | 223 | 220 |
| Net income | 742 | 602 | 1,485 | 1,375 |
| Net income attributable to common stock | 715 | 575 | ||
| Basic and diluted earnings per share | $0.32 | $0.26 | ||
| Basic and diluted weighted average shares outstanding | 2,222 | 2,219 | ||
| Declared dividends per share | $0.2925 | $0.2875 | ||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | 619 | 548 | 1,385 | 1,306 |
| Adjusted EPS | $0.28 | $0.25 |
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $82 | $88 |
| Other current assets | 2,404 | 2,433 |
| Property, plant and equipment, net | 38,818 | 38,013 |
| Investments | 7,854 | 7,845 |
| Goodwill | 20,084 | 20,084 |
| Deferred charges and other assets | 3,129 | 2,944 |
| Total assets | $72,371 | $71,407 |
| Liabilities and Stockholders’ Equity | ||
| Short-term debt | $788 | $2,009 |
| Other current liabilities | 2,845 | 3,092 |
| Long-term debt | 31,688 | 29,779 |
| Debt fair value adjustments | 183 | 102 |
| Other | 4,786 | 4,558 |
| Total liabilities | 40,290 | 39,540 |
| Other stockholders’ equity | 30,794 | 30,626 |
| Accumulated other comprehensive loss | (24) | (95) |
| Total KMI stockholders’ equity | 30,770 | 30,531 |
| Noncontrolling interests | 1,311 | 1,336 |
| Total stockholders’ equity | 32,081 | 31,867 |
| Total liabilities and stockholders’ equity | $72,371 | $71,407 |
| Net Debt (1) | 32,348 | 31,725 |
