KINDER MORGAN, INC.KMI
KINDER MORGAN, INC. Revenue Disclosure
14. Revenue Recognition
Disaggregation of Revenues
The following tables present our revenues disaggregated by segment, revenue source, and type of revenue for each revenue source. Refer to Note 2 for further information.
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||
| Revenues from contracts with customers(a) | ||||||||||||||||||||||||||||||||||||||
| Services | ||||||||||||||||||||||||||||||||||||||
| Firm services | $ | 4,254 | $ | 221 | $ | 870 | $ | 1 | $ | (4) | $ | 5,342 | ||||||||||||||||||||||||||
| Fee-based services | 1,161 | 1,090 | 431 | 45 | (8) | 2,719 | ||||||||||||||||||||||||||||||||
| Total services | 5,415 | 1,311 | 1,301 | 46 | (12) | 8,061 | ||||||||||||||||||||||||||||||||
| Commodity sales | ||||||||||||||||||||||||||||||||||||||
| Natural gas sales | 3,909 | — | — | 49 | (9) | 3,949 | ||||||||||||||||||||||||||||||||
| Product sales | 1,001 | 1,157 | 56 | 857 | (8) | 3,063 | ||||||||||||||||||||||||||||||||
| Other sales | 29 | — | — | 103 | (3) | 129 | ||||||||||||||||||||||||||||||||
| Total commodity sales | 4,939 | 1,157 | 56 | 1,009 | (20) | 7,141 | ||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 10,354 | 2,468 | 1,357 | 1,055 | (32) | 15,202 | ||||||||||||||||||||||||||||||||
| Other revenues | ||||||||||||||||||||||||||||||||||||||
Leasing services(b) | 455 | 192 | 747 | 70 | — | 1,464 | ||||||||||||||||||||||||||||||||
| Derivatives adjustments on commodity sales | 96 | — | — | 30 | — | 126 | ||||||||||||||||||||||||||||||||
| Other | 104 | 26 | — | 15 | — | 145 | ||||||||||||||||||||||||||||||||
| Total other revenues | 655 | 218 | 747 | 115 | — | 1,735 | ||||||||||||||||||||||||||||||||
| Total revenues | $ | 11,009 | $ | 2,686 | $ | 2,104 | $ | 1,170 | $ | (32) | $ | 16,937 | ||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||
| Revenues from contracts with customers(a) | ||||||||||||||||||||||||||||||||||||||
| Services | ||||||||||||||||||||||||||||||||||||||
| Firm services | $ | 3,893 | $ | 220 | $ | 846 | $ | 2 | $ | (4) | $ | 4,957 | ||||||||||||||||||||||||||
| Fee-based services | 1,044 | 1,059 | 460 | 41 | (7) | 2,597 | ||||||||||||||||||||||||||||||||
| Total services | 4,937 | 1,279 | 1,306 | 43 | (11) | 7,554 | ||||||||||||||||||||||||||||||||
| Commodity sales | ||||||||||||||||||||||||||||||||||||||
| Natural gas sales | 2,303 | — | — | 43 | (6) | 2,340 | ||||||||||||||||||||||||||||||||
| Product sales | 965 | 1,444 | 50 | 1,031 | (4) | 3,486 | ||||||||||||||||||||||||||||||||
| Other sales | 20 | — | — | 85 | (2) | 103 | ||||||||||||||||||||||||||||||||
| Total commodity sales | 3,288 | 1,444 | 50 | 1,159 | (12) | 5,929 | ||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 8,225 | 2,723 | 1,356 | 1,202 | (23) | 13,483 | ||||||||||||||||||||||||||||||||
| Other revenues | ||||||||||||||||||||||||||||||||||||||
Leasing services(b) | 459 | 209 | 666 | 66 | — | 1,400 | ||||||||||||||||||||||||||||||||
| Derivatives adjustments on commodity sales | 113 | (1) | — | (85) | — | 27 | ||||||||||||||||||||||||||||||||
| Other | 145 | 24 | — | 21 | — | 190 | ||||||||||||||||||||||||||||||||
| Total other revenues | 717 | 232 | 666 | 2 | — | 1,617 | ||||||||||||||||||||||||||||||||
| Total revenues | $ | 8,942 | $ | 2,955 | $ | 2,022 | $ | 1,204 | $ | (23) | $ | 15,100 | ||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||||||||||
| Revenues from contracts with customers(a) | ||||||||||||||||||||||||||||||||||||||
