Kinder Morgan, Inc. (KMI) SEC Filings & Earnings Calls
EquiReason read 21 Kinder Morgan, Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-10-23 — Kinder Morgan reported strong Q3 2026 results with 9% revenue growth, 22% net income growth, and 9.5% Adjusted EBITDA growth, driven by natural gas pipeline volumes and expansion p.
Source: SEC EDGAR filings · figures as of 2026-09-30 · read by EquiReason
- Market cap
- 76.7B
- P/E TTM
- 21.3
- Dividend yield
- 3.4%
- 52-week
- —
- Next earnings
- 19 Jan, in 87 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Oct 202610-QKinder Morgan reported strong Q3 2026 results with 9% revenue growth, 22% net income growth, and 9.5% Adjusted EBITDA growth, driven by natural gas pipeline volumes and expansion projects.earningsopen
Figures in the filing · each found in the filing text
| Revenues · Q3-2026 | $4.53B | +9% y/y |
| Net income attributable to Kinder Morgan, Inc. · Q3-2026 | $764M | +22% y/y |
| Adjusted EBITDA · Q3-2026 | $2.18B | +9% y/y |
| Adjusted EPS · Q3-2026 | $0.35 | +21% y/y |
| Natural gas transport volumes · Natural Gas Pipelines · Q3-2026 | $49273.00 | +3% y/y |
| Natural gas sales volumes · Natural Gas Pipelines · Q3-2026 | $4131.00 | +11% y/y |
| Total refined product volumes · Products Pipelines · Q3-2026 | $1596.00 | -3% y/y |
| Total delivery volumes · Products Pipelines · Q3-2026 | $2006.00 | -5% y/y |
| Liquids utilization % · Terminals · Q3-2026 | 92.6% | |
| Total oil production, net · CO2 · Q3-2026 | $27.07 | +8% y/y |
Guidance
Dividend expected $1.19 per share for 2026, +2% YoY; expansion capex expected $4.2B in 2026
Management reaffirmed 2026 dividend of $1.19/share (+2% YoY) and expects $4.2B in expansion capex, indicating confidence in demand and growth.
Risks flagged
Legal and environmental liabilities
“The $(151) million (96%) and $(136) million (29%) decreases, respectively, in West Coast Refined Products were driven by an increase in legal, environmental, and other expense accruals, which we treated as a Certain Item.” · word for word
Refined product volume decline
“Total delivery volumes (MBbl/d) │ 2,006 │ │ 2,123”
Commodity price exposure
“Our consolidated sales revenue will fluctuate with commodity prices and volumes” · word for word
21 Oct 20268-K · 2.02Record Q3 2026 results: net income $764M (+22% YoY), Adj. EBITDA $2.18B (+9%), EPS $0.34 (+21%). Backlog surged to $14.4B (+$4.7B QoQ) with largest natural gas project backlog in history. Dividend raised 2% to $0.2975/share. FY26 outlook faearningsopen
Figures in the filing · each found in the filing text
| Net income attributable to KMI · Q3-2026 | $764M | +22% y/y |
| Adjusted Net Income Attributable to KMI · Q3-2026 | $792M | +22% y/y |
| Adjusted EBITDA · Q3-2026 | $2.18B | +9% y/y |
| Earnings per share (EPS) · Q3-2026 | $0.34 | +21% y/y |
| Adjusted EPS · Q3-2026 | $0.35 | +21% y/y |
| Dividend per share · Q3-2026 | $0.30 | +2% y/y |
| Expansion project backlog · Q3-2026 | $14.40B | |
| Natural gas project backlog · Natural Gas Pipelines · Q3-2026 | $13.20B | |
| Net Debt-to-Adjusted EBITDA ratio · Q3-2026 | $3.50 | |
| Operating cash flow (YTD) · 9M-2026 | $5.00B |
Guidance
FY26 Adj. EBITDA >6% favorable to budget of $8.6B; FY26 Adj. EPS >13% favorable to budget of $1.36; FY26 Net Debt/Adj. EBITDA 3.6x vs budget 3.8x; FY26 declared dividends $1.19/share
KMI raised FY26 outlook: Adj. EBITDA >6% above budget, Adj. EPS >13% above budget, leverage improving to 3.6x. Record backlog of $14.4B supports strong future cash flows.
