Analyst Consensus ?
ConsensusHold34 ratings
Bullish1647.1%
Neutral1750.0%
Bearish12.9%
Kinder Morgan, Inc. · KMI · FY2026 Q3 · Calendar Q4 2026
KMI: Record Backlog Extends Growth Runway, Guidance Maintained
KMI's Q3 analysis supports a constructive growth case: resilient natural-gas demand, long-term contracted projects and a record backlog could extend cash-flow growth, but execution, permitting and capital requirements remain important tests.
Reported After market closeNYSEEnergy
$74.75B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.32
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.37B
Revenue surprise
—
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
+1.2%
Event window
SPY move
+0.5%
Same window
Abnormal move
+0.7%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
KMISPY benchmark
Ask FN2 about KMI FY2026 Q3
Transcript, numbers and history already loaded
What drove KMI's +1.2% move after FY2026 Q3 earnings?What changed in KMI's guidance and outlook in FY2026 Q3?Give me the bull and bear case for KMI after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The backlog expanded to a record $14.4 billion after $5.4 billion of new projects, including Southeast Connector and Permian Link. Management maintained its guidance stance, while highlighting strong cash generation, 3.5x leverage and a 2% dividend increase.
Guidance delta
Maintained; management reaffirmed its constructive outlook while highlighting a record backlog and long-term contracted projects.
Key takeaways
- Management said Q3 results exceeded budget, with adjusted EPS up 21% and adjusted EBITDA up 9%.
- The backlog reached $14.4 billion after $5.4 billion of new projects, extending the cash-flow runway through the early 2030s.
- Southeast Connector and Permian Link were sanctioned with long-term take-or-pay contracts.
- Management highlighted 3.5x debt/EBITDA, $5.04 billion of operating cash flow and a 2% dividend increase.
Management priorities
- Advance large-scale natural-gas infrastructure projects, including Southeast Connector and Permian Link.
- Convert additional opportunities and shadow backlog into contracted, investable projects.
- Fund growth while preserving balance-sheet flexibility and stable shareholder returns.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$33.97Current
$15Low
$26.31Average
$43High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 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 |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 22, 2026 |
| Jefferies | Hold | Hold | Maintain | Sep 18, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Mar 30, 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 |
| Mizuho | Outperform | Outperform | Maintain | Mar 5, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 3, 2026 |
| Freedom Broker | Hold | Sell | Upgrade | Jan 28, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 22, 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 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jul 30, 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 $33.97. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $36 | $31.68 | +6.0% | Sep 22, 2026 |
| RBC Capital | Elvira Scotto | $36 | $31.72 | +6.0% | Sep 22, 2026 |
| Morgan Stanley | Julien Dumoulin-Smith | $33 | $31.31 | -2.9% | Sep 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $35 | $31.41 | +3.0% | Sep 9, 2026 |
| Morgan Stanley | Devin McDermott | $38 | $31.82 | +11.9% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $36 | $32.49 | +6.0% | Jul 23, 2026 |
| UBS | Manav Gupta | $43 | $31.46 | +26.6% | Jun 15, 2026 |
| Scotiabank | Analyst unavailable | $32 | $34.07 | -5.8% | Mar 26, 2026 |
| Scotiabank | Analyst unavailable | $30 | $29.69 | -11.7% | Jan 23, 2026 |
