EP-PCHIGH SIGNALFINANCIAL10-K

EP-PC's total debt more than doubled from $13.2B to $29.3B (+122.7%) while cash reserves declined, indicating a major financing event or acquisition.

The massive debt increase of over $16 billion represents a fundamental change in the company's capital structure that could significantly impact future cash flows, interest expenses, and financial flexibility. This level of leverage increase typically signals a major acquisition, substantial capital investment program, or refinancing activity that requires immediate investor attention and explanation from management.

Comparing 2026-02-13 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

Despite the concerning 122% surge in total debt to $29.3B and 28% decline in cash to $63M, the company demonstrated strong operational performance with revenue growing 12% to $16.9B and net income rising 17% to $3.1B. Current liabilities decreased 15% to $4.3B, suggesting some balance sheet optimization, but the dramatic debt increase dominates the financial picture and raises questions about the company's leverage strategy and debt servicing capacity going forward.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+122.7%
$13.2B→$29.3B

Debt increased 122.7% — substantial leverage increase; assess whether deployed for growth or covering losses.

Cash & Equivalents
Balance Sheet
-28.4%
$88.0M→$63.0M

Cash decreased 28.4% — monitor burn rate and upcoming capital needs.

Net Income
P&L
+17%
$2.6B→$3.1B

Net income grew 17% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
-15.3%
$5.1B→$4.3B

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
+12.2%
$15.1B→$16.9B

Revenue growing 12.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-13
ADDED
As of February 12, 2026, the registrant had 2,224,806,397 shares of Class P common stock outstanding.
Business and Properties 4 General Development of Business 4 Recent Developments 4 Narrative Description of Business 6 Business Strategy 6 Business Segments 6 Natural Gas Pipelines 7 Products Pipelines 10 Terminals 12 CO 2 14 Major Customers 16 Regulation 17 Human Capital 22 Properties and Rights-of-Way 23 Available Information 23 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 40 General 40 Critical Accounting Estimates 41 Results of Operations 42 Overview 42 Consolidated Earnings Results 46 Non-GAAP Financial Measures 48 Segment Earnings Results 50 Liquidity and Capital Resources 56 General 56 Short-term Liquidity 57 Long-term Financing 58 Capital Expenditures 58 KINDER MORGAN, INC.
AND SUBSIDIARIES GLOSSARY Company Abbreviations CALNEV = Calnev Pipe Line LLC KMLP = Kinder Morgan Louisiana Pipeline LLC CIG = Colorado Interstate Gas Company, L.L.C.
KMLT = Kinder Morgan Liquid Terminals, LLC CPGPL = Cheyenne Plains Gas Pipeline Company, L.L.C.
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REMOVED
As of February 12, 2025, the registrant had 2,221,963,025 shares of Class P common stock outstanding.
Business and Properties 4 General Development of Business 4 Recent Developments 4 Narrative Description of Business 6 Business Strategy 6 Business Segments 6 Natural Gas Pipelines 7 Products Pipelines 10 Terminals 12 CO 2 14 Major Customers 16 Industry Regulation 17 Environmental Matters and Safety Regulation 19 Cybersecurity 21 Human Capital 22 Properties and Rights-of-Way 23 Available Information 23 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 39 General 39 Critical Accounting Estimates 40 Results of Operations 41 Overview 41 Consolidated Earnings Results 45 Non-GAAP Financial Measures 47 Segment Earnings Results 50 Liquidity and Capital Resources 56 General 56 Short-term Liquidity 57 KINDER MORGAN, INC.
AND SUBSIDIARIES GLOSSARY Company Abbreviations CALNEV = Calnev Pipe Line LLC KMP = Kinder Morgan Energy Partners, L.P.
and its majority-owned and/or controlled subsidiaries CIG = Colorado Interstate Gas Company, L.L.C.
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