Kinder Morgan KMI Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Costs of sales (exclusive of items shown separately below) by Business | ||||||
| CO2 | $28M+16.7% | $24M+9.1% | $22M+4.8% | $21M-22.2% | $27M+28.6% | |
| Natural Gas Pipelines | $1.43B+21.8% | $1.18B+7.9% | $1.09B+22.4% | $890M-22.3% | $1.15B+32.2% | |
| Products Pipelines | $281M+14.2% | $246M-12.5% | $281M-3.8% | $292M-0.3% | $293M-15.6% | |
| Terminals | $16M+33.3% | $12M+33.3% | $9M-35.7% | $14M-6.7% | $15M+25.0% | |
| Derivatives adjustments on commodity sales by Business | ||||||
| CO2 | -$38M-281% | $21M+320% | $5M-64.3% | $14M+240% | -$10M+16.7% | |
| Natural Gas Pipelines | $12M-83.3% | $72M+300% | $18M+100% | $9M+400% | -$3M-109% | |
| Products Pipelines | -$1M— | $0— | $0— | $0— | $0— | |
| Terminals | $0— | $0— | $0— | $0— | $0— | |
| Revenue Not from Contract with Customer by Business | ||||||
| Co2 | -$17M-141% | $41M+57.7% | $26M-27.8% | $36M+200% | $12M0.0% | |
| Natural Gas Pipelines | $151M-30.1% | $216M+35.8% | $159M+6.7% | $149M+13.7% | $131M-23.8% | |
| Products Pipelines | $50M-5.7% | $53M+1.9% | $52M-14.8% | $61M+17.3% | $52M-10.3% | |
| Terminals | $193M+3.2% | $187M+0.5% | $186M-2.1% | $190M+3.3% | $184M+6.4% | |
| Revenues from customers by Business | ||||||
| Co2 | $305M+6.6% | $286M+1.4% | $282M-2.8% | $290M-7.1% | $312M+8.0% | |
| Natural Gas Pipelines | $3.3B+8.3% | $3.04B+13.7% | $2.68B+5.5% | $2.54B-7.9% | $2.75B+13.0% | |
| Products Pipelines | $687M+4.9% | $655M-3.2% | $677M-2.0% | $691M+4.2% | $663M-10.4% | |
| Terminals | $565M+5.6% | $535M+3.3% | $518M-2.8% | $533M+2.9% | $518M-0.2% | |
| Net Income by Business | ||||||
| CO2 | $168M+15.1% | $146M+8.1% | $135M-10.0% | $150M-17.1% | $181M+14.6% | |
| Natural Gas Pipelines | $1.71B-4.9% | $1.8B+29.4% | $1.39B-3.1% | $1.44B-1.2% | $1.45B+4.4% | |
| Products Pipelines | $320M+4.2% | $307M+6.6% | $288M-0.3% | $289M+5.9% | $273M-9.6% | |
| Terminals | $329M+11.9% | $294M+7.3% | $274M-8.7% | $300M+9.1% | $275M-2.1% | |
| Earnings from equity investments by Business | ||||||
| CO2 | $8M+14.3% | $7M+16.7% | $6M+50.0% | $4M-33.3% | $6M-14.3% | |
| Natural Gas Pipelines | $225M+0.4% | $224M+5.7% | $212M+14.6% | $185M-5.6% | $196M+2.1% | |
| Products Pipelines | $18M+28.6% | $14M+7.7% | $13M-13.3% | $15M-6.3% | $16M+14.3% | |
| Terminals | $3M— | —— | -$10M-600% | $2M0.0% | $2M0.0% | |
| Taxes, other than income taxes by Business | ||||||
| CO2 | $11M-21.4% | $14M+16.7% | $12M0.0% | $12M-7.7% | $13M-13.3% | |
| Natural Gas Pipelines | $79M+9.7% | $72M+2.9% | $70M-4.1% | $73M+1.4% | $72M+7.5% | |
| Products Pipelines | $10M-16.7% | $12M+20.0% | $10M-9.1% | $11M-8.3% | $12M+20.0% | |
| Terminals | $12M0.0% | $12M-25.0% | $16M+14.3% | $14M+7.7% | $13M+8.3% | |
