Kinder Morgan, Inc. (KMI) Balance Sheet
KMI balance sheet, 2025
December 31, 2025 · U.S. dollars$74.55B assets = $42.10B liabilities + $32.45B equity
Both columns are drawn to the same scale: what KMI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KMI financial health
Current ratio0.64
Tight · current assets cover current liabilities 0.64×
Debt / equity1.04
Moderate leverage · $1.04 of debt for each $1 of equity
Equity / assets41.8%
Equity-funded · of assets funded by shareholders
Cash / debt0.3%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles29.3%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
KMI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $80.31B2016 | $74.55B2025 | −0.8%/yr | |
| Total liabilities | $45.50B2016 | $42.10B2025 | −0.9%/yr | |
| Shareholders’ equity | $34.80B2016 | $31.16B2025 | −1.2%/yr | |
| Cash & short-term investments | $684.0M2016 | $109.0M2025 | −18.5%/yr | |
| Total debt | $40.05B2016 | $32.39B2025 | −2.3%/yr | |
| Net cash (debt) | −$39.37B2016 | −$32.28B2025 | +$7.1B | |
| Working capital | −$2.70B2016 | −$1.57B2025 | +$1.1B | |
| Book value per share | $15.612016 | $14.012025 | −1.2%/yr | |
| Current ratio | 0.542016 | 0.642025 | +0.09 | |
| Debt / equity | 1.152016 | 1.042025 | −0.11 | |
| Shares outstanding | 2.23B2016 | 2.23B2025 | −0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KMI assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
KMI liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
KMI debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KMI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $109.0M | $88.0M | $83.0M | $745.0M | $1.14B | $1.18B | $1.11B | $3.28B | $264.0M | $684.0M |
| Cash & equivalents | $109.0M | $88.0M | $83.0M | $745.0M | $1.14B | $1.18B | $185.0M | $3.28B | $264.0M | $684.0M |
| Short-term investments | — | — | — | $1.0M | $113.0M | $119.0M | $925.0M | $12.0M | $41.0M | $94.0M |
| Receivables | $1.71B | $1.51B | $1.59B | $1.84B | $1.61B | $1.29B | $1.38B | $1.52B | $1.61B | $1.55B |
| Inventory | $574.0M | $555.0M | $525.0M | $634.0M | $562.0M | $348.0M | $371.0M | $385.0M | $424.0M | $357.0M |
| Other current assets | $357.0M | $372.0M | $346.0M | $584.0M | $516.0M | $378.0M | $378.0M | $536.0M | $414.0M | $638.0M |
| Total current assets | $2.75B | $2.52B | $2.54B | $3.80B | $3.83B | $3.20B | $3.24B | $5.72B | $2.71B | $3.23B |
| Property, plant & equipment (net) | $39.55B | $38.01B | $37.30B | $35.60B | $35.97B | $35.84B | $36.42B | $37.90B | $40.16B | $38.70B |
| Goodwill & intangible assets | $21.81B | $21.84B | $22.08B | $21.77B | $21.59B | $22.30B | $24.13B | $24.84B | $25.26B | $25.47B |
| Long-term investments | $7.53B | $7.84B | $7.87B | $7.65B | $7.58B | $7.92B | $7.76B | $7.48B | $7.30B | $7.03B |
| Other non-current assets | $2.91B | $1.18B | $1.23B | $1.25B | $3.40B | $2.71B | $2.61B | $2.92B | $3.63B | $5.87B |
