Analyst Consensus ?
ConsensusBuy34 ratings
Bullish1853.0%
Neutral1544.1%
Bearish12.9%
Kinder Morgan, Inc. · KMI · FY2026 Q2 · Calendar Q3 2026
Kinder Morgan Beats Q2 as Gas Demand Fuels $10B Backlog and Raised Guidance
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.
Reported Session unavailableNYSEEnergy
$70.33B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.37
Consensus $0.32
EPS surprise
+15.4%
Reported versus consensus
Reported revenue
$4.48B
Consensus $4.22B
Revenue surprise
+6.0%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
+0.3%
Event window
SPY move
-0.1%
Same window
Abnormal move
+0.5%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
-2.7%
Up to 20 sessions
KMISPY benchmark
Ask FN2 about KMI FY2026 Q2
Transcript, numbers and history already loaded
Why did KMI rise 0.3% after beating EPS estimates in FY2026 Q2?What changed in KMI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for KMI after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q2 2026 marked the second straight guidance raise, with EBITDA now expected >5% above budget (up from >3% after Q1) and EPS >12% above budget. The Monument pipeline acquisition closed at ~$500 million, adding storage capacity and network flexibility. Management disclosed a $10 billion shadow backlog with $400 million of projects pending contract signatures, signaling a deep pipeline of future opportunities. New project names surfaced this quarter: Mississippi Crossing, South System 4, and Permian Link, alongside continued progress on Western Gateway and Trident. The Jones Act waiver emerged as a new operational uncertainty affecting tanker operations. Compared to Q1, growth decelerated: EBITDA growth moderated from 18% to 12% YoY, and the bullish score declined from 85 to 78, though management tone remains confident.
Guidance delta
Raised. Full-year 2026 adjusted EBITDA guidance now >5% above budget (up from >3% above budget after Q1). EPS guidance now >12% above budget. Capex outlook is increasing. Dividend increased 2% to $0.2975 per share. Leverage maintained at 3.6x.
Key takeaways
- Adjusted EBITDA grew 12% YoY and EPS grew 32% YoY, beating both prior year and internal budget.
- Full-year 2026 guidance raised: EBITDA >5% above budget and EPS >12% above budget.
- Backlog remains robust at ~$10B with Mississippi Crossing, South System 4, Trident, and Permian Link advancing.
- Leverage improved to 3.6x and dividend increased 2% to $0.2975 per share.
- Growth driven by natural gas demand for power generation, LNG exports, and data-center electricity needs.
Management priorities
- Advance Permian Link toward FID with target in-service date around 2030.
- Proceed with Western Gateway joint-venture FID within the next 1-2 months.
- Add significant projects from the >$10B opportunity set before year-end.
- Expand processing and treating capacity in the Haynesville basin.
- Continue dividend growth while maintaining leverage below the targeted range.
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Beat
Miss
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Analyst 52W Price Targets
$33.85Current
$15Low
$26.44Average
$43High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 23, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 22, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 22, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 22, 2026 |
| Jefferies | Hold | Hold | Maintain | Oct 22, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Oct 22, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 22, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 22, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Mar 26, 2026 |
| Truist Securities | Hold | Hold | Maintain | Mar 24, 2026 |
| Stifel | Hold | Hold | Maintain | Mar 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 3, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 28, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 25, 2025 |
| Barclays | Overweight | Overweight | Maintain | Jun 23, 2025 |
| UBS | Buy | Buy | Maintain | Jan 27, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 26, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Oct 11, 2024 |
| Argus Research | Buy | Hold | Upgrade | Jul 19, 2024 |
| Bernstein | Outperform | Market Perform | Upgrade | Mar 1, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | May 27, 2021 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 11, 2021 |
| SMBC Nikko | Outperform | Outperform | Maintain | Dec 3, 2020 |
| Piper Sandler | Neutral | Neutral | Maintain | Oct 9, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 24, 2020 |
| PiperJaffray | Neutral | Neutral | Maintain | Dec 18, 2019 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Oct 17, 2019 |
| TD Securities | Buy | Buy | Maintain | Oct 2, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jun 17, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 20, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Mar 21, 2018 |
| Tudor Pickering | Hold | Accumulate | Downgrade | Jan 22, 2013 |
| Bank oferica | Underperform | Underperform | Maintain | Mar 20, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $33.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $37 | $32.92 | +9.3% | Oct 22, 2026 |
| Morgan Stanley | Analyst unavailable | $40 | $32.96 | +18.2% | Oct 22, 2026 |
| Morgan Stanley | Analyst unavailable | $39 | $33.97 | +15.2% | Oct 22, 2026 |
