Latest revenue
$4.83B
as of 2026-03-31
Latest net income
$976.0M
as of 2026-03-31
Net margin
20.2%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $75.18B
- Enterprise value
- $107.16B
- P/E (trailing)
- 24.6×
- Forward P/E
- —
- P/B
- 2.40×
- Dividend yield
- 3.5%
- 52-wk high
- $34.80
- 52-wk low
- $25.60
- Beta
- —
- Shares out
- 2.22B
5-year trend
What this company does
Kinder Morgan operates one of North America's largest energy infrastructure networks, including roughly 78,000 miles of pipelines, 136 terminals, and 700+ Bcf of natural gas storage. The company earns most of its revenue from fee-based services moving natural gas, refined products, and crude oil, supplemented by commodity sales tied to those operations. First-quarter 2026 net income jumped 36% to $976 million as recent expansions, including the $648 million Outrigger Energy gathering acquisition, lifted throughput across its natural gas franchise.
Key risks
- Heavy leverage: $32.1B total debt ($2.2B current) against $32.6B equity; Q1 interest expense of $430M consumes ~30% of operating income.
- Commodity exposure rising: commodity sales jumped 22% YoY to $2.25B, increasing earnings sensitivity to natural gas, NGL, and CO2 price swings.
- Derivative/hedge losses: $199M unrealized derivative loss in Q1 2026 swung AOCI from +$45M to -$137M, signaling adverse hedge mark-to-market.
Profitability
Operating margin
27.9%
3.9%Net margin
18.0%
4.3%Return on equity
9.8%
14.6%Return on assets
4.2%
14.8%Leverage
Debt / equity
1.33×
0.3%Long-term debt / equity
0.99×
0.9%Debt / assets
57.2%
0.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $4.83B | +13.8% | $976.0M | +36.1% | 20.2% |
Q4 2025 2025-12-31 | $4.51B | +13.1% | $996.0M | +49.3% | 22.1% |
Q3 2025 2025-09-30 | $4.15B | +12.1% | $628.0M | +0.5% | 15.1% |
Q2 2025 2025-06-30 | $4.04B | +13.2% | $715.0M | +24.3% | 17.7% |
Q1 2025 2025-03-31 | $4.24B | +10.4% | $717.0M | -3.9% | 16.9% |
Q4 2024 2024-12-31 | $3.99B | — | $667.0M | — | 16.7% |
Q3 2024 2024-09-30 | $3.70B | -5.3% | $625.0M | +17.5% | 16.9% |
Q2 2024 2024-06-30 | $3.57B | +2.0% | $575.0M | -1.9% | 16.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Natural Gas Transmission · SIC 4922
Your notes
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Insider activity
No insider transactions on file for KMI in the last 12 months.
Source: SEC Form 4 filings. Backfill runs nightly.
Who owns KMI
Institutional value
$17.48B
Total shares held
534.4M
Distinct holders
765
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 125.0M | $4.19B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 67.3M | $2.26B | — | New |
| 3 | Invesco Ltd. | 21.6M | $723.4M | — | New |
| 4 | UBS Group AG | 17.8M | $597.2M | — | New |
| 5 | DEUTSCHE BANK AG\ | 17.3M | $579.3M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 17.2M | $578.0M | — | New |
| 7 | Legal & General Group Plc | 14.3M | $479.8M | — | New |
| 8 | WELLS FARGO & COMPANY/MN | 12.5M | $420.7M | — | New |
| 9 | Bank of New York Mellon Corp | 12.4M | $414.2M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 11.0M | $367.7M | — | New |
| 11 | KAYNE ANDERSON CAPITAL ADVISORS LP | 11.0M | $367.3M | — | New |
| 12 | Nuveen, LLC | 6.3M | $210.6M | — | New |
| 13 | Swiss National Bank | 5.9M | $197.0M | — | New |
| 14 | HSBC HOLDINGS PLC | 5.9M | $196.1M | — | New |
| 15 | Connor, Clark & Lunn Investment Management Ltd. | 5.7M | $192.0M | — | New |
| 16 | Vontobel Holding Ltd. | 5.7M | $189.7M | — | New |
| 17 | ROYAL LONDON ASSET MANAGEMENT LTD | 5.4M | $180.1M | — | New |
| 18 | ENVESTNET ASSET MANAGEMENT INC | 5.1M | $170.5M | — | New |
| 19 | Sumitomo Mitsui Trust Group, Inc. | 4.5M | $149.6M | — | New |
| 20 | Mitsubishi UFJ Asset Management Co., Ltd. | 4.5M | $149.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Commodity sales jumped 22% to $2.25B while services grew only 7%—how much of the $299M operating income beat is sustainable versus commodity price tailwinds that could reverse?
- 2
With $32B total debt, $2.2B current maturities, and OCI swinging to a $137M loss from $199M derivative markdowns, what's your refinancing plan and rate exposure for 2026?
- 3
Capex rose to $804M while you took on net debt and AP fell $172M—is the dividend covered by sustainable FCF, or are buybacks/projects being deferred?