| Total Assets by Business | ||||||
| Co2 | $3.5B-3.0% | $3.61B+0.4% | $3.59B-1.2% | $3.64B+1.1% | $3.6B+0.4% | |
| Natural Gas Pipelines | $52.93B+0.7% | $52.55B+1.8% | $51.61B+0.3% | $51.46B+0.3% | $51.31B+1.8% | |
| Products Pipelines | $8.07B+0.4% | $8.04B-5.5% | $8.51B-0.5% | $8.55B-0.8% | $8.62B-0.3% | |
| Terminals | $7.87B-0.6% | $7.92B-0.3% | $7.94B-0.5% | $7.97B-0.4% | $8.01B-1.0% | |
| Other Cost and Expense, Operating by Business | ||||||
| Co2 | $57M-6.6% | $61M-4.7% | $64M0.0% | $64M+20.8% | $53M-22.1% | |
| Natural Gas Pipelines | $199M-17.8% | $242M+2.1% | $237M+2.6% | $231M+20.9% | $191M-16.2% | |
| Products Pipelines | $40M-18.4% | $49M-5.8% | $52M-13.3% | $60M+25.0% | $48M+11.6% | |
| Terminals | $137M-6.8% | $147M+8.9% | $135M-0.7% | $136M-2.9% | $140M-1.4% | |
| Salary and Wage, Excluding Cost of Good and Service Sold by Business | ||||||
| CO2 | $13M-7.1% | $14M+7.7% | $13M-7.1% | $14M+16.7% | $12M0.0% | |
| Natural Gas Pipelines | $86M+3.6% | $83M-1.2% | $84M0.0% | $84M+5.0% | $80M-3.6% | |
| Products Pipelines | $34M+3.0% | $33M-2.9% | $34M+3.0% | $33M+3.1% | $32M-3.0% | |
| Terminals | $69M-5.5% | $73M+4.3% | $70M+1.4% | $69M-1.4% | $70M+2.9% | |
| Capital Expenditures by Business | ||||||
| CO2 | $63M-1.6% | $64M-19.0% | $79M-10.2% | $88M-9.3% | $97M-4.0% | |
| Natural Gas Pipelines | $610M-1.3% | $618M+8.0% | $572M+39.9% | $409M-17.0% | $493M-6.6% | |
| Products Pipelines | $38M-24.0% | $50M-5.7% | $53M-8.6% | $58M-28.4% | $81M+44.6% | |
| Terminals | $70M-25.5% | $94M+19.0% | $79M+2.6% | $77M+1.3% | $76M-20.0% | |
| Depreciation, depletion, and amortization by Business | ||||||
| Co2 | $114M+15.2% | $99M+1.0% | $98M+11.4% | $88M-5.4% | $93M+4.5% | |
| Natural Gas Pipelines | $297M-0.3% | $298M+1.4% | $294M0.0% | $294M+2.4% | $287M+2.9% | |
| Products Pipelines | $84M0.0% | $84M+3.7% | $81M-16.5% | $97M+1.0% | $96M0.0% | |
| Terminals | $131M+0.8% | $130M0.0% | $130M+0.8% | $129M0.0% | $129M-0.8% | |
| Fuel and power by Business | ||||||
| CO2 | $25M-24.2% | $33M-21.4% | $42M+23.5% | $34M+6.3% | $32M0.0% | |
| Natural Gas Pipelines | $26M+4.0% | $25M+8.7% | $23M+15.0% | $20M+5.3% | $19M+11.8% | |
| Products Pipelines | $20M-9.1% | $22M-12.0% | $25M+13.6% | $22M+4.8% | $21M-12.5% | |
| Terminals | $5M0.0% | $5M+25.0% | $4M-20.0% | $5M-16.7% | $6M+20.0% | |
| Investments by Business | ||||||
| Co2 | $68M+1.5% | $67M-1.5% | $68M-2.9% | $70M-2.8% | $72M-2.7% | |
| Natural Gas Pipelines | $7.08B+1.7% | $6.96B-2.9% | $7.17B-1.2% | $7.26B-0.3% | $7.28B+0.4% | |
| Products Pipelines | $381M0.0% | $381M-1.3% | $386M-2.0% | $394M+0.8% | $391M+1.0% | |
| Terminals | $122M0.0% | $122M0.0% | $122M-7.6% | $132M0.0% | $132M0.0% | |
| Leasing services by Business | ||||||
