Direct Answer
Kinder Morgan reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Natural Gas Pipelines is the largest, with $11.0 billion of revenue (65% of the total), followed by Products Pipelines at $2.7 billion (16%). 100% of revenue came from the United States.
How Does Kinder Morgan Make Money?
Natural Gas Pipelines supplies 65% of revenue, so Kinder Morgan's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Natural Gas Pipelines grew fastest (+22.9%) and Products Pipelines slowest (-9.1%), so the revenue mix tilts toward Natural Gas Pipelines while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Natural Gas Pipelines | $11.0 billion | $8.9 billion | 64.9% | 22.9% |
| Products Pipelines | $2.7 billion | $3.0 billion | 15.9% | -9.1% |
| Terminals | $2.1 billion | $2.0 billion | 12.4% | 4.5% |
| Co2 | $1.2 billion | $1.2 billion | 6.9% | -2.7% |
What Does Kinder Morgan Sell?
Kinder Morgan also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Oil and Gas Service | $9.5 billion | $8.9 billion | 56.0% | 6.4% |
| Product | $7.3 billion | $6.0 billion | 42.8% | 21.8% |
| Product and Service Other | $192 million | $227 million | 1.1% | -15.4% |
Where Does Kinder Morgan's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $16.9 billion | $15.1 billion | 99.9% | 12.4% |
| Mexico | $11 million | $43 million | 0.1% | -74.4% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Kinder Morgan's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Kinder Morgan reported in the segment note and revenue disclosures of its Form 10-K filed February 13, 2026 (accession 0001506307-26-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Kinder Morgan's business segments?
In its fiscal 2025 Form 10-K, Kinder Morgan reports revenue for Natural Gas Pipelines, Products Pipelines, Terminals and Co2.
Which part of Kinder Morgan brings in the most revenue?
Natural Gas Pipelines, with $11.0 billion of revenue in fiscal 2025, or 65% of the total.
How much of Kinder Morgan's revenue comes from outside the United States?
0% in fiscal 2025, by the geographic breakdown Kinder Morgan reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.