Q4 25 EPS
$0.39
BEAT +5.41%
Est. $0.37
Q4 25 Revenue
$4.51B
vs S&P Since Q4 25
+9.9%
BEATING MARKET
KMI +14.5% vs S&P +4.6%
Full Year 2025 Results
FY 25 EPS
$1.30
BEAT +1.44%
Est. $1.28
FY 25 Revenue
$16.94B
BEAT +0.45%
Est. $16.86B
Market Reaction
Did KMI Beat Earnings? Q4 2025 Results
Kinder Morgan closed out fiscal 2025 with a record-setting quarter, posting adjusted earnings of $0.39 per share against a consensus estimate of $0.37, a 5.41% beat, while revenue of $4.51 billion topped expectations by 2.02% and climbed 13.6% year o… Read more Kinder Morgan closed out fiscal 2025 with a record-setting quarter, posting adjusted earnings of $0.39 per share against a consensus estimate of $0.37, a 5.41% beat, while revenue of $4.51 billion topped expectations by 2.02% and climbed 13.6% year over year. The standout driver was the company's Natural Gas Pipelines segment, where transport volumes rose 9% on LNG deliveries and gathering volumes surged 19%, reflecting intensifying downstream demand that has pushed Kinder Morgan's project backlog to $10 billion, roughly 90% tied to natural gas infrastructure. Adjusted EBITDA for the quarter reached $2.27 billion, up 10%, as the balance sheet improved to a Net Debt-to-Adjusted EBITDA ratio of 3.8x, a development that coincided with S&P upgrading the company's senior unsecured rating to BBB+ in January 2026. Looking ahead, management guided for 2026 adjusted EPS of $1.36, up 5%, and adjusted EBITDA of $8.60 billion, underpinned by expectations that natural gas demand will grow 17% through 2030, with Kinder Morgan positioned to serve approximately 70% of future data center power demand markets.
Key Takeaways
- • Record Natural Gas Pipelines segment performance driven by higher contributions from Texas Intrastate system, KinderHawk and Outrigger Energy assets
- • Natural gas transport volumes up 9% YoY primarily due to LNG deliveries on Tennessee Gas Pipeline
- • Natural gas gathering volumes up 19% YoY across all assets with KinderHawk making the largest contribution
- • Products Pipelines up on higher transport rates in 2025
- • Terminals up led by higher rates and ancillary fees at Houston Ship Channel hub facilities
- • Jones Act tanker fleet fully contracted under term charter agreements
- • CO2 segment down due to lower commodity and D3 RIN prices, partially offset by higher D3 RIN volumes from increased renewable natural gas sales
KMI YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Led by record-setting performance in our Natural Gas Pipelines business segment, the company delivered its highest ever fourth quarter and full-year net income attributable to KMI and Adjusted EBITDA. For the full year, net income attributable to KMI was 17% higher than 2024 while Adjusted EPS and Adjusted EBITDA were 13% and 6% higher than 2024, respectively.”
— Kim Dang, Q4 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% |