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How Kinder Morgan (KMI) makes money
Kinder Morgan (KMI) made $4.5B of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Services brought in $2.5B (55%); Commodity sales brought in $2.1B (45%). Of every dollar of revenue, 26¢ was left as operating profit, 17¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Services | $2.5B | 54.8% | — | +17% |
| ↳ Firm services | $1.4B | 30.5% | — | +6% |
| ↳ Product sales | $1.0B | 22.4% | — | +36% |
| ↳ Other | $50.0M | 1.1% | — | +4% |
| ↳ Other sales | $38.0M | 0.8% | — | +27% |
| Commodity sales | $2.1B | 45.2% | — | +18% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.5B | 100.0% |
| Operating profit | $1.2B | 25.6% |
| Income tax | $190M | 4.2% |
| Net earnings | $764M | 16.8% |
| Operating cash flow | $1.6B | 35.0% |
| Free cash flow | $545M | 12.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.5B | +9% |
| Q2 2026 | $4.5B | +11% |
| Q1 2026 | $4.8B | +14% |
| Q4 2025 | $4.5B | +13% |
| Q3 2025 | $4.1B | +12% |
| Q2 2025 | $4.0B | +13% |
| Q1 2025 | $4.2B | +10% |
From Kinder Morgan's 10-Q filed Oct 23, 2026 (on EDGAR).
Questions
How does Kinder Morgan make money?
Kinder Morgan (KMI) made $4.5B of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Services brought in $2.5B (55%); Commodity sales brought in $2.1B (45%). Of every dollar of revenue, 26¢ was left as operating profit, 17¢ was left as net earnings.
What is Kinder Morgan's biggest business?
Services: $2.5B in the third quarter 2026, 55% of revenue, +17% from a year earlier.
What is Kinder Morgan's profit margin?
Net earnings were $764M, 16.8% of revenue, in the third quarter 2026; the operating margin was 25.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.