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KINDER MORGAN, INC.

For the period ended Mar 31, 2026. Filed Apr 24, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed Apr 24, 2026

KMI$29.96-0.8%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number:001-35081

KINDER MORGAN, INC.

(Exact name of registrant as specified in its charter)

Delaware80-0682103
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)

1001 Louisiana Street, Suite 1000, Houston, Texas 77002

(Address of principal executive offices)(zip code)

Registrant’s telephone number, including area code:713-369-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class P Common StockKMINew York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company☐ Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ Noþ

As of April 23, 2026, the registrant had 2,224,825,757 shares of Class P common stock outstanding.

TABLE OF CONTENTS

PageNumber
Glossary2
Information Regarding Forward-Looking Statements3
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Consolidated Statements of Income - Three Months Ended March 31, 2026 and 20254
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2026 and 20255
Consolidated Balance Sheets - as of March 31, 2026 and December 31, 20256
Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 20257
Consolidated Statements of Stockholders’ Equity - Three Months Ended March 31, 2026 and 20259
Notes to Consolidated Financial Statements10
Note 1.General10
Note 2.Acquisitions11
Note 3.Debt12
Note 4.Stockholders’ Equity13
Note 5.Risk Management14
Note 6.Revenue Recognition18
Note 7.Reportable Segments20
Note 8.Income Taxes22
Note 9.Litigation and Environmental22
Note 10.Recent Accounting Pronouncements26
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
General and Basis of Presentation27
Results of Operations27
Overview27
Consolidated Earnings Results30
Non-GAAP Financial Measures32
Segment Earnings Results34
Liquidity and Capital Resources41
Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries45
Item 3.Quantitative and Qualitative Disclosures About Market Risk46
Item 4.Controls and Procedures46
PART II. OTHER INFORMATION
Item 1.Legal Proceedings46
Item 1A.Risk Factors46
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds46
Item 3.Defaults Upon Senior Securities46
Item 4.Mine Safety Disclosures46
Item 5.Other Information46
Item 6.Exhibits47
Signature48
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.