Stock Analysis on Net

Kinder Morgan Inc. (NYSE:KMI)

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

Income Statement 
Quarterly Data

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.

Kinder Morgan Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Services 1,992
Commodity sales 1,067
Other 47
Revenues (legacy) 3,352 3,214 3,214 3,429
Services (legacy) 2,021 1,959 1,984 1,967 2,046 1,938 1,940 1,977 1,992 2,006 2,034 2,114 2,342 2,015 1,963 1,970
Natural gas sales (legacy) 928 799 727 827 772 714 758 809 714 719 478 543 633 744 677 785
Product sales and other (legacy) 832 759 717 624 814 629 670 638 683 605 632 538 661 948 823 842
Revenues 3,106 3,352 3,214 3,214 3,429 3,781 3,517 3,428 3,418 3,632 3,281 3,368 3,424 3,389 3,330 3,144 3,195 3,636 3,707 3,463 3,597
Costs of sales (663) (776) (762) (777) (948) (1,199) (1,135) (1,068) (1,019) (1,145) (1,029) (1,090) (1,081) (1,044) (971) (752) (731) (834) (1,106) (1,085) (1,090)
Gross profit 2,443 2,576 2,452 2,437 2,481 2,582 2,382 2,360 2,399 2,487 2,252 2,278 2,343 2,345 2,359 2,392 2,464 2,802 2,601 2,378 2,507
Operations and maintenance (620) (679) (668) (646) (598) (640) (646) (617) (619) (836) (587) (536) (513) (559) (576) (603) (565) (630) (612) (590) (505)
Depreciation, depletion and amortization (565) (661) (578) (579) (593) (587) (569) (571) (570) (564) (562) (577) (558) (557) (549) (552) (551) (584) (617) (570) (538)
General and administrative (153) (134) (154) (148) (154) (110) (154) (164) (173) (175) (164) (153) (181) (119) (171) (189) (190) (150) (160) (164) (216)
Taxes, other than income taxes (92) (102) (103) (103) (118) (86) (86) (85) (88) (101) (102) (91) (104) (97) (106) (110) (108) (100) (108) (116) (115)
Loss on impairment of goodwill (1,150)
Gain (loss) on impairments and divestitures, net (971) 929 3 10 (102) 588 (653) (7) (6) (80) (76) 4 (235) (433) (385) (50) (51)
Other income (expense), net 1 2 (1) 2 1 2 1 1 (1) 1 1 (2) 1 1 2 4 (4)
Operating income 43 1,931 951 973 1,018 1,058 1,515 272 949 812 830 922 980 934 882 940 816 (244) 721 892 1,078
Earnings (losses) from equity investments 192 (425) 173 161 192 179 160 58 220 (49) 167 135 175 (112) (213) 118 94 80 114 114 76
Amortization of excess cost of equity investments (32) (22) (21) (19) (21) (18) (21) (24) (32) (16) (15) (15) (15) (14) (15) (16) (14) (12) (13) (14) (12)
Interest, net (436) (442) (447) (452) (460) (461) (473) (516) (467) (445) (459) (463) (465) (422) (472) (471) (441) (527) (540) (472) (512)
Other, net 2 40 12 13 10 17 20 34 36 22 24 20 16 2 12 17 13 10 9 11 13
Other income (expense) (274) (849) (283) (297) (279) (283) (314) (448) (243) (488) (283) (323) (289) (546) (688) (352) (348) (449) (430) (361) (435)
Income (loss) before income taxes (231) 1,082 668 676 739 775 1,201 (176) 706 324 547 599 691 388 194 588 468 (693) 291 531 643
Income tax (expense) benefit (60) (455) (151) (148) (172) (273) (196) 46 (164) (1,316) (160) (216) (246) (173) (377) (213) (154) (43) (108) (189) (224)
Net income (loss) (291) 627 517 528 567 502 1,005 (130) 542 (992) 387 383 445 215 (183) 375 314 (736) 183 342 419
Net (income) loss attributable to noncontrolling interests (15) (17) (11) (10) (11) (8) (273) (11) (18) (14) (14) (7) (5) (6) (5) (3) 1 41 3 (9) 10
Net income (loss) attributable to Kinder Morgan, Inc. (306) 610 506 518 556 494 732 (141) 524 (1,006) 373 376 440 209 (188) 372 315 (695) 186 333 429
Preferred stock dividends (11) (39) (39) (39) (39) (39) (39) (39) (39) (39) (39) (39) (26)
Net income (loss) available to common stockholders (306) 610 506 518 556 483 693 (180) 485 (1,045) 334 337 401 170 (227) 333 276 (721) 186 333 429

Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).


