# EDGAR Filing Document

**Accession Number:** 0001506307
**File Stem:** 0001506307-26-000055
**Filing Date:** 2026-6
**Character Count:** 41690
**Document Hash:** 1ed7d6558a3338d2aa64a402aa82b34a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001506307-26-000055.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001506307-26-000055

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINDER MORGAN, INC.
- **CENTRAL INDEX KEY:** 0001506307
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 260238387
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35081
- **FILM NUMBER:** 261108277

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 LOUISIANA STREET
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-369-9000

**MAIL ADDRESS:**
- **STREET 1:** 1001 LOUISIANA STREET
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kinder Morgan Holdco LLC
- **DATE OF NAME CHANGE:** 20101122

?xml version='1.0' encoding='ASCII'? kmi-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended **<u>December 31, 2025</u>**

or

□ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from _____________to_____________

**Commission File Number 001-35081**

A.&nbsp;&nbsp;&nbsp;&nbsp;Full title of the plan and the address of the plan, if different from that of the issuer named below:

**KINDER MORGAN SAVINGS PLAN**

B.&nbsp;&nbsp;&nbsp;&nbsp;Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Kinder Morgan, Inc.**

**1001 Louisiana Street, Suite 1000**

**Houston, Texas 77002**

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**Kinder Morgan Savings Plan**

**Index to Financial Statements and Supplemental Schedule**

---

| | |
|:---|:---|
| | **Pages** |
| [Report of Independent Registered Public Accounting Firm](#i292f2c13f3d04647a809ec519581b917_7) | [1](#i292f2c13f3d04647a809ec519581b917_7) |
| Financial Statements: | |
| &nbsp;&nbsp;[Statements of Net Assets Available for Benefits as of December 31, 20](#i292f2c13f3d04647a809ec519581b917_10)25 and 2024 | [3](#i292f2c13f3d04647a809ec519581b917_10) |
| &nbsp;&nbsp;[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2](#i292f2c13f3d04647a809ec519581b917_13)025 | [4](#i292f2c13f3d04647a809ec519581b917_13) |
| &nbsp;&nbsp;[Notes to Financial Statements](#i292f2c13f3d04647a809ec519581b917_16) | [5](#i292f2c13f3d04647a809ec519581b917_16) |
| Supplemental Schedule\*: | |
| &nbsp;&nbsp;[Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 20](#i292f2c13f3d04647a809ec519581b917_19)25 | [11](#i292f2c13f3d04647a809ec519581b917_19) |

---

\*Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Fiduciary Committee and Plan Participants of

Kinder Morgan Savings Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of Kinder Morgan Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of Plan's management (Management). Our responsibility is to express an opinion on the financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Supplemental Schedule***

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the financial statements. The supplemental schedule is the responsibility of Management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the

------

supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ McConnell & Jones LLP

Houston, Texas

June 22, 2026

We have served as the Plan's auditor since 2023.

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**Kinder Morgan Savings Plan**

**Statements of Net Assets Available for Benefits**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Investments, at fair value (Notes 2, 3 and 4) | $2994634 | $2678166 |
| Fully benefit-responsive investment contracts at contract value | 181497 | 195472 |
| Notes receivable from Participants | 64252 | 60316 |
| Other receivable |  | 103 |
| &nbsp;&nbsp;Total assets | 3240383 | 2934057 |
| **Liabilities** |  |  |
| Administrative expenses payable | 479 | 303 |
| Other payable | 93 |  |
| &nbsp;&nbsp;Total liabilities | 572 | 303 |
| Net assets available for benefits | $3239811 | $2933754 |

---

The accompanying notes are an integral part of these financial statements.

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**Kinder Morgan Savings Plan**

**Statement of Changes in Net Assets Available for Benefits**

**(In thousands)**

---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2025** |
| Additions to net assets attributable to: |  |
| &nbsp;&nbsp;Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 21383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 415374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 437000 |
| Interest income on notes receivable from Participants | 5643 |
| Contributions: |  |
| &nbsp;&nbsp;Participant contributions | 113015 |
| &nbsp;&nbsp;Company contributions | 58050 |
| &nbsp;&nbsp;Rollovers | 13910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 184975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 627618 |
| Deductions from net assets attributable to: |  |
| &nbsp;&nbsp;Benefits paid to Participants | 317782 |
| &nbsp;&nbsp;Administrative fees | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 321561 |
| Net increase in net assets available for benefits | 306057 |
| Net assets available for benefits |  |
| &nbsp;&nbsp;Beginning of year | 2933754 |
| &nbsp;&nbsp;End of year | $3239811 |

---

The accompanying notes are an integral part of this financial statement.