| Morgan Stanley | Jason Gabelman | $35 | $29.53 | +3.0% | Jan 22, 2026 |
| Scotiabank | Analyst unavailable | $29 | $27.86 | -14.6% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $26.89 | -14.6% | Dec 23, 2025 |
| UBS | Manav Gupta | $38 | $26.76 | +11.9% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $30 | $28.14 | -11.7% | Oct 9, 2025 |
| Morgan Stanley | Analyst unavailable | $32 | $27.67 | -5.8% | Sep 18, 2025 |
| Morgan Stanley | Jason Gabelman | $34 | $28.34 | +0.1% | Jul 7, 2025 |
| Morgan Stanley | Analyst unavailable | $31 | $27.14 | -8.7% | Mar 3, 2025 |
| Scotiabank | Brandon Bingham | $26 | $28.16 | -23.5% | Jan 10, 2025 |
| RBC Capital | Elvira Scotto | $26 | $24.74 | -23.5% | Oct 22, 2024 |
| Morgan Stanley | John MacKay | $26 | $24.82 | -23.5% | Oct 18, 2024 |
| Morgan Stanley | Stewart Glickman | $28 | $24.82 | -17.6% | Oct 17, 2024 |
| Roth Capital | John White | $30.5 | $24.93 | -10.2% | Oct 17, 2024 |
| Truist Financial | Neal Dingmann | $25 | $24.93 | -26.4% | Oct 17, 2024 |
| Wells Fargo | Michael Blum | $27 | $24.93 | -20.5% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $24 | $24.86 | -29.3% | Oct 16, 2024 |
| Morgan Stanley | Gabriel Moreen | $25 | $24.38 | -26.4% | Oct 11, 2024 |
| Morgan Stanley | Neel Mitra | $27 | $23.72 | -20.5% | Oct 11, 2024 |
| RBC Capital | Elvira Scotto | $22 | $21.29 | -35.2% | Jul 30, 2024 |
| Morgan Stanley | Bill Selesky | $24 | $21.73 | -29.3% | Jul 19, 2024 |
| UBS | Brian Reynolds | $24 | $19.94 | -29.3% | Jun 12, 2024 |
| Wells Fargo | Michael Blum | $22 | $19.5 | -35.2% | Jun 4, 2024 |
| Morgan Stanley | Stewart Glickman | $22 | $19.4 | -35.2% | May 14, 2024 |
| Wells Fargo | Michael Blum | $18 | $18.21 | -47.0% | Apr 19, 2024 |
| Morgan Stanley | Linda Ezergailis | $21 | $18.24 | -38.2% | Apr 18, 2024 |
| Truist Financial | Neal Dingmann | $20 | $17.97 | -41.1% | Mar 25, 2024 |
| Goldman Sachs | John Mackay | $20 | $16.76 | -41.1% | Oct 10, 2023 |
| Citigroup | Spiro Dounis | $19 | $16.94 | -44.1% | Jul 10, 2023 |
| Barclays | Theresa Chen | $20 | $17.99 | -41.1% | Jul 31, 2022 |
| Truist Financial | Neal Dingmann | $22 | $18.2 | -35.2% | May 2, 2022 |
| Mizuho Securities | Gabriel Moreen | $22 | $19.15 | -35.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $20 | $19.84 | -41.1% | Apr 20, 2022 |
| Morgan Stanley | Devin McDermott | $19 | $17.2 | -44.1% | Jan 30, 2022 |
| Stifel Nicolaus | Selman Akyol | $19 | $16.79 | -44.1% | Aug 2, 2021 |
| TD Securities | Linda Ezergailis | $21 | $17.6 | -38.2% | Jul 6, 2021 |
| Piper Sandler | Pearce Hammond | $19 | $17.48 | -44.1% | Jun 17, 2021 |
| Goldman Sachs | Michael Lapides | $15 | $17.98 | -55.8% | Jun 13, 2021 |
| Credit Suisse | Spiro M. Dounis | $19 | $17.43 | -44.1% | May 27, 2021 |
| Citigroup | Timm Schneider | $17 | $15.98 | -50.0% | Apr 27, 2021 |
| Neuberger Berman | Mirek Zak | $17 | $15.98 | -50.0% | 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 |
|---|---|---|---|---|
| HAL Halliburton Company | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +1.8% | Halliburton Q3: International growth offsets weak North America frac |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- CCIFY2026 Q3 · October 21, 2026-2.5% EPS-3.1% move
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCPFY2026 Q3 · October 19, 2026-0.6% EPS0.0% move
Get the KMI recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-22T00:04:28.214421+00:00
- FN2 earnings calendar · 2026-10-21T01:23:14.182042+00:00
- Polygon adjusted daily market bars · 2026-10-22T01:20:41.389040+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T01:20:41.386209+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 2026-10-22. For educational purposes only; not investment advice.