What is Kinder Morgan's terminals — goodwill?

Kinder Morgan (KMI) reported terminals — goodwill of $802M in Q4 2025.

What does terminals — goodwill mean?

This represents the carrying value of goodwill specifically allocated to the terminals business segment. It reflects the premium paid over the fair value of net identifiable assets during acquisitions within the midstream storage and terminaling sector. This asset is subject to periodic impairment testing based on the segment's future cash flow projections.

Kinder Morgan (KMI) Terminals — Goodwill

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Other segment segments

CO2

$1.03B0.0%

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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$71.66B+14.0%

Enterprise value$103.82B+9.7%

P/E20.7×-2.4×

P/S4×+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 / equity1×0.0×

Current ratio0.5×-0.2×

Where this comes from

Reported directly by Kinder Morgan in its filing.

Tagged under the XBRL concept us-gaap:Goodwill.

The source filing: Kinder Morgan’s 10-K, filed February 13, 2026.

Filed: Feb 13, 2026, 4:11 PM EST
Fiscal year: FY2025
Accession: 0001506307-26-000011

Line item	Natural Gas Pipelines	Products Pipelines	Terminals	CO2	Total
January 1, 2024	$16,748	$1,529	$802	$1,042	$20,121
Acquisition(a)	(28)	—	—	—	(28)
Divestiture(b)	—	—	—	(9)	(9)
December 31, 2024 and 2025	$16,720	$1,529	$802	$1,033	$20,084
Accumulated impairment losses as of December 31, 2025(c)	$(4,240)	$(1,267)	$(679)	$(600)	$(6,786)

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Kinder Morgan's terminals — goodwill?: Kinder Morgan (KMI) reported terminals — goodwill of $802M in Q4 2025.
What does terminals — goodwill mean?: This represents the carrying value of goodwill specifically allocated to the terminals business segment. It reflects the premium paid over the fair value of net identifiable assets during acquisitions within the midstream storage and terminaling sector. This asset is subject to periodic impairment testing based on the segment's future cash flow projections.