Q1 25 EPS
$0.34
MISS 4.84%
Est. $0.36
Q1 25 Revenue
$4.24B
BEAT +5.34%
Est. $4.03B
vs S&P Since Q1 25
-12.2%
TRAILING MARKET
KMI +27.1% vs S&P +39.3%
Market Reaction
Did KMI Beat Earnings? Q1 2025 Results
Kinder Morgan delivered a mixed first quarter for 2025, beating on revenue while falling short on the bottom line, as a 10.6% year-over-year revenue surge to $4.24 billion cleared the $4.03 billion consensus by 5.34%, yet adjusted EPS of $0.34 came i… Read more Kinder Morgan delivered a mixed first quarter for 2025, beating on revenue while falling short on the bottom line, as a 10.6% year-over-year revenue surge to $4.24 billion cleared the $4.03 billion consensus by 5.34%, yet adjusted EPS of $0.34 came in 4.84% below the $0.36 estimate. The shortfall was partly shaped by a planned once-per-decade turnaround at the Houston Ship Channel condensate processing facility, which weighed on the Products Pipelines segment and pulled adjusted EBDA there down to $274 million from $291 million a year ago. Offsetting that drag, the Natural Gas Pipelines segment, KMI's core earnings engine, held firm at $1.53 billion in adjusted EBDA, lifted by stronger LNG and power plant deliveries that grew transport volumes 3%. The company also closed its $640 million Outrigger Energy II acquisition and expanded its project backlog nearly 8% to $8.80 billion, a figure that underscores the growing infrastructure demand that analysts across the midstream sector have been watching closely. Management maintained its 2025 adjusted EPS budget of $1.27, noting it expects to exceed that target by at least the Outrigger contributions.
Key Takeaways
- • Higher contributions from Texas Intrastate system and Tennessee Gas Pipeline
- • Natural gas transport volumes up 3% driven by LNG and power plant deliveries
- • Jones Act tanker fleet benefiting from higher rates and full term charter contracts
- • Higher renewable natural gas sales volumes in CO2 segment
- • Total refined product volumes up 2% and crude/condensate volumes up 4%
- • Residential/commercial natural gas demand up 10% and LNG feedgas demand up 15% YoY
KMI YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“The company enjoyed a solid quarter, with very strong operational performance and increased financial contributions from our Natural Gas Pipelines, CO2 and Terminals business segments versus the first quarter of 2024. Our Products Pipelines business segment was down mostly due to a turnaround at our condensate processing facility, which is required once every 10 years.”
— Kim Dang, Q1 2025 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 | — |