Income StatementBalance SheetCash FlowSegments
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Kinder Morgan Business Segments

Business, geographic, and product segment breakdowns

Kinder Morgan generates $17.5B in annual revenue across 4 key segments: Co2 ($86.0M), Natural Gas Pipelines ($675.0M), Products Pipelines ($216.0M), and Terminals ($756.0M). The company-wide operating margin is 28.66%. Based on the Q1 2026 filing.

Co2 (TTM)$86.0MNatural Gas Pipelines (TTM)$675.0MProducts Pipelines (TTM)$216.0MTerminals (TTM)$756.0M
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$75.2B
P/E Ratio22.68
ROE10.71%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Oil And Gas Service$2.3B$2.4B$2.3B$2.3B$2.5B$2.5B

Revenues from customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total Services Revenue—$2.0B$2.0B$2.0B—$2.2B
Firm Services$1.3B$1.3B$1.3B$1.3B$1.4B$1.5B
Natural Gas Sales$680.0M$994.0M$879.0M$960.0M$1.1B$1.5B
Product Other Than Natural Gas$924.0M$820.0M$740.0M$748.0M$755.0M$786.0M
Feebasedservices$647.0M$668.0M$666.0M$681.0M$704.0M$707.0M
Other sales$27.0M$38.0M$28.0M$30.0M$33.0M$44.0M

Revenues from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$1.9B$2.0B$2.0B$2.0B$2.0B—

Geographic

Long-term assets, excluding goodwill and other intangibles

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexico and other foreign$70.0M———$65.0M—
U.S.$47.0B———$48.1B—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
MX$10.8M$2.8M$2.8M$2.8M$2.8M—
US$3.8B$4.2B$4.2B$4.2B$4.2B—

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$50.4B$51.3B$51.5B$51.6B$52.5B$52.9B
Products Pipelines$8.6B$8.6B$8.5B$8.5B$8.0B$8.1B
Terminals$8.1B$8.0B$8.0B$7.9B$7.9B$7.9B
Co2$3.6B$3.6B$3.6B$3.6B$3.6B$3.5B

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$528.0M$493.0M$409.0M$572.0M$618.0M$610.0M
Terminals$95.0M$76.0M$77.0M$79.0M$94.0M$70.0M
CO2$101.0M$97.0M$88.0M$79.0M$64.0M$63.0M
Products Pipelines$56.0M$81.0M$58.0M$53.0M$50.0M$38.0M

Costs of sales (exclusive of items shown separately below)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$866.0M$1.1B$890.0M$1.1B$1.2B$1.4B
Products Pipelines$347.0M$293.0M$292.0M$281.0M$246.0M$281.0M
CO2$21.0M$27.0M$21.0M$22.0M$24.0M$28.0M
Terminals$12.0M$15.0M$14.0M$9.0M$12.0M$16.0M

Depreciation, depletion, and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$279.0M$287.0M$294.0M$294.0M$298.0M$297.0M
Terminals$130.0M$129.0M$129.0M$130.0M$130.0M$131.0M
Co2$89.0M$93.0M$88.0M$98.0M$99.0M$114.0M
Products Pipelines$96.0M$96.0M$97.0M$81.0M$84.0M$84.0M

Derivatives adjustments on commodity sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CO2-$12.0M-$10.0M$14.0M$5.0M$21.0M-$38.0M
Natural Gas Pipelines$32.0M-$3.0M$9.0M$18.0M$72.0M$12.0M
Products Pipelines$0.0$0.0$0.0$0.0$0.0-$1.0M
Terminals$0.0$0.0$0.0$0.0$0.0$0.0

Earnings from equity investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$192.0M$196.0M$185.0M$212.0M$224.0M$225.0M
Products Pipelines$14.0M$16.0M$15.0M$13.0M$14.0M$18.0M
CO2$7.0M$6.0M$4.0M$6.0M$7.0M$8.0M
Terminals$2.0M$2.0M$2.0M-$10.0M—$3.0M

Fuel and power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$17.0M$19.0M$20.0M$23.0M$25.0M$26.0M
CO2$32.0M$32.0M$34.0M$42.0M$33.0M$25.0M
Products Pipelines$24.0M$21.0M$22.0M$25.0M$22.0M$20.0M
Terminals$5.0M$6.0M$5.0M$4.0M$5.0M$5.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CO2$1.0B———$1.0B—
Terminals$802.0M———$802.0M—

Goodwill, Impaired, Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CO2$600.0M———$600.0M—
Natural Gas Pipelines$4.2B———$4.2B—
Products Pipelines$1.3B———$1.3B—
Terminals$679.0M———$679.0M—

Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$7.3B$7.3B$7.3B$7.2B$7.0B$7.1B
Products Pipelines$387.0M$391.0M$394.0M$386.0M$381.0M$381.0M
Terminals$132.0M$132.0M$132.0M$122.0M$122.0M$122.0M
Co2$74.0M$72.0M$70.0M$68.0M$67.0M$68.0M

Leasing services

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Terminals$173.0M$184.0M$190.0M$186.0M$187.0M$193.0M
Natural Gas Pipelines$115.0M$112.0M$113.0M$115.0M$115.0M$110.0M
Products Pipelines$53.0M$45.0M$55.0M$46.0M$46.0M$44.0M
CO2$18.0M$17.0M$18.0M$18.0M$17.0M$17.0M

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$1.4B$1.5B$1.4B$1.4B$1.8B$1.7B
Terminals$281.0M$275.0M$300.0M$274.0M$294.0M$329.0M
Products Pipelines$302.0M$273.0M$289.0M$288.0M$307.0M$320.0M
CO2$158.0M$181.0M$150.0M$135.0M$146.0M$168.0M

Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$25.0M$22.0M$27.0M$26.0M$29.0M$29.0M
Products Pipelines$5.0M$7.0M$6.0M$6.0M$7.0M$7.0M
CO2$6.0M$5.0M$4.0M$3.0M$3.0M$4.0M
Terminals$0.0$0.0$0.0$0.0$0.0$0.0

Other Cost and Expense, Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$228.0M$191.0M$231.0M$237.0M$242.0M$199.0M
Terminals$142.0M$140.0M$136.0M$135.0M$147.0M$137.0M
Co2$68.0M$53.0M$64.0M$64.0M$61.0M$57.0M
Products Pipelines$43.0M$48.0M$60.0M$52.0M$49.0M$40.0M

Other intangibles, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$687.0M$831.0M$816.0M$800.0M$900.0M$884.0M
CO2$458.0M$447.0M$436.0M$425.0M$414.0M$403.0M
Products Pipelines$597.0M$575.0M$552.0M$536.0M$403.0M$387.0M
Terminals$18.0M$15.0M$14.0M$13.0M$13.0M$12.0M

Revenue Not from Contract with Customer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Terminals$173.0M$184.0M$190.0M$186.0M$187.0M$193.0M
Natural Gas Pipelines$172.0M$131.0M$149.0M$159.0M$216.0M$151.0M
Products Pipelines$58.0M$52.0M$61.0M$52.0M$53.0M$50.0M
Co2$12.0M$12.0M$36.0M$26.0M$41.0M-$17.0M

Revenues from customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$2.4B$2.8B$2.5B$2.7B$3.0B$3.3B
Products Pipelines$740.0M$663.0M$691.0M$677.0M$655.0M$687.0M
Terminals$519.0M$518.0M$533.0M$518.0M$535.0M$565.0M
Co2$289.0M$312.0M$290.0M$282.0M$286.0M$305.0M

Salary and Wage, Excluding Cost of Good and Service Sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$83.0M$80.0M$84.0M$84.0M$83.0M$86.0M
Terminals$68.0M$70.0M$69.0M$70.0M$73.0M$69.0M
Products Pipelines$33.0M$32.0M$33.0M$34.0M$33.0M$34.0M
CO2$12.0M$12.0M$14.0M$13.0M$14.0M$13.0M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines-$15.0M-$10.0M-$13.0M-$6.0M-$130.0M-$11.0M
CO2$0.0$0.0-$1.0M$0.0$1.0M-$6.0M
Products Pipelines-$2.0M$0.0-$1.0M$0.0$0.0$0.0
Terminals$0.0$1.0M-$3.0M$0.0-$4.0M$0.0

Taxes, other than income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$67.0M$72.0M$73.0M$70.0M$72.0M$79.0M
Terminals$12.0M$13.0M$14.0M$16.0M$12.0M$12.0M
CO2$15.0M$13.0M$12.0M$12.0M$14.0M$11.0M
Products Pipelines$10.0M$12.0M$11.0M$10.0M$12.0M$10.0M

Unrealized Gain (Loss) on Derivatives

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines-$46.0M-$80.0M$89.0M-$12.0M$40.0M-$75.0M
CO2-$3.0M-$1.0M$5.0M-$1.0M$1.0M-$21.0M
Products Pipelines—-$1.0M$0.0$0.0$0.0-$5.0M
Terminals—————-$1.0M