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**Kinder Morgan Savings Plan <br>Notes to Financial Statements**

**1. DESCRIPTION OF THE PLAN**

**General**

The following description of the Kinder Morgan Savings Plan (the Plan) provides only general information. Plan participants (Participants) should refer to the Plan document for a more complete description of the Plan's provisions.

The Plan is a defined contribution plan established in 1945 for the benefit of eligible employees of Kinder Morgan, Inc. (the Company) and generally covers all full-time employees and part-time employees. Effective January 1, 2025, all employees were moved from Kinder Morgan, Inc. to KMGP Services Company, Inc. Certain employee classifications and some employees covered by collective bargaining agreements are not covered by the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

**Plan Administration**

The Plan is administered by the Company's Fiduciary Committee (Committee). Empower provides recordkeeping services for the Plan. The maintenance and custody of the Plan assets is administered by Empower Trust Company (the Trustee). Invesco Trust Company (Invesco) manages a separate account, known as the Stable Value Fund (the Fund) (see Note 3). Invesco serves as the custodian for the Fund.

**Contributions**

Participants may elect to make pre-tax or after-tax Roth contributions from 1% to 50% of their eligible annual compensation, limited by requirements of the Internal Revenue Code (IRC). Participants may discontinue their election to contribute at any time. Participants are automatically enrolled in the Plan with a pre-tax contribution rate of 6% of their eligible compensation unless they opt out or make a different contribution election. Participants who do not opt out of automatic enrollment are also enrolled in automatic escalation.

Every February, Participants who have not opted out of automatic escalation will automatically have a 1% increase in their contribution rate until the Participant reaches the end of the automatic escalation schedule. Participants can opt out of the automatic escalation or create their own automatic escalation schedules at any time. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans to the Plan.

The Company contributes 5% of eligible compensation to each Participant's account each pay period, except for Company contributions for bargaining Participants who follow the respective collective bargaining agreements and part-time employees who are not eligible for Company contributions until they have attained 1,000 hours of service in a calendar year. All Company contributions are invested according to Participants' investment elections on file or the default, if no election is filed. Participants can transfer from the default fund to other available investment funds at any time.

**Participant Accounts**

Each Participant's account is credited with Participant contributions, Company contributions, and earnings. Participant accounts are charged a quarterly fee for administrative expenses. The benefit to which a Participant is entitled is the Participant's vested account balance.

**Benefits/Vesting**

Company contributions vest on the second anniversary of the date of hire. Vesting of Company contributions for bargaining Participants will follow the respective collective bargaining agreements.

Participant contributions may be withdrawn in the event of unusual expenses connected with illness or disability, for college or funeral expenses for a Participant or his or her dependents, for the repair of damage to a primary residence caused by fire, storm, federally declared disaster, or other casualties. Additional options available under the Plan include withdrawals for the purchase of a primary residence, for qualified births or adoptions, or for victims of domestic abuse, as defined in the Plan document.

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**Kinder Morgan Savings Plan<br>Notes to Financial Statements**

If not withdrawn earlier, a Participant's account will be available for distribution, rollover, or payable in the event of termination of employment, death, or termination of the Plan. If upon termination, a Participant's account is $1,000 or less, a lump-sum distribution will automatically be made to the Participant. If upon termination, a Participant's account is more than $1,000 but less than $7,000, an automatic rollover will be made to an individual retirement account (IRA) account established in the Participant's name at the rollover institution designated by the Committee. If upon termination, a Participant's account is greater than $7,000, the Participant's options are: lump-sum distribution, partial distribution, or periodic installments. If upon termination, a Participant's account exceeds $7,000 and the Participant elects to leave his or her account in the Plan, the Participant would be required to take minimum distributions by age 73 under the IRC.

**Plan Termination**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, Participants would become fully vested in Company contributions.

