Kinder Morgan Inc - Class P
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.43%.
Did KMI Beat Earnings? Q2 2026 Results
Kinder Morgan posted a standout second quarter for 2026, with earnings per share of $0.37 beating the consensus estimate of $0.31 by 18.29% and revenue of $4.48 billion topping expectations by 6.76% while climbing 10.8% year-over-year. The primary engine behind the beat was the Natural Gas Pipelines segment, where surging LNG deliveries on Tennessee Gas Pipeline, growing exports to Mexico, and rising power generation demand combined with a 26% jump in gathering volumes to lift Adjusted EBITDA to $2.20 billion, up 12% from a year ago. GAAP net income attributable to KMI reached $867 million, compared to $715 million in the prior-year period, while the company placed roughly $660 million in expansion projects into service during the quarter, including new Permian Basin takeaway capacity. With a $9.60 billion project backlog, roughly 92% tied to natural gas, management raised its full-year outlook, now expecting to exceed its $8.60 billion Adjusted EBITDA budget by more than 5% and its $1.36 Adjusted EPS target by more than 12%.
- Natural gas transport volumes up 7% year-over-year driven by LNG deliveries, Texas Intrastate demand, and Mexico exports
- Natural gas gathering volumes up 26% year-over-year, led by KinderHawk system growth
- CO2 segment SACROC volumes up 15% year-over-year
- Higher commodity prices benefiting Products Pipelines and CO2 segments
- Higher rates and ancillary fees at Houston Ship Channel hub facilities
- Higher average Jones Act tanker charter rates
- Approximately $660 million in expansion projects placed into service during the quarter
“Strong financial contributions from our business segments resulted in a record second quarter. The company delivered second quarter 2026 net income attributable to KMI of $867 million, 21% higher than the second quarter of 2025, while Adjusted EPS and Adjusted EBITDA were 32% and 12% higher, respectively, than the second quarter of 2025.”
Kinder Morgan CEO, on the earnings call
Forward Guidance & Outlook
For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times. Based on results through the second quarter, KMI currently expects to be more than 5% favorable to budget on an Adjusted EBITDA basis and more than 12% favorable to budget on Adjusted EPS for the year. The company also expects to end the year with an improved Net Debt-to-Adjusted EBITDA of 3.6 times. The project backlog at the end of Q2 2026 was $9.6 billion, with approximately 92% in natural gas projects and more than 60% associated with projects supporting power generation and local distribution company demand. The remaining $8.5 billion of projects in the backlog are expected to generate an aggregate first-full-year Project EBITDA multiple of approximately 5.6 times.
KMI YoY Financials
KMI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.