KMIMEDIUM SIGNALFINANCIAL10-K

Kinder Morgan delivered solid revenue growth and improved profitability while maintaining operational efficiency through reduced current liabilities.

The company demonstrated strong operational execution with meaningful revenue expansion and notable improvement in net income, suggesting effective cost management and potentially favorable market conditions for pipeline operations. The reduction in current liabilities while maintaining growth indicates improved working capital management and operational efficiency.

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

KMI showed solid financial performance with revenue growing 12.2% to $16.9B and net income expanding 17% to $3.1B, reflecting strong operational execution and margin improvement. Current liabilities decreased meaningfully by 15.3% to $4.3B, indicating better working capital management, though cash and equivalents declined modestly to $63.0M. The overall picture signals a company executing well operationally with improved profitability and more efficient balance sheet management.

FINANCIAL STATEMENT CHANGES
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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