Kinder Morgan, Inc. Earnings Recaps
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.
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.