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Updated Oct 23, 2026
Kinder Morgan Q3 2026: Natural Gas Volume Growth and CO2 Segment Expansion Drive 22% Net Income Gain as Capital Deployment Accelerates
Kinder Morgan delivered Q3 2026 net income attributable to KMI of $764 million, up 22% from $628 million in Q3 2025, driven by volume-led revenue growth across Natural Gas Pipelines and a resurgent CO2 segment whose Energy Transition Ventures sub-unit posted 243% EBDA growth. The company is executing a $4.2 billion 2026 capital investment program — the largest disclosed expansion cycle in recent years — anchored by the $503 million Monument Pipeline acquisition and accelerating Natural Gas Pipelines expansion projects, with nine-month operating cash flow of $5.0 billion providing full self-funding capacity. A $138 million legal and environmental accrual in the Products Pipelines West Coast business obscures underlying adjusted EBDA growth of $25 million in that segment, and the pension plan litigation now carries a federal court order for benefit formula reform that management is appealing.
Tone: bullishRevenue
$16.9B
KMI 10-K · FY 2025
Revenue FY2024
$15.1B
Headquarters
Houston, TX
Profile
KMI 10-K Item 1 · Feb 13, 2026Kinder Morgan is one of the largest energy infrastructure companies in North America, owning and operating natural gas pipelines, products pipelines, terminals, and CO2 assets. The company transports and stores natural gas, crude oil, refined petroleum products, NGLs, CO2, and other commodities across its extensive pipeline and terminal network. Its revenues are predominantly fee-based and take-or-pay, providing cash flow stability through commodity price cycles.
Read filing description ↓ Collapse description ↑
Kinder Morgan operates through four reportable business segments. The Natural Gas Pipelines segment encompasses the ownership and operation of major interstate and intrastate natural gas pipeline and storage systems, natural gas gathering systems and processing and treating facilities, NGL fractionation facilities and transportation systems, and LNG regasification, liquefaction, and storage facilities. The Products Pipelines segment owns and operates refined petroleum products, crude oil, and condensate pipelines that primarily deliver gasoline, diesel and jet fuel, crude oil, renewable fuels, and condensate to various markets, plus associated product terminals and petroleum pipeline transmix facilities. The Terminals segment owns and/or operates liquids and bulk terminal facilities located throughout the U.S. that store and handle various commodities including gasoline, diesel fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks, as well as Jones Act-qualified tankers. The CO2 segment is involved in the production, transportation, and related activities associated with CO2. The company serves a broad set of customers across the energy supply chain and generates revenues from firm services, fee-based services, commodity sales, leasing services, and derivatives adjustments on commodity sales.
Primary products
- Interstate and intrastate natural gas pipeline and storage systems
- Natural gas gathering systems and processing and treating facilities
- NGL fractionation facilities and transportation systems
- LNG regasification, liquefaction, and storage facilities
- Refined petroleum products pipelines
- Crude oil and condensate pipelines
Business segments
End markets
Geographies
Named customers
“We face competition from other pipelines and terminals, as well as other forms of transportation and storage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $15.1 billion in 2024 to $16.9 billion in 2025, driven primarily by growth in the Natural Gas Pipelines segment.
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