Filing Flows › Kinder Morgan (KMI) › Q2 2026 › vs Q1 2026
Kinder Morgan (KMI) Q2 2026 vs Q1 2026 (quarter over quarter)
Kinder Morgan's revenue fell $351M (-7%) from $4.8B in Q1 2026 to $4.5B in Q2 2026. Operating margin 30.1% against 29.9% (+0.2 pts).
Kinder Morgan, Q2 2026: revenue $4.5B (+11% year over year), operating margin 30.1%, net earnings $867M, operating cash flow $2.0B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 30.1% | 29.9% | +0.2 pts |
| Net margin | 19.4% | 20.2% | -0.8 pts |
| Free cash flow margin | 21.8% | 14.2% | +7.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $4.5B | $4.8B | −$351M | -7% |
| Operating profit | $1.3B | $1.4B | −$98.0M | -7% |
| Costs & expenses | $3.1B | $3.4B | −$253M | -7% |
| Pre-tax earnings | $1.2B | $1.3B | −$122M | -9% |
| Other expense, net | $180M | $156M | $24.0M | +15% |
| Cost of revenue | $1.4B | $1.7B | −$344M | -20% |
| General & admin | $192M | $184M | $8.0M | +4% |
| Other operating costs | $1.5B | $1.5B | $83.0M | +6% |
| Net earnings | $867M | $976M | −$109M | -11% |
| Minority interests | $27.0M | $25.0M | $2.0M | +8% |
| Income tax | $272M | $287M | −$15.0M | -5% |
| Depreciation & amortization | $620M | $633M | −$13.0M | -2% |
| Working capital & other | $473M | −$118M | $591M | — |
| Operating cash flow | $2.0B | $1.5B | $469M | +31% |
| Free cash flow (OCF − capex) | $978M | $687M | $291M | +42% |
| Capital expenditures | $982M | $804M | $178M | +22% |
Questions
How much did Kinder Morgan's revenue grow quarter over quarter in Q2 2026?
Kinder Morgan's revenue fell $351M (-7%) from $4.8B in Q1 2026 to $4.5B in Q2 2026. Operating margin 30.1% against 29.9% (+0.2 pts).