Risks flagged
Execution risk on large-scale pipeline projects (Southeast Connector, Permian Link) with regulatory and construction challenges.
“Each project is designed to transport over 2.5 Bcf/d of natural gas and will be among the largest natural gas pipeline projects to be constructed in decades.”
Commodity price exposure in CO2 EOR and gathering/processing segments, though excluded from stable backlog multiple calculation.
“In calculating backlog Project EBITDA multiples, we exclude both the capital and EBITDA from our CO2 enhanced oil recovery projects and our gathering and processing projects where first-full-year multiples are more favorable, but the earnings are more uneven.”
3 Aug 20268-K · 8.01Kinder Morgan entered underwriting agreement to sell $1.15B 5.550% Senior Notes due 2036 and $600M 6.150% Senior Notes due 2056; net proceeds for general corporate purposes.open
Figures in the filing · each found in the filing text
| 2036 Notes principal · 2026-07-28 | $1.15B | |
| 2056 Notes principal · 2026-07-28 | $600M |
Risks flagged
Debt issuance increases leverage; proceeds used for refinancing.
“Proceeds used for general corporate purposes, including repayment of commercial paper borrowings and refinancing upcoming debt maturities.”
24 Jul 202610-QKinder Morgan reported strong Q2 2026 results with revenue and earnings growth across all segments, driven by higher volumes and commodity prices.earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to Kinder Morgan, Inc. · Q2-2026 | $867M | +21% y/y |
| Revenue · Q2-2026 | $4.48B | +11% y/y |
| Adjusted EBITDA · Q2-2026 | $2.20B | +12% y/y |
| Natural Gas Pipelines Segment EBDA · Natural Gas Pipelines · Q2-2026 | $1.52B | +6% y/y |
| Products Pipelines Segment EBDA · Products Pipelines · Q2-2026 | $343M | +19% y/y |
| Terminals Segment EBDA · Terminals · Q2-2026 | $310M | +3% y/y |
| CO2 Segment EBDA · CO2 · Q2-2026 | $226M | +51% y/y |
| Natural gas transport volumes · Natural Gas Pipelines · Q2-2026 | 47,886 | +7% y/y |
| Total refined product volumes · Products Pipelines · Q2-2026 | 2,044 | -8% y/y |
| Realized weighted average oil price · CO2 · Q2-2026 | $73.78 | +9% y/y |
Guidance
Dividend of $1.19 per share for 2026; expansion capex of $4.1 billion for 2026
Management reaffirmed 2026 dividend and expansion capex guidance, indicating confidence in growth.
Risks flagged
Commodity Price Exposure
“Our consolidated sales revenue will fluctuate with commodity prices and volumes.” · word for word
Refined Product Volume Decline
“Total refined product volumes decreased to 2,044 MBbl/d from 2,213 MBbl/d in the prior year quarter.”
22 Jul 20268-K · 2.02Net income attributable to KMI $867M (+21% y/y); Adjusted EBITDA $2.20B (+12% y/y); Earnings per share $0.39 (+22% y/y); Guidance: Expecting >5% favorable to budget on Adjusted EBITDA and >12% on Adjusted EPSearningsopen
Figures in the filing · each found in the filing text
| Net income attributable to KMI · Q2-2026 | $867M | +21% y/y |
| Adjusted EBITDA · Q2-2026 | $2.20B | +12% y/y |
| Earnings per share · Q2-2026 | $0.39 | +22% y/y |
| Adjusted EPS · Q2-2026 | $0.37 | +32% y/y |
| Dividend per share · Q2-2026 | $0.30 | +2% y/y |
| Project backlog · Q2-2026 | $9.60B | |
| Net Debt-to-Adjusted EBITDA · Q2-2026 | $3.60 | |
| Free cash flow · Q2-2026 | $1.00B |
Guidance
Expecting >5% favorable to budget on Adjusted EBITDA and >12% on Adjusted EPS
Expecting to exceed budget on Adjusted EBITDA and Adjusted EPS for FY2026, driven by strong natural gas demand and project execution.
