Q4 24 EPS
$0.32
MISS 2.71%
Est. $0.33
Q4 24 Revenue
$3.99B
MISS 3.59%
Est. $4.14B
vs S&P Since Q4 24
-9.4%
TRAILING MARKET
KMI +10.8% vs S&P +20.3%
Full Year 2024 Results
FY 24 EPS
$1.15
MISS 2.16%
Est. $1.18
FY 24 Revenue
$15.10B
MISS 2.46%
Est. $15.48B
Market Reaction
Did KMI Beat Earnings? Q4 2024 Results
Kinder Morgan fell short of Wall Street expectations in the fourth quarter of 2024, posting adjusted EPS of $0.32 against a consensus estimate of $0.33, a miss of 2.71%, while revenue of $3.99 billion trailed the $4.14 billion estimate by 3.59%, thou… Read more Kinder Morgan fell short of Wall Street expectations in the fourth quarter of 2024, posting adjusted EPS of $0.32 against a consensus estimate of $0.33, a miss of 2.71%, while revenue of $3.99 billion trailed the $4.14 billion estimate by 3.59%, though it still edged up 0.5% year-over-year. The headline story beneath the misses, however, was one of operational momentum: net income attributable to KMI climbed 12% to $667 million, with Adjusted EBITDA rising 7% to $2.06 billion, fueled by stronger contributions across Natural Gas Pipelines, Products Pipelines, and Terminals. The most material catalyst was the announcement of the $1.70 billion Trident Intrastate Pipeline Project, a 216-mile Texas corridor serving LNG export demand, which helped push KMI's capital backlog nearly 60% higher sequentially to $8.10 billion. With growing interest in natural gas infrastructure tied to power generation and data center demand, management guided 2025 Adjusted EBITDA to $8.30 billion and Adjusted EPS to $1.27, up 10%, signaling confidence that near-term execution gaps won't derail the longer-term growth trajectory.
Key Takeaways
- • Higher contributions from Texas Intrastate system and TGP expansion projects
- • Additional contributions from STX Midstream acquisition
- • Higher rates on Products Pipelines and Jones Act tanker fleet
- • Increased petroleum coke handling at bulk terminals
- • Expansion projects placed into service at liquids terminals
KMI YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“KMI had a very strong fourth quarter on increased financial contributions from our Natural Gas Pipelines, Products Pipelines and Terminals business segments, with Adjusted EBITDA up 7% versus the fourth quarter of 2023. Our balance sheet remains healthy, as we ended the year with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times.”
— Kim Dang, Q4 2024 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 | — |