**Notes Receivable from Participants**

Participants may borrow, from the vested portion of their Plan accounts, a minimum of $1,000 up to a maximum equal to the lesser of 50% of their vested balance or $50,000, minus the highest outstanding loan balance from the previous 12 months. The Participants' loans are secured by their vested balances. All loans are charged an interest rate equal to the prime rate on the first business day of the month of issuance plus 2% and the rate remains fixed during the life of the loan. The loans are subject to certain restrictions as defined in the Plan document and applicable restrictions under the IRC.

**Forfeitures**

Forfeitures of non-vested Company contributions remain in the Plan and earn interest income. Forfeited balances of terminated Participants' non-vested accounts may be used to (1) reinstate previously forfeited amounts, (2) offset future Company contributions to the Plan, or (3) pay Plan administrative expenses. For the year ended December 31, 2025, terminated Participants forfeited $2,065,000 of Company contributions, and available forfeited balances including earnings (after reinstating previously forfeited amounts) in the amount of $2,493,000 were used to reduce Company contributions.

**Recent Legislation**

On December 29, 2022, the Consolidated Appropriations Act, 2023, which included the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE Act 2.0) was signed into law, which focuses on expanding retirement plan coverage and participation. The Plan has incorporated all required changes prescribed under the SECURE 2.0 Act for deadlines that have occurred to date, and will continue to implement additional required changes by the applicable legislative deadlines. The Plan has also incorporated certain voluntary provisions of the SECURE 2.0 Act, including the enhanced "super" catch-up contribution limits for participants with attained age 60 through 63 and distribution options for federally declared disasters and victims of domestic abuse. We may opt to include other voluntary provisions in the future.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The accompanying financial statements are prepared on the accrual basis of accounting in conformity with the accounting principles contained in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification, the single source of generally accepted accounting principles in the United States of America (U.S. GAAP).

**Use of Estimates**

The preparation of the Plan's financial statements in conformity with U.S. GAAP requires the Plan's management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities and changes therein and the disclosure of contingent assets and liabilities and changes therein. Actual results could differ from these estimates.

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**Kinder Morgan Savings Plan<br>Notes to Financial Statements**

**Risks and Uncertainties**

The Plan provides for investments in various investment securities. Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect Participants' account balances and the amounts shown in the accompanying Statements of Net Assets Available for Benefits and Statement of Changes in Net Assets Available for Benefits.

**Investment Valuation and Income Recognition**

Investments are generally reported at fair value (as disclosed in Note 4), with the exception of fully benefit-responsive investment contracts (FBRIC), as explained below.

FBRIC are held in the Fund and are accounted for at contract value. Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan attributable to FBRIC because contract value is the amount Participants would normally receive if they were to initiate permitted transactions under the terms of the Plan.

The Plan presents in the accompanying Statement of Changes in Net Assets Available for Benefits the net appreciation or depreciation in the fair value of investments, which consists of realized gains and losses, and the net change in unrealized appreciation or depreciation on investments. Unrealized appreciation or depreciation is the difference between the fair value of the investment at the end of the current year and the cost of the investment, if acquired during the Plan year, or the fair value of the investment at the beginning of the Plan year. Purchases and sales of the funds are reflected on a trade date basis. Interest income is recognized when earned. Dividends are recognized on the ex-dividend date.

**Notes Receivable from Participants**

Notes receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on an accrual basis. No allowance for credit losses has been recorded as of December 31, 2025 and 2024. Delinquent notes receivable from Participants are reclassified as distributions based upon the terms of the Plan document.

**Administrative and Investment Expenses**

General administrative expenses are paid by the Plan through the quarterly per Participant administrative fees. Expenses associated with any Qualified Domestic Relations Orders, loans and distributions are paid by the Participants who incur these services. Fees for any administrative expenses not covered by the quarterly per Participant administrative fees are paid by the Company. Investment expenses are included within "Net appreciation in fair value of investments" on our accompanying Statement of Changes in Net Assets Available for Benefits.

**Payment of Benefits**

Benefits are recorded when paid.

**Subsequent Events**

Plan management has evaluated all subsequent events through June 22, 2026, which is the date the financial statements were issued, and has concluded that there are no significant events to be reported.

