Filing Flows › Kinder Morgan (KMI) › Q4 2025
Kinder Morgan (KMI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Kinder Morgan (KMI) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +9% from the quarter before. Operating margin was 30.3%, net earnings $996M (22.1% of revenue).
Kinder Morgan, Q4 2025: revenue $4.5B (+13% year over year), operating margin 30.3%, net earnings $996M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +9% | +13% |
| Operating profit | $1.4B | +28% | +23% |
| Net earnings | $996M | +59% | +49% |
| Operating cash flow | $1.7B | +20% | +12% |
| Free cash flow | $872M | +40% | +18% |
What changed
Revenue was $4.5B in Q4 2025, up 13% year over year and up 9% from the previous quarter. Commodity sales was the largest line at 42% of revenue.
Operating profit was $1.4B, a 30.3% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 28% margin then. Total costs grew 9% against revenue growth of 13%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $1.0B, up 49% year over year. The effective tax rate was 21.8%.
Operating cash flow was $1.7B (up 12% year over year), 166% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization. Capital expenditures of $0.82B left free cash flow of $0.87B.
Questions
What was Kinder Morgan's revenue in the fourth quarter 2025?
Kinder Morgan (KMI) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +9% from the quarter before.
Was Kinder Morgan profitable in the fourth quarter 2025?
Operating profit was $1.4B (30.3% of revenue) and net earnings $996M.
Source: Kinder Morgan 10-K on SEC EDGAR.