# Kinder Morgan (KMI) Forecast Calculator

Interactive five-year financial forecast and DCF for Kinder Morgan. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/kinder-morgan/forecast
- Industry: Energy
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 12080000000 | 2478000000 | 7284000000 | 2190000000 |
| 2022 | 10097000000 | 2843000000 | 3724000000 | 119000000 |
| 2023 | 16154000000 | 4427000000 | 5051000000 | 1784000000 |
| 2024 | 18128000000 | 3346000000 | 6251000000 | 2548000000 |
| 2025 | 13647000000 | 4174000000 | 6513000000 | 2391000000 |

## Frequently asked questions

### What kind of business does Kinder Morgan operate?

Kinder Morgan, Inc. is one of North America's largest energy infrastructure companies, owning and operating extensive pipelines and terminals. It functions as a toll-road business, transporting various energy products under long-term, fee-based, take-or-pay contracts.

### How does Kinder Morgan generate its primary revenue?

Kinder Morgan generates revenue predominantly through its fee-based, take-or-pay contracts for transporting natural gas, refined petroleum products, crude oil, and carbon dioxide. Its business segments, including Natural Gas Pipelines and Products Pipelines, are key drivers of its stable cash flows.

### What is Kinder Morgan's capital expenditure strategy?

Kinder Morgan's capital expenditure (Capex) typically ranges from 15-20% of revenue, totaling approximately $3.0 to $3.3 billion annually. This includes around $900 million to $1 billion for sustaining (maintenance) capex, with the remainder allocated to growth projects and joint venture contributions.

### What is the main objective of a financial model for Kinder Morgan?

The primary objective of a financial model for Kinder Morgan is to evaluate its cash flow generation, leverage trajectory, and dividend sustainability. This analysis helps in determining its equity valuation and assessing its credit profile as a yield-focused midstream energy infrastructure investment.

### Is a downloadable financial model available for Kinder Morgan?

Yes, an Excel financial model for Kinder Morgan is available for download. This general corporate model provides a forecast horizon from FY2026 through FY2030, allowing users to analyze the company's financial projections.

### How is Kinder Morgan's balance sheet structured?

Kinder Morgan's balance sheet is highly asset-heavy, with Property, Plant and Equipment (PP&E) representing the vast majority of its approximately $70 billion in total assets. The company typically maintains negative or near-zero net working capital, indicating it does not require significant working capital to fund its growth.