Filing Flows › Kinder Morgan (KMI) › Q3 2025
Kinder Morgan (KMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 24, 2025
Kinder Morgan (KMI) reported revenue of $4.1B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 25.6%, net earnings $628M (15.1% of revenue).
Kinder Morgan, Q3 2025: revenue $4.1B (+12% year over year), operating margin 25.6%, net earnings $628M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1B | +3% | +12% |
| Operating profit | $1.1B | -8% | +5% |
| Net earnings | $628M | -12% | +0.5% |
| Operating cash flow | $1.4B | -14% | +13% |
| Free cash flow | $621M | -38% | +5% |
What changed
Revenue was $4.1B in Q3 2025, up 12% year over year and up 3% from the previous quarter. Commodity sales was the largest line at 42% of revenue. Natural gas sales added $0.39B year over year (up 69%), 88% of the total change. Other sales declined 12%.
Operating profit was $1.1B, a 25.6% margin (down 1.8 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, below the 27% margin then. Total costs grew 15% against revenue growth of 12%. The fastest-growing cost line was Cost of revenue (+36%). Net earnings were $0.63B, roughly flat year over year. The effective tax rate was 22.1%.
Operating cash flow was $1.4B (up 13% year over year), 216% of net income including minority interests. Non-cash charges added back $0.61B of depreciation and amortization. Working capital and other items added $0.15B. Capital expenditures of $0.79B left free cash flow of $0.62B.
Questions
What was Kinder Morgan's revenue in the third quarter 2025?
Kinder Morgan (KMI) reported revenue of $4.1B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before.
Was Kinder Morgan profitable in the third quarter 2025?
Operating profit was $1.1B (25.6% of revenue) and net earnings $628M.
Source: Kinder Morgan 10-Q on SEC EDGAR.