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Updated Jul 24, 2026
Kinder Morgan Q2 2026: Natural Gas Volumes and Expansion Capex Drive 21% Net Income Growth as Backlog Execution Accelerates
Kinder Morgan delivered net income attributable to KMI of $867 million in Q2 2026, up 21% from $715 million in Q2 2025, driven by volume growth across all four segments and expansion projects entering service in Natural Gas Pipelines. The company accelerated expansion capital expenditures to $1.681 billion in H1 2026 versus $902 million in H1 2025, reflecting a step-change in growth investment that is tracking toward the full-year $4.1 billion target. Adjusted EBITDA reached $2.199 billion for Q2 and $4.738 billion for H1, with the CO2 segment's Energy Transition Ventures subsegment more than doubling its EBDA contribution year-over-year.
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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