Q3 23 EPS
$0.24
MISS 7.69%
Est. $0.26
Q3 23 Revenue
$3.91B
MISS 17.12%
Est. $4.71B
Did KMI Beat Earnings? Q3 2023 Results
Kinder Morgan delivered a steady but modestly pressured third quarter, posting earnings per share of $0.24 on revenue of $3.91 billion as fee-based strength in its core pipeline businesses was partially offset by meaningful commodity headwinds in its… Read more Kinder Morgan delivered a steady but modestly pressured third quarter, posting earnings per share of $0.24 on revenue of $3.91 billion as fee-based strength in its core pipeline businesses was partially offset by meaningful commodity headwinds in its CO2 segment. GAAP net income attributable to KMI fell 8% year-over-year to $532 million, while adjusted EBITDA rose 3% to $1.83 billion, underscoring the durability of the company's largely contracted business model. The CO2 segment was the clearest drag, with adjusted EBDA declining to $175 million from $195 million a year ago as realized NGL prices dropped 18% and volumes softened, a pattern that has nudged full-year results slightly below management's original budget. Elsewhere, Natural Gas Pipelines, Products Pipelines, and Terminals each posted year-over-year EBDA gains, with transport volumes and Jones Act tanker rates providing meaningful lift. Looking ahead, KMI expects natural gas demand to grow more than 20% through 2028, supported by LNG exports and power generation, with a $3.80 billion project backlog roughly 84% weighted toward lower-carbon investments.
Key Takeaways
- • Strong demand for natural gas transportation and storage services
- • Natural gas transport volumes up 5% and gathering volumes up 11% YoY
- • Higher contributions from Texas Intrastate system, Midcontinent Express Pipeline, and El Paso Natural Gas
- • Improved pricing and rate escalations in Products Pipelines
- • Meaningfully higher Jones Act tanker charter rates in Terminals segment
- • Higher liquids terminal utilization and improving tank lease rates
- • Share repurchases benefiting per-share metrics
KMI YoY Financials
Q3 2023 vs Q3 2022, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter KMI continued to benefit from strong demand for our natural gas transportation and storage services. And the future is bright as we expect natural gas demand to grow by more than 20% through 2028, led by liquefied natural gas (LNG) exports, exports to Mexico and power generation.”
— Kim Dang, Q3 2023 Earnings Press Release
KMI Earnings Trends
KMI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KMI EPS Trend
Earnings per share: estimate vs actual
KMI Revenue Trend
Quarterly revenue: estimate vs actual
KMI Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.39 | $0.48 | +22.11% | $4.83B | +6.19% |
| Q4 25 BEAT FY | $0.37 | $0.39 | +6.82% | $4.51B | +4.15% |
| FY Full Year | $1.28 | $1.30 | +1.44% | $16.94B | +0.45% |
| Q3 25 MISS | $0.30 | $0.29 | -2.85% | $4.15B | +4.67% |
| Q2 25 BEAT | $0.27 | $0.28 | +3.09% | $4.04B | +7.85% |
| Q1 25 MISS | $0.36 | $0.34 | -4.84% | $4.24B | +5.34% |
| Q4 24 MISS FY | $0.33 | $0.32 | -2.71% | $3.99B | -3.59% |
| FY Full Year | $1.18 | $1.15 | -2.16% | $15.10B | -2.46% |
| Q3 24 MISS | $0.27 | $0.25 | -7.41% | $3.70B | -6.94% |
| Q4 23 MISS FY | $0.30 | $0.27 | -10.00% | $4.04B | -8.41% |
| FY Full Year | — | $1.06 | — | $15.33B | — |
| Q3 23 MISS | $0.26 | $0.24 | -7.69% | $3.91B | -17.12% |
| Q2 23 BEAT | $0.24 | $0.26 | +8.33% | $3.50B | -23.13% |
| Q1 23 BEAT | $0.29 | $0.30 | +3.45% | $3.89B | -18.46% |
| Q4 22 BEAT FY | $0.30 | $0.31 | +3.33% | $4.58B | -6.79% |
| FY Full Year | — | $1.16 | — | $19.20B | — |