Filing Flows › Kinder Morgan (KMI) › Q2 2026 › vs Q2 2025
Kinder Morgan (KMI) Q2 2026 vs Q2 2025 (year over year)
Kinder Morgan's revenue rose $435M (+11%) from $4.0B in Q2 2025 to $4.5B in Q2 2026. The biggest changes: Product sales +$422M (+57%); Services +$130M (+6%); Natural gas sales −$73.0M (-8%). Operating margin 30.1% against 28.5% (+1.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.1% | 28.5% | +1.6 pts |
| Net margin | 19.4% | 17.7% | +1.7 pts |
| Free cash flow margin | 21.8% | 24.8% | -2.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Services | $2.5B | $2.3B | $130M | +6% |
| Product sales | $1.2B | $740M | $422M | +57% |
| Natural gas sales | $806M | $879M | −$73.0M | -8% |
| Other | $43.0M | $48.0M | −$5.0M | -10% |
| Revenue | $4.5B | $4.0B | $435M | +11% |
| Operating profit | $1.3B | $1.2B | $194M | +17% |
| Costs & expenses | $3.1B | $2.9B | $241M | +8% |
| Pre-tax earnings | $1.2B | $919M | $247M | +27% |
| Other expense, net | $180M | $233M | −$53.0M | -23% |
| Cost of revenue | $1.4B | $1.2B | $194M | +16% |
| General & admin | $192M | $188M | $4.0M | +2% |
| Other operating costs | $1.5B | $1.5B | $43.0M | +3% |
| Net earnings | $867M | $715M | $152M | +21% |
| Minority interests | $27.0M | $27.0M | $0 | 0% |
| Income tax | $272M | $177M | $95.0M | +54% |
| Depreciation & amortization | $620M | $616M | $4.0M | +0.6% |
| Working capital & other | $473M | $318M | $155M | +49% |
| Operating cash flow | $2.0B | $1.6B | $311M | +19% |
| Free cash flow (OCF − capex) | $978M | $1.0B | −$24.0M | -2% |
| Capital expenditures | $982M | $647M | $335M | +52% |
Questions
How much did Kinder Morgan's revenue grow year over year in Q2 2026?
Kinder Morgan's revenue rose $435M (+11%) from $4.0B in Q2 2025 to $4.5B in Q2 2026.
What drove Kinder Morgan's revenue change in Q2 2026?
Product sales +$422M (+57%); Services +$130M (+6%); Natural gas sales −$73.0M (-8%).