Kinder Morgan (2KD) Q3 2026 Earnings Report
CH:2KD Q3 2026 EPS Results
- Actual EPS
- CHF 0.29
- Consensus EPS
- CHF 0.26
- Beat/Miss
- Beat by +CHF 0.02
- One Year Ago EPS
- CHF 0.24
CH:2KD Q3 2026 Revenue Results
- Actual Revenue
- CHF 3.79B
- Expected Revenue
- CHF 3.61B
- Beat/Miss
- Beat by +CHF 180.76M
- YoY Revenue Growth
- +11.40%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- After Close
- Conference Call
- Wednesday, October 21, 2026
CH:2KD Upcoming Earnings
Kinder Morgan's next earnings date is estimated for January 20, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
CH:2KD Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Kinder Morgan reported broad-based earnings growth, record results, substantial backlog expansion, improved leverage, high asset utilization, and strong long-term natural gas demand. The main cautions were that some 2026 outperformance may not recur, certain products and CO2 volumes declined, RNG operations have experienced difficulties, and project-driven growth will be uneven across years.
Company Guidance
For the full year, KMI expects adjusted EPS growth to exceed budget by more than 13% and EBITDA to exceed budget by more than 6%, with year-end leverage of 3.6 times versus a budget of 3.8 times; annual cash flow available to fund expansion CapEx is roughly $3 billion, run rate CapEx is expected to be around $4 billion-ish for the next few years, and the $14.4 billion backlog at a 5.7x multiple is expected to provide $2.5 billion of additional EBITDA. Trident is on time and on budget and should be delivered in February of next year, Western Gateway is expected to reach in-service in 2029, Permian Link comes online in 2030, and Southeast Connector comes on in 2030, 2031, and 2032; the company said there are no concerns about its ability to grow long term over the next 3 to 5 years, although growth is not going to be even every single year, and 2027 guidance will not be provided for right now.
- Strong Third-Quarter Financial PerformanceKinder Morgan reported record third-quarter net income attributable to KMI of $764 million and EPS of $0.24, increases of 22% and 21%, respectively, from the third quarter of 2025. Adjusted EPS increased 21% to $0.35, while adjusted EBITDA grew 9% to $2.18 billion. All four business segments delivered higher adjusted earnings year-over-year.
- Full-Year Outlook Above BudgetManagement expects full-year adjusted EPS to exceed budget by more than 13% and adjusted EBITDA to exceed budget by more than 6%, representing more than $515 million of additional EBITDA versus budget. Third-quarter EPS was 15% above budget and adjusted EBITDA was 6% above budget.
- Strong Year-to-Date GrowthYear to date versus 2025, EBITDA has grown 13% and adjusted EPS has increased 32%. Management said first-half performance also reflected similar outperformance.
- Record Project Backlog ExpansionThe project backlog increased from $9.6 billion to $14.4 billion during the quarter, including $5.4 billion of new projects and $700 million of projects placed into service. The backlog multiple remains attractive at 5.7x and is expected to generate approximately $2.5 billion of additional EBITDA when completed.
- Strategic Southeast Connector and Permian Link ProjectsSoutheast Connector and Permian Link were added to the backlog, with Kinder Morgan's share totaling approximately $4.7 billion. Both projects are supported by at least 20-year take-or-pay contracts with creditworthy shippers; Southeast Connector is contracted with investment-grade utilities and Permian Link with an A-rated hyperscaler.
- Large Natural Gas Growth OpportunitiesSoutheast Connector is designed to deliver approximately 2.6 Bcf per day into a region where large-load interconnection requests exceed 200 gigawatts, potentially representing roughly 8 Bcf per day of natural gas demand if all requests came to fruition and were served by gas-fired generation. Permian Link is designed to move 2.8 Bcf per day of Permian natural gas toward growing power demand in the Texas Panhandle.
- Extended Visible Growth RunwayThe addition of Southeast Connector and Permian Link extends the period of approved, contract-backed cash flow growth, with the projects entering service between 2030 and 2032. Management stated that Southeast Connector is expected to come online over 2030, 2031, and 2032, while Permian Link is expected online in 2030.
- Strong Balance Sheet and Funding FlexibilityNet debt to adjusted EBITDA ended the quarter at approximately 3.5x, down from 3.8x at the beginning of the year and at the low end of the targeted range. Kinder Morgan generated approximately $3 billion of annual cash flow available to fund expansion CapEx and expects to end 2026 at 3.6x leverage versus a budget of 3.8x.
- Significant Natural Gas Network ScaleKinder Morgan delivers about 40% of all natural gas in America, approximately 40% of LNG feed gas, more than 50% of gas exports to Mexico, and about 45% of power demand across the South. Its network connects almost every producing basin with the great majority of demand locations in the country.
- Natural Gas Volume GrowthNatural gas transport volumes increased 3% in the quarter versus the third quarter of 2025, primarily due to higher LNG feed gas deliveries on Tennessee Gas Pipeline and incremental demand on the intrastate system. Natural gas gathering volumes increased 14%, led by a 40% increase on the KinderHawk system in the Haynesville.
