Kinder Morgan, Inc.

Kinder Morgan, Inc. Earnings Recaps

KMI Energy 3 recaps
Next earnings: October 28, 2026 (estimated) · full calendar
Q2 2026 Jul 25, 2026

Kinder Morgan shares edged up 1.2% post-earnings, reflecting a broadly in-line quarter with moderate beats on growth and margins but no catalyst for a stronger market move.

Key takeaways
  • Adjusted EBITDA rose 12% year-over-year, while adjusted EPS grew 32%, both exceeding 2026 budget expectations.
  • Transport volumes in the Natural Gas unit increased 7%, with gathering volumes up 26%, driven largely by strong performance in the Haynesville.
  • Products Pipelines segment showed volume declines of 5% for refined products and 16% for crude and condensate, impacted by asset conversions.
  • The backlog decreased slightly by $0.5 billion to $9.6 billion as projects were placed into service, though nearly offset by $400 million in near-final project approvals.
  • Financial leverage stood at 3.6x, maintaining flexibility for growth investments while supporting dividends and capital discipline.
Full recap
Q1 2026 Apr 23, 2026

Kinder Morgan delivered a standout first quarter with 41% adjusted EPS growth, driven by robust natural gas demand and strategic asset expansion, reaffirming its position as a key beneficiary of the growing U.S. gas market.

Key takeaways
  • Q1 adjusted EPS increased 41%, with EBITDA up 18%, across all segments outperforming expectations.
  • The company announced a $500 million acquisition of the Monument pipeline, supported by long-term contracts and expected to close imminently.
  • Natural gas volumes surged, with transport up 8% and gathering up 15%, fueled by LNG feed gas demand and cold-weather impacts.
  • Project backlog expanded to $10.1 billion, with over 50% attributable to key projects on track for on-time, on-budget delivery.
  • Annual EBITDA guidance now exceeds budget by over 3%, with upside potential from higher gas demand and oil price impacts.
Full recap
Q3 2025 Oct 23, 2025

Kinder Morgan delivered a robust Q3 2025 performance with EBITDA rising 6% and adjusted EPS increasing 16% year-over-year, driven by strong execution on growth projects and an expanding natural gas market.

Key takeaways
  • Outperformance projected for the full year, significantly supported by the Outrigger acquisition.
  • The natural gas segment, which represents two-thirds of revenue, exceeded budget expectations despite challenges in RIN prices.
  • Expansion backlog remains strong at $9.3 billion, with a disciplined capital deployment approach reflected in a backlog multiple below 6x.
  • The company is positioned to capitalize on a projected 28 Bcf/d increase in natural gas demand by 2030, primarily driven by LNG exports and power generation.
  • A significant portion of the backlog is secured by take-or-pay contracts, enhancing future cash flow stability and visibility.
Full recap

Go deeper on KMI and the wider market.

All earnings recaps Browse the latest results across the market. Stock directory Browse companies by sector and market. Highest-yield stocks A curated screen of top dividend payers. Investing glossary Plain-English definitions for every metric.