KMIHIGH SIGNALFINANCIAL10-K

Kinder Morgan's total debt more than doubled from $13.2B to $29.3B, representing a massive 122.7% increase that fundamentally alters the company's capital structure.

This extraordinary debt increase of over $16 billion suggests a major acquisition, significant capital investment program, or substantial refinancing activity that wasn't clearly disclosed in the language changes. The magnitude of this leverage increase could materially impact KMI's financial flexibility, credit profile, and ability to maintain its dividend policy, requiring immediate investor attention to understand the underlying transaction or strategy driving this debt expansion.

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

While KMI showed solid operational performance with revenue growing 12.2% to $16.9B and net income rising 17% to $3.1B, these positive results are overshadowed by the dramatic 122.7% surge in total debt to $29.3B. The company's cash position also weakened by 28.4% to just $63M, while current liabilities decreased 15.3% to $4.3B. This financial profile suggests KMI executed a major debt-financed transaction that, while potentially growth-accretive given the revenue and earnings increases, has fundamentally transformed the company's leverage profile and risk characteristics.

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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