Kinder Morgan, Inc. Q2 2026 Earnings Recap

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.