Revenue Trends
The overall revenues exhibit fluctuations over the analyzed periods. Starting from US$ 3,597 million in March 2015, revenues experienced declines and recoveries, with values ranging between approximately US$ 3,100 million and US$ 3,700 million through the years. Notably, there was a peak near the end of 2018 with US$ 3,781 million, followed by a decline to US$ 3,106 million in March 2020. Legacy revenues and services show some stability but with gradual decline in certain years.
Cost of Sales and Gross Profit
The costs of sales generally increased until late 2018, peaking near US$ 1,199 million, followed by a noticeable decline to US$ 663 million by March 2020. Gross profit, however, remained relatively stable, fluctuating around US$ 2,300 million to US$ 2,600 million, demonstrating resilience despite changes in revenues and cost fluctuations.
Operating Expenses
Operations and maintenance expenses show variability, peaking at US$ -836 million in December 2017, after which they stabilized in the range of -US$ 600 million to -US$ 680 million. Depreciation, depletion, and amortization expenses were relatively consistent, generally around -US$ 550 million to -US$ 660 million. General and administrative expenses experienced a mild reduction over time, falling from -US$ 216 million to near -US$ 110 million in some quarters but with occasional increases. Taxes other than income taxes show a gradual decline from about -US$ 115 million to -US$ 92 million in the final period.
Impairment and Divestiture Gains/Losses
Significant impairment charges were noted, including a notable loss of -US$ 1,150 million in December 2015. Gains and losses on impairments and divestitures were volatile, ranging from losses exceeding -US$ 650 million to gains over US$ 900 million, reflecting considerable impairment activities and asset management events.
Operating Income and Net Income Trends
Operating income was positive across most periods, with fluctuations from approximately US$ 150 million to over US$ 1,900 million, indicating operational resilience despite some challenging quarters such as December 2015 (-US$ 244 million) and variability in 2018. Net income attributable to common stockholders likewise showed volatility, experiencing losses in certain periods (e.g., -US$ 1,045 million in December 2017) but generally maintaining positive values averaging around US$ 300-600 million in most quarters. The negative spikes coincide with impairment losses and higher income tax expenses in some quarters, impacting profitability.
Income Tax Expense Variations
Income tax expenses varied significantly, occasionally providing benefits, such as US$ 46 million in June 2018, but more frequently representing expenses ranging from approximately -US$ 100 million to -US$ 1,316 million. The spike in tax expense in December 2017 aligns with the large net income loss, indicating deferred tax impacts possibly related to impairment losses.
Interest and Other Income/Expense Items
Interest expenses remained relatively steady, ranging mainly between -US$ 420 million and -US$ 520 million, reflecting consistent financing costs. Other income (expense), net, showed minor fluctuations but remained near zero, with isolated instances of gains or losses that did not materially affect the overall financial outcomes.
Equity Investments and Related Amortization
Earnings from equity investments showed volatility, including substantial negative values in some quarters (e.g., -US$ 213 million in September 2016 and -US$ 425 million in March 2020) offset by positive earnings in others. Amortization of excess cost of equity investments remained consistent around -US$ 12 million to -US$ 32 million, suggesting ongoing amortization activities.
Summary
The financial data reveal a business with steady gross profit margins and operational income despite fluctuating revenues and costs. Impairment losses and taxation have caused significant periodic net income volatility. Interest and administrative costs have been maintained at controlled levels, reflecting disciplined expense management. The periods analyzed suggest a company managing through variable market conditions with resilience, marked by episodic non-operating challenges impacting overall profitability.