Kinder Morgan's earnings call reveals a strong quarter with record natural gas demand and a significant increase in project backlog, driven by LNG export growth and high utilization in terminals. However, challenges like declining gathering volumes, tariff impacts, and a slight decline in net income present some concerns. Overall, the positive highlights outweigh the lowlights.

Company Guidance

During the quarterly earnings conference call held on April 16, 2025, Kinder Morgan provided guidance for the upcoming fiscal year and beyond, focusing on the substantial growth in demand for natural gas. The company reported a record natural gas market demand increase of 6.8 Bcf per day in Q1 2025, driven by a 10% rise in residential and commercial demand and a 15% increase in LNG demand. The company added approximately $900 million to its project backlog, now totaling $8.8 billion, with over 70% aimed at serving power demand. Notably, the largest project in this addition is a $430 million extension of the Elba Express pipeline. Kinder Morgan expects to exceed its 2025 budget by at least the contribution from its recent Outrigger acquisition, projecting adjusted EBITDA growth to 5%, adjusted EPS growth of 10%, and an end-of-year leverage ratio of 3.8 times. The company also highlighted its resilience, with two-thirds of its EBITDA generated from take-or-pay contracts, 30% from fee-based or hedged contracts, and minimal exposure to commodity price fluctuations.

Record Natural Gas Demand

In Q1, Kinder Morgan saw record natural gas demand with an increase of 6.8 Bcf a day, driven by a 10% increase in residential and commercial demand and a 15% increase in LNG demand.

Significant Backlog Growth

The project backlog increased to $8.8 billion, with $900 million added this quarter, primarily focused on serving power demand. The largest project, Bridge, is a $430 million extension of the Elba Express pipeline.

Strong Financial Performance

Kinder Morgan expects to exceed budget for the year, reflecting strong natural gas performance versus budget and the contribution from the Outrigger acquisition.

Positive LNG Export Outlook

Despite geopolitical concerns, U.S. LNG export demand remains strong, with feedgas demand setting records and expansion plans continuing, driven by long-term contracts.

High Capacity Utilization in Terminals Segment

Liquids lease capacity remains high at 94%, and the Jones Act tanker fleet is fully leased, with 97% leased through 2025.

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Kinder Morgan (KMI) Earnings, Revenues Date & History

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KMI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 16, 2025	2025 (Q2)	0.27 / -	0.25	―	―	―
Apr 16, 2025	2025 (Q1)	0.35 / 0.34	0.34	0.00% (0.00)	―
Jan 22, 2025	2024 (Q4)	0.34 / 0.32	0.28	14.29% (+0.04)	―
Oct 16, 2024	2024 (Q3)	0.27 / 0.25	0.25	0.00% (0.00)	―
Jul 17, 2024	2024 (Q2)	0.26 / 0.25	0.24	4.17% (+0.01)	―
Apr 17, 2024	2024 (Q1)	0.34 / 0.34	0.3	13.33% (+0.04)	―
Jan 17, 2024	2023 (Q4)	0.30 / 0.28	0.31	-9.68% (-0.03)	―
Oct 18, 2023	2023 (Q3)	0.26 / 0.25	0.25	0.00% (0.00)	―
Jul 19, 2023	2023 (Q2)	0.24 / 0.24	0.27	-11.11% (-0.03)	―
Apr 19, 2023	2023 (Q1)	0.29 / 0.30	0.32	-6.25% (-0.02)

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

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KMI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 16, 2025	$26.95	$27.10	+0.56%
Jan 22, 2025	$30.46	$30.16	-0.98%
Oct 16, 2024	$24.38	$24.28	-0.41%
Jul 17, 2024	$19.81	$20.32	+2.57%

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.

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