24 Apr 202610-QRevenues $4.83B (+14% y/y); Net income attributable to Kinder Morgan, Inc. $976M (+36% y/y); Adjusted EBITDA $2.54B (+18% y/y); Guidance: FY2026 dividend $1.19/share (+2% YoY); expansion capex $3.9B; total capital investments $4.945Bopen
Figures in the filing · each found in the filing text
| Revenues · Q1-2026 | $4.83B | +14% y/y |
| Net income attributable to Kinder Morgan, Inc. · Q1-2026 | $976M | +36% y/y |
| Adjusted EBITDA · Q1-2026 | $2.54B | +18% y/y |
| Natural Gas Pipelines Segment EBDA · Natural Gas Pipelines · Q1-2026 | $1.71B | +18% y/y |
| Products Pipelines Segment EBDA · Products Pipelines · Q1-2026 | $320M | +17% y/y |
| Terminals Segment EBDA · Terminals · Q1-2026 | $329M | +20% y/y |
| CO2 Segment EBDA · CO2 · Q1-2026 | $168M | -7% y/y |
| Total capital investments · Q1-2026 | $1.04B | |
| Dividend per share · FY2026 | $1.19 | +2% y/y |
Guidance
FY2026 dividend $1.19/share (+2% YoY); expansion capex $3.9B; total capital investments $4.945B
Management reaffirmed strong demand trends, raised dividend, and outlined significant expansion capex plans.
Risks flagged
Commodity price exposure in CO2 segment
“The $24 million (21%) decrease in Oil and Gas Producing activities was driven by non-cash mark-to-market sales derivative hedge contracts, which decreased revenues.” · word for word
Customer concentration in Terminals
“The $43 million (27%) increase in Liquids was driven by (i) the recognition of payments to be received in connection with the early termination of certain storage agreements in 2026 related to and partially offset by the effects of a customer’s closure of its Houston refinery in 2025.” · word for word
Interest rate exposure
“Interest, net decreased $21 million in 2026 compared to 2025. The decrease was primarily due to lower interest rates associated with our fixed-to-variable interest rate swap agreements and lower average short-term debt balances.”
22 Apr 20268-K · 2.02, 5.02Net income attributable to KMI $976M (+36% y/y); Adjusted Net Income Attributable to KMI $1.06B (+39% y/y); Adjusted EBITDA $2.54B (+18% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to KMI · Q1-2026 | $976M | +36% y/y |
| Adjusted Net Income Attributable to KMI · Q1-2026 | $1.06B | +39% y/y |
| Adjusted EBITDA · Q1-2026 | $2.54B | +18% y/y |
| Earnings per share · Q1-2026 | $0.44 | +38% y/y |
| Adjusted EPS · Q1-2026 | $0.48 | +41% y/y |
| Free cash flow after capital expenditures · Q1-2026 | $700M | +73% y/y |
| Dividend per share · Q1-2026 | $0.30 | +2% y/y |
| Project backlog · Q1-2026 | $10.10B | |
| Net Debt-to-Adjusted EBITDA ratio · Q1-2026 | $3.60 |
Risks flagged
Geopolitical volatility could impact commodity prices and demand
“geopolitical landscape became even more turbulent this quarter, with conflict in the Middle East joining the ongoing war in Ukraine” · word for word
2 Apr 2026DEF 14AKinder Morgan filed its definitive proxy statement for the 2026 annual meeting, disclosing executive compensation, governance practices, and shareholder voting items.open
Figures in the filing · each found in the filing text
| DCF per share · FY2025 | $2.42 | +11% y/y |
| Net Debt-to-Adjusted EBITDA · FY2025 | $3.80 | |
| Net income attributable to KMI · FY2025 | $3.06B | +17% y/y |
| DCF · FY2025 | $5.41B | +11% y/y |
| Sustaining capital expenditures · FY2025 | $937M | -5% y/y |
| DD&A · FY2025 | $2.45B | +4% y/y |
| Weighted average shares outstanding for dividends · FY2025 | 2,236,000,000 | +0% y/y |
