Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
+9.9%
BEATING MARKET
KMI +14.5% vs S&P +4.6%
Market Reaction
Did KMI Beat Earnings? Q1 2026 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 Forward Guidance & Outlook
For 2026, KMI budgets net income attributable to KMI of $3.1 billion (flat to 2025, which included a gain on asset sale treated as a certain item), adjusted net income up 5% from 2025, Adjusted EPS of $1.36 (up 5%), dividends of $1.19 per share (up 2%), Adjusted EBITDA of $8.6 billion (up 2.5%), and a year-end Net Debt-to-Adjusted EBITDA ratio of 3.8x. The 2026 budget reflects the December 31, 2025 sale of KMI's equity investment in EagleHawk. Natural gas demand is expected to grow 17% through 2030, led by LNG exports. KMI has long-term contracts to move 8 Bcf/d of natural gas to LNG facilities, projected to grow to 12 Bcf/d by end of 2028, and is exploring more than 10 Bcf/d of opportunities to serve gas-fired power generation. The project backlog stands at $10 billion with an aggregate first-full-year EBITDA multiple of approximately 5.6x.
KMI YoY Financials
Q1 2026 vs Q1 2025, 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, Q1 2026 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% |