# Kinder Morgan, Inc. (KMI)

> Source: Nexqual · https://nexqual.com/KMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kinder Morgan, Inc. (KMI), nexqual.com/KMI" · informational, not investment advice.

**Price:** USD 33.72 (-0.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 33.97 · day 32.46–34.6 · 52w 25.6–34.81 · market cap $75.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.0B, net income $3.47B (19.3% margin), free cash flow $3.16B (SEC filings).
- Valuation: P/E 21.7x (avg 19.9x at the last 3 fiscal year-ends), EV/EBITDA 13.9x, net debt $32.2B.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $1.1M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.38 on a 1–5 scale) (24 analysts), mean target USD 37 (range 32–43).
- Total return with dividends: 1Y +33.6% vs S&P 500 +14.9%; 5Y +150.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.39, revenue estimate $4.55B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.6B | $19.2B | $15.3B | $15.1B | $16.9B | $18.0B |
| Gross profit | $10.1B | $9.95B | — | — | — | — |
| Operating income | $2.92B | $4.07B | $4.26B | $4.38B | $4.72B | $5.22B |
| Net income | $1.78B | $2.55B | $2.39B | $2.61B | $3.06B | $3.47B |
| EPS (diluted) | $0.78 | $1.12 | $1.06 | $1.17 | $1.37 | — |
| Free cash flow | $4.43B | $3.35B | $4.17B | $3.01B | $2.89B | $3.16B |
| Gross margin | 60.9% | 51.8% | — | — | — | — |
| Operating margin | 17.6% | 21.2% | 27.8% | 29.0% | 27.9% | 29.0% |
| Net margin | 10.7% | 13.3% | 15.6% | 17.3% | 18.0% | 19.3% |
| Revenue growth | +42.0% | +15.6% | -20.1% | -1.5% | +12.2% | — |
| Cash + short-term investments | — | — | $83.0M | $88.0M | $63.0M | — |
| Total debt | $33.3B | $31.8B | $32.1B | $31.9B | $32.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.7x · P/S 4.2x · EV/EBITDA 13.9x · EV/Sales 6.0x · P/FCF 23.8x · P/B 2.4x · FCF yield 4.21% · Earnings yield 4.62% · Dividend yield (paid, TTM) 3.50% · Net debt $32.2B · EV $107B
P/E at fiscal year-ends: Dec 2025 20.0x, Dec 2024 23.3x, Dec 2023 16.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $52K | 3.2% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $48K | 3.1% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $51K | 3% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-16 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $50K | 2.9% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Schlosser John W | V.P. (President, Terminals) | 6,166 | $197K | 3.6% | Yes (adopted May 7, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-16 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $49K | 3.6% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Schlosser John W | V.P. (President, Terminals) | 6,166 | $196K | 3.5% | Yes (adopted May 7, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $52K | 3.5% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Schlosser John W | V.P. (President, Terminals) | 6,166 | $200K | 3.4% | Yes (adopted May 7, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-16 | Garthwaite Michael P. | VP (Pres., Products Pipelines) | 1,550 | $49K | 3.3% | Yes (adopted December 9, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Schlosser John W | V.P. (President, Terminals) | 6,166 | $203K | 3.3% | Yes (adopted May 7, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 24 analysts; mean target USD 37 (low 32, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Jefferies | Target raised | Hold | $33 → $37 |
| 2026-10-22 | Freedom Broker | Upgrade | Hold → Buy | $34 → $39 |
| 2026-10-22 | BMO Capital | Target raised | Outperform | $36 → $37 |
| 2026-10-22 | Wells Fargo | Target raised | Overweight | $36 → $39 |
| 2026-10-22 | TD Cowen | Target raised | Buy | $38 → $40 |
| 2026-10-22 | Mizuho | Target raised | Outperform | $37 → $39 |
| 2026-09-22 | RBC Capital | Target raised | Sector Perform | $35 → $36 |
| 2026-09-18 | Jefferies | Target lowered | Hold | $35 → $33 |
| 2026-07-23 | Wells Fargo | Target raised | Overweight | $35 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +33.6% | +150.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +33.8% | +20.1% |
| Volatility (annualized) | 20.9% | 24.0% |
| Max drawdown | -11.3% (May 2026→Sep 2026) | -19.5% (May 2022→Jun 2022) |

## Peers (Oil & Gas Midstream)
EPD (Enterprise Products Partners L.) USD 36.52 -0.19% · TRP (TC Energy Corporation) USD 61.98 -0.53% · WMB (Williams Companies, Inc. (The)) USD 70.63 -2.98% · TRGP (Targa Resources, Inc.) USD 289.54 -2.05% · MPLX (MPLX LP) USD 58.18 -0.44% · OKE (ONEOK, Inc.) USD 93.9 +0.84%

## More
Full page: https://nexqual.com/KMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KMI's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1506307/000150630726000011/kmi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Freeport LNG Marketing | "repurchase natural gas from Freeport given our declaration of force majeure during the storm and our compliance with emergency orders issued by the Railroad Commission of Texas providing heightened priority for the deliv…" |

Other companies that name KMI in their own reports (relationship from KMI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Energy Transfer LP (ET) | 10-K 2026-02-19 | "FGT is owned by Citrus, a 50/50 joint venture with Kinder Morgan, Inc." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural Gas Pipelines | $2.51B | 56.0% | +5.1% |
| Products Pipelines | $852.0M | 19.0% | +35.2% |
| CO2 | $387.0M | 8.6% | +52.4% |
| Terminals | $360.0M | 8.0% | +5.0% |
| Total revenue | $4.48B | 100% | — |
The lines above cover 91.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Services | $2.46B | 54.9% | +5.6% |
| — Commodity sales (part of Services) | $1.09B | 24.3% | -0.1% |
| — Firm Services (part of Services) | $1.08B | 24.1% | +5.9% |
| — Product Other Than Natural Gas (part of Services) | $287.0M | 6.4% | +36.0% |
| Total Services Revenue | $1.42B | 31.7% | +9.4% |
| Natural Gas Sales | $799.0M | 17.8% | -8.2% |
| Feebasedservices | $343.0M | 7.7% | +22.1% |
| Other | $43.0M | 1.0% | -10.4% |
| Other Commodity | $1.0M | 0.0% | -85.7% |
| Total revenue | $4.48B | 100% | — |
The lines above cover 113.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $16.93B | 99.9% | +12.4% |
| Mexico | $11.0M | 0.1% | -74.4% |
| Total revenue | $16.94B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "KMI currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the year."
- "KMI also expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, which is 0.2 times favorable to KMI's budget."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.39 | $0.39 | -1.6% | $4.55B | 15 |
| Next quarter (ends 2027-03-31) | $0.43 | $0.42 | +2.7% | $4.86B | 9 |
| Current fiscal year (ends 2026-12-31) | $1.56 | $1.54 | +1.6% | $18.41B | 19 |
| Next fiscal year (ends 2027-12-31) | $1.58 | $1.52 | +4.0% | $18.70B | 20 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 27.8% | ±3.4% |
| 2026-11-06 | 14 | 26.9% | ±4.6% |
| 2026-11-13 | 21 | 27.0% | ±5.5% |
| 2026-11-20 | 28 | 25.8% | ±5.9% |
| 2026-11-27 | 35 | 25.2% | ±6.4% |
| 2026-12-04 | 42 | 25.6% | ±7.1% |
| 2026-12-18 | 56 | 25.7% | ±8.2% |
| 2027-01-15 | 84 | 24.9% | ±9.7% |