| Wells Fargo | Analyst unavailable | $39 | $33.97 | +15.2% | Oct 22, 2026 |
| Morgan Stanley | Analyst unavailable | $36 | $31.68 | +6.4% | Sep 22, 2026 |
| RBC Capital | Elvira Scotto | $36 | $31.72 | +6.4% | Sep 22, 2026 |
| Morgan Stanley | Julien Dumoulin-Smith | $33 | $31.31 | -2.5% | Sep 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $35 | $31.41 | +3.4% | Sep 9, 2026 |
| Morgan Stanley | Devin McDermott | $38 | $31.82 | +12.3% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $36 | $32.49 | +6.4% | Jul 23, 2026 |
| UBS | Manav Gupta | $43 | $31.46 | +27.0% | Jun 15, 2026 |
| Scotiabank | Analyst unavailable | $32 | $34.07 | -5.5% | Mar 26, 2026 |
| Scotiabank | Analyst unavailable | $30 | $29.69 | -11.4% | Jan 23, 2026 |
| Morgan Stanley | Jason Gabelman | $35 | $29.53 | +3.4% | Jan 22, 2026 |
| Scotiabank | Analyst unavailable | $29 | $27.86 | -14.3% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $26.89 | -14.3% | Dec 23, 2025 |
| UBS | Manav Gupta | $38 | $26.76 | +12.3% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $30 | $28.14 | -11.4% | Oct 9, 2025 |
| Morgan Stanley | Analyst unavailable | $32 | $27.67 | -5.5% | Sep 18, 2025 |
| Morgan Stanley | Jason Gabelman | $34 | $28.34 | +0.4% | Jul 7, 2025 |
| Morgan Stanley | Analyst unavailable | $31 | $27.14 | -8.4% | Mar 3, 2025 |
| Scotiabank | Brandon Bingham | $26 | $28.16 | -23.2% | Jan 10, 2025 |
| RBC Capital | Elvira Scotto | $26 | $24.74 | -23.2% | Oct 22, 2024 |
| Morgan Stanley | John MacKay | $26 | $24.82 | -23.2% | Oct 18, 2024 |
| Morgan Stanley | Stewart Glickman | $28 | $24.82 | -17.3% | Oct 17, 2024 |
| Roth Capital | John White | $30.5 | $24.93 | -9.9% | Oct 17, 2024 |
| Truist Financial | Neal Dingmann | $25 | $24.93 | -26.1% | Oct 17, 2024 |
| Wells Fargo | Michael Blum | $27 | $24.93 | -20.2% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $24 | $24.86 | -29.1% | Oct 16, 2024 |
| Morgan Stanley | Gabriel Moreen | $25 | $24.38 | -26.1% | Oct 11, 2024 |
| Morgan Stanley | Neel Mitra | $27 | $23.72 | -20.2% | Oct 11, 2024 |
| RBC Capital | Elvira Scotto | $22 | $21.29 | -35.0% | Jul 30, 2024 |
| Morgan Stanley | Bill Selesky | $24 | $21.73 | -29.1% | Jul 19, 2024 |
| UBS | Brian Reynolds | $24 | $19.94 | -29.1% | Jun 12, 2024 |
| Wells Fargo | Michael Blum | $22 | $19.5 | -35.0% | Jun 4, 2024 |
| Morgan Stanley | Stewart Glickman | $22 | $19.4 | -35.0% | May 14, 2024 |
| Wells Fargo | Michael Blum | $18 | $18.21 | -46.8% | Apr 19, 2024 |
| Morgan Stanley | Linda Ezergailis | $21 | $18.24 | -38.0% | Apr 18, 2024 |
| Truist Financial | Neal Dingmann | $20 | $17.97 | -40.9% | Mar 25, 2024 |
| Goldman Sachs | John Mackay | $20 | $16.76 | -40.9% | Oct 10, 2023 |
| Citigroup | Spiro Dounis | $19 | $16.94 | -43.9% | Jul 10, 2023 |
| Barclays | Theresa Chen | $20 | $17.99 | -40.9% | Jul 31, 2022 |
| Truist Financial | Neal Dingmann | $22 | $18.2 | -35.0% | May 2, 2022 |
| Mizuho Securities | Gabriel Moreen | $22 | $19.15 | -35.0% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $20 | $19.84 | -40.9% | Apr 20, 2022 |
| Morgan Stanley | Devin McDermott | $19 | $17.2 | -43.9% | Jan 30, 2022 |
| Stifel Nicolaus | Selman Akyol | $19 | $16.79 | -43.9% | Aug 2, 2021 |
| TD Securities | Linda Ezergailis | $21 | $17.6 | -38.0% | Jul 6, 2021 |
| Piper Sandler | Pearce Hammond | $19 | $17.48 | -43.9% | Jun 17, 2021 |
| Goldman Sachs | Michael Lapides | $15 | $17.98 | -55.7% | Jun 13, 2021 |
| Credit Suisse | Spiro M. Dounis | $19 | $17.43 | -43.9% | May 27, 2021 |
| Citigroup | Timm Schneider | $17 | $15.98 | -49.8% | Apr 27, 2021 |
| Neuberger Berman | Mirek Zak | $17 | $15.98 | -49.8% | Apr 27, 2021 |
Track every rating change on KMI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationKinder Morgan, Inc. operates as a leading energy infrastructure company across North America. Its extensive operations are categorized into four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment manages a vast network of interstate and intrastate natural gas pipelines, along with underground storage systems. This includes natural gas gathering systems, processing and treatment facilities, natural gas liquids fractionation plants, transportation systems, and infrastructure for liquefied natural gas liquefaction and storage. Within its Products Pipelines segment, the company owns and operates pipelines designed for refined petroleum products, crude oil, and condensate, supported by associated product terminals and facilities for petroleum pipeline transmix.…
Historical context
All KMI earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SLB Slb N.V. | FY2026 Q3 · Calendar Q4 2026 | +3.7% | +7.1% | SLB Q3 2026: Growth Broadens Beyond Core Oilfield |
| E Eni S.p.A. | FY2026 Q3 · Calendar Q4 2026 | +13.9% | +4.3% | Eni pairs upstream growth with record shareholder returns and transition progress |
Latest beats and misses
Who reports nextBeat on EPS
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
Missed on EPS
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% move
- SUIFY2026 Q3 · October 26, 2026-20.0% EPS-4.1% move
- PSA-PIFY2026 Q3 · October 26, 2026-32.1% EPS— move
Get the KMI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-23T01:04:57.615474+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T13:21:09.329682+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T13:21:09.326820+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-29. For educational purposes only; not investment advice.