| Total debt · FY2025 | $32.00B | |
| Cash and cash equivalents · FY2025 | $63M |
13 Feb 202610-KRisks named: Commodity Price Exposure, Regulatory Risk, Project Execution Riskopen
Risks flagged
Commodity Price Exposure
“changes in commodity prices, including prices for crude oil, natural gas, and NGL, and prices for environmental attributes such as RINs, and our ability to use hedging arrangements to reduce our direct exposure to such price changes;” · word for word
Regulatory Risk
“changes in laws or regulations, third-party relations and approvals, and decisions of courts, regulators, and governmental bodies that may increase our compliance costs, restrict our ability to provide or reduce demand for our services, or otherwise adversely affect our business;” · word for word
Project Execution Risk
“cost overruns, delays, stoppages, or other issues adversely impacting expansion projects;” · word for word
21 Jan 20268-K · 2.02Net income attributable to KMI $996M (+49% y/y); Adjusted EBITDA $2.27B (+10% y/y); Earnings per share (EPS) $0.45 (+50% y/y); Guidance: 2026 Adj. EBITDA $8.6B, up 2.5% vs 2025; Adj. EPS $1.36, up 5%earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to KMI · Q4-2025 | $996M | +49% y/y |
| Adjusted EBITDA · Q4-2025 | $2.27B | +10% y/y |
| Earnings per share (EPS) · Q4-2025 | $0.45 | +50% y/y |
| Adjusted EPS · Q4-2025 | $0.39 | +22% y/y |
| Dividend per share · Q4-2025 | $0.29 | +2% y/y |
| Backlog · Q4-2025 | $10.00B | |
| Free cash flow after capex · Q4-2025 | $900M | +18% y/y |
| Net Debt-to-Adjusted EBITDA ratio · Q4-2025 | $3.80 | |
| Natural gas transport volumes · Natural Gas Pipelines · Q4-2025 | 9.0% |
Guidance
2026 Adj. EBITDA $8.6B, up 2.5% vs 2025; Adj. EPS $1.36, up 5%
2026 guidance raised with record backlog, strong demand for natural gas and power generation.
Risks flagged
Exposure to LNG export demand and power generation growth; regulatory and geopolitical risks.
“War in Ukraine, LNG export leadership, and data center power demand.”
24 Oct 202510-QKinder Morgan reported Q3 2025 results with total revenue of $4.146B, net income of $628M, and operating cash flow of $4.225B for the first nine months.earningsopen
Figures in the filing · each found in the filing text
| Total Revenues · Q3-2025 | $4.15B | +12% y/y |
| Net Income Attributable to KMI · Q3-2025 | $628M | +1% y/y |
| Dividend Per Share · Q3-2025 | $0.29 | +2% y/y |
| Capital Expenditures · 9M-2025 | $2.21B | +19% y/y |
| Operating Cash Flow · 9M-2025 | $4.22B | +2% y/y |
| Backlog · 2025-09-30 | $35.67B |
Risks flagged
Commodity price exposure
“Certain of our business activities expose us to risks associated with unfavorable changes in the market price of natural gas, NGL, and crude oil.” · word for word
Interest rate risk
“We also have exposure to interest rate and foreign currency risk as a result of the issuance of our debt obligations.” · word for word
Goodwill impairment risk
“Such potential non-cash impairments could have a significant effect on our results of operations.” · word for word
Kinder Morgan, Inc. — questions
- What did Kinder Morgan, Inc. file recently?
- 21 SEC filings in the last 12 months. Latest: 10-Q on 2026-10-23 — Kinder Morgan reported strong Q3 2026 results with 9% revenue growth, 22% net income growth, and 9.5% Adjusted EBITDA growth, driven by natural gas pipeline volumes and expansion projects.
Every figure on this page comes from Kinder Morgan, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.