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Kinder Morgan KMI Fee-based services — Revenues from customers

Other product segments

Service
$8.06B+6.7%
Oil And Gas Service
$2.46B
Total Services Revenue
$2.1B+7.0%
Firm Services
$1.37B+5.6%
Product Other Than Natural Gas
$1.16B+57.0%
Natural Gas Sales
$806M-8.3%
Other sales
$33M+17.9%

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Other financials

Income statement

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Revenue$4.5B+10.8%
Gross profit$3.1B+8.5%
Operating income$1.3B+16.8%
Net income$867.0M+21.3%
EPS (diluted)$0.39+21.9%

Balance sheet

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Cash & equivalents$89.0M+8.5%
Total debt$32.2B+1.2%
Total equity$31.6B+2.8%
Total assets$74.1B+2.3%

Cash flow

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Operating cash flow$2.0B+18.9%
CapEx$982.0M+51.8%
Free cash flow$978.0M-2.4%

Valuation

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Market cap$69.3B+16.6%
Enterprise value$101.46B+11.2%
P/E20×-1.8×
P/S3.9×+0.1×

Profitability

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Gross margin66.6%-2.4pp
Operating margin29%+1.4pp
Net margin19.3%+2.2pp
FCF margin17.6%+0.5pp

Returns & leverage

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Return on equity11.1%+2.2pp
Debt / equity0.0×
Current ratio0.5×-0.2×

Where this comes from

Reported directly by Kinder Morgan in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Kinder Morgan’s 10-Q, filed July 24, 2026.

Filed
Jul 24, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001506307-26-000085
Line itemNatural Gas PipelinesProducts PipelinesTerminalsCO2Corporate and EliminationsTotal
Revenues from contracts with customers(a)
Services
Firm services$1,078$63$224$1$(1)$1,365
Fee-based services34327210811(2)732
Total services1,42133533212(3)2,097
Commodity sales
Natural gas sales7998(1)806
Product sales28751728336(6)1,162

Item 1. Financial Statements (Unaudited)

FAQ

What is Kinder Morgan's fee-based services — revenues from customers?
Kinder Morgan (KMI) reported fee-based services — revenues from customers of $732M in Q2 2026.
How has Kinder Morgan's fee-based services — revenues from customers changed year-over-year?
Kinder Morgan's fee-based services — revenues from customers increased by 9.9% year-over-year, from $666M to $732M.
What is the long-term trend for Kinder Morgan's fee-based services — revenues from customers?
Over 4 years (2021 to 2025), Kinder Morgan's fee-based services — revenues from customers has grown at a 6.5% compound annual growth rate (CAGR), from $2.11B to $2.72B.
What does fee-based services — revenues from customers mean?
This metric represents the total revenue generated from contracts where the company provides transportation, storage, or processing services for a fixed fee, regardless of the underlying commodity price. These revenues are typically underpinned by long-term take-or-pay or capacity-reservation agreements that provide stable, predictable cash flows. This segment is central to the company's business model as it minimizes direct exposure to volatile energy commodity market fluctuations.

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