olivLaw · US equity research
Kinder Morgan, Inc. KMI
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Kinder Morgan is one of the largest natural gas transmission and storage operators in the United States, with revenue largely from long-term, fee-based contracts. In 2026 the company announced a record expansion project backlog of 14.4 billion dollars, mostly for natural gas tied to power generation and LNG exports.
At the close of 04 Nov 2026, Kinder Morgan, Inc. (KMI) stock was 31.52 USD (−4.11% on the day), with market capitalisation 70.2 bn USD, P/E 19.5 on diluted EPS of 1.62 USD over the last 12 months, dividend yield 3.76%, beta 0.39, 52-week range 25.92–34.43 USD. Latest reported quarter (Q3 2026): revenue of 4.5 bn USD (+9.3% YoY), net income of 764.0 m USD (+21.7% YoY), diluted EPS 0.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.5
- weak (30–45)
- Bollinger (20, 2)
- 31.93 – 34.77
- below the lower band · %B -0.15 · band width 8.5%
- SMA 50 / 200
- 32.14 / 32.14
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.22 / 0.48
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.4 pp | — |
| 3 months | +1.3% | −0.5% | +1.7 pp | — |
| 6 months | −0.2% | +4.4% | −4.6 pp | — |
| Year to date | +14.7% | +12.3% | +2.3 pp | — |
| 1 year | +22.0% | +13.5% | +8.4 pp | +12.1% |
| 3 years | +86.8% | +76.4% | +10.4 pp | +42.7% |
| 5 years | +86.0% | +63.7% | +22.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 4.2 bn | 4.0 bn | 4.1 bn | 4.5 bn | 4.8 bn | 4.5 bn | 4.5 bn |
| Cost of revenue | 1.2 bn | 1.5 bn | 1.2 bn | 1.4 bn | 1.4 bn | 1.7 bn | 1.4 bn | 1.6 bn |
| Operating income | 1.1 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.2 bn |
| Depreciation & amortisation | 596.0 m | 610.0 m | 616.0 m | 609.0 m | 618.0 m | 633.0 m | 620.0 m | 628.0 m |
| Pre-tax income | 891.0 m | 929.0 m | 919.0 m | 839.0 m | 1.3 bn | 1.3 bn | 1.2 bn | 980.0 m |
| Income tax | 197.0 m | 186.0 m | 177.0 m | 185.0 m | 284.0 m | 287.0 m | 272.0 m | 190.0 m |
| Net income | 667.0 m | 717.0 m | 715.0 m | 628.0 m | 996.0 m | 976.0 m | 867.0 m | 764.0 m |
| Diluted EPS | 0.30 ≈ | 0.32 | 0.32 | 0.28 | 0.45 ≈ | 0.44 | 0.39 | 0.34 |
| Operating cash flow | 1.5 bn | 1.2 bn | 1.6 bn ≈ | 1.4 bn ≈ | 1.7 bn | 1.5 bn | 2.0 bn ≈ | 1.6 bn ≈ |
| Capex | 772.0 m | 766.0 m | 647.0 m ≈ | 793.0 m ≈ | 820.0 m | 804.0 m | 982.0 m ≈ | 1.0 bn ≈ |
| Dividends paid | 642.0 m | 642.0 m | 654.0 m ≈ | 654.0 m ≈ | 654.0 m | 654.0 m | 665.0 m ≈ | 665.0 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 33-quarter history (min 15.1, median 22.5, max 625.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.1 bn | 13.2 bn | 11.7 bn | 16.6 bn | 19.2 bn | 15.3 bn | 15.1 bn | 16.9 bn |
| Revenue YoY | +3.2% | −6.6% | −11.4% | +42.0% | +15.6% | −20.1% | −1.5% | +12.2% |
| Net income | 1.6 bn | 2.2 bn | 119.0 m | 1.8 bn | 2.5 bn | 2.4 bn | 2.6 bn | 3.1 bn |
| Net income YoY | +779.2% | +36.1% | −94.6% | +1,399.2% | +42.8% | −6.2% | +9.3% | +17.0% |
| Diluted EPS | unavailable | 0.96 | 0.05 | 0.78 | 1.12 | 1.06 | 1.17 | 1.37 |
| Diluted EPS YoY | unavailable | unavailable | −94.8% | +1,460.0% | +43.6% | −5.4% | +10.4% | +17.1% |
| net % | 11.4% | 16.6% | 1.0% | 10.7% | 13.3% | 15.6% | 17.3% | 18.0% |
| Free cash flow | 2.1 bn | 2.5 bn | 2.8 bn | 4.4 bn | 3.3 bn | 4.2 bn | 3.0 bn | 2.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 63.0 m USD
- Financial debt
- 32.0 bn USD
- Net debt
- 31.9 bn USD
- Equity
- 32.4 bn USD
- Total assets
- 72.7 bn USD
- Debt / equity
- 0.99x
- Current ratio
- 0.64x
- ROE
- 9.5%
- ROA
- 4.2%
- FCF margin
