KINDER MORGAN, INC.
For the period ended Mar 31, 2026. Filed Apr 24, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Non-GAAP Financial Measures
Reconciliations from Net Income Attributable to Kinder Morgan, Inc.
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (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. | $976 | $717 |
| Certain Items(a) | ||
| Risk management activities | 113 | 84 |
| Income tax Certain Items | (26) | (35) |
| Total Certain Items | 87 | 49 |
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $1,063 | $766 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock | ||
| Net income attributable to Kinder Morgan, Inc. | $976 | $717 |
| Total Certain Items(b) | 87 | 49 |
| Net income allocated to participating securities and other(c) | (6) | (4) |
| Adjusted Net Income Attributable to Common Stock | $1,057 | $762 |
| Adjusted EPS | $0.48 | $0.34 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA | ||
| Net income attributable to Kinder Morgan, Inc. | $976 | $717 |
| Total Certain Items(b) | 87 | 49 |
| DD&A | 633 | 610 |
| Income tax expense(d) | 313 | 221 |
| Interest, net(e) | 430 | 449 |
| Amounts associated with joint ventures | ||
| Unconsolidated joint venture DD&A(f) | 91 | 100 |
| Remove consolidated joint venture partners’ DD&A | (16) | (15) |
| Unconsolidated joint venture income tax expense(g) | 25 | 26 |
| Adjusted EBITDA | $2,539 | $2,157 |
(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 the 2026 period.
(d)To avoid duplication, adjustments for income tax expense for 2026 and 2025 exclude $(26) million and $(35), 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 exclude $2 million 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.
(g)Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings LLC, 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:
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $1,063 | $766 |
| Adjusted EBITDA | 2,539 | 2,157 |
| Change from prior period | Increase/(Decrease) | |
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $297 | |
| Adjusted EBITDA | $382 | |
Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $297 million in 2026 compared to 2025. The increase resulted prima rily from favorable earnings in our Natural Gas Pipelines, Terminals, and Products Pipelines business segments, which were also the primary drivers of the increase in Adjusted EBITDA of $382 million.
General and Administrative and Corporate Charges
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In millions) | ||
| General and administrative | $(184) | $(187) |
| Corporate benefit (charges) | 7 | (5) |
| General and administrative and corporate charges | $(177) | $(192) |
| Change from prior period | Earnings increase/(decrease) | |
| General and administrative | $3 | |
| Corporate charges | 12 | |
| Total | $15 | |
General and administrative expenses decreased $3 million, and corporate charges decreased$12 million in 2026 compared to 2025. The combined changes primarily include lower legal, corporate development and pension costs partially offset by higher benefit-related and labor costs.
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