| CO2 | $17M0.0% | $17M-5.6% | $18M0.0% | $18M+5.9% | $17M-5.6% | |
| Natural Gas Pipelines | $110M-4.3% | $115M0.0% | $115M+1.8% | $113M+0.9% | $112M-2.6% | |
| Products Pipelines | $44M-4.3% | $46M0.0% | $46M-16.4% | $55M+22.2% | $45M-15.1% | |
| Terminals | $193M+3.2% | $187M+0.5% | $186M-2.1% | $190M+3.3% | $184M+6.4% | |
| Other by Business | ||||||
| CO2 | $4M+33.3% | $3M0.0% | $3M-25.0% | $4M-20.0% | $5M-16.7% | |
| Natural Gas Pipelines | $29M0.0% | $29M+11.5% | $26M-3.7% | $27M+22.7% | $22M-12.0% | |
| Products Pipelines | $7M0.0% | $7M+16.7% | $6M0.0% | $6M-14.3% | $7M+40.0% | |
| Terminals | $0— | $0— | $0— | $0— | $0— | |
| Other intangibles, net by Business | ||||||
| CO2 | $403M-2.7% | $414M-2.6% | $425M-2.5% | $436M-2.5% | $447M-2.4% | |
| Natural Gas Pipelines | $884M-1.8% | $900M+12.5% | $800M-2.0% | $816M-1.8% | $831M+21.0% | |
| Products Pipelines | $387M-4.0% | $403M-24.8% | $536M-2.9% | $552M-4.0% | $575M-3.7% | |
| Terminals | $12M-7.7% | $13M0.0% | $13M-7.1% | $14M-6.7% | $15M-16.7% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| CO2 | -$6M-700% | $1M— | $0+100% | -$1M— | $0— | |
| Natural Gas Pipelines | -$11M+91.5% | -$130M-2,067% | -$6M+53.8% | -$13M-30.0% | -$10M+33.3% | |
| Products Pipelines | $0— | $0— | $0+100% | -$1M— | $0+100% | |
| Terminals | $0+100% | -$4M— | $0+100% | -$3M-400% | $1M— | |
| Unrealized Gain (Loss) on Derivatives by Business | ||||||
| CO2 | -$21M-2,200% | $1M+200% | -$1M-120% | $5M+600% | -$1M+66.7% | |
| Natural Gas Pipelines | -$75M-288% | $40M+433% | -$12M-113% | $89M+211% | -$80M-73.9% | |
| Products Pipelines | -$5M— | $0— | $0— | $0+100% | -$1M— | |
| Terminals | -$1M— | —— | —— | —— | —— | |
| Revenues from customers by Product | ||||||
| Feebasedservices | $707M+0.4% | $704M+3.4% | $681M+2.3% | $666M-0.3% | $668M+3.2% | |
| Firm Services | $1.46B+4.1% | $1.4B+7.6% | $1.3B+0.9% | $1.29B-3.7% | $1.34B+3.7% | |
| Natural Gas Sales | $1.45B+30.3% | $1.12B+16.3% | $960M+9.2% | $879M-11.6% | $994M+46.2% | |
| Other sales | $44M+33.3% | $33M+10.0% | $30M+7.1% | $28M-26.3% | $38M+40.7% | |
| Product Other Than Natural Gas | $786M+4.1% | $755M+0.9% | $748M+1.1% | $740M-9.8% | $820M-11.3% | |
| Total Services Revenue | $2.17B— | —— | $1.99B+1.3% | $1.96B-2.5% | $2.01B— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Kinder Morgan break its business down?
- Kinder Morgan (KMI) reports costs of sales (exclusive of items shown separately below) by business across 4 parts — CO2, Natural Gas Pipelines, Products Pipelines and Terminals. Each is extracted from the segment footnotes and tracked over time.
- Where does Kinder Morgan's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Kinder Morgan's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
