AI-extracted from the 10-Q filed 2026-10-23 — Q3 FY2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Kinder Morgan's Q3 2026 revenue rose 9% to $4,531M and net income attributable to KMI rose 22% to $764M, though a $138M legal/environmental accrual in Products Pipelines weighed on segment EBDA.
Biggest Revenue Drivers
Natural Gas Pipelines$2,899M+8% YoY
Higher product sales, services revenue from higher volumes including expansion projects placed into service, and higher natural gas sales volumes.
Terminals$562M+9% YoY
Not specifically explained in revenue discussion; segment EBDA rose on expansion projects and favorable commodity pricing.
Biggest Revenue Drivers
Total revenue: $4,531M+9% YoY
Natural Gas Pipelines$2,899M+8% YoY
Higher product sales, services revenue from higher volumes including expansion projects placed into service, and higher natural gas sales volumes.
Terminals$562M+9% YoY
Not specifically explained in revenue discussion; segment EBDA rose on expansion projects and favorable commodity pricing.
Products Pipelines$772M+14% YoY
Driven by higher product sales, partly reflecting higher commodity prices.
CO2$307M+9% YoY
Higher realized CO2 sales prices and greater RNG production.
Largest Expense Items
Costs of sales$1,566M+12% YoY
Higher product costs driven by higher commodity prices, and higher natural gas costs due to higher volumes.
Operations and maintenance$949M+21% YoY
Increased legal, environmental, and other expense accruals (a Certain Item) plus greater activity, labor costs, and inflation.
Depreciation, depletion, and amortization$628M+3% YoY
Not explained in filing's MD&A for the quarter.
Margins: Operating income rose 9% to $1,160M, with Adjusted EBITDA up to $2,180M from $1,991M; the filing attributes gains to favorable contributions across all business segments, offset partly by the accrual charge.
Watch Items from the Filing
A $138M legal, environmental, and other accrual was recorded in Products Pipelines, driving a 96% decline in West Coast Refined Products segment EBDA for the quarter.
Pension plan litigation: court ordered benefit formula reform and equitable relief for plaintiffs, with plaintiffs estimating relief in excess of $150M; KMI has appealed.
SFPP CPUC proceeding: interim proposed decision could require refunds and prospective rate reductions; management does not expect a material impact.
Net Debt of $33,073M total debt less cash, with Moody's upgrade to Baa1 (stable) in March 2026 supporting credit profile.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
37 transactions in KMI reported by 16 members of Congress under the STOCK Act, most recent trade Feb 19, 2026. Reported transactions, not recommendations.
About KINDER MORGAN, INC. (KMI): stock profile, AI score and financials
KINDER MORGAN, INC. (KMI) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores KMI at 71.0/100 on a composite quality score built from its SEC filings, placing it at rank #191 of 2,925 stocks — the top 10% of the AI-ranked universe. KMI scores in the top quartile across revenue scale (91.7), profitability (75.8). Based on the latest XBRL financial filings (Q3 2026), KINDER MORGAN, INC. reports quarterly revenue of $4.5B, net income of $764.0M, an operating margin of 25.6%. Top institutional holders of KMI by reported 13-F value include BlackRock, STATE STREET, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. KMI trades on the NYSE exchange and files with the SEC under CIK 1506307. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate KMI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for KINDER MORGAN, INC. directly from SEC EDGAR.