How does Kinder Morgan (KMI) make money?

Kinder Morgan (KMI) generates revenue primarily from Natural Gas Pipelines, which accounted for 65.7% of total revenue in TTM through Q1 2026. The company reported $17.52B in revenue and converted 18.9% of it into net profit, equivalent to roughly $3.31B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Kinder Morgan (KMI)?

Kinder Morgan (KMI) reported a gross profit margin of 46.9% in TTM through Q1 2026, equivalent to $8.23B in gross profit on $17.52B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Kinder Morgan (KMI)?

Kinder Morgan (KMI) reported an operating profit margin of 28.6% in TTM through Q1 2026, equivalent to $5.01B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Kinder Morgan (KMI)?

Kinder Morgan (KMI) reported a net profit margin of 18.9% in TTM through Q1 2026, equivalent to $3.31B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Kinder Morgan (KMI) profitable?

Yes. Kinder Morgan (KMI) reported $3.31B in net income for TTM through Q1 2026, with a net profit margin of 18.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Kinder Morgan (KMI) spend on capital expenditures?

Kinder Morgan (KMI) spent $2.42B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 13.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Kinder Morgan (KMI) generate?

Kinder Morgan (KMI) generated $3.89B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 22.2%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Kinder Morgan (KMI)?

Kinder Morgan (KMI) had an effective tax rate of 21.4% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Kinder Morgan (KMI)?

Kinder Morgan (KMI) reports revenue across 4 reportable product segments, led by Natural Gas Pipelines at 65.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Kinder Morgan Makes Money: 2026 Visual Revenue Map

Kinder Morgan (KMI) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 24, 2026).

Kinder Morgan discloses geographic revenue only in annual filings. to view the full breakdown.

Kinder Morgan (KMI) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Kinder Morgan (KMI) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Natural Gas Pipelines	$11.52B	65.7%
Products Pipelines	$2.70B	15.4%
Terminals	$2.14B	12.2%
CO2	$1.16B	6.6%
Total	$17.52B	100%

Natural Gas Pipelines$11.52B
Products Pipelines$2.70B
Terminals$2.14B
CO2$1.16B
Total$17.52B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Kinder Morgan (KMI) reports revenue across 4 operating segments; the largest segment was Natural Gas Pipelines at 65.7%, followed by Products Pipelines (15.4%) and Terminals (12.2%).

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