Kinder Morgan, Inc. (KMI) Cash Flow Statement
Where KMI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.92B +5.0% vs 2024
- Capital expenditures
- $3.03B 17.9% of revenue
- Free cash flow
- $2.89B 17.1% margin
- Returned to shareholders
- $2.60B 90% of free cash flow
- Change in cash
- −$105.0M cash at year-end $109.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KMI operating cash flow, capex and free cash flow
KMI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.79B2016 | $5.92B2025 | +2.4%/yr | |
| Capital expenditures | $2.88B2016 | $3.03B2025 | +0.5%/yr | |
| Free cash flow | $1.91B2016 | $2.89B2025 | +4.7%/yr | |
| Free cash flow margin | 14.6%2016 | 17.1%2025 | +2.5 pts | |
| Operating cash flow / net income | 6.642016 | 1.872025 | −4.77 | |
| Stock-based compensation | $66.0M2016 | $63.0M2023 | −0.7%/yr | |
| Dividends paid | $1.27B2016 | $2.60B2025 | +8.3%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 22.1%2016 | 17.9%2025 | −4.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KMI cash flow by activity
KMI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KMI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.16B | $2.72B | $2.49B | $2.62B | $1.85B | $180.0M | $2.19B | $1.61B | $223.0M | $721.0M |
| Depreciation & amortization | $2.45B | $2.35B | $2.25B | $2.26B | $2.13B | $2.16B | $2.41B | $2.30B | $2.26B | $2.21B |
| Stock-based compensation | — | — | $63.0M | $60.0M | −$2.13B | −$2.16B | $62.0M | $63.0M | $65.0M | $66.0M |
| Change in working capital | −$108.0M | −$76.0M | $1.20B | −$258.0M | −$58.0M | −$123.0M | −$250.0M | $399.0M | −$2.0M | −$90.0M |
| Other non-cash items | $412.0M | $637.0M | $497.0M | $279.0M | $3.92B | $4.49B | $335.0M | $675.0M | $2.05B | $1.88B |
| Cash from operating activities | $5.92B | $5.63B | $6.49B | $4.97B | $5.71B | $4.55B | $4.75B | $5.04B | $4.60B | $4.79B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.03B | −$2.63B | −$2.35B | −$1.62B | −$1.28B | −$1.71B | −$2.27B | −$2.92B | −$3.19B | −$2.88B |
| Investments (net) | $204.0M | −$2.63B | −$2.36B | −$73.0M | $125.0M | −$232.0M | $1.30B | −$103.0M | −$310.0M | $1.22B |
| Acquisitions & other investing | −$357.0M | $2.63B | $533.0M | −$481.0M | −$1.15B | $1.03B | −$743.0M | $2.96B | $136.0M | −$47.0M |
| Cash from investing activities | −$3.18B | −$2.63B | −$4.17B | −$2.17B | −$2.31B | −$911.0M | −$1.71B | −$68.0M | −$3.36B | −$1.71B |
| Financing activities | ||||||||||
| Dividends paid | −$2.60B | −$2.56B | −$2.53B | −$2.50B | −$2.52B | −$2.44B | −$2.16B | −$1.77B | −$1.28B | −$1.27B |
| Share repurchases & issuance (net) | $0 | −$7.0M | −$522.0M | −$368.0M | −$1.0M | −$50.0M | −$2.0M | −$273.0M | −$250.0M | $117.0M |
| Net borrowing (repayment) | −$37.0M | −$116.0M | $234.0M | −$702.0M | −$899.0M | −$133.0M | $8.04B | $118.0M | −$2.27B | −$1.45B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$202.0M | −$207.0M | −$197.0M | $429.0M | −$40.0M | −$14.0M | −$12.06B | $105.0M | $2.11B | −$24.0M |
| Cash from financing activities | −$2.84B | −$2.89B | −$3.01B | −$3.15B | −$3.46B | −$2.64B | −$6.18B | −$1.82B | −$1.68B | −$2.63B |
| Summary | ||||||||||
| Net change in cash | −$105.0M | $118.0M | −$698.0M | −$353.0M | −$62.0M | $1.00B | −$3.12B | $3.00B | −$420.0M | $455.0M |
| Cash at end of period | $109.0M | $214.0M | $96.0M | $794.0M | $1.15B | $1.21B | $209.0M | $3.33B | $264.0M | $684.0M |
| Free cash flow | $2.89B | $3.01B | $4.15B | $3.35B | $4.43B | $2.84B | $2.48B | $2.12B | $1.41B | $1.91B |
| Free cash flow margin | 17.1% | 19.9% | 27.0% | 17.4% | 26.7% | 24.3% | 18.8% | 15.0% | 10.3% | 14.6% |
| Capex / revenue | 17.9% | 17.4% | 15.3% | 8.4% | 7.7% | 14.6% | 17.2% | 20.7% | 23.3% | 22.1% |
| Operating cash flow / net income | 1.87 | 2.07 | 2.61 | 1.89 | 3.09 | 25.28 | 2.17 | 3.13 | 20.63 | 6.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $894.0M | $1.00B | $1.02B | $654.0M | $742.0M | $743.0M | $694.0M | $621.0M | $572.0M | $742.0M | $591.0M | $555.0M |
| Depreciation & amortization | $620.0M | $633.0M | $618.0M | $609.0M | $616.0M | $610.0M | $596.0M | $587.0M | $584.0M | $587.0M | $567.0M | $1.68B |
