Filing Flows › Kinder Morgan (KMI) › Q2 2025
Kinder Morgan (KMI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 18, 2025
Kinder Morgan (KMI) reported revenue of $4.0B for the second quarter 2025 (Q2 2025), +13% from a year earlier and -5% from the quarter before. Operating margin was 28.5%, net earnings $715M (17.7% of revenue).
Kinder Morgan, Q2 2025: revenue $4.0B (+13% year over year), operating margin 28.5%, net earnings $715M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | -5% | +13% |
| Operating profit | $1.2B | +0.6% | +11% |
| Net earnings | $715M | -0.3% | +24% |
| Operating cash flow | $1.6B | +42% | -2% |
| Free cash flow | $1.0B | +153% | -9% |
What changed
Revenue was $4.0B in Q2 2025, up 13% year over year and down 5% from the previous quarter. Total services was the largest line at 48% of revenue. Total services added $0.12B year over year (up 6%), 25% of the total change. Product sales declined 16%.
Operating profit was $1.2B, a 28.5% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, below the 29% margin then. Total costs grew 14% against revenue growth of 13%. The fastest-growing cost line was Cost of revenue (+25%). Net earnings were $0.71B, up 24% year over year. The effective tax rate was 19.3%.
Operating cash flow was $1.6B (down 2% year over year), 222% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization. Working capital and other items added $0.29B. Capital expenditures of $0.65B left free cash flow of $1.0B.
Questions
What was Kinder Morgan's revenue in the second quarter 2025?
Kinder Morgan (KMI) reported revenue of $4.0B for the second quarter 2025 (Q2 2025), +13% from a year earlier and -5% from the quarter before.
Was Kinder Morgan profitable in the second quarter 2025?
Operating profit was $1.2B (28.5% of revenue) and net earnings $715M.
Source: Kinder Morgan 10-Q on SEC EDGAR.