- 17.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.7 bn | 16.6 bn | 19.2 bn | 15.3 bn | 15.1 bn | 16.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 2.5 bn | 6.5 bn | 9.3 bn | 4.9 bn | 4.3 bn | 5.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 9.2 bn ≈ | 10.1 bn ≈ | 9.9 bn ≈ | 10.4 bn ≈ | 10.8 bn ≈ | 11.4 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Operating income | 1.6 bn | 2.9 bn | 4.1 bn | 4.3 bn | 4.4 bn | 4.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 2.2 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 3.7 bn ≈ | 5.1 bn ≈ | 6.3 bn ≈ | 6.5 bn ≈ | 6.7 bn ≈ | 7.2 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Pre-tax income | 661.0 m | 2.2 bn | 3.3 bn | 3.2 bn | 3.4 bn | 4.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 481.0 m | 369.0 m | 710.0 m | 715.0 m | 687.0 m | 832.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 119.0 m | 1.8 bn | 2.5 bn | 2.4 bn | 2.6 bn | 3.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 0.05 | 0.78 | 1.12 | 1.06 | 1.17 | 1.37 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 2.3 bn | 2.3 bn | 2.3 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 1.05 | 1.08 | 1.11 | 1.13 | 1.15 | 1.17 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 1.1 bn | 745.0 m | 83.0 m | 88.0 m | 63.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 348.0 m | 562.0 m | 634.0 m | 525.0 m | 555.0 m | 574.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 3.2 bn | 3.8 bn | 3.8 bn | 2.5 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 35.8 bn | 35.7 bn | 35.6 bn | 37.3 bn | 38.0 bn | 39.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 19.9 bn | 19.9 bn | 20.0 bn | 20.1 bn | 20.1 bn | 20.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.5 bn | 1.7 bn | 1.8 bn | 2.0 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 72.0 bn | 70.4 bn | 70.1 bn | 71.0 bn | 71.4 bn | 72.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 837.0 m | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 2.6 bn | 2.6 bn | 3.4 bn | 4.0 bn | 2.0 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 32.1 bn | 30.7 bn | 28.4 bn | 28.1 bn | 29.9 bn | 30.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 5.1 bn | 5.8 bn | 6.9 bn | 7.2 bn | 5.1 bn | 4.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 39.4 bn | 38.5 bn | 38.0 bn | 39.3 bn | 39.5 bn | 40.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 31.8 bn | 31.9 bn | 32.1 bn | 31.7 bn | 31.9 bn | 32.4 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.6 bn | 5.7 bn | 5.0 bn | 6.5 bn | 5.6 bn | 5.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 1.7 bn | 1.3 bn | 1.6 bn | 2.3 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 2.8 bn ≈ | 4.4 bn ≈ | 3.3 bn ≈ | 4.2 bn ≈ | 3.0 bn ≈ | 2.9 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -911.0 m | -2.3 bn | -2.2 bn | -4.2 bn | -2.6 bn | -3.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -2.6 bn | -3.5 bn | -3.1 bn | -3.0 bn | -2.9 bn | -2.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 2.4 bn | 2.4 bn | 2.5 bn | 2.5 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 50.0 m | 0 | 368.0 m | 522.0 m | 7.0 m | 0 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 70.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Growth23
- Quality53
- Returns52
- Valuation36
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.54 – 43.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA12.54 – 30.41 (Mid 20.85)4 companies used · median multiple 10.1x · quartiles 7.7x – 12.8xET, TRGP, WES, WMB
- Peers: P/E20.50 – 43.78 (Mid 22.08)5 companies used · median multiple 13.6x · quartiles 12.7x – 27.1xEPD, ET, TRGP, WES, WMB
- Dividend discount (DDM)15.38 – 20.68 (Mid 17.64)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 34 (on a fixed band) | 11% |
| Net margin · Quality | 19.6% | 60 (vs peers) | 7% |
| FCF conversion · Quality | 85.5% | 79 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -4.1% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 6.9% | 46 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.1x | 0 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 19.5x | 40 (vs peers) | 11% |
| EV/EBITDA · Valuation | 13.1x | 17 (on a fixed band) | 11% |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.8% | 54 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 85.6% | 49 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns52/100 · 2/2 factors with a value
- Valuation36/100 · 3/3 factors with a value
Memo
KINDER MORGAN, INC. (KMI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 16.9 bn USD in 2025; YoY growth 12.2%; net margin 19.6%; ROE 11.6%; net debt/EBITDA 4.1x.
