Kinder Morgan Inc (2KD.DE) Q3 2025 Earnings Report

Kinder Morgan Inc delivered a solid Q3 2025 with revenue of $4.15 billion, up 12.1% year over year and 2.6% quarter over quarter, driven by throughput and fee-based cash flows across its large pipeline and storage assets. EBITDA of $1.90 billion supported a robust operating margin of 25.6%, while net income came in at $628 million (EPS $0.28). Despite the revenue strength, gross profit declined year over year by about 35% and quarterly profitability showed pressure from higher depreciation and interest expenses, underscoring the asset-intensive nature of the business.

The company maintains a strong asset base (approximately 83,000 miles of pipelines and 143 terminals) that underpins largely fee-based, predictable cash flows. However, leverage remains elevated: debt-to-capitalization sits around 51.5% and interest coverage is approximately 2.3x, with a payout ratio of about 1.04x and a dividend yield near 1.0%. Liquidity metrics show a tight liquidity position (current/quick ratio near 0.63x and cash ratio of 0.0185x) given the capital-intensive model. Investors should weigh the defensive, stable cash flow profile against the risks of high leverage, rate sensitivity, and regulatory considerations.

Management commentary on QQ3 2025 timing and longer-term guidance was not provided in the dataset. The forward view for Kinder Morgan will hinge on throughput volumes, project timing, capital discipline, and the ability to sustain distributions in a high-rate environment.