Q3 25 EPS
$0.28
MISS 6.20%
Est. $0.30
Q3 25 Revenue
$4.15B
BEAT +4.67%
Est. $3.96B
vs S&P Since Q3 25
+13.5%
BEATING MARKET
KMI +20.8% vs S&P +7.3%
Market Reaction
Did KMI Beat Earnings? Q3 2025 Results
Kinder Morgan posted a mixed third quarter for fiscal 2025, clearing the bar on revenue while falling short on the bottom line, a split verdict that nonetheless underscores the pipeline giant's accelerating volume story. Revenue climbed 12.8% year-ov… Read more Kinder Morgan posted a mixed third quarter for fiscal 2025, clearing the bar on revenue while falling short on the bottom line, a split verdict that nonetheless underscores the pipeline giant's accelerating volume story. Revenue climbed 12.8% year-over-year to $4.15 billion, topping the $3.96 billion consensus by 4.67%, as natural gas transport volumes surged 6% and gathering volumes rose 9%, fueled by LNG deliveries on Tennessee Gas Pipeline and rising Permian throughput. Earnings per share of $0.28, however, missed the $0.30 consensus by 6.20%, with the CO2 segment acting as a drag through lower crude volumes and weaker D3 RIN prices. Adjusted EBITDA rose 6% to $1.99 billion, and a Fitch upgrade to BBB+ in August validated the company's internally funded growth model. With a $9.30 billion project backlog, roughly 90% tied to natural gas, and management expecting to exceed its full-year 2025 budget on the strength of the Outrigger Energy II acquisition, Kinder Morgan's near-term outlook leans constructive despite the earnings shortfall.
Key Takeaways
- • Higher contributions from Texas Intrastate system and Tennessee Gas Pipeline
- • Contributions from Outrigger Energy assets acquired in Q1 2025
- • Natural gas transport volumes up 6% driven by LNG deliveries on TGP and Permian deliveries
- • Natural gas gathering volumes up 9% driven by Haynesville and Eagle Ford systems
- • Higher transport rates in Products Pipelines
- • Jones Act tanker fleet benefiting from higher rates and full term charter agreements
- • Fitch credit upgrade to BBB+ with Moody's and S&P on positive outlook
KMI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“The company generated strong third quarter net income attributable to KMI and Adjusted EBITDA, with increased financial contributions from our Natural Gas Pipelines, Products Pipelines, and Terminals business segments versus the third quarter of 2024, along with very strong operational performance and project execution.”
— Kim Dang, Q3 2025 Earnings Press Release
KMI Earnings Trends
KMI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KMI EPS Trend
Earnings per share: estimate vs actual
KMI Revenue Trend
Quarterly revenue: estimate vs actual
KMI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.37 | $0.39 | +5.41% | $4.51B | — |
| FY Full Year | $1.28 | $1.30 | +1.44% | $16.94B | +0.45% |
| Q3 25 MISS | $0.30 | $0.28 | -6.20% | $4.15B | +4.67% |
| Q2 25 BEAT | $0.27 | $0.28 | +3.09% | $4.04B | +7.85% |
| Q4 24 MISS FY | $0.33 | $0.32 | -3.03% | $3.99B | — |
| FY Full Year | $1.18 | $1.15 | -2.16% | $15.10B | -2.46% |