| Services | ||||||||||||||||||||||||||||||||||||||
| Firm services | $ | 3,543 | $ | 171 | $ | 819 | $ | 1 | $ | 3 | $ | 4,537 | ||||||||||||||||||||||||||
| Fee-based services | 1,008 | 1,036 | 427 | 40 | (9) | 2,502 | ||||||||||||||||||||||||||||||||
| Total services | 4,551 | 1,207 | 1,246 | 41 | (6) | 7,039 | ||||||||||||||||||||||||||||||||
| Commodity sales | ||||||||||||||||||||||||||||||||||||||
| Natural gas sales | 2,631 | — | — | 43 | (8) | 2,666 | ||||||||||||||||||||||||||||||||
| Product sales | 1,110 | 1,635 | 33 | 1,114 | (8) | 3,884 | ||||||||||||||||||||||||||||||||
| Other sales | 20 | — | — | 42 | (4) | 58 | ||||||||||||||||||||||||||||||||
| Total commodity sales | 3,761 | 1,635 | 33 | 1,199 | (20) | 6,608 | ||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 8,312 | 2,842 | 1,279 | 1,240 | (26) | 13,647 | ||||||||||||||||||||||||||||||||
| Other revenues | ||||||||||||||||||||||||||||||||||||||
Leasing services(b) | 475 | 200 | 638 | 55 | — | 1,368 | ||||||||||||||||||||||||||||||||
| Derivatives adjustments on commodity sales | 285 | — | — | (107) | — | 178 | ||||||||||||||||||||||||||||||||
| Other | 96 | 24 | — | 21 | — | 141 | ||||||||||||||||||||||||||||||||
| Total other revenues | 856 | 224 | 638 | (31) | — | 1,687 | ||||||||||||||||||||||||||||||||
| Total revenues | $ | 9,168 | $ | 3,066 | $ | 1,917 | $ | 1,209 | $ | (26) | $ | 15,334 | ||||||||||||||||||||||||||
(a)Differences between the revenue presentation on the consolidated statements of income and the disaggregated revenues by type above are primarily attributable to revenues reflected in the “Other revenues” category above.
(b)Our revenues from leasing services are comprised of operating leases whereby we convey the right to control the use of an identified asset to a customer, including tanks, treating facilities, marine vessels, and gas equipment and pipelines with separate control locations.
Contract Balances
As of December 31, 2025 and 2024, our contract asset balances were $30 million and $15 million, respectively, and our contract liability balances were $459 million and $377 million, respectively. Of the December 31, 2024 contract asset and liability balances, $8 million was transferred to accounts receivable and $78 million was recognized as revenue during the year 2025, respectively.
In addition, we had a lease contract liability balance associated with prepaid fixed reservation charges relating to contracts expiring from 2035 to 2040, under a long-term terminal services contract totaling $531 million and $587 million as of December 31, 2025 and 2024, respectively.
Revenue Allocated to Remaining Performance Obligations
The following table presents our estimated revenue related to unsatisfied performance obligations representing fixed consideration primarily related to commodity sales or service contracts with take-or-pay or minimum volume commitments that we expect to recognize in future periods:
| 2026 | 2027 | 2028 and thereafter | ||||||||||||||||||
| (In billions) | ||||||||||||||||||||
Estimated revenue as of December 31, 2025 | $ | 5 | $ | 5 | $ | 26 | ||||||||||||||
Based on the practical expedients we elected to apply, the amounts presented in the table above exclude remaining performance obligations for variable consideration related to contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 7, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 8, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.