$KMI · KINDER MORGAN, INC.
Kinder Morgan filed an 8-K with its Q3 2026 earnings press release. Net income attributable to KMI hit a record $764M ($0.34 EPS), up 22% from $628M in Q3 2025. Adjusted EPS was $0.35, up 21% YoY, and Adjusted EBITDA reached $2.18B, up 9%. The expansion project backlog jumped $4.7B sequentially to $14.4B, including two mega natural gas pipeline projects: the $3.1B Southeast Connector and the $1.6B (KMI share) Permian Link. KMI raised its full-year outlook, now expecting Adjusted EBITDA >6% above budget and Adjusted EPS >13% above budget.
- Q3 net income attributable to KMI of $764M, up 22% from $628M in Q3 2025.
- Adjusted EPS of $0.35, up 21% YoY; Adjusted EBITDA of $2.18B, up 9% YoY.
- Expansion project backlog surged to $14.4B, up $4.7B from Q2 2026, the largest in company history.
- Natural gas transport volumes up 3% YoY; gathering volumes up 14% YoY.
- 2026 outlook: Adjusted EBITDA expected >6% above budget; Adjusted EPS >13% above budget.
Extended-hours trading shows KMI at $35.00, up +3.03% vs the regular-session close of $33.97, reflecting a positive initial reaction to the record results and massive backlog expansion.
KMI delivered a rare combination: record quarterly earnings, a guidance raise, and a $5.4B net backlog addition driven by structural demand from LNG exports and hyperscaler power needs.
KMI's $13.2B natural gas backlog capitalizes on surging LNG exports, power demand from hyperscalers, and industrial expansion — the same macro tailwinds driving infrastructure investment across the midstream sector.
Project in-service dates depend on timely receipt of permits and regulatory approvals; the $14.4B backlog carries execution risk across multiple large-scale infrastructure projects. Commodity price exposure in Products Pipelines and CO2 segments adds earnings variability.
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