Filing Flows › Kinder Morgan (KMI) › Q3 2026 › vs Q3 2025
Kinder Morgan (KMI) Q3 2026 vs Q3 2025 (year over year)
Kinder Morgan's revenue rose $385M (+9%) from $4.1B in Q3 2025 to $4.5B in Q3 2026. The biggest changes: Services +$356M (+17%); Commodity sales +$314M (+18%). Operating margin 25.6% against 25.6% (-0.0 pts).
Kinder Morgan, Q3 2026: revenue $4.5B (+9% year over year), operating margin 25.6%, net earnings $764M, operating cash flow $1.6B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.6% | 25.6% | -0.0 pts |
| Net margin | 16.9% | 15.1% | +1.7 pts |
| Free cash flow margin | 12.0% | 15.0% | -3.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Firm services | $1.4B | $1.3B | $79.0M | +6% |
| Product sales | $1.0B | $748M | $267M | +36% |
| Other | $50.0M | $48.0M | $2.0M | +4% |
| Other sales | $38.0M | $30.0M | $8.0M | +27% |
| Services | $2.5B | $2.1B | $356M | +17% |
| Commodity sales | $2.1B | $1.7B | $314M | +18% |
| Revenue | $4.5B | $4.1B | $385M | +9% |
| Operating profit | $1.2B | $1.1B | $97.0M | +9% |
| Costs & expenses | $3.4B | $3.1B | $288M | +9% |
| Pre-tax earnings | $980M | $839M | $141M | +17% |
| Other expense, net | $180M | $224M | −$44.0M | -20% |
| Cost of revenue | $1.6B | $1.4B | $171M | +12% |
| General & admin | $190M | $183M | $7.0M | +4% |
| Other operating costs | $1.6B | $1.5B | $110M | +7% |
| Net earnings | $764M | $628M | $136M | +22% |
| Minority interests | $26.0M | $26.0M | $0 | 0% |
| Income tax | $190M | $185M | $5.0M | +3% |
| Depreciation & amortization | $628M | $609M | $19.0M | +3% |
| Working capital & other | $198M | $177M | $21.0M | +12% |
| Operating cash flow | $1.6B | $1.4B | $176M | +12% |
| Free cash flow (OCF − capex) | $545M | $621M | −$76.0M | -12% |
| Capital expenditures | $1.0B | $793M | $252M | +32% |
Questions
How much did Kinder Morgan's revenue grow year over year in Q3 2026?
Kinder Morgan's revenue rose $385M (+9%) from $4.1B in Q3 2025 to $4.5B in Q3 2026.
What drove Kinder Morgan's revenue change in Q3 2026?
Services +$356M (+17%); Commodity sales +$314M (+18%).