| Total assets | $74.55B | $71.41B | $71.02B | $70.08B | $72.37B | $71.97B | $74.16B | $78.87B | $79.06B | $80.31B |
| Liabilities | ||||||||||
| Accounts payable | $1.41B | $1.40B | $1.37B | $1.44B | $1.26B | $837.0M | $914.0M | $1.34B | $1.34B | $1.26B |
| Short-term debt | $1.27B | $2.01B | $4.05B | $3.38B | $2.69B | $2.56B | $2.38B | $3.39B | $2.83B | $2.70B |
| Deferred revenue | — | — | $785.0M | $623.0M | −$1.26B | −$837.0M | −$914.0M | −$1.34B | −$1.34B | −$1.26B |
| Total current liabilities | $4.32B | $5.10B | $7.22B | $6.93B | $5.82B | $5.07B | $5.10B | $7.56B | $6.18B | $5.93B |
| Long-term debt | $30.78B | $29.88B | $28.07B | $28.40B | $30.67B | $32.13B | $31.91B | $33.94B | $35.02B | $37.35B |
| Other long-term liabilities | $7.01B | $4.56B | $4.00B | $2.63B | $3.95B | $3.73B | $3.10B | $2.18B | $2.73B | $2.22B |
| Total liabilities | $42.10B | $39.54B | $39.29B | $37.96B | $40.45B | $40.94B | $40.11B | $43.67B | $43.93B | $45.50B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22.0M | $22.0M | $22.0M | $22.0M | $23.0M | $23.0M | $23.0M | $23.0M | $5.39B | $5.40B |
| Retained earnings (deficit) | −$10.18B | −$10.63B | −$10.69B | −$10.55B | −$10.60B | −$9.94B | −$7.69B | −$7.72B | −$7.75B | −$6.67B |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | $45.0M | −$95.0M | −$217.0M | −$402.0M | −$411.0M | −$407.0M | −$333.0M | −$330.0M | −$541.0M | −$661.0M |
| Minority interest | $1.29B | $1.34B | $1.42B | $1.37B | $1.10B | $402.0M | $344.0M | $853.0M | $1.49B | $371.0M |
| Total shareholders' equity | $31.16B | $30.53B | $30.31B | $30.74B | $30.82B | $31.44B | $33.74B | $35.20B | $35.12B | $34.80B |
| Key figures | ||||||||||
| Total debt | $32.39B | $32.34B | $32.63B | $32.31B | $33.91B | $34.58B | $34.18B | $37.32B | $37.84B | $40.05B |
| Net cash (debt) | −$32.28B | −$32.25B | −$32.55B | −$31.57B | −$32.77B | −$33.40B | −$33.07B | −$34.04B | −$37.58B | −$39.37B |
| Working capital | −$1.57B | −$2.58B | −$4.68B | −$3.13B | −$1.99B | −$1.87B | −$1.86B | −$1.83B | −$3.47B | −$2.70B |
| Tangible book value | $9.35B | $8.69B | $8.23B | $8.97B | $9.23B | $9.13B | $9.62B | $10.35B | $9.86B | $9.33B |
| Book value per share | $14.01 | $13.75 | $13.57 | $13.61 | $13.60 | $13.89 | $14.90 | $15.88 | $15.75 | $15.61 |
| Shares outstanding | 2.23B | 2.22B | 2.23B | 2.26B | 2.27B | 2.26B | 2.26B | 2.22B | 2.23B | 2.23B |
| Current ratio | 0.64 | 0.49 | 0.35 | 0.55 | 0.66 | 0.63 | 0.63 | 0.76 | 0.44 | 0.54 |
| Quick ratio | 0.42 | 0.31 | 0.23 | 0.37 | 0.47 | 0.49 | 0.49 | 0.64 | 0.30 | 0.38 |
| Debt / equity | 1.04 | 1.06 | 1.08 | 1.05 | 1.10 | 1.10 | 1.01 | 1.06 | 1.08 | 1.15 |
| Equity / assets | 41.8% | 42.8% | 42.7% | 43.9% | 42.6% | 43.7% | 45.5% | 44.6% | 44.4% | 43.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $89.0M | $72.0M | $109.0M | $71.0M | $82.0M | $80.0M | $88.0M | $108.0M | $98.0M | $119.0M | $83.0M | $80.0M |