**3. INVESTMENT CONTRACTS**

The Plan, through the Fund, holds investments in common collective trust funds and a money market fund. To reduce the risk of market losses on these investments, the Fund entered into synthetic investment contracts with financial institutions and insurance companies. A synthetic guaranteed investment contract (GIC) includes a wrapper contract, which is an agreement for the wrap issuer, such as a bank or insurance company, to make payments to the Fund in certain circumstances. With synthetic GICs, the underlying investments are owned by the Fund and held in trust for Plan Participants. The wrapper contract amortizes the realized and unrealized gains and losses on the underlying fixed income investments, typically over the duration of the investment, through adjustments to the future interest crediting rate. The issuer of the wrapper contract provides assurance that

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**Kinder Morgan Savings Plan<br>Notes to Financial Statements**

the adjustments to the interest crediting rate do not result in a future interest crediting rate that is less than zero. Synthetic investment contracts enable its participants to transact at the investments' contract value by protecting the principal amount invested over a specified period of time. These synthetic investment contracts are fully benefit-responsive, and their contract value is reflected in the accompanying Statements of Net Assets Available for Benefits. Contract value represents the original cost of the contract, plus interest (based upon the crediting rates of the underlying contracts) and deposits, reduced by administrative fees, transfers out, and withdrawals.

Under certain events, the amounts withdrawn from investment contracts may be payable at fair value rather than contract value. These events include termination of the Plan, a material adverse change to the provisions of the Plan, if the Company elects to withdraw from an investment contract or if the terms of a successor plan do not meet the contract issuer's criteria for the issuance of a similar contract. In some cases, an investment contract issuer may terminate a contract with the Plan and settle at an amount different than the contract value. Examples of these events include the Plan's loss of its qualified status, material breaches of responsibilities that are not cured or material and adverse changes to the provisions of the Plan.

**4. FAIR VALUE MEASUREMENTS**

Fair value is a market-based measurement that is determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The Plan uses a hierarchical disclosure framework that ranks the quality and reliability of information used to determine fair values.

The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable.

The three broad levels of inputs defined by the fair value hierarchy are as follows:

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date.

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for identical or similar assets or liabilities in inactive markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs other than quoted prices that are observable for the asset or liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs for the asset or liability. These unobservable inputs reflect the entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity's own data).

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

In determining fair value, the Plan uses two different approaches (the market approach and the income approach) depending on the nature of the assets and liabilities. The market approach uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount, with the measurement based on the value indicated by current market expectations about those future amounts.

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**Kinder Morgan Savings Plan<br>Notes to Financial Statements**

Following is a description of the valuation methodologies and approaches used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.

*Common equity and exchange traded funds:* Valued at the closing price reported on the active market on which the individual securities are traded. (Market approach)

*Corporate bonds included within self-directed brokerage accounts:* Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. (Income approach)

*Registered investment companies (mutual funds)*: Valued at the daily closing price as reported by the mutual fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. (Market approach)

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** |
| | **Level 1** | **Level 2** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Kinder Morgan, Inc. Common Stock | $85539 | $— | $85539 |
| Registered investment companies (mutual funds) | 147768 |  | 147768 |
| Self-directed brokerage accounts | 105054 | 3113 | 108167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets in the fair value hierarchy | $338361 | $3113 | 341474 |
| Investments measured at NAV(a) |  |  | 2653160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value |  |  | $2994634 |

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| | | | |
|:---|:---|:---|:---|
| | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** |
| | **Level 1** | **Level 2** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Kinder Morgan, Inc. Common Stock | $94902 | $— | $94902 |
| Registered investment companies (mutual funds) | 139325 |  | 139325 |
| Self-directed brokerage accounts | 89987 | 3707 | 93694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets in the fair value hierarchy | $324214 | $3707 | 327921 |
| Investments measured at NAV(a) |  |  | 2350245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value |  |  | $2678166 |

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(a)In accordance with the FASB's Accounting Standards Codification Subtopic 820-10, certain investments that were measured using NAV as a practical expedient per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

**Fair Value of Investments in Entities that Use NAV**

The fair value of common collective trusts based on NAV as a practical expedient as of December 31, 2025 and 2024 were $2,653,160,000 and $2,350,245,000, respectively. The common collective trusts held in the Plan (1) have no unfunded commitments, (2) redemption frequencies are daily, and (3) redemption periods range from 0 to 15 days.