- Record Houston Ship Channel Export ActivityThe Houston Ship Channel export terminals moved 427,000 barrels per day across 11 docks in the third quarter, an increase of 39% from the third quarter of 2025 and an all-time record. Management attributed the benefit to the worldwide shortage of refined product supplies and associated price dislocations.
- Strong Demand and Contracting ActivityManagement said demand for gas on its pipes remains high, systems remain highly utilized, and customers continue to engage despite market volatility. The non-binding open season for the 219 South project attracted more than 2 Bcf per day of interest, and management estimated the project could require approximately $1.5 billion of CapEx in its initial form.
- Potential Upside to Southeast ConnectorManagement said Southeast Connector could potentially be scaled to 3.5 Bcf per day as additional customer commitments are secured. The company currently has enough signed commitments to proceed with the project, while additional customers are being evaluated for potential later additions.
- Healthy Natural Gas Demand OutlookShell projects global LNG demand will reach nearly 750 million tons per year by 2050, an increase of 65% from 2025. NERC projects North American peak electricity demand will grow by 225 to 245 gigawatts by 2035, while Wood Mackenzie projects North American natural gas demand will increase by approximately 46 Bcf per day by 2035, driven primarily by LNG exports and power generation.
- Products Pipeline Project MilestoneKinder Morgan and its partners reached a final investment decision on the Western Gateway project. Kinder Morgan's total cash investment is $300 million, including a $250 million contribution to the joint venture and a $50 million investment in non-contributed assets. The project is expected to enter service in 2029 and is intended to change how clean products are delivered to the desert Southwest and Southern California.
- High Terminals Utilization and Contract CoverageLiquids lease capacity remained almost 93%, while utilization of available tanks at key hubs on the Houston Ship Channel and in Carteret, New Jersey, was just under 96%. Assuming likely options are exercised, the tanker fleet is expected to be 100% leased through the rest of 2026, 97% leased through 2027, and 80% leased through 2028, with average firm contract commitments of almost three years.
- Growth in CO2, NGL, and RNG VolumesNet oil production volumes in the CO2 segment increased 8% year-over-year, led by an 11% increase at SACROC. NGL volumes increased 9%, while RNG volumes increased 18% as improved operations drove greater uptime and hydrocarbon recovery.
- Dividend IncreaseKinder Morgan declared a quarterly dividend of $0.2975 per share, or $1.19 per share annualized, representing a 2% increase over 2025.
- Trident Progressing on ScheduleManagement said the Trident project is on time and on budget and should be delivered in February 2027. The project is intended to serve developing power and industrial demand corridors and support connectivity across the Texas and Louisiana Gulf Coast.
- Permitting ConfidenceManagement said it is comfortable completing the planned projects under the current permitting regime and noted that MSX and South System 4 received FERC permits within a year, described as the fastest timing in recent periods for permits of that size. Management also expressed support for the permitting bill in Congress.
- Future Capital Deployment and Backlog PotentialManagement expects run-rate CapEx to be approximately $4 billion for the next few years. It also said substantial shadow backlog remains and that new projects could create additional bottlenecks and expansion opportunities, with meaningful additions to the formal backlog expected over time.
- Demand-Pull Project StrategyManagement said currently sanctioned projects are generally demand-pull projects, which it prefers because demand is expected to remain in place for decades. The company has not seen significant customer pushback from higher materials costs and has maintained its return thresholds.
- Flexible Funding for Joint VenturesManagement said the Southeast Connector and Permian Link joint ventures can use their cash flows and incremental debt to fund portions of construction while maintaining existing ratings. Kinder Morgan also stated it has the balance-sheet flexibility to fund 100% of the CapEx if needed.
- Long-Term Expansion Opportunities Across Multiple MarketsManagement cited ongoing opportunities in Florida, Arizona, Mexico, the western United States, the Gulf Coast, and additional power and LNG corridors. It said Florida demand remains strong, western power demand and coal-plant conversions present opportunities, and multiple producing basins—including Haynesville, Permian, and Marcellus—will be needed to support projected demand growth.
CH:2KD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 20, 2027 | 2026 (Q4) | 0.32- | 0.32 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 0.260.29 | 0.24 | 20.69% (+0.05) | |
| Jul 22, 2026 | 2026 (Q2) | 0.260.31 | 0.23 | 32.14% (+0.07) | |
| Apr 22, 2026 | 2026 (Q1) | 0.330.40 | 0.28 | 41.18% (+0.12) | |
| Jan 21, 2026 | 2025 (Q4) | 0.300.32 | 0.26 | 21.88% (+0.06) | |
| Oct 22, 2025 | 2025 (Q3) | 0.240.24 | 0.21 | 16.00% (+0.03) | |
| Jul 16, 2025 | 2025 (Q2) | 0.230.23 | 0.21 | 12.00% (+0.02) | |
| Apr 16, 2025 | 2025 (Q1) | 0.290.28 | 0.28 | 0.00% (+0.00) | |
| Jan 22, 2025 | 2024 (Q4) | 0.280.26 | 0.23 | 14.29% (+0.03) | |
| Oct 16, 2024 | 2024 (Q3) | 0.220.21 | 0.21 | 0.00% (+0.00) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