| Cash & equivalents | $89.0M | $72.0M | $109.0M | $71.0M | $82.0M | $80.0M | $88.0M | $108.0M | $98.0M | $119.0M | $83.0M | $80.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $24.0M | — | $199.0M | $8.0M |
| Receivables | $1.56B | $1.58B | $1.71B | $1.44B | $1.45B | $1.48B | $1.51B | $1.26B | $1.29B | $1.40B | $1.59B | $1.50B |
| Inventory | $565.0M | $593.0M | $574.0M | $560.0M | $560.0M | $577.0M | $555.0M | $526.0M | $537.0M | $548.0M | $525.0M | $565.0M |
| Other current assets | $641.0M | $460.0M | $357.0M | $351.0M | $391.0M | $446.0M | $372.0M | $278.0M | $262.0M | $236.0M | $346.0M | $286.0M |
| Total current assets | $2.86B | $2.71B | $2.75B | $2.43B | $2.49B | $2.58B | $2.52B | $2.18B | $2.19B | $2.31B | $2.54B | $2.43B |
| Property, plant & equipment (net) | $40.52B | $39.70B | $39.55B | $39.02B | $38.82B | $38.70B | $38.01B | $37.71B | $37.53B | $37.31B | $37.30B | $35.94B |
| Goodwill & intangible assets | $21.96B | $21.77B | $21.81B | $21.86B | $21.90B | $21.95B | $21.84B | $21.89B | $21.94B | $22.00B | $22.08B | $21.62B |
| Long-term investments | $7.71B | $7.65B | $7.53B | $7.75B | $7.85B | $7.88B | $7.84B | $7.88B | $7.85B | $7.91B | $7.87B | $7.67B |
| Other non-current assets | $1.02B | $1.25B | $2.91B | $1.26B | $1.31B | $1.21B | $1.18B | $1.22B | $1.19B | $1.21B | $1.23B | $1.19B |
| Total assets | $74.06B | $73.07B | $74.55B | $72.32B | $72.37B | $72.32B | $71.41B | $70.88B | $70.70B | $70.74B | $71.02B | $68.86B |
| Liabilities | ||||||||||||
| Accounts payable | $1.57B | $1.37B | $1.41B | $1.29B | $1.30B | $1.25B | $1.40B | $1.26B | $1.20B | $1.07B | $1.37B | $1.43B |
| Short-term debt | $2.44B | $2.19B | $1.27B | $1.08B | $788.0M | $3.04B | $2.01B | $1.98B | $3.06B | $1.98B | $4.05B | $3.13B |
| Deferred revenue | — | — | — | — | — | — | — | −$2.75B | −$1.20B | −$1.07B | $785.0M | −$1.43B |
| Total current liabilities | $5.65B | $5.18B | $4.32B | $3.85B | $3.63B | $5.78B | $5.10B | $4.73B | $5.96B | $4.58B | $7.22B | $6.25B |
| Long-term debt | $29.70B | $29.76B | $30.78B | $31.50B | $31.87B | $29.96B | $29.88B | $29.94B | $28.54B | $30.17B | $28.07B | $27.87B |
| Other long-term liabilities | $5.84B | $5.55B | $7.01B | $4.94B | $4.79B | $4.65B | $4.56B | $4.46B | $4.51B | $4.25B | $4.00B | $3.16B |
| Total liabilities | $41.18B | $40.49B | $42.10B | $40.28B | $40.29B | $40.39B | $39.54B | $39.13B | $39.01B | $38.99B | $39.29B | $37.28B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M | $22.0M |
| Retained earnings (deficit) | −$9.66B | −$9.86B | −$10.18B | −$10.52B | −$10.50B | −$10.56B | −$10.63B | −$10.66B | −$10.64B | −$10.57B | −$10.69B | −$10.65B |
| Accumulated other comprehensive income | −$50.0M | −$137.0M | $45.0M | −$14.0M | −$24.0M | −$109.0M | −$95.0M | −$175.0M | −$262.0M | −$276.0M | −$217.0M | −$418.0M |
| Minority interest | $1.25B | $1.26B | $1.29B | $1.29B | $1.31B | — | — | — | — | — | — | — |
| Total shareholders' equity | $31.63B | $31.32B | $31.16B | $30.74B | $30.77B | $30.61B | $30.53B | $30.41B | $30.34B | $30.37B | $30.31B | $30.26B |
