Kinder Morgan, Inc. earnings overview

KMI FY2026 Q2 · Calendar Q3 2026

Kinder Morgan, Inc.

Kinder Morgan's Q2 2026 results extend a pattern of strong execution, with adjusted EBITDA growing 12% YoY and EPS up 32%, both surpassing internal budget. The company raised full-year guidance for the second consecutive quarter, now expecting EBITDA more than 5% above budget and EPS more than 12% above. The growth narrative is anchored in accelerating natural gas demand for power generation, LNG exports, and data-center electricity needs, supporting a roughly $10 billion project backlog and a shadow backlog of similar size. Leverage remains disciplined at 3.6x, the dividend was raised 2%, and management is funding growth primarily from cash flow. The stock's modest post-earnings reaction (+0.46% abnormal move) and subsequent drift lower (-2.71%) suggest the market is pricing in the earnings strength but questioning whether elevated capex can be self-funded without straining leverage.