**5. TAX STATUS**

The Plan is qualified under the IRC as exempt from federal income taxes, and the Plan received a favorable determination letter from the Internal Revenue Service on March 21, 2016. The Plan has been amended since receiving this determination; however, the Committee believes that the Plan is currently designed and being operated in compliance with the applicable requirements

------

**Kinder Morgan Savings Plan<br>Notes to Financial Statements**

of the IRC. Therefore, the Committee believes that the Plan was tax exempt as of the financial statement dates. Company contributions to the Plan and all earnings from Plan investments are not taxable to Participants until a partial or complete distribution of such contributions and associated accumulated earnings are made.

U.S. GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain tax position that may not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress.

**6. PARTY-IN-INTEREST TRANSACTIONS**

Certain Plan investments are in accounts managed by the Trustee and Invesco. The Plan has notes receivable from certain Participants and has investments in shares of the Company's common stock. These transactions qualify as party-in-interest transactions, as defined by ERISA. However, such transactions are permitted under the provisions of the Plan and are exempt from the prohibition of party-in-interest transactions under ERISA. Administrative expenses associated with Plan administration, recordkeeping, and investment management are paid by the Plan to certain related parties-in-interest.

**7. RECONCILIATION OF THE PLAN FINANCIAL STATEMENTS TO FORM 5500**

The following is a reconciliation of the Plan's net assets available for benefits per the accompanying financial statements to the net assets per Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(In thousands)** | **(In thousands)** |
| Net assets available for benefits per the financial statements | $3239811 | $2933754 |
| Difference between fair value and contract value for interest in the Fund relating to fully benefit-responsive investment contracts | (6904) | (13374) |
| Net assets per Form 5500 | $3232907 | $2920380 |

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The following is a reconciliation of the change in net assets available for benefits per the accompanying financial statements to the net income per Form 5500:

---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2025** |
| | **(In thousands)** |
| Net increase in net assets available for benefits per the financial statements | $306057 |
| Change in difference between fair value and contract value for interest in the Fund relating to fully benefit-responsive investment contracts | 6470 |
| Net income per Form 5500 | $312527 |

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| | | | |
|:---|:---|:---|:---|
| **Kinder Morgan Savings Plan** | **Kinder Morgan Savings Plan** | **Kinder Morgan Savings Plan** | **Kinder Morgan Savings Plan** |
| **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **EIN: 80-0682103** | **EIN: 80-0682103** | | |
| **PN: 002** | **PN: 002** | | |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value** | **(e) Current Value\*\*** |
| **Mutual Fund** | **Mutual Fund** | | |
|  | Dodge & Cox Stock Fund | Registered Investment Company | $145328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total Mutual Fund | 145328 |
| **Common Collective Trust** | **Common Collective Trust** |  |  |
|  | State Street S&P 500 Index Securities Lending Series Fund Class I | Common Collective Trust | 586647 |
|  | State Street Global All Cap Equity Ex-U.S. Index Securities Lending Fund Class I | Common Collective Trust | 268095 |
|  | William Blair Large Cap Growth CIT | Common Collective Trust | 214862 |
|  | State Street Russell Small/Mid Cap Index Securities Lending Series Fund Class I | Common Collective Trust | 166504 |
|  | State Street Target Retirement 2040 Securities Lending Series Fund Class I | Common Collective Trust | 147022 |
|  | State Street U.S. Bond Index Securities Lending Series Fund Class I | Common Collective Trust | 139871 |
|  | Loomis Sayles Core Plus Fixed Income Fund Class B | Common Collective Trust | 139103 |
|  | State Street Target Retirement 2030 Securities Lending Series Fund Class I | Common Collective Trust | 137665 |
|  | State Street Target Retirement 2045 Securities Lending Series Fund Class I | Common Collective Trust | 133902 |
|  | State Street Target Retirement 2050 Securities Lending Series Fund Class I | Common Collective Trust | 121474 |
|  | State Street Target Retirement 2035 Securities Lending Series Fund Class I | Common Collective Trust | 115993 |
|  | State Street Target Retirement Income Securities Lending Series Fund Class I | Common Collective Trust | 99317 |
|  | State Street Target Retirement 2025 Securities Lending Series Fund Class I | Common Collective Trust | 87881 |
|  | State Street Target Retirement 2055 Securities Lending Series Fund Class I | Common Collective Trust | 80894 |
|  | Westfield Small/Mid Cap Growth Equity Class C | Common Collective Trust | 75484 |
|  | MFS International Equity CIT Class 7 | Common Collective Trust | 64155 |
|  | State Street Target Retirement 2060 Securities Lending Series Fund Class I | Common Collective Trust | 34177 |
|  | Victory Integrity Small/Mid Cap Value Fund - Member Class | Common Collective Trust | 27045 |
|  | State Street Target Retirement 2065 Securities Lending Series Fund Class I | Common Collective Trust | 11872 |
|  | State Street Target Retirement 2070 Securities Lending Series Fund Class I | Common Collective Trust | 1197 |

