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National Grid vs Kinder Morgan: NGG and KMI compared
National Grid is the larger company: $8.1B of revenue in its latest quarter (H1 FY27) against $4.5B for Kinder Morgan (Q3 2026). National Grid is growing faster (+15% against +9% a year earlier). National Grid is more profitable, with an operating margin of 29.0% against 25.6%.
Where the money goes: NGG and KMI
National Grid (NGG) · H1 FY27
National Grid, H1 FY27: revenue $8.1B (+15% year over year), operating margin 29.0%, net earnings $1.3B, operating cash flow $4.1B. The chart follows the revenue to costs, profit and cash.
Kinder Morgan (KMI) · Q3 2026
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 follows the revenue to costs, profit and cash.
| National Grid (NGG) | Kinder Morgan (KMI) | |
|---|---|---|
| Latest quarter | H1 FY27 | Q3 2026 |
| Revenue | $8.1B | $4.5B |
| Revenue growth, Y/Y | +15% | +9% |
| Operating margin | 29.0% | 25.6% |
| Net earnings | $1.3B | $764M |
| Net margin | 16.5% | 16.9% |
| Operating cash flow | $4.1B | $1.6B |
| Free cash flow | — | $545M |
| Market value | — | $66.7B |
| P/E | — | 18.5× |
| Analysts’ mean target | — | $37.50 |
Where the revenue comes from
Kinder Morgan
- Services: $2.5B (55%)
- Commodity sales: $2.1B (45%)
Questions
Which is bigger, National Grid or Kinder Morgan?
National Grid is the larger company: $8.1B of revenue in its latest quarter (H1 FY27) against $4.5B for Kinder Morgan (Q3 2026).
Is National Grid or Kinder Morgan growing faster?
National Grid is growing faster (+15% against +9% a year earlier).
Which is more profitable, National Grid or Kinder Morgan?
National Grid is more profitable, with an operating margin of 29.0% against 25.6%.
More: National Grid earnings · how National Grid makes money · Kinder Morgan earnings · how Kinder Morgan makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 5, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.