The earnings call reflected a generally positive outlook for Kinder Morgan, driven by strong financial growth, an expanding project backlog, and favorable conditions in the LNG export market. While there were some challenges in natural gas gathering volumes and CO2 segment, these were outweighed by the positive developments.

Company Guidance -

Q3 2025

During the quarterly earnings call on July 16, 2025, Kinder Morgan provided guidance highlighting their strong financial performance and future outlook. Adjusted EBITDA for the quarter increased by 6% year-over-year, while adjusted EPS rose by 12%. The company expects to exceed its original budget for the year, partly due to contributions from the Outrigger acquisition. Looking ahead, the company projects significant growth in U.S. natural gas demand, with a 20% increase anticipated by 2030 according to WoodMac estimates. Kinder Morgan's project backlog grew from $8.8 billion to $9.3 billion, with $1.3 billion in new projects added, including Trident Phase 2 and the Louisiana Line Texas Access project. Approximately 50% of the projects in the backlog are aimed at serving power demand, with a backlog multiple of 5.6x, slightly improved from Q1. The company also anticipates significant cash tax benefits in 2026 and 2027 due to recent tax reforms, with no material cash taxpayer status expected until 2028. Despite challenges such as tariffs, Kinder Morgan remains confident in its strategy of investing in high-return projects while maintaining a solid balance sheet.

Strong Financial Growth

Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% over the second quarter of 2024. Net income attributable to KMI was $715 million, 24% above the second quarter of 2024.

Expansion in Project Backlog

Project backlog increased from $8.8 billion to $9.3 billion. Added $1.3 billion in new projects and placed approximately $750 million of projects in service.

LNG Export Growth

S&P Global Commodity Insights estimates a 3.5 Bcf/day increase in U.S. LNG feed gas demand this summer compared to summer 2024, and it will more than double by 2030.

Dividend Increase

Declared a dividend of $0.2925 per share, a 2% increase from the 2024 dividend.

Improved Federal Permitting Environment

Federal permitting environment has improved with faster permitting by the U.S. Army Corps of Engineers and favorable FERC actions.

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.