Filing Flows › Kinder Morgan (KMI) › Q1 2026
Kinder Morgan (KMI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
Kinder Morgan (KMI) reported revenue of $4.8B for the first quarter 2026 (Q1 2026), +14% from a year earlier and +7% from the quarter before. Operating margin was 29.9%, net earnings $976M (20.2% of revenue).
Kinder Morgan, Q1 2026: revenue $4.8B (+14% year over year), operating margin 29.9%, net earnings $976M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.8B | +7% | +14% |
| Operating profit | $1.4B | +6% | +26% |
| Net earnings | $976M | -2% | +36% |
| Operating cash flow | $1.5B | -12% | +28% |
| Free cash flow | $687M | -21% | +73% |
What changed
Revenue was $4.8B in Q1 2026, up 14% year over year and up 7% from the previous quarter. Services was the largest line at 52% of revenue. Services added $0.17B year over year (up 7%), 28% of the total change. Product sales declined 4%.
Operating profit was $1.4B, a 29.9% margin (up 2.9 points year over year). Of the extra revenue versus Q1 2025, 51% reached operating profit, above the 27% margin then. Total costs grew 9% against revenue growth of 14%. The fastest-growing cost line was Cost of revenue (+18%). Net earnings were $1.0B, up 36% year over year. The effective tax rate was 22.3%.
Operating cash flow was $1.5B (up 28% year over year), 149% of net income including minority interests. Non-cash charges added back $0.63B of depreciation and amortization. Working capital and other items used $0.14B. Capital expenditures of $0.80B left free cash flow of $0.69B.
Questions
What was Kinder Morgan's revenue in the first quarter 2026?
Kinder Morgan (KMI) reported revenue of $4.8B for the first quarter 2026 (Q1 2026), +14% from a year earlier and +7% from the quarter before.
Was Kinder Morgan profitable in the first quarter 2026?
Operating profit was $1.4B (29.9% of revenue) and net earnings $976M.
Source: Kinder Morgan 10-Q on SEC EDGAR.