| Key figures | ||||||||||||
| Total debt | $32.25B | $32.06B | $32.39B | $32.58B | $32.55B | $32.90B | $32.34B | $31.92B | $31.60B | $32.04B | $31.89B | $30.89B |
| Net cash (debt) | −$32.16B | −$31.98B | −$32.28B | −$32.51B | −$32.47B | −$32.82B | −$32.25B | −$31.81B | −$31.50B | −$31.92B | −$31.81B | −$30.81B |
| Working capital | −$2.79B | −$2.48B | −$1.57B | −$1.42B | −$1.15B | −$3.20B | −$2.58B | −$2.55B | −$3.77B | −$2.27B | −$4.68B | −$3.82B |
| Tangible book value | $9.68B | $9.55B | $9.35B | $8.88B | $8.87B | $8.65B | $8.69B | $8.51B | $8.40B | $8.37B | $8.23B | $8.64B |
| Book value per share | $14.22 | $14.08 | $14.01 | $13.82 | $13.85 | $13.77 | $13.75 | $13.69 | $13.67 | $13.68 | $13.65 | $13.57 |
| Shares outstanding | 2.23B | 2.23B | 2.23B | 2.22B | 2.22B | 2.22B | 2.22B | 2.22B | 2.22B | 2.22B | 2.22B | 2.23B |
| Current ratio | 0.51 | 0.52 | 0.64 | 0.63 | 0.68 | 0.45 | 0.49 | 0.46 | 0.37 | 0.50 | 0.35 | 0.39 |
| Quick ratio | 0.29 | 0.32 | 0.42 | 0.39 | 0.42 | 0.27 | 0.31 | 0.29 | 0.23 | 0.33 | 0.23 | 0.25 |
| Debt / equity | 1.02 | 1.02 | 1.04 | 1.06 | 1.06 | 1.07 | 1.06 | 1.05 | 1.04 | 1.05 | 1.05 | 1.02 |
| Equity / assets | 42.7% | 42.9% | 41.8% | 42.5% | 42.5% | 42.3% | 42.8% | 42.9% | 42.9% | 42.9% | 42.7% | 43.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
KMI financial position
At the end of fiscal 2025 (December 31, 2025), Kinder Morgan had total assets of $74.6 billion (up 4.4% from a year earlier), total liabilities of $42.1 billion and shareholders' equity of $31.2 billion. It held $109.0 million in cash and short-term investments against $32.4 billion of debt, net debt of $32.3 billion. Its current ratio was 0.64. In the latest quarter (ended June 30, 2026) total assets were $74.1 billion and equity $31.6 billion.
Related: KMI income statement, KMI cash flow statement, KMI key metrics. See the KMI stock overview for the latest quote and news.
KMI balance sheet FAQ
What are Kinder Morgan's total assets?
Kinder Morgan reported total assets of $74.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $71.4 billion a year earlier.
How much debt does Kinder Morgan have?
Kinder Morgan had $32.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.04.
How much cash does Kinder Morgan have?
Kinder Morgan held $109.0 million in cash and short-term investments at the end of fiscal 2025; with $32.4 billion of debt that is net debt of $32.3 billion.
What is Kinder Morgan's book value?
Kinder Morgan's shareholders' equity (book value) was $31.2 billion at the end of fiscal 2025, or $14.01 per share.
What is Kinder Morgan's current ratio?
Kinder Morgan had current assets of $2.8 billion and current liabilities of $4.3 billion, a current ratio of 0.64 (current liabilities exceed current assets).
How much goodwill does Kinder Morgan have?
Kinder Morgan carried $21.8 billion of goodwill and intangible assets, 29.3% of total assets, at the end of fiscal 2025.