Stock Analysis on Net
Stock Analysis on Net

Kinder Morgan Inc. (NYSE:KMI)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2020.

Common-Size Income Statement
Quarterly Data

Paying user area

Try for free

Kinder Morgan Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Apple Pay Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Kinder Morgan Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Services
Commodity sales
Other
Revenues (legacy)
Services (legacy)
Natural gas sales (legacy)
Product sales and other (legacy)
Revenues
Costs of sales
Gross profit
Operations and maintenance
Depreciation, depletion and amortization
General and administrative
Taxes, other than income taxes
Loss on impairment of goodwill
Gain (loss) on impairments and divestitures, net
Other income (expense), net
Operating income
Earnings (losses) from equity investments
Amortization of excess cost of equity investments
Interest, net
Other, net
Other income (expense)
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to Kinder Morgan, Inc.
Preferred stock dividends
Net income (loss) available to common stockholders

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 Composition and Trends
The data shows that the revenue composition gradually changed over the periods measured. Legacy services consistently contributed between approximately 54% and 66% of revenues during the 2015-2018 timeframe, with a downward trend evident toward the end of that span. Natural gas sales and product sales made up the remainder, with natural gas sales fluctuating close to 17% to 24% and product sales generally ranging from approximately 16% to 25%. In the last reported period (March 31, 2020), services dominated the revenue mix at 64.13%, while commodity sales accounted for 34.35%, and other revenues made up around 1.51%. Legacy revenue categories fully accounted for 100% of revenues in earlier years but appear to have been replaced by updated classifications in later periods.
Cost and Profitability Patterns
Cost of sales as a percentage of revenues demonstrated a declining trend, moving from about -30% in 2015 to approximately -21% by March 2020, indicating improved gross margin management. Correspondingly, gross profit margins showed an upward trend, increasing from around 69.7% in early 2015 to nearly 79% by the first quarter of 2020, signaling enhanced operational efficiency or favorable pricing and cost conditions.
Operating Expenses Analysis
Operations and maintenance costs fluctuated but generally stayed between -14% and -20% of revenues, with some volatility in mid to late 2017 and 2018. Depreciation, depletion, and amortization remained relatively stable, ranging roughly from -14.5% to -19.7%, suggesting consistent asset base wear or capitalization policies over time. General and administrative expenses were mostly contained within -2.9% to -6.0% of revenues, showing some variation but no clear directional trend. Taxes other than income taxes hovered around -2.3% to -3.5% of revenues, maintaining modest stability across the periods.
Impairments and Other Income/(Expense)
There were notable negative impacts from impairments, particularly a significant goodwill impairment charge reported at -31.63% during Q4 2015, which substantially affected operating income in that quarter. Gains and losses on impairments and divestitures exhibited considerable volatility, with large negative impacts in some quarters (e.g., -19.05% in mid-2018 and -31.26% in Q1 2020) balanced by positive gains in others (up to 27.71%). Other income and expenses generally exhibited minor fluctuations near zero, indicating limited impact on overall profitability from these items.
Operating Income and Net Income Trends
Operating income as a percentage of revenues showed substantial variability, including a negative dip to -6.71% in Q4 2015, correlating with the goodwill impairment. Otherwise, it fluctuated between around 7.9% and a high of 57.61% in Q1 2020, demonstrating periods of both strain and strong performance. Net income followed a similar pattern with negative values during times of impairment and tax anomalies but generally stayed positive in most periods, varying approximately between 5% and 18% of revenues. Despite some volatility, net income attributable to common stockholders generally remained positive until the last reporting period, where it dropped to -9.85%, suggestive of challenges impacting overall profitability by early 2020.
Interest and Other Financial Items
Interest expenses consistently consumed about 13% to 15% of revenues, reflecting a steady cost of debt financing over the years. Earnings from equity investments showed occasional negative impacts but mostly maintained a positive contribution between roughly 2% and 6%, indicating income generated from associated companies or joint ventures. Amortization of excess cost of equity investments remained relatively stable around -0.3% to -1.0% of revenues.
Income Tax Effects
Income tax expenses as a percentage of revenue were generally in the range of -2.9% to -7.2%, with an exceptional negative spike of -36.23% in Q4 2017, which likely reflects a significant tax event or adjustment. Some quarters even reported positive tax benefits (e.g., 1.34% in mid-2018), showing variability in the tax burden across periods. These fluctuations contributed considerably to net income volatility.
Summary of Financial Health Indicators
The company’s cost control efforts and improving gross margins suggest enhanced efficiency over time. Volatility in operating income and net income was largely driven by large impairment charges, tax fluctuations, and significant gains or losses on asset divestitures. Stable interest expenses imply consistent capital structure and debt service costs. The mixed trends in equity investment earnings and amortization suggest variable contributions from non-operational activities. The overall analysis indicates a company experiencing intermittent operational and financial challenges but also exhibiting phases of improved profitability and cost management up to early 2020.