Natural Gas Pipelines was Kinder Morgan’s largest segment in fiscal 2025, bringing in $11.01B of $16.94B (65%).
| Segment | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Segments | — | — | — | — | ||||||||||||
| Natural Gas Pipelines | $12.69B | $9.17B | $8.94B | $11.01B | ||||||||||||
| Products Pipelines | $3.42B | $3.07B | $2.96B | $2.69B | ||||||||||||
| Terminals | $1.79B | $1.92B | $2.02B | $2.10B | ||||||||||||
| Co2 - Kmp | — | — | — | — | ||||||||||||
| Co2 | $1.33B | $1.21B | $1.20B | $1.17B | ||||||||||||
| Terminals - Kmp | — | — | — | — | ||||||||||||
| Products Pipelines - Kmp | — | — | — | — | ||||||||||||
| Kinder Morgan Canada - Kmp | — | — | — | — | ||||||||||||
| Kinder Morgan Canada | — | — | — | — | ||||||||||||
| Parent Company | — | — | — | — | ||||||||||||
| Unallocated | — | — | — | — | ||||||||||||
| All Other Segments | — | — | — | — | ||||||||||||
| Less: Total Intersegment Revenues | — | — | — | — | ||||||||||||
| Intersegment Eliminations | — | — | — | — | ||||||||||||
| Other | -$30.00M | -$26.00M | -$23.00M | -$32.00M | ||||||||||||
| Corporate, Non-Segment | — | — | — | — | ||||||||||||
| Consolidating Adjustments | — | — | — | — | ||||||||||||
| Total | $19.20B | $15.33B | $15.10B | $16.94B |
Kinder Morgan brought in $16.94B from its five segments in fiscal 2025, the year ended December 31, 2025. That was up 12.2% from $15.10B in fiscal 2024. Natural Gas Pipelines was the largest at $11.01B (65.0%), ahead of Products Pipelines at $2.69B (15.9%) and Terminals at $2.10B (12.4%). The remaining segment, Co2, brought in $1.17B.
Compared with fiscal 2024, Natural Gas Pipelines grew fastest, up 23.1% to $11.01B, while Products Pipelines fell the most, down 9.1% to $2.69B. From fiscal 2022 to 2025, combined revenue from these segments fell from $19.20B to $16.94B, a compound annual decline of 4.1%. Natural Gas Pipelines' share of the total fell from 66.1% to 65.0%.
The total is net of Other, which took $32.00M off revenue in fiscal 2025.
Services was Kinder Morgan’s largest product and service line in fiscal 2025, bringing in $9.49B of $16.94B (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 | $8.15B | $8.37B | $8.92B | $9.49B | ||||||
| Commodity Sales | $10.90B | $6.79B | $5.96B | $7.26B | ||||||
| Revenues—Product Sales & Other | — | — | — | — | ||||||
| Natural Gas Sales | — | — | — | — | ||||||
| Other | $158.00M | $177.00M | $227.00M | $192.00M | ||||||
| Total | $19.20B | $15.33B | $15.10B | $16.94B |
Kinder Morgan brought in $16.94B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 12.2% from $15.10B in fiscal 2024. Services was the largest at $9.49B (56.0%), ahead of Commodity Sales at $7.26B (42.8%) and Other at $192.00M (1.1%).
Compared with fiscal 2024, Commodity Sales grew 21.8% to $7.26B and Services grew 6.4% to $9.49B. From fiscal 2022 to 2025, combined revenue from these lines fell from $19.20B to $16.94B, 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 $16.93B of $16.94B (100%).
| Geography | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S | $19.04B | $15.26B | $15.06B | $16.93B | |||||||||||
| United States | — | — | — | — | |||||||||||
| Canada | — | — | — | — | |||||||||||
| Mexico | — | $79.00M | $43.00M | $11.00M | |||||||||||
| Mexico & Other Foreign | $164.00M | — | — | — | |||||||||||
| Total | $19.20B | $15.33B | $15.10B | $16.94B |
Kinder Morgan brought in $16.94B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 12.2% from $15.10B in fiscal 2024. U.S was the largest at $16.93B (99.9%), ahead of Mexico at $11.00M (0.1%).
Kinder Morgan stopped reporting Mexico & Other Foreign as a separate region after fiscal 2022, when it brought in $164.00M.
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 $11.01B (65.0% of the total), followed by Products Pipelines at $2.69B (15.9%).
Natural Gas Pipelines was Kinder Morgan's largest segment in fiscal 2025, bringing in $11.01B, or 65.0% of the $16.94B total across its five segments.
Services was Kinder Morgan's largest product and service line in fiscal 2025, bringing in $9.49B, or 56.0% of the $16.94B total across its three product and service lines.
U.S was Kinder Morgan's largest region in fiscal 2025, bringing in $16.93B, or 99.9% of the $16.94B total across its two regions.
Among Kinder Morgan's segments that make up at least 2% of revenue, Natural Gas Pipelines grew fastest in fiscal 2025, up 23.1% from $8.94B to $11.01B.
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 2010, 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.