KMI · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 10.8% y/y to $4.48B, operating margin 30.1% vs 28.5%, net income $867M (+21.3% y/y).
Net income attributable to Kinder Morgan, Inc.
$867M
up 21.3% y/y
Revenues
$4,477M
up 10.8% y/y
Operating income
$1,346M
up 16.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenues | $4,477 · +10.8% |
| Costs of sales | $1,405 · +16.0% |
| Operations and maintenance | $806 · +4.3% |
| Depreciation, depletion, and amortization | $620 · +0.6% |
| General and administrative | $192 · +2.1% |
| Taxes, other than income taxes | $120 · +8.1% |
| Other income, net | $12 · +33.3% |
| Operating income | $1,346 · +16.8% · 30.1% margin |
| Earnings from equity investments | $225 · +9.2% |
| Interest, net | $425 · −6.0% |
| Other, net | $20 · +53.8% |
| Income before income taxes | $1,166 · +26.9% |
| Income tax expense | $272 · +53.7% · 23.3% effective rate |
| Net income attributable to NCI | $27 · +0.0% |
| Net income attributable to Kinder Morgan, Inc. | $867 · +21.3% · $0.39/sh · 19.4% margin |
Verdict: revenue grew 10.8% y/y to $4.48B, operating margin 30.1% vs 28.5%, net income $867M (+21.3% y/y).
Adjusted EPS was $0.37, up 32% versus the second quarter of 2025.
Source and notation
Source: Kinder Morgan press release, 8-K EX-99.1 of 07/22/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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Chart: “KMI Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/kmi/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/kmi/q2-2026"><img src="https://whoreportstoday.com/t/kmi/q2-2026/sankey.png" alt="KMI Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/kmi/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/kmi/q2-2026">KMI Q2 2026 earnings chart (Who Reports Today)</a>
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- Adjusted EBITDA of $2,199 million was a record for the second quarter, up 12%.
- Operating income was $1.35B, a 30.1% margin vs 28.5% a year earlier.
- The effective tax rate was 23.3% vs 19.3% a year earlier.
- Diluted EPS was $0.39 vs $0.32 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
KMI — an energy infrastructure company that owns and operates natural gas pipelines and storage, refined products and crude oil pipelines, and liquids and bulk terminals, mainly in the United States, and produces oil through CO2 injection.
It reports four segments: Natural Gas Pipelines, Products Pipelines, Terminals and CO2. · Source: annual report (Form 10-K, SEC)
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