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| | | | |
|:---|:---|:---|:---|
| **Kinder Morgan Savings Plan (Continued)** | **Kinder Morgan Savings Plan (Continued)** | **Kinder Morgan Savings Plan (Continued)** | **Kinder Morgan Savings Plan (Continued)** |
| **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** | **Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **EIN: 80-0682103** | **EIN: 80-0682103** | | |
| **PN: 002** | **PN: 002** | | |
| **(a)** | **(b) Identity of Issue, Borrower, Lessor or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value** | **(e) Current Value\*\*** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total Common Collective Trust | 2653160 |
| **Self-Directed Brokerage Account** | **Self-Directed Brokerage Account** |  |  |
|  | Self-Directed Brokerage Account | Common Stock, Interest-bearing Cash, Bonds, Exchange Traded Funds, and Mutual Funds | 108140 |
| \* | Self-Directed Brokerage Account | Kinder Morgan, Inc. Common Stock | 27 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total Self-Directed Brokerage Account | 108167 |
| **Stable Value Fund** | **Stable Value Fund** |  |  |
| \* | IGT Invesco High Quality Short-term Bond Fund | Common Collective Trust | 82829 |
| \* | IGT Invesco A or Better Intermediate Fund | Common Collective Trust | 18357 |
| \* | IGT Jennison A or Better Intermediate Fund | Common Collective Trust | 18323 |
| \* | IGT Loomis Sayles A or Better Core Fixed Income Fund | Common Collective Trust | 9197 |
| \* | IGT Loomis Sayles A or Better Intermediate Fund | Common Collective Trust | 9195 |
| \* | IGT PIMCO A or Better Core Fixed Income Fund | Common Collective Trust | 9177 |
| \* | IGT Dodge and Cox A or Better Core Fund | Common Collective Trust | 9174 |
| \* | IGT Invesco A or Better Core Fixed Income Fund | Common Collective Trust | 9172 |
| \* | IGT PIMCO A or Better Intermediate Fund | Common Collective Trust | 9169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Total Wrapped Holdings | 174593 |
|  | Morgan Stanley Institutional Liquidity Government Portfolio | Registered Investment Company | 2440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stable Value Fund | 177033 |
| **Kinder Morgan Stock Fund** | **Kinder Morgan Stock Fund** |  |  |
| \* | Kinder Morgan, Inc. | Kinder Morgan, Inc. Common Stock | 85539 |
| **Participant Loans** | **Participant Loans** |  |  |
| \* | The Plan | Participant loans with terms ranging from 0 to 30 years and interest rates ranging from 3.25% to 10.50% | 64252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets (Held at End of Year) | $3233479 |
| \* | Represents party-in-interest transactions (Note 6). |  |  |
| \*\* | Cost information is not required for participant directed investments. | Cost information is not required for participant directed investments. |  |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | [Consent of McConnell & Jones LLP](kmi-11k2025savingsplanex231.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Kinder Morgan, Inc.'s Fiduciary Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | By: | **KINDER MORGAN SAVINGS PLAN**<br>/s/ Matthew Wojtalewicz |
| | | Matthew Wojtalewicz |
| | | Chairperson of the Fiduciary Committee of  |
| | | Kinder Morgan, Inc. |
| Date: June 22, 2026 |  |  |

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## Exhibit 23.1

**EXHIBIT 23.1**

 **CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in Registration Statement No. 333-172170 on Form S-8 of Kinder Morgan, Inc. of our report dated June 22, 2026, appearing in the Annual Report on Form 11-K of the Kinder Morgan Savings Plan for the year ended December 31, 2025.

/s/ McConnell & Jones LLP

Houston, Texas

June 22, 2026

<br>