Q2 25 EPS
$0.28
BEAT +3.09%
Est. $0.27
Q2 25 Revenue
$4.04B
BEAT +7.85%
Est. $3.75B
vs S&P Since Q2 25
+3.6%
BEATING MARKET
KMI +20.4% vs S&P +16.8%
Market Reaction
Did KMI Beat Earnings? Q2 2025 Results
Kinder Morgan delivered a strong second-quarter performance, with adjusted EPS of $0.28 beating the $0.27 consensus by 3.09% and revenue of $4.04 billion clearing estimates by 7.85% on 12.4% year-over-year growth, as the company benefited from surgin… Read more Kinder Morgan delivered a strong second-quarter performance, with adjusted EPS of $0.28 beating the $0.27 consensus by 3.09% and revenue of $4.04 billion clearing estimates by 7.85% on 12.4% year-over-year growth, as the company benefited from surging demand across its natural gas network. The primary engine behind the beat was the Natural Gas Pipelines segment, where adjusted EBDA climbed to $1.35 billion from $1.22 billion a year ago, driven by higher contributions from the Texas Intrastate system and Tennessee Gas Pipeline, with LNG-linked transport volumes rising 3%. GAAP net income attributable to KMI jumped 24% year-over-year to $715 million, while the company generated $1.65 billion in cash flow from operations. The project backlog grew 6% sequentially to $9.30 billion, with 93% tied to natural gas, reflecting robust demand from LNG export facilities and power generation customers. Management expects to exceed its 2025 budget, which targets adjusted EPS of $1.27, and anticipates meaningful tax benefits in 2026 and 2027 from reinstated bonus depreciation under recently passed legislation.
Key Takeaways
- • Higher contributions from Texas Intrastate system and Tennessee Gas Pipeline
- • Natural gas transport volumes up 3% driven by LNG deliveries
- • Jones Act tanker fleet benefiting from higher rates and full term charter contracts
- • Liquids terminals expansion projects and higher rates at Houston Ship Channel facilities
- • Refined products and crude/condensate volumes both up 2%
KMI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“The company generated strong second quarter net income attributable to KMI and record Adjusted EBITDA, with increased financial contributions from our Natural Gas Pipelines and Terminals business segments versus the second quarter of 2024, very strong operational performance and project execution.”
— Kim Dang, Q2 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 | — |