The estimated value range is 15.38–30.41 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 20.85 USD, the price of 31.52 USD leaves a potential of -33.9% (value / price − 1) and a margin of safety of -51.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 85.5%
What contradicts it
- Revenue CAGR 3Y: -4.1%
- Net debt / EBITDA: 4.1x
- Current ratio: 0.7x
- EV/EBITDA: 13.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 9.4 bn and 600.7 bn (within 8× of the company's); 12 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +22% / +87% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
1- and 3-year price returns: for KMI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.01 Total return -43% · Per year -43% | 30.22 Total return -1% · Per year -1% | 45.70 Total return 49% · Per year 49% |
| 3 years | 13.78 Total return -49% · Per year -20% | 27.79 Total return -1% · Per year -0% | 46.53 Total return 61% · Per year 17% |
| 5 years | 11.17 Total return -53% · Per year -14% | 25.56 Total return -2% · Per year -0% | 47.38 Total return 73% · Per year 12% |
- Exit P/E± 6.95
- Net margin± 4.86
- Annual revenue growth± 4.35
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kinder Morgan is one of the largest natural gas transmission and storage operators in the United States, with revenue largely from long-term, fee-based contracts. In 2026 the company announced a record expansion project backlog of 14.4 billion dollars, mostly for natural gas tied to power generation and LNG exports 3.
SWOT
Strengths
- The company relies on a strategically located asset network and long-term, fee-based contracts with customers considered financially strong, supporting predictable cash flows 3.
- The expansion project backlog is at a record level, largely tied to natural gas, showing customer interest in the company's infrastructure 3.
- The company has kept a balance sheet described as healthy, with leverage at the low end of management's target range 3.
Weaknesses
- Some segment revenues depend on crude oil, NGL and natural gas prices, which can fluctuate sharply and reduce profits during low-price periods 1.
- Construction projects are exposed to permit delays, cost increases and public opposition, which can affect returns on investment 1.
- Earnings in some segments, such as CO2 and gathering, can be more uneven than in other segments, making results harder to predict 3.
Opportunities
- Rising power demand and LNG exports could create new pipeline projects and long-term contracts for a company that already owns the necessary infrastructure 3.
- New projects, such as transporting refined products to the western United States, could widen the company's footprint 3.
- Selective asset acquisitions, if well integrated, could add capacity and long-term cash flows 2.
Threats
- A prolonged period of low hydrocarbon prices could reduce production and demand for the company's infrastructure 1.
- Climate policy and the shift to renewable sources could reduce long-term demand for the hydrocarbons transported 1.
- Trade tariffs and higher materials costs could raise project costs and weigh on returns 1.
Risks
- Dependence on hydrocarbon supply and demandhigh
If production in served areas declines or demand weakens, asset utilization could fall and reduce revenue 1.
- Volatility of commodity priceshigh
Sharp or prolonged declines in crude oil, NGL and natural gas prices could cut revenue from businesses that sell these products and could require impairments 1.
- Operational and environmental hazardsmedium
Leaks, accidents and equipment failures could cause serious damage, penalties and service interruptions 1.
- Construction delays and cost overrunsmedium
Difficulty obtaining permits, public opposition and rising costs could delay or cancel major projects 1.
