Kinder Morgan (NYSE:KMI) Issues Quarterly Earnings Results

Posted by Francis Steltz on Oct 23rd, 2026

Kinder Morgan (NYSE:KMI – Get Free Report) announced its earnings results on Wednesday. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02, Zacks reports. Kinder Morgan had a net margin of 19.64% and a return on equity of 10.85%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter in the previous year, the business posted $0.29 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year.

Here are the key takeaways from Kinder Morgan’s conference call:

Positive Sentiment: Kinder Morgan reported strong third-quarter results, with adjusted EPS up 21% year over year, adjusted EBITDA up 9% to $2.18 billion, and all four business segments contributing to growth. Management now expects full-year adjusted EPS to exceed budget by more than 13% and EBITDA by more than 6%.
Positive Sentiment: The project backlog expanded from $9.6 billion to a record $14.4 billion, including the Southeast Connector and Permian Link. KMI’s share of the two projects is approximately $4.7 billion, backed by at least 20-year take-or-pay contracts, extending the company’s visible growth runway into 2030–2032.
Positive Sentiment: Natural gas demand and network utilization remained strong, with transport volumes up 3% and gathering volumes up 14%, led by a 40% increase on KinderHawk in the Haynesville. Management cited LNG exports, power generation, hyperscaler demand, and Southeast load growth as major drivers of additional infrastructure opportunities.
Neutral Sentiment: KMI ended the quarter with leverage of approximately 3.5x debt to EBITDA and roughly $3 billion of annual cash flow available for expansion capital, while indicating a likely capital-spending run rate of about $4 billion for the next several years. However, management noted that roughly $225 million of 2026 outperformance came from potentially nonrecurring items, including severe weather, a contract buyout, a FERC true-up, and favorable regional gas spreads.
Negative Sentiment: Products pipeline volumes declined, with refined products down 3% and crude and condensate volumes down 11% year over year. Management also cautioned that growth will not be even each year and that some 2026 benefits, including favorable commodity prices, may not repeat in 2027.

Kinder Morgan Stock Performance

Shares of KMI opened at $34.24 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.36 and a current ratio of 0.46. The company has a market capitalization of $76.25 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 2.39 and a beta of 0.59. The company’s 50 day simple moving average is $31.85 and its 200 day simple moving average is $32.04. Kinder Morgan has a 1 year low of $25.60 and a 1 year high of $34.81.

Kinder Morgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Monday, November 2nd will be paid a dividend of $0.2975 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $1.19 annualized dividend and a dividend yield of 3.5%. Kinder Morgan’s dividend payout ratio is presently 76.28%.

Key Stories Impacting Kinder Morgan

Here are the key news stories impacting Kinder Morgan this week:

Positive Sentiment: Q3 results exceeded expectations: Kinder Morgan reported adjusted EPS of $0.35 versus the $0.33 consensus and revenue of $4.53 billion, up 9.3% year over year and ahead of the $4.37 billion estimate. Earnings increased from $0.29 a year earlier. KMI Q3 Earnings Beat Estimates on Natural Gas Pipeline Strength
Positive Sentiment: Record backlog strengthens the growth outlook: The company added $5.4 billion to its expansion backlog, bringing the total to a record $14.4 billion. Natural-gas demand from data centers, power generation and LNG exports is driving activity. Kinder Morgan Expands Backlog Driven by Major Natural Gas Projects
Positive Sentiment: Major projects were approved: KMI reached final investment decisions on the $4.2 billion Permian Link and Southeast Connector natural-gas pipelines, including infrastructure intended to serve hyperscaler and data-center demand. The projects could extend earnings and cash-flow growth, although they require substantial investment. Kinder Morgan to invest $4.7 billion in two gas pipeline projects as demand surges
Positive Sentiment: Analyst sentiment improved: Freedom Broker upgraded KMI to “buy” and raised its target to $39 from $34, while Mizuho lifted its target to $39 and maintained an “outperform” rating. Other analysts reportedly raised targets toward $37-$40.
Positive Sentiment: Income appeal remains intact: KMI declared a quarterly dividend of $0.2975 per share, or $1.19 annualized, representing a yield of roughly 3.5%. Kinder Morgan declares dividend
Neutral Sentiment: Retirement-account comparison: KMI is a corporation, while Energy Transfer is generally structured as a partnership. That distinction can make KMI simpler to hold in an IRA because investors may avoid partnership-related tax paperwork or unrelated business taxable income concerns.
Negative Sentiment: Forward guidance may temper enthusiasm: Kinder Morgan’s indicated 2026 adjusted EPS of $1.36 was below a reported FactSet estimate of $1.54, creating concern that near-term earnings growth may lag expectations.
Negative Sentiment: Execution and funding risks are rising: The pipeline buildout requires billions of dollars of capital, while KMI’s quick ratio of 0.36 and current ratio of 0.46 highlight limited short-term liquidity. Investors may be taking profits near the stock’s 52-week high while awaiting evidence that the backlog converts into cash flow.

Insider Buying and Selling

In other Kinder Morgan news, VP Michael Garthwaite sold 1,550 shares of Kinder Morgan stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $33.65, for a total value of $52,157.50. Following the completion of the sale, the vice president directly owned 47,313 shares of the company’s stock, valued at approximately $1,592,082.45. The trade was a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 12.72% of the company’s stock.

Wall Street Analyst Weigh In

KMI has been the topic of several research reports. Freedom Broker upgraded shares of Kinder Morgan from a “hold” rating to a “buy” rating and increased their price target for the company from $34.00 to $39.00 in a research report on Thursday. Jefferies Financial Group lifted their price objective on Kinder Morgan from $33.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday. Weiss Ratings lowered Kinder Morgan from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Wells Fargo & Company increased their target price on Kinder Morgan from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday. Finally, TD Cowen raised their price target on Kinder Morgan from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday. Twelve analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.55.

View Our Latest Research Report on KMI

Kinder Morgan Company Profile

(Get Free Report)

Kinder Morgan, Inc (NYSE: KMI) is an energy infrastructure company that owns and operates pipelines, terminals, and other transportation and storage facilities. Its systems primarily support the movement, processing, and storage of natural gas, crude oil, refined petroleum products, and other energy commodities.

The company’s natural gas business transports and stores natural gas for utilities, power generators, industrial customers, and other energy companies. Kinder Morgan also operates refined products and crude oil pipelines, liquids terminals, and carbon dioxide infrastructure.