Stock Analysis on Net
Stock Analysis on Net

Kinder Morgan Inc. (NYSE:KMI)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2020.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Kinder Morgan Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Services
Commodity sales
Other
Natural gas sales (legacy)
Services (legacy)
Product sales and other (legacy)
Revenues
Costs of sales
Gross profit
Operations and maintenance
Depreciation, depletion and amortization
General and administrative
Taxes, other than income taxes
Loss on impairment of goodwill
Gain (loss) on divestitures and impairments, net
Other income (expense), net
Operating income
Earnings (loss) from equity investments
Amortization of excess cost of equity investments
Interest, net
Other, net
Other income (expense)
Income before income taxes
Income tax expense
Net income
Net (income) loss attributable to noncontrolling interests
Net income attributable to Kinder Morgan, Inc.
Preferred stock dividends
Net income available to common stockholders

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

Revenue Trends
The total revenues displayed fluctuations over the five-year period, with an initial decline from 14,403 million US dollars in 2015 to 13,058 million in 2016, followed by a modest recovery reaching 14,144 million in 2018 before slightly decreasing again to 13,209 million in 2019. Services revenues, reported from 2017 onward, showed a steady increase from 7,885 million in 2017 to 8,198 million in 2019. Commodity sales, introduced in 2017, increased from 5,654 million to 5,987 million in 2018 but declined notably to 4,811 million in 2019. Other revenue sources maintained relatively stable values across 2017 to 2019.
Cost and Gross Profit Analysis
Cost of sales experienced significant variation, starting at -4,115 million in 2015, reducing to -3,263 million by 2019, with a peak at -4,421 million in 2018. Despite these fluctuations, gross profit remained relatively stable, ranging from 9,360 million to 9,946 million between 2017 and 2019, after an initial decrease from 10,288 million in 2015 to 9,560 million in 2016. This suggests effective cost management or margin improvements in some areas.
Operating Expenses
Operations and maintenance costs gradually increased from -2,337 million in 2015 to -2,591 million in 2019. Depreciation, depletion, and amortization expenses were relatively steady, with a slight increase from -2,309 million in 2015 to -2,411 million in 2019. General and administrative expenses showed a downward trend from -690 million in 2015 to -590 million in 2019, while taxes other than income taxes fluctuated, dipping to -345 million in 2018 before rising again to -426 million in 2019.
Impairments and Gains
Loss on impairment of goodwill was significant in 2015 at -1,150 million and absent in subsequent years. Gains or losses on divestitures and impairments showed improvement over time, moving from a negative impact of -919 million in 2015 to a positive gain of 942 million in 2019, indicating recovery or profitable asset sales in later years.
Operating Income and Income Components
Operating income increased consistently from 2,447 million in 2015 to 4,873 million in 2019, reflecting enhanced profitability. Earnings from equity investments were volatile, with a notable loss of -113 million in 2016 but substantial gains in 2018 (617 million) before declining to 101 million in 2019. Net interest expense remained relatively stable, fluctuating around -1,800 to -2,000 million annually.
Other Income and Expenses
Other income and expenses net expanded from -1,675 million in 2015 to a lower negative of -1,288 million in 2018 before worsening again to -1,708 million in 2019. This area contributed to considerable volatility in overall income before taxes.
Income Before Income Taxes and Tax Expenses
Income before income taxes showed a strong positive trend, increasing from 772 million in 2015 to 3,165 million in 2019, indicative of improving operating performance. Income tax expense, however, was volatile, peaking at -1,938 million in 2017, reducing sharply in 2018, then rising again in 2019, which may reflect changes in tax rate, tax planning, or taxable income.
Net Income and Earnings Available to Common Stockholders
Net income attributable to the company exhibited substantial growth from 253 million in 2015 to 2,190 million in 2019, despite a dip in 2017. Net income available to common stockholders showed a similar pattern, with a low of 27 million in 2017 followed by a sharp increase to 1,481 million in 2018 and further growth to 2,190 million in 2019. Preferred stock dividends were significant in the earlier years but were not reported in 2019, potentially contributing to the improved earnings available to common shareholders.