Natural Gas Pipelines was Kinder Morgan’s largest segment in fiscal 2025, bringing in $22.02B of $33.94B (65%).
| Segment | FY 2011 | FY 2012 | FY 2013 | FY 2015 | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Natural Gas Pipelines | $25.37B | $18.30B | $17.86B | $22.02B | |||||||||
| Products Pipelines | $6.84B | — | — | $5.37B | |||||||||
| Terminals | $3.58B | $3.83B | $4.04B | $4.21B | |||||||||
| Co2 - Kmp | — | — | — | — | |||||||||
| Co2 | $2.67B | $2.42B | $2.41B | $2.34B | |||||||||
| Terminals - Kmp | — | — | — | — | |||||||||
| Kinder Morgan Canada - Kmp | — | — | — | — | |||||||||
| Kinder Morgan Canada | — | — | — | — | |||||||||
| Unallocated | — | — | — | — | |||||||||
| Parent Company | — | — | — | — | |||||||||
| Consolidation, Eliminations | — | — | — | — | |||||||||
| Other | — | — | — | — | |||||||||
| Other Segments | — | — | — | — | |||||||||
| Less: Total Intersegment Revenues | — | — | — | — | |||||||||
| Intersegment Eliminations | — | — | — | — | |||||||||
| Total | $38.46B | $24.56B | $24.31B | $33.94B |
Kinder Morgan brought in $33.94B from its four segments in fiscal 2025, the year ended December 31, 2025. Kinder Morgan regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $24.31B. Natural Gas Pipelines was the largest at $22.02B (64.9%), ahead of Products Pipelines at $5.37B (15.8%) and Terminals at $4.21B (12.4%). The remaining segment, Co2, brought in $2.34B.
Compared with fiscal 2024, Natural Gas Pipelines grew fastest, up 23.3% to $22.02B, while Co2 fell the most, down 2.8% to $2.34B. From fiscal 2022 to 2025, combined revenue from these segments fell from $38.46B to $33.94B, a compound annual decline of 4.1%. Natural Gas Pipelines' share of the total fell from 66.0% to 64.9%.
Services was Kinder Morgan’s largest product and service line in fiscal 2025, bringing in $18.98B of $33.87B (56%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Services | $16.29B | $16.74B | $17.83B | $18.98B | ||||||
| Commodity Sales | $21.79B | $13.57B | $11.91B | $14.51B | ||||||
| Revenues—Product Sales & Other | — | — | — | — | ||||||
| Natural Gas Sales | — | — | — | — | ||||||
| Other | $316.00M | $354.00M | $454.00M | $384.00M | ||||||
| Total | $38.40B | $30.67B | $30.20B | $33.87B |
Kinder Morgan brought in $33.87B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 12.2% from $30.20B in fiscal 2024. Services was the largest at $18.98B (56.0%), ahead of Commodity Sales at $14.51B (42.8%) and Other at $384.00M (1.1%).
Compared with fiscal 2024, Commodity Sales grew 21.8% to $14.51B and Services grew 6.4% to $18.98B. From fiscal 2022 to 2025, combined revenue from these lines fell from $38.40B to $33.87B, a compound annual decline of 4.1%. Services' share of the total rose from 42.4% to 56.0%.
U.S was Kinder Morgan’s largest region in fiscal 2025, bringing in $33.85B of $33.87B (100%).
| Geography | FY 2012 | FY 2013 | FY 2015 | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S | $38.07B | $30.51B | $30.11B | $33.85B | ||||||||
| United States | — | — | — | — | ||||||||
| Canada | — | — | — | — | ||||||||
| Mexico | — | $158.00M | $86.00M | $22.00M | ||||||||
| Mexico & Other Foreign | $328.00M | — | — | — | ||||||||
| Total | $38.40B | $30.67B | $30.20B | $33.87B |
Kinder Morgan brought in $33.87B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 12.2% from $30.20B in fiscal 2024. U.S was the largest at $33.85B (99.9%), ahead of Mexico at $22.00M (0.1%).
Kinder Morgan stopped reporting Mexico & Other Foreign as a separate region after fiscal 2022, when it brought in $328.00M.
Kinder Morgan (KMI) reports its revenue by segment, by product and service and by geography. In fiscal 2025, Natural Gas Pipelines was its largest segment, bringing in $22.02B (64.9% of the total), followed by Products Pipelines at $5.37B (15.8%).
Natural Gas Pipelines was Kinder Morgan's largest segment in fiscal 2025, bringing in $22.02B, or 64.9% of the $33.94B total across its four segments.
Services was Kinder Morgan's largest product and service line in fiscal 2025, bringing in $18.98B, or 56.0% of the $33.87B total across its three product and service lines.
U.S was Kinder Morgan's largest region in fiscal 2025, bringing in $33.85B, or 99.9% of the $33.87B total across its two regions.
Commodity Sales grew faster than Services in fiscal 2025, up 21.8% from $11.91B to $14.51B. Services grew 6.4% to $18.98B.
Every figure comes from Kinder Morgan's annual financial filings, as reported. Each line keeps the name Kinder Morgan gives it, and years follow its fiscal calendar.
Kinder Morgan's revenue by segment goes back to fiscal 2011, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.