Q3 25 EPS
$0.29
MISS 2.85%
Est. $0.30
Q3 25 Revenue
$4.15B
BEAT +4.67%
Est. $3.96B
vs S&P Since Q3 25
+11.8%
BEATING MARKET
KMI +21.0% vs S&P +9.2%
Market Reaction
Did KMI Beat Earnings? Q3 2025 Results
Kinder Morgan delivered a mixed third quarter for 2025, beating revenue expectations while falling just short on earnings, as robust natural gas pipeline activity drove top-line momentum but adjustments weighed on the bottom line. The Houston-based m… Read more Kinder Morgan delivered a mixed third quarter for 2025, beating revenue expectations while falling just short on earnings, as robust natural gas pipeline activity drove top-line momentum but adjustments weighed on the bottom line. The Houston-based midstream giant posted adjusted EPS of $0.29, missing the $0.30 consensus by 2.85%, even as revenue climbed 12.8% year over year to $4.15 billion, clearing the $3.96 billion estimate by 4.67%. The primary growth engine was the Natural Gas Pipelines segment, where adjusted EBDA rose to $1.40 billion from $1.27 billion a year earlier, fueled by stronger contributions from the Texas Intrastate system, Tennessee Gas Pipeline, and assets acquired through the Outrigger Energy deal closed earlier this year. Natural gas transport volumes grew 6% on LNG deliveries and new expansion contracts, while gathering volumes jumped 9%. Adjusted EBITDA reached $1.99 billion, up 6% year over year. Looking ahead, management expects to exceed its full-year 2025 budget, targeting adjusted EPS of $1.27 and adjusted EBITDA of $8.30 billion, with a $9.30 billion project backlog weighted roughly 90% toward natural gas underpinning longer-term growth.
Key Takeaways
- • Higher contributions from Texas Intrastate system and Tennessee Gas Pipeline (TGP)
- • Contributions from Outrigger Energy assets acquired in Q1 2025
- • Natural gas transport volumes up 6% driven by LNG deliveries on TGP, new expansion contracts, and increased Permian deliveries
- • Natural gas gathering volumes up 9% driven by Haynesville and Eagle Ford systems
- • Higher transport rates in Products Pipelines
- • Jones Act tanker fleet benefiting from higher rates and fully contracted term charter agreements
- • CO2 segment down due to lower crude and CO2 volumes, lower CO2 and D3 RIN prices
KMI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“The company generated strong third quarter net income attributable to KMI and Adjusted EBITDA, with increased financial contributions from our Natural Gas Pipelines, Products Pipelines, and Terminals business segments versus the third quarter of 2024, along with very strong operational performance and project execution.”
— Kim Dang, Q3 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 | — |