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Kinder Morgan (KMI)
NYSE:KMI
Earnings Data
Report Date
Apr 22, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.36Last Year’s EPS
0.34Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a broadly positive performance driven by strong natural gas fundamentals, record 2025 financial results, backlog expansion to $10 billion, successful project permitting and construction starts, and improved credit metrics. Operationally, natural gas transport and gathering volumes showed meaningful year-over-year growth and specific projects (Trident, MSX, South System 4) are on budget and on/ ahead of schedule. Management emphasized a disciplined capital allocation approach and the ability to fund ~$3 billion per year of CapEx from cash flow. Notable headwinds include modest declines in certain liquids and CO2 volumes, project-level uncertainties tied to customer commitments and open seasons (e.g., Western Gateway, SSE5), and regional risks such as Bakken drilling slowdowns. Overall, the highlights (strong earnings, backlog and balance sheet improvements, high utilization and long-term demand outlook) materially outweigh the lowlights.Company Guidance
Record Financial Results and Strong Earnings Growth
Q4 net income attributable to KMI of $996 million and GAAP EPS of $0.45, 49% and 50% above Q4 2024 respectively. Excluding certain items, adjusted net income and adjusted EPS each grew 22% year-over-year in Q4. For full year 2025, adjusted EBITDA grew 6% and adjusted EPS grew 13% versus 2024, both beating budget (budgeted +4% EBITDA and +10% adjusted EPS). 2025 results were described as all-time record levels for Kinder Morgan.
Natural Gas Demand Tailwinds and Long-Term Outlook
Company estimates U.S. LNG feed gas demand averaging 19.8 Bcf/d in 2026 (up 19% from 16.6 Bcf/d in 2025) and projects demand exceeding 34 Bcf/d by 2030. Management highlighted sustained secular growth drivers (LNG expansions, power generation) and large incremental demand opportunities over the decade.
Significant Backlog Growth and Project Pipeline
Project backlog reached $10.0 billion (backlog multiple remains below 6x). During 2025 the backlog grew from $8.1 billion to $10.0 billion despite placing projects into service (company added $3.7 billion to backlog and placed $1.8 billion into service during the year). The company also noted >$10 billion of additional project opportunities beyond the backlog.
Operational Volume Strength in Natural Gas
Natural gas transport volumes increased 9% in the quarter versus Q4 2024 and were up 5% for the full year. Natural gas gathering volumes were up 19% in the quarter (sequentially +9%) and +4% for the full year versus 2024. Haynesville gathering set a daily throughput record of 1.97 Bcf/day on December 24.
Project Execution and Permitting Progress
Construction started on Trident; MSX and South System 4 received FERC scheduling orders with FERC anticipating issuance of final certificates by July 31 (ahead of original expectation). Management stated all three large projects are on budget and on or ahead of schedule.
Balance Sheet Strength and Credit Upgrades
Net debt to adjusted EBITDA improved to 3.8x (from 3.9x last quarter and 4.1x earlier). Net debt decreased $9 million since end of 2024 despite nearly $3 billion of total investments and an acquisition. S&P upgraded KMI (noted as BBB+/positive), Fitch upgraded to BBB+ earlier, and Moody's has a positive outlook — signaling improved credit profile.
Strong Cash Flow Generation and Capital Discipline
Generated cash flow from operations of $5.92 billion in 2025. Invested $3.15 billion in CapEx (growth and sustaining), paid $2.6 billion in dividends, and completed the Outrigger acquisition (~$650 million) while reducing net debt modestly. Management reiterated ability to fund ~$3 billion/year CapEx from cash flow.
Dividend Increase and Shareholder Returns
Declared quarterly dividend of $0.2925 per share (annualized $1.17), a 2% increase year-over-year, demonstrating modest dividend growth alongside reinvestment in backlog projects.
Terminals and Tankage Utilization
Liquids lease capacity at 93% and utilization of tanks available for use at 99% at key hubs (Houston Ship Channel and Carteret, NJ). Jones Act tanker fleet 100% leased through 2026, 97% through 2027 and 80% through 2028, with opportunistic charters at higher market rates and average firm contract commitments >3 years.
Opportunistic Asset Monetization
Completed opportunistic sale of a nonoperated minority interest (EagleHawk) at an 8.5x multiple, demonstrating active capital recycling where reinvestment returns would be below cost of capital.
KMI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KMI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 21, 2026 | $28.58 | $29.69 | +3.88% |
Oct 22, 2025 | $27.25 | $25.96 | -4.73% |
Jul 16, 2025 | $27.31 | $26.90 | -1.50% |
Apr 16, 2025 | $26.09 | $26.23 | +0.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Kinder Morgan (KMI) report earnings?
Kinder Morgan (KMI) is schdueled to report earning on Apr 22, 2026, After Close (Confirmed).
What is Kinder Morgan (KMI) earnings time?
Kinder Morgan (KMI) earnings time is at Apr 22, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KMI EPS forecast?
KMI EPS forecast for the fiscal quarter 2026 (Q1) is 0.36.
