KINDER MORGAN, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
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Cash Flows
The following table summarizes our net cash flows provided by (used in) operating, investing, and financing activities between 2025 and 2024.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | Changes | |
| (In millions) | |||
| Net Cash Provided by (Used in) | |||
| Operating Activities | $5,917 | $5,635 | $282 |
| Investing Activities | (3,179) | (2,629) | (550) |
| Financing Activities | (2,843) | (2,887) | 44 |
| Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Deposits | — | (1) | 1 |
| Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Deposits | $(105) | $118 | $(223) |
Operating Activities
Net cash provided by operating activities was higher for the comparable years of 2025 and 2024 driven by greater contributions from our Natural Gas Pipelines business segment, partially offset by unfavorable changes due to the timing of trade collections in account receivable.
Investing Activities
$550 million more cash used in investing activities in the comparable years of 2025 and 2024 is explained by the following discussion.
$648 million in cash used for the Outrigger Energy acquisition in the 2025 period; See Note 3 “Acquisitions and Divestitures” to our consolidated financial statements for further information regarding this acquisition; and
a $397 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines and Products Pipelines business segments, partially offset by a decrease in our Terminals and CO 2 business segments; partially offset by
$382 million in cash received from the sale of our equity interest in EagleHawk. See Note 3 “Acquisitions and Divestitures” to our consolidated financial statements for further information regarding this divestiture; and
a $153 million increase in distributions from equity investments in excess of cumulative earnings primarily due to SNG’s distribution of debt refinancing proceeds that reimbursed prior capital contributions we made to retire debt in a previous period.
Financing Activities
Net cash used in financing activities was relatively flat for the comparable years of 2025 and 2024.
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