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Kinder Morgan KMI Product sales — 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%
Natural Gas Sales
$806M-8.3%
Feebasedservices
$732M+9.9%
Other sales
$33M+17.9%

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SOOther Natural Gas Other Natural Gas Revenues — Total revenue from contracts with customers
$3M-25.0%
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MTDRNatural gas revenues — Revenue
$99.65M+7.3%
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NJRNatural gas services — Revenues from contracts with customers
$42.93M+15.4%
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MDUNatural gas storage — Revenues from contracts with customers
$5.47M-9.3%

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
Total services1,42133533212(3)2,097
Commodity sales
Natural gas sales7998(1)806
Product sales28751728336(6)1,162
Other sales131133
Total commodity sales1,08751728375(6)2,001
Total revenues from contracts with customers2,508852360387(9)4,098
Other revenues

Item 1. Financial Statements (Unaudited)

FAQ

What is Kinder Morgan's product sales — revenues from customers?
Kinder Morgan (KMI) reported product sales — revenues from customers of $1.16B in Q2 2026.
How has Kinder Morgan's product sales — revenues from customers changed year-over-year?
Kinder Morgan's product sales — revenues from customers increased by 57.0% year-over-year, from $740M to $1.16B.
What is the long-term trend for Kinder Morgan's product sales — revenues from customers?
Over 4 years (2021 to 2025), Kinder Morgan's product sales — revenues from customers has grown at a -0.7% compound annual growth rate (CAGR), from $3.15B to $3.06B.
What does product sales — revenues from customers mean?
This metric represents the total revenue generated from the sale of physical energy products, excluding natural gas, such as crude oil, refined products, and natural gas liquids. It reflects the company's role as a merchant or marketer of commodities handled through its midstream infrastructure. This revenue stream is distinct from fee-based transportation and storage services, as it is directly exposed to commodity price fluctuations.

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