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Kinder Morgan (KMI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · Kinder Morgan (KMI) Q3 2026 earnings results →

Q3 2026 Revenue up 9% year over year to $4.5B · 17¢ of every $1 of revenue kept as net profit · operating margin 25.6%

Kinder Morgan made $4.5B in Q3 2026 (+9% Y/Y): Services $2.5B, Commodity sales $2.1B. Operating margin 25.6%, net earnings $764M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.

Revenue$4.5B
Year over year+9%
Operating margin25.6%
Net earnings$764M
Operating cash flow$1.6B

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Kinder Morgan Q3 2026 revenue breakdown: Sankey diagram of revenue (Services, Commodity sales), costs, profit and cash flow
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What changed this quarter

Revenue was $4.5B in Q3 2026, up 9% year over year and up 1% from the previous quarter. Commodity sales was the largest line at 45% of revenue. Commodity sales added $0.31B year over year (up 18%), 82% of the total change.

Operating profit was $1.2B, a 25.6% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 25% reached operating profit, below the 26% margin then. Total costs grew 9% against revenue growth of 9%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $0.76B, up 22% year over year. The effective tax rate was 19.4%.

Operating cash flow was $1.6B (up 12% year over year), 201% of net income including minority interests. Non-cash charges added back $0.63B of depreciation and amortization. Working capital and other items added $0.17B. Capital expenditures of $1.0B left free cash flow of $0.55B.

Quarterly history

Kinder Morgan revenue by quarterKinder Morgan revenue by quarter$4.2BQ1 2025$4.0BQ2 2025$4.1BQ3 2025$4.5BQ4 2025$4.8BQ1 2026$4.5BQ2 2026$4.5BQ3 2026
Kinder Morgan net earnings by quarterKinder Morgan net earnings by quarter$717MQ1 2025$715MQ2 2025$628MQ3 2025$996MQ4 2025$976MQ1 2026$867MQ2 2026$764MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 23, 2026$4.5B+9%25.6%$764M$1.6B
Q2 202610-QJul 24, 2026$4.5B+11%30.1%$867M$2.0B
Q1 202610-QApr 24, 2026$4.8B+14%29.9%$976M$1.5B
Q4 202510-KFeb 13, 2026$4.5B+13%30.3%$996M$1.7B
Q3 202510-QOct 24, 2025$4.1B+12%25.6%$628M$1.4B
Q2 202510-QJul 18, 2025$4.0B+13%28.5%$715M$1.6B
Q1 202510-QApr 18, 2025$4.2B+10%27.0%$717M$1.2B

Charts

Kinder Morgan: revenue growth, year over year and quarter over quarterKinder Morgan: revenue growth, year over year and quarter over quarterY/YQ/Q+10%Q1 2025+13%-5%Q2 2025+12%+3%Q3 2025+13%+9%Q4 2025+14%+7%Q1 2026+11%-7%Q2 2026+9%+1%Q3 2026
Latest (Q3 2026): Y/Y +9%, Q/Q +1%.
Kinder Morgan: where the cash came from (+) and went (−), TTM to Q3 2026Kinder Morgan: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$6.7BCapital spending−$3.7BDividends−$2.6BCash drawn (+) / kept (−)−$810MNet borrowing (+) / repaid (−)$775MOther investing−$207MPartners−$150MOther financing−$52.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Kinder Morgan: profit against cash, quarter by quarterKinder Morgan: profit against cash, quarter by quarterNet incomeOperating cash flow$694M$1.5BQ4 2024$743M$1.2BQ1 2025$742M$1.6BQ2 2025$654M$1.4BQ3 2025$1.0B$1.7BQ4 2025$1.0B$1.5BQ1 2026$894M$2.0BQ2 2026$790M$1.6BQ3 2026
Latest (Q3 2026): Net income $790M, Operating cash flow $1.6B.
Kinder Morgan: diluted shares by fiscal yearKinder Morgan: diluted shares by fiscal year2.26BFY20202.27BFY20212.26BFY20222.23BFY20232.22BFY20242.22BFY2025
-1.8% since FY2020: buybacks shrank the count.
Kinder Morgan: long-term debt falling due (FY2025)Kinder Morgan: long-term debt falling due (FY2025)$1.2B2026$942M2027$1.9B2028$1.8B2029$2.4B2030$23.6BLater
Cash $63.0M, short-term investments —, long-term debt — at 2025-12-31.
Kinder Morgan in its industry: growth against margin (17 companies, SIC 4922)Kinder Morgan in its industry: growth against margin (17 companies, SIC 4922)revenue growth, year over year →↑ operating marginmedian +21%median 29%ETEPDTRGPNorthwest Pipeline LLCWMBWestern Midstream Operating, LPWESNGLBoardwalk Pipeline Partners, LPKNTKKGSAROCUSACDTMAMSMCKMI (+9%, 26%)
Natural Gas Transmission; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Kinder Morgan

We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 78,000 miles of pipelines, 136 terminals, over 700 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO 2 , renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks.

In its own words, from its 10-Q, filed Jul 24, 2026.

Kinder Morgan against its Natural Gas Transmission peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +30%. Operating margin: 25.6% against the peers' median 24.1%.

CompanyQuarterRevenueY/YOp. margin
KMI Kinder MorganQ3 2026$4.5B+9%25.6%
ET Energy Transfer LPQ3 2026$37.1B+86%7.5%
EPD Enterprise Products Partners L.P.Q3 2026$17.9B+49%11.1%
TRGP Targa ResourcesQ3 2026$5.6B+35%19.6%
Northwest Pipeline LLCQ3 2026$3.2B+10%35.2%
Western Midstream Operating, LPQ2 2026$1.2B+30%43.0%
WES Western Midstream Partners, LPQ3 2026$1.2B+25%38.6%
NGL NGL Energy Partners LPQ2 FY27$987M+46%2.4%
Boardwalk Pipeline Partners, LPQ3 2026$614M+13%24.1%

Source: Kinder Morgan 10-Q on SEC EDGAR · CIK 1506307 · Natural Gas Transmission

13F: who owns KMI and who is buying

Largest holders of KMI (13F)Largest holders of KMI (13F)Vanguard Group$5.8BBlackRock$5.6BState Street$4.2BVanguard Capital Management LLC$4.0BVanguard Portfolio Management LLC$2.2BBank of America$2.0BGeode Capital Management, LLC$1.8BMorgan Stanley$974MCharles Schwab Investment Managem…$952MBlackstone$833M
Funds' net buying of KMI by quarter (13F)Funds' net buying of KMI by quarter (13F)−$35.5M2024-09−$14.2M2024-12−$303M2025-03$599M2025-06$224M2025-09$606M2025-12$523M2026-03$409M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KMI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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