Kinder Morgan (KMI) 10-K Summary — Year Ended Dec 31, 2025
The filing details the company's financial performance for the past year, including an increase in revenue after declines in prior periods. Strong operating cash flow and solid earnings were reported, with discussions on risk factors and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The filing details the company's financial performance for the past year, including an increase in revenue after declines in prior periods. Strong operating cash flow and solid earnings were reported, with discussions on risk factors and liquidity.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$15.2B
Revenue reported for the fiscal year.
Operating income
$4.7B
Income from operations reported for the year.
Net income
$3.1B
Net income reported for the year.
Operating cash flow
$5.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $18.1B | +12.2% |
| Dec 31, 2023 | $13.6B | -24.7% |
| Dec 31, 2024 | $13.5B | -1.2% |
| Dec 31, 2025 | $15.2B | +12.7% |
Business overview
The company's business is outlined in the management discussion and analysis section, which provides an overview of its operations and financial condition. No separate business description is included in the supplied filing sections.
Financial performance
Revenue declined in the prior two years but improved in the current year. Operating income, net income, and operating cash flow remained at healthy levels, reflecting the company's earnings and cash generation capacity.
Material risks
The filing includes a risk factors section, but specific risks are not provided in the supplied context. The discussion of risks is referenced to Item 1A.
Liquidity and capital
The filing discusses liquidity and capital resources, covering short-term liquidity, long-term financing, capital expenditures, and off-balance sheet arrangements.
What to watch
The next filing should be watched for changes in operating cash flow, as it is a key metric for the company's financial health and capital allocation.