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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2010
- Total Asset Turnover since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
- Aggregate Accruals
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Kinder Morgan Inc., consolidated income statement (quarterly data)
US$ in millions
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.