The earnings call presented a largely positive outlook for Kinder Morgan, with strong financial performance, a growing project backlog, and favorable market conditions for LNG demand. However, challenges such as decreased natural gas gathering volumes and tariff impacts on project costs were noted.

Company Guidance -

Q3 2025

In the recent quarterly earnings call, Kinder Morgan provided detailed guidance on its financial and operational performance. The company reported a 6% increase in adjusted EBITDA and a 12% rise in adjusted EPS compared to the second quarter of 2024. Looking ahead, Kinder Morgan expects to exceed its original budget for the year, driven by the Outrigger acquisition and strong market fundamentals, with U.S. natural gas demand projected to grow by 20% by 2030 according to WoodMac estimates. The company also highlighted its robust project backlog, which increased from $8.8 billion to $9.3 billion, with the addition of $1.3 billion in new projects and approximately $750 million of projects placed in service. Significant new projects include Trident Phase 2 and the Louisiana Line Texas Access project, which are supported by long-term contracts. Additionally, Kinder Morgan anticipates substantial cash tax benefits in 2026 and 2027 due to recent tax reforms, while its balance sheet remains strong with a net debt to adjusted EBITDA ratio expected to round up to 3.9x by the end of the year.

Strong Financial Performance

Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% compared to Q2 2024. Net income attributable to KMI was $715 million, 24% above Q2 2024.

Increased Project Backlog

Project backlog increased from $8.8 billion to $9.3 billion. Added $1.3 billion in new projects, including Trident Phase 2 and the Louisiana Line Texas Access project.

Positive Outlook for LNG Demand

Global gas demand expected to increase by 25% over the next 25 years, with U.S. exports playing a critical role. LNG feed gas demand in America expected to more than double by 2030.

Dividend Growth

Declared a quarterly dividend of $0.2925 per share, up 2% from 2024.

Credit Rating Improvement

Moody's placed KMI's credit rating on positive outlook, joining S&P.

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
Oct 15, 2025	2025 (Q3)	0.29 / -	0.25	―	―	―
Jul 16, 2025	2025 (Q2)	0.28 / 0.28	0.25	12.00% (+0.03)	―
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)	―

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
Jul 16, 2025	$27.62	$27.20	-1.52%
Apr 16, 2025	$26.38	$26.53	+0.57%
Jan 22, 2025	$29.82	$29.52	-1.01%
Oct 16, 2024	$23.87	$23.76	-0.46%

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.