Kinder Morgan (KMI)
NYSE:KMI
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Earnings Data
Report Date
Jul 22, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.31Last Year’s EPS
0.28Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated materially positive operational and financial momentum: strong quarter-to-quarter earnings growth (large EPS and EBITDA increases), improved leverage and a credit upgrade, expanding project backlog, strategic acquisition (Monument), high utilization across pipelines and terminals, and meaningful storage and RNG operational improvements. Lowlights are largely execution/permitting risks on certain expansions (e.g., Northeast, Western Gateway), modest declines in some product volumes driven by asset conversions, temporary commodity/market dislocations, and limited near-term carbon capture opportunities. On balance, the positives—robust earnings beat, strengthened balance sheet, backlog growth, and contract-backed assets—substantially outweigh the highlighted challenges.Company Guidance
Strong Earnings and Profitability Growth
Net income attributable to KMI of $976 million and EPS of $0.44 for Q1 2026, which are 36% and 38% above Q1 2025, respectively; adjusted EPS up 41% and EBITDA up 18% year-over-year.
Beating Full-Year EBITDA Budget
Company now expects to exceed its full-year adjusted EBITDA budget by more than 3% (over $250 million of additional EBITDA), excluding contributions from the Monument acquisition.
Balance Sheet Strength and Credit Upgrade
Net debt to adjusted EBITDA reduced to 3.6x from 3.8x at the beginning of the year (lowest since before 2014); Moody's upgraded Kinder Morgan to Baa1 (equivalent to BBB+ across agencies).
Cash Flow and Capital Deployment
Generated $1.49 billion of cash flow from operations in the quarter; deployed $650 million in dividends and $800 million in capital expenditures while net debt increased only $82 million.
Dividend Increase
Declared quarterly dividend of $0.2975 per share ($1.19 annualized), a 2% increase versus 2025.
Project Backlog and Execution
Expansion project backlog increased to $10.1 billion (up $145 million sequentially); added $375 million of new projects and placed ~$230 million into service; backlog multiple remains below 6x with average in-service date of Q1 2028; three largest projects (>50% of backlog) on time and on budget.
Acquisition of Monument Pipeline
Agreement to acquire the Monument pipeline system in Texas for approximately $500 million; assets supported by long-term contracts (weighted average contract life ~9 years, >90% utilities and industrials); expectation to close by end of month after early HSR termination.
Strong Natural Gas Volumes and Market Tailwinds
Transport volumes up 8% vs Q1 2025; gathering volumes up 15% YoY (KinderHawk Haynesville up 34%); winter weather and rising LNG feed gas demand noted as drivers; company cites long-term U.S. gas demand growth outlook (projecting ~150 Bcf/day by 2031).
Terminals, Storage and Fleet Utilization
Liquids lease capacity ~94% and tank utilization ~99% in key hubs; Jones Act tanker fleet effectively 100% leased through 2026 (97% through 2027, 80% through 2028 assuming options); company highlights >700 Bcf of storage and ongoing storage expansion opportunities.
Operational Wins in CO2 and RNG
CO2 segment: net oil production volumes +2% YoY (SACROC +5%); NGLs +5%; RNG volumes up 63% due to improved uptime and hydrocarbon recovery.
Hedging and Commodity Risk Management
Oil hedging: ~90% hedged for remainder of the current year and ~76% hedged for 2027; company estimates ~$3.5 million P&L impact per $1/bbl move on their unhedged exposure.
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 |
|---|---|---|---|
Apr 22, 2026 | $31.81 | $31.73 | -0.25% |
Jan 21, 2026 | $28.30 | $29.41 | +3.89% |
Oct 22, 2025 | $26.99 | $25.71 | -4.75% |
Jul 16, 2025 | $27.05 | $26.64 | -1.50% |
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 Jul 22, 2026, After Close (Confirmed).
What is Kinder Morgan (KMI) earnings time?
Kinder Morgan (KMI) earnings time is at Jul 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 (Q2) is 0.31.
