KINDER MORGAN, INC.
For the period ended Sep 30, 2026. Filed Oct 23, 2026.
View on SEC.govAbout 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.
Sep 30, 2026 · Filed Oct 23, 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 EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 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. | $764 | $628 | $2,607 | $2,060 |
| Certain Items(a) | ||||
| Legal, environmental, and other accruals | 138 | — | 138 | — |
| Risk management activities | 3 | 24 | 33 | 13 |
| Gain on divestiture, net | (71) | — | (71) | — |
| Income tax Certain Items | (42) | (4) | (31) | (41) |
| Other | — | — | — | 1 |
| Total Certain Items | 28 | 20 | 69 | (27) |
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $792 | $648 | $2,676 | $2,033 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock | ||||
| Net income attributable to Kinder Morgan, Inc. | $764 | $628 | $2,607 | $2,060 |
| Total Certain Items(b) | 28 | 20 | 69 | (27) |
| Net income allocated to participating securities and other(c) | (4) | (4) | (13) | (11) |
| Adjusted Net Income Attributable to Common Stock | $788 | $644 | $2,663 | $2,022 |
| Adjusted EPS | $0.35 | $0.29 | $1.20 | $0.91 |
| Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA | ||||
| Net income attributable to Kinder Morgan, Inc. | $764 | $628 | $2,607 | $2,060 |
| Total Certain Items(b) | 28 | 20 | 69 | (27) |
| DD&A | 628 | 609 | 1,881 | 1,835 |
| Income tax expense(d) | 232 | 189 | 780 | 589 |
| Interest, net(e) | 430 | 445 | 1,285 | 1,347 |
| Amounts associated with joint ventures | ||||
| Unconsolidated joint venture DD&A(f) | 92 | 96 | 275 | 296 |
| Remove consolidated joint venture partners’ DD&A | (16) | (16) | (47) | (47) |
| Unconsolidated joint venture income tax expense(g) | 22 | 20 | 68 | 67 |
| Adjusted EBITDA | $2,180 | $1,991 | $6,918 | $6,120 |
(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 for each of the periods ended September 30, 2026 and 2025 includes Adjusted net income in excess of distributions for participating securities ofless than $1 million.
(d)To avoid duplication, adjustments for income tax expense for the periods ended September 30, 2026 and 2025 exclude $(42) million and $(4) million for the three-month periods, respectively, and $(31) million and $(41) million for the nine-month periods, 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 thethree andnine-month periods ended September 30,2025 exclude $11 million and $12 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.
(g)Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings LLC, and PPL. 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 EndedSeptember 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| 2026 · 2025 · 2026 · 2025 | |||||
| (In millions) | |||||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $792 | $648 | $2,676 | $2,033 | |
| Adjusted EBITDA | 2,180 | 1,991 | 6,918 | 6,120 | |
| Change from prior period | Increase/(Decrease) | ||||
| Adjusted Net Income Attributable to Kinder Morgan, Inc. | $144 | $643 | |||
| Adjusted EBITDA | $189 | $798 | |||
Adjusted Net Income Attributable to Kinder Morgan, Inc. increased$144 million and $643 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases resulted primarily from favorable contributions across all of our business segments, which were also the primary drivers of the increase in Adjusted EBITDA of$189 million and $798 million, respectively.
General and Administrative and Corporate Charges
| Three Months EndedSeptember 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| 2026 · 2025 · 2026 · 2025 | |||||
| (In millions) | |||||
| General and administrative | $(190) | $(183) | $(566) | $(558) | |
| Corporate benefit (charges) | (2) | (1) | 9 | (6) | |
| Certain Items(a) | — | — | — | 1 | |
| General and administrative and corporate charges | $(192) | $(184) | $(557) | $(563) | |
| Change from prior period | Earnings increase/(decrease) | ||||
| General and administrative | $(7) | $(8) | |||
| Corporate charges | (1) | 15 | |||
| Total | $(8) | $7 | |||
General and administrative expenses increased $7 million and $8 million, and corporate charges increased $1 million and decreased $15 millionfor the three and nine months ended September 30, 2026, respectively, when compared with the respective prior year periods. The combined changes for the three and nine-month periods include higher benefit-related and labor costs, which in the nine-month period were more than offset by lower pension, corporate office facility and legal costs.
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