- Competition and unused capacitylow
If other transport options become more attractive, existing capacity could go unused and contracts could renew at lower rates 1.
Investment thesis
What would need to be true (bull case)
- The record expansion project backlog, largely tied to natural gas demand, could support revenue growth over the longer term if projects are completed on schedule 3.
- Long-term, fee-based contracts with financially strong customers could maintain predictable cash flows even during periods of volatility 3.
- If LNG exports and power demand keep growing, the company could benefit from new transport contracts and higher volumes 3.
What would break the thesis
- If hydrocarbon prices stay low for an extended period, revenue in certain segments could fall significantly 1.
- Construction risks such as delays and cost increases could reduce the returns on large expansion projects 1.
- A longer-term energy transition could reduce demand for hydrocarbons, which could weigh on the efficiency of existing assets 1.
What to watch
- Progress of the Southeast Connector and Permian Link projects, including permit approvals2027
- Trends in natural gas volumes on interstate pipelines and gathering systemsQ1 2027
- Effect of trade tariffs and materials costs on project budgets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kinder Morgan, Inc. (NYSE: KMI) operates a network of pipelines, terminals and other energy infrastructure assets in the United States. The company relies on a model of long-term, fee-based contracts that management says provide stable and predictable cash flows 3. Management reported record third quarter 2026 results, with net income attributable to KMI of 764 million dollars, up from the prior year 3. Besides natural gas transport, the company runs products pipelines, terminals, CO2 and NGL-related businesses, and its strategy includes expanding natural gas infrastructure 1.
Segments
Natural Gas Pipelines
The main segment, covering interstate and intrastate pipelines, gathering systems and new projects such as Southeast Connector and Permian Link. In the third quarter of 2026 transport volumes rose 3% and gathering volumes rose 14% 3.
Products Pipelines and Terminals
The products pipelines segment moves refined products and condensate, while the terminals segment includes liquids, coal and petroleum coke handling and a Jones Act tanker fleet. Terminal earnings rose in the third quarter of 2026, supported by expansion projects placed in service and higher prices 3.
Market context
The market KMI serves is driven by natural gas demand, which has grown with LNG exports, power demand and industrial expansion 3. The company says nearly 75% of its project backlog is linked to power generation and local distribution company demand 3. The total backlog of 14.4 billion dollars points to customer interest in new infrastructure 3.
Competitive position
KMI faces competition from other pipelines and terminals, as well as other transport options such as barge, rail or truck. If alternatives become more attractive on price or location, part of its asset capacity could remain unused 1. The company also notes competition from other pipelines that access the same supply areas 1.
- Other interstate natural gas pipelines
Pipeline systems serving the same supply areas and destinations as KMI assets, which could offer more attractive services to shippers.
- Rail, barge and truck transport
Alternative ways to move the products KMI handles, which could become more attractive to some shippers.
- Other terminal and storage operators
Competing terminals that could become more attractive to KMI customers, especially on price or location.
- Carbon capture and sequestration developers
Companies developing carbon capture technology could compete with KMI for customers who buy CO2 for enhanced oil recovery.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Kinder Morgan, Energy Transfer and Williams could benefit from cheap natural gasCNBC — Top News · 23 Oct 2026 · EN
- Insider Selling : Kinder Morgan ( NYSE : KMI ) VP Sells 1 , 550 Shares of StockSurge — GDELT DOC · 20 Oct 2026 · RO
- Kinder Morgan Restores U.S.-Mexico Gas Flows After Pipeline OutageOil Price · 08 Oct 2026 · EN
- Why Kinder Morgan Stock’s Payout Ratio Rebound to 77% Matters for Future RaisesYahoo Finance — News · 20 Sept 2026 · EN
- How Is Kinder Morgan’s Stock Performance Compared to Other Energy Infrastructure Stocks?Yahoo Finance — News · 09 Sept 2026 · EN
SEC filings
- Quarterly report23 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Regulation FD disclosure
- Current report04 Sept 2026Regulation FD disclosure
- Current report10 Aug 2026Regulation FD disclosure
- Current report03 Aug 2026Other events · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Material agreement · Creation of a direct financial obligation
- Current report19 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Kinder Morgan, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Kinder Morgan, Inc. · 23 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kinder Morgan, Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.