Kinder Morgan, Inc. Q3 2026 Earnings Recap

Kinder Morgan’s shares slipped 0.7% after earnings, a roughly flat reaction. The quarter and full-year outlook were ahead of budget, while the backlog’s increase was concentrated in projects expected to enter service in 2030–2032, extending the growth runway but pushing some contribution further out.

Key Takeaways

• Adjusted EPS rose 21% and adjusted EBITDA grew 9% year over year; management said all business segments contributed.
• For the full year, the company expects adjusted EPS to exceed budget by more than 13% and EBITDA by more than 6%.
• The project backlog grew from $9.6 billion to $14.4 billion, including $5.4 billion of additions and $700 million of projects placed in service; the backlog multiple was 5.7x.
• Southeast Connector and Permian Link account for about $4.7 billion of Kinder Morgan’s share and are supported by at least 20-year take-or-pay contracts. Both are expected to enter service between 2030 and 2032.
• Quarter-end debt to EBITDA was approximately 3.5x, at the low end of the company’s target range; management cited roughly $3 billion of annual cash flow available to fund expansion capital spending.