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Kinder Morgan KMI Service — Revenues from contracts with customers

Other product segments

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%
Feebasedservices
$732M+9.9%
Other sales
$33M+17.9%

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$871M+10.5%
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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-K, filed February 13, 2026.

Filed
Feb 13, 2026, 4:11 PM EST
Fiscal year
FY2025
Accession
0001506307-26-000011
Line itemNatural Gas PipelinesProducts PipelinesTerminalsCO2Corporate and EliminationsTotal
Services
Firm services$4,254$221$870$1$(4)$5,342
Fee-based services1,1611,09043145(8)2,719
Total services5,4151,3111,30146(12)8,061
Commodity sales
Natural gas sales3,90949(9)3,949
Product sales1,0011,15756857(8)3,063
Other sales29103(3)129

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Kinder Morgan's service — revenues from contracts with customers?
Kinder Morgan (KMI) reported service — revenues from contracts with customers of $2.02B in Q4 2025.
How has Kinder Morgan's service — revenues from contracts with customers changed year-over-year?
Kinder Morgan's service — revenues from contracts with customers increased by 6.7% year-over-year, from $1.89B to $2.02B.
What is the long-term trend for Kinder Morgan's service — revenues from contracts with customers?
Over 4 years (2021 to 2025), Kinder Morgan's service — revenues from contracts with customers has grown at a 5.4% compound annual growth rate (CAGR), from $6.53B to $8.06B.
What does service — revenues from contracts with customers mean?
This metric represents the total gross revenue generated from fee-based service agreements within the company's primary midstream operations. It captures income derived from the transportation, storage, and processing of energy commodities under contractual arrangements with third-party customers. This figure serves as a key indicator of the scale and utilization of the company's midstream infrastructure assets.

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