| Stock-based compensation | — | — | — | — | — | — | $64.0M | — | — | $45.0M | $63.0M | −$561.0M |
| Change in working capital | $307.0M | −$363.0M | $27.0M | $176.0M | $228.0M | −$404.0M | $44.0M | −$52.0M | $347.0M | −$339.0M | $913.0M | −$15.0M |
| Other non-cash items | $139.0M | $220.0M | $26.0M | −$25.0M | $63.0M | $213.0M | $112.0M | $93.0M | $230.0M | $189.0M | $188.0M | −$376.0M |
| Cash from operating activities | $1.96B | $1.49B | $1.69B | $1.41B | $1.65B | $1.16B | $1.51B | $1.25B | $1.73B | $1.22B | $2.32B | $1.29B |
| Investing activities | ||||||||||||
| Capital expenditures | −$982.0M | −$804.0M | −$820.0M | −$793.0M | −$647.0M | −$766.0M | −$776.0M | −$657.0M | −$639.0M | −$619.0M | −$656.0M | −$647.0M |
| Investments (net) | −$89.0M | −$53.0M | $307.0M | −$663.0M | −$625.0M | −$1.41B | −$771.0M | −$686.0M | −$600.0M | −$572.0M | −$2.44B | −$647.0M |
| Acquisitions & other investing | −$481.0M | $54.0M | $36.0M | $793.0M | $647.0M | $766.0M | $776.0M | $657.0M | $593.0M | $584.0M | $656.0M | −$439.0M |
| Cash from investing activities | −$1.55B | −$803.0M | −$477.0M | −$663.0M | −$625.0M | −$1.41B | −$771.0M | −$686.0M | −$646.0M | −$607.0M | −$2.44B | −$1.73B |
| Financing activities | ||||||||||||
| Dividends paid | −$665.0M | −$654.0M | −$654.0M | −$654.0M | −$654.0M | −$642.0M | −$642.0M | −$643.0M | −$641.0M | −$631.0M | −$631.0M | −$634.0M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | $0 | $0 | −$7.0M | $7.0M | $0 | −$7.0M | −$132.0M | −$73.0M |
| Net borrowing (repayment) | $241.0M | $70.0M | −$561.0M | −$89.0M | −$416.0M | $1.03B | $18.0M | $162.0M | — | — | — | −$286.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$45.0M | −$33.0M | −$24.0M | −$72.0M | −$52.0M | −$54.0M | −$26.0M | −$80.0M | −$465.0M | $68.0M | $882.0M | −$69.0M |
| Cash from financing activities | −$469.0M | −$617.0M | −$1.24B | −$815.0M | −$1.12B | $333.0M | −$657.0M | −$554.0M | −$1.11B | −$570.0M | $119.0M | −$1.06B |
| Summary | ||||||||||||
| Net change in cash | −$61.0M | $71.0M | −$24.0M | −$64.0M | −$98.0M | $81.0M | $81.0M | $9.0M | −$19.0M | $47.0M | −$1.0M | −$423.0M |
| Cash at end of period | $119.0M | $180.0M | $109.0M | $133.0M | $197.0M | $295.0M | $214.0M | $133.0M | $124.0M | $143.0M | $96.0M | $97.0M |
| Free cash flow | $978.0M | $687.0M | $872.0M | $621.0M | $1.00B | $396.0M | $734.0M | $592.0M | $1.09B | $605.0M | $1.67B | $639.0M |
| Free cash flow margin | 21.8% | 14.2% | 19.3% | 15.0% | 24.8% | 9.3% | 18.5% | 16.1% | 30.4% | 15.8% | 42.0% | 16.3% |
| Capex / revenue | 21.9% | 16.7% | 18.2% | 19.1% | 16.0% | 18.0% | 19.6% | 17.9% | 17.8% | 16.1% | 16.5% | 16.5% |
| Operating cash flow / net income | 2.19 | 1.49 | 1.66 | 2.16 | 2.22 | 1.56 | 2.18 | 2.01 | 3.03 | 1.65 | 3.93 | 2.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
KMI cash generation
In fiscal 2025 (ended December 31, 2025), Kinder Morgan generated $5.9 billion of cash from operations (up 5.0%) and spent $3.0 billion on capital expenditures, leaving free cash flow of $2.9 billion, 17.1% of revenue. It returned $2.6 billion to shareholders through dividends ($2.6 billion) and net share buybacks ($0). Cash and equivalents fell by $105.0 million over the year.
Related: KMI income statement, KMI balance sheet, KMI dividend history. See the KMI stock overview for the latest quote and news.
KMI cash flow FAQ
What is Kinder Morgan's free cash flow?
Kinder Morgan's free cash flow was $2.9 billion in fiscal 2025: $5.9 billion of operating cash flow minus $3.0 billion of capital expenditures It was $3.0 billion a year earlier..
How much cash does Kinder Morgan generate from operations?
Kinder Morgan generated $5.9 billion of cash from operating activities in fiscal 2025, 1.87 times its net income of $3.2 billion.
How much does Kinder Morgan spend on capital expenditures?
Kinder Morgan spent $3.0 billion on capital expenditures in fiscal 2025, 17.9% of revenue, compared with $2.6 billion the year before.
How much does Kinder Morgan pay in dividends?
Kinder Morgan paid $2.6 billion in dividends in fiscal 2025, 90.1% of free cash flow.