For the year ending 2025-12-31, KMI had -$105M decrease in cash & cash equivalents over the period. $2,891M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,160 | 2,720 | 2,486 | 2,625 |
| Depreciation, depletion, and amortization | 2,453 | 2,354 | 2,250 | 2,186 |
| Deferred income taxes | 780 | 647 | 710 | 692 |
| Amortization of excess cost of equity investments | - | 50 | 66 | 75 |
| Change in fair value of derivative contracts | 23 | -72 | 126 | - |
| Gain on divestitures, net | 6 | 74 | 15 | 32 |
| Gain on sale of interest in equity investment (note 3) | 123 | - | 0 | 0 |
| Earnings from equity investments | 896 | 890 | 838 | 803 |
| Distributions of equity investment earnings | 805 | 823 | 755 | 725 |
| Pension contributions net of noncash pension benefit expenses | 10 | -9 | -77 | 50 |
| Accounts receivable | 192 | -52 | -301 | 220 |
| Inventories | 21 | 12 | -188 | 183 |
| Other current assets | 9 | 46 | -108 | 51 |
| Accounts payable | 96 | -5 | -201 | 161 |
| Accrued interest, net of interest rate swaps | -13 | 43 | -13 | 50 |
| Accrued taxes | -15 | 5 | - | -5 |
| Other current liabilities | 41 | -52 | -58 | -10 |
| Change in deferred revenues | 5 | -58 | 870 | - |
| Rate reparations, refunds and other litigation reserve adjustments | - | 24 | -19 | -190 |
| Other, net | -115 | -27 | -50 | -3 |
| Net cash provided by operating activities | 5,917 | 5,635 | 6,491 | 4,967 |
| Acquisitions of assets and investments, net of cash acquired (note 3) | 648 | 62 | 1,842 | 487 |
| Capital expenditures | 3,026 | 2,629 | 2,317 | 1,621 |
| Sales of property, plant and equipment, investments, and other net assets, net of removal costs | - | - | -28 | 6 |
| Proceeds from sale of investment (note 3) | 382 | - | - | - |
| Contributions to investments | 178 | 121 | 212 | 229 |
| Distributions from equity investments in excess of cumulativeearnings | 330 | 177 | 228 | 156 |
| Other, net | 39 | -6 | 4 | 0 |
| Net cash used in investing activities | -3,179 | -2,629 | -4,175 | -2,175 |
| Issuances of debt | 10,017 | 10,441 | 7,590 | 9,058 |
| Payments of debt | 10,054 | 10,557 | 7,356 | 9,735 |
| Debt issue costs | 20 | 33 | 20 | 25 |
| Dividends (note 10) | 2,604 | 2,557 | 2,529 | 2,504 |
| Repurchases of shares (note 10) | 0 | 7 | 522 | 368 |
| Proceeds from sale of noncontrolling interests (note 3) | - | 0 | 0 | 557 |
| Contributions from investment partner and noncontrolling interests | - | - | - | 2 |
| Contributions from noncontrolling interests | 0 | 0 | 3 | - |
| Distributions to investment partner | - | - | 0 | 0 |
| Distributions to noncontrolling interests | 153 | 154 | 151 | 116 |
| Other, net | -29 | -20 | -29 | -14 |
| Net cash used in financing activities | -2,843 | -2,887 | -3,014 | -3,145 |
| Effectofexchangeratechangesoncash, cashequivalents, and restricted deposits | 0 | -1 | - | 0 |
| Net (decrease) increase in cash, cash equivalents, and restricted deposits | -105 | 118 | -698 | -353 |
| Cash and cash equivalents at beginning of period | 214 | 96 | 794 | 1,147 |
| Cash and cash equivalents at end of period | 109 | 214 | 96 | 794 |
KINDER MORGAN, INC. (KMI)
KINDER MORGAN, INC. (KMI)