10-Q · July 24, 2026
Kinder Morgan delivered a strong Q2, with revenue up 11% to $4.477 billion, GAAP EPS up 22% to $0.39, and operating income up 17% to $1.346 billion. Growth was broad based and led by Natural Gas Pipelines and CO2, while…
Earnings analysis · 10-Q
KMI earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not include the income statement, balance sheet, cash-flow statement, segment results, or detailed MD&A, so operating trends and cash generation cannot be assessed from the available…
Read full summary
The supplied 10-Q excerpt does not include the income statement, balance sheet, cash-flow statement, segment results, or detailed MD&A, so operating trends and cash generation cannot be assessed from the available filing text. Controls were deemed effective as of September 30, 2026, with no material internal-control changes and no material changes to previously disclosed risk factors. The filing discloses new long-dated senior notes and two executive Rule 10b5-1 trading plans, but provides no new quantitative company guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls remain effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, providing reasonable assurance that required information was reported timely.
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No material control changes
The filing states there was no change during the quarter ended September 30, 2026 that materially affected, or was reasonably likely to materially affect, internal control over financial reporting.
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Long-dated senior notes issued
KMI established terms for 5.550% senior notes due 2036 and 6.150% senior notes due 2056, according to Exhibit 4.1.
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Executive trading plans disclosed
Two executives adopted Rule 10b5-1 plans: up to 74,400 shares for the President of Terminals and up to 70,196 shares plus shares from 59,289 restricted stock units for the President of Natural Gas Pipelines.
What to watch
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No updated risk-factor detail
The filing states there have been no material changes to the risk factors disclosed in Part I, Item 1A of the 2025 Form 10-K; therefore, the excerpt provides no evidence of a newly elevated filing-level risk.
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Litigation exposure unquantified
The filing incorporates litigation and environmental matters from Note 9 but provides no underlying amounts or case outcomes in the supplied excerpt, leaving potential exposure unquantified as of September 30, 2026.
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Potential insider share sales
The disclosed Rule 10b5-1 plans provide for potential sales of up to 74,400 shares and 70,196 shares, plus shares delivered after tax withholding upon vesting of 59,289 restricted stock units.
Management's outlook
The provided 10-Q excerpt contains no quantitative revenue or EPS guidance. The filing states there were no material changes in market-risk disclosures relative to the December 31, 2025 disclosures in the 2025 Form 10-K.
Earlier filings 4
10-Q · April 24, 2026
Kinder Morgan reported strong Q1 2026 results: revenue of $4,828 million (up $587 million or 14% vs. Q1 2025) and GAAP diluted EPS of $0.44 (up $0.12 vs. $0.32). Adjusted results also improved: Adjusted EPS was $0.48…
10-K · February 13, 2026
Kinder Morgan’s 2025 10-K emphasizes scale and fee-based cash flows across ~78,000 miles of pipelines, 136 terminals, ~706 Bcf of working gas storage and RNG capacity of ~6.9 Bcf/year, while advancing a multi‑year…
10-K · February 13, 2025
Kinder Morgan’s 2024 10-K emphasizes scale and contracted cash flows: as of December 31, 2024 the company owned or operated ~79,000 miles of pipelines, 139 terminals, ~700 Bcf of working natural gas storage and RNG…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.