EarningsQ2 2026 Earnings Report
MX:KMI Q2 2026 EPS Results
Actual EPS$6.70
Consensus EPS$5.81
Beat/MissBeat by +$0.89
One Year Ago EPS$5.07
MX:KMI Q2 2026 Revenue Results
Actual Revenue$81.48B
Expected Revenue$76.44B
Beat/MissBeat by +$5.04B
YoY Revenue Growth+12.04%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:KMI Upcoming Earnings
Kinder Morgan's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:KMI Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported a record quarter with strong YoY growth in adjusted EBITDA and adjusted EPS, raised full-year guidance, maintained a healthy dividend, and highlighted a large pipeline of growth opportunities (shadow backlog >$10B) with major expansion projects progressing on time and on budget. Key concerns were manageable: a modest reported backlog decline (largely due to projects placed in service), localized volume softness in products pipelines (partly related to Double H conversion), partner/contract timing for some large projects (e.g., Western Gateway) and typical commodity and supply-chain uncertainties that could affect near-term visibility. Overall, the positives materially outweigh the listed challenges.Company Guidance
Record Quarterly Financial Performance
Q2 2026 adjusted EBITDA grew 12% year-over-year and adjusted EPS increased 32% year-over-year. Net income attributable to KMI was $867 million (up 21% YoY) and GAAP EPS was $0.39 (up 22% YoY). Year-to-date EBITDA is up 15% and adjusted EPS is up 35% versus 2025. Management also noted EPS was >24% above internal budget and adjusted EBITDA was >9% above budget for the quarter.
Raised Full-Year Guidance
Company increased guidance, expecting full-year adjusted EBITDA to be at least 5% above its 2026 budget and adjusted EPS to be at least 12% above original budget, representing more than $430 million of additional EBITDA contribution.
Strong Dividend and Capital Allocation
Declared quarterly dividend of $0.2975 per share (annualized $1.19), a 2% increase versus 2025, while signaling ability to fund growth from internally generated cash and maintain disciplined capital allocation.
Robust Backlog and Project Opportunities
Backlog remained large: shadow/opportunity set exceeds $10 billion. Backlog moved from ~$10.1B to ~$9.6B after placing >$650M projects in service; Board contingently approved nearly $400M of projects pending contracts, and management expects to add significant projects in H2 2026, likely offsetting ~ $1B of projects coming into service.
Natural Gas Demand and Volume Growth
Transport volumes +7% YoY and gathering volumes +26% YoY (KinderHawk up 54%). Haynesville volumes were up >50% (avg ~1.9 Bcf/d in the quarter and peaked >2 Bcf/d) and company is adding ~1 Bcf/d of processing/treating capacity (~$500M project) to meet demand.
Key Expansion Projects Progressing On Time and On Budget
Mississippi Crossing, South System Expansion 4 and Trident are progressing on schedule and on budget; Trident approximately 60% complete. Mississippi Crossing and South System 4 received final FERC EIS in June and expect FERC certificates imminently.
Terminals and Tanker Fleet Strength
Terminals liquids lease capacity at 93% and tank utilization ~99% at key hubs. Tanker fleet contracted at ~100% through 2026, 97% through 2027 and 80% through 2028 with opportunistic higher market rates and multi-year average firm commitments.
Healthy Balance Sheet Flexibility
Net debt to adjusted EBITDA ended Q2 at ~3.6x (down from 3.8x YTD and below budgeted 3.8x). Cash flow from operations YTD was $3.45B, supporting $1.315B dividends, ~$1.92B total capital, and a $500M acquisition (Monument). Management highlighted capacity to finance incremental CapEx while remaining within leverage targets (noting ~$850M capacity per 0.1x leverage).
MX:KMI Earnings History
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