CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Cash Flows From Operating Activities
Net income	$ 654	$ 651	$ 2,139	$ 2,026
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization	609	587	1,835	1,758
Deferred income taxes			512	454
Change in fair value of derivative contracts			14	32
Gain on divestitures, net			(3)	(76)
Earnings from equity investments	(221)	(199)	(647)	(625)
Distributions of equity investment earnings			585	600
Changes in components of working capital
Accounts receivable			75	300
Inventories			(5)	2
Other current assets			13	(2)
Accounts payable			(30)	(107)
Accrued interest, net of interest rate swaps			(181)	(138)
Accrued taxes			19	15
Other current liabilities			(26)	(68)
Other, net			(75)	(46)
Net Cash Provided by Operating Activities			4,225	4,125
Cash Flows From Investing Activities
Acquisition of assets (Note 2)			(648)	(58)
Capital expenditures			(2,206)	(1,857)
Contributions to investments			(103)	(93)
Distributions from equity investments in excess of cumulative earnings			269	117
Other, net			(14)	33
Net Cash Used in Investing Activities			(2,702)	(1,858)
Cash Flows From Financing Activities
Issuances of debt			8,434	8,803
Payments of debt			(7,910)	(8,937)
Debt issue costs			(18)	(31)
Dividends			(1,950)	(1,915)
Repurchases of shares			0	(7)
Distributions to noncontrolling interests			(122)	(123)
Other, net			(38)	(20)
Net Cash Used in Financing Activities			(1,604)	(2,230)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Deposits			(81)	37
Cash and Cash Equivalents, beginning of period			88	83	$ 83
Restricted Deposits, beginning of period			126	13	13
Cash, Cash Equivalents and Restricted Deposits, beginning of period			214	96	96
Cash and Cash Equivalents, end of period	71	108	71	108	88
Restricted Deposits, end of period	62	25	62	25	126
Cash, Cash Equivalents and Restricted Deposits, end of period	$ 133	$ 133	133	133	$ 214
Non-cash Investing and Financing Activities
ROU assets and operating lease obligations recognized including adjustments			17	31
Net increase in property, plant and equipment from both accruals and contractor retainage				11
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)			1,538	1,542
Cash paid during the period for income taxes, net			$ 43	$ 26

KINDER MORGAN, INC. 10-Q