KINDER MORGAN, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Non-GAAP Financial Measures
Reconciliations from Net Income Attributable to Kinder Morgan, Inc.
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In millions, except per share amounts) | ||
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc. | ||
| Net income attributable to Kinder Morgan, Inc. | $3,056 | $2,613 |
| Certain Items(a) | ||
| Risk management activities | (29) | 72 |
| Gain on divestitures | (123) | (69) |
| Income tax Certain Items | (2) | (52) |
| Other | (3) | 7 |
| Total Certain Items | (157) | (42) |
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $2,899 | $2,571 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock | ||
| Net income attributable to Kinder Morgan, Inc. | $3,056 | $2,613 |
| Total Certain Items(b) | (157) | (42) |
| Net income allocated to participating securities and other(c) | (15) | (14) |
| Adjusted Net Income Attributable to Common Stock | $2,884 | $2,557 |
| Adjusted EPS | $1.30 | $1.15 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA | ||
| Net income attributable to Kinder Morgan, Inc. | $3,056 | $2,613 |
| Total Certain Items(b) | (157) | (42) |
| DD&A | 2,453 | 2,354 |
| Income tax expense(d) | 834 | 739 |
| Interest, net(e) | 1,788 | 1,849 |
| Amounts associated with joint ventures | ||
| Unconsolidated joint venture DD&A(f) | 391 | 409 |
| Remove consolidated joint venture partners’ DD&A | (63) | (62) |
| Unconsolidated joint venture income tax expense(g) | 89 | 78 |
| Adjusted EBITDA | $8,391 | $7,938 |
(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.
(b)See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” for a detailed listing.
(c)Other includes Adjusted net income in excess of distributions for participating securities of $1 million for each of the 2025 and 2024 periods.
(d)To avoid duplication, adjustments for income tax expense for 2025 and 2024 exclude $(2) million and $(52) million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.
(e)To avoid duplication, adjustments for interest, net for 2025 and 2024 exclude $13 million and $(5) million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items,” above.
(f)Includes amortization of basis differences related to our joint ventures which was previously presented separately as amortization of excess cost of equity investments.
(g)Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings, and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.
Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc. and Adjusted EBITDA:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In millions) | ||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $2,899 | $2,571 |
| Adjusted EBITDA | 8,391 | 7,938 |
| Change from prior period | Increase/(Decrease) | |
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $328 | |
| Adjusted EBITDA | $453 | |
Adjusted Net Income Attributable to Kinder Morgan, Inc. increased$328 million in 2025 compared to 2024. The increase resulted primarily from favorable earnings in our Natural Gas Pipelines and Terminals business segments partially offset by unfavorable earnings in our CO 2 business segment, which were also primary drivers of the increase in Adjusted EBITDA of$453 million.
General and Administrative and Corporate Charges
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In millions) | ||
| General and administrative | $(744) | $(712) |
| Corporate charges | (2) | (24) |
| Certain Items(a) | 1 | 7 |
| General and administrative and corporate charges | $(745) | $(729) |
| Change from prior period | Earnings increase/(decrease) | |
| General and administrative | $(32) | |
| Corporate charges | 22 | |
| Total | $(10) | |
(a)See “—Overview—Non-GAAP Financial Measures—Certain Items” above.
General and administrative expenses increased $32 million and corporate charges decreased $22 million in 2025 compared to 2024. The combined changes primarily include higher benefit-related and labor costs partially offset by lower pension costs.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.