Kinder Morgan 10-Q Details Record Q3: $764M Net Income, $138M Legal Charge, Pension Appeal
KMI sits 35% above its 52-week low of $25.6.
Summary
Kinder Morgan's Q3 10-Q confirms record results already announced October 21, but adds a $138 million legal/environmental charge and a court-ordered pension benefit reform now under appeal.
Key Events · Earnings and Guidance · KMI
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Record Q3 Earnings Confirmed in Full Filing
Net income attributable to KMI was $764 million ($0.34 per share) versus $628 million a year earlier; nine-month net income reached $2,607 million ($1.17 per share) versus $2,060 million.
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$138 Million Legal Charge Hits Products Pipelines
A $138 million legal, environmental and other accrual cut West Coast Refined Products segment EBDA to $7 million from $158 million, a 96% decline for the quarter.
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Pension Litigation Loss Under Appeal
On August 10, 2026 the district court ordered the legacy pension benefit formula reformed for Claims III, IV and V; plaintiffs sought relief estimated in excess of $150 million, and Kinder Morgan filed a notice of appeal to the 5th Circuit plus a motion to stay.
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Cash Flow Strong, Debt Rises After Notes
Nine-month operating cash flow was $5,041 million versus $4,225 million, funding $2,831 million of capex and $1,984 million of dividends; total debt rose to $33,171 million from $31,823 million at December 31, 2025.
Analysis · KMI · Energy & Transportation
The headline numbers were already out on October 21, but the full 10-Q carries the detail that matters: a $138 million legal and environmental accrual that cut Products Pipelines West Coast EBDA by 96% in the quarter, and a court order forcing Kinder Morgan to reform a legacy pension benefit formula, which the company is appealing to the 5th Circuit. Nine-month operating cash flow of $5,041 million comfortably covers $1,984 million of dividends and $2,831 million of capex, and total debt rose to $33,171 million from $31,823 million at year-end after the August note issuance. The quarter's earnings power is intact; the open question is how much the pension and environmental matters ultimately cost.
How filings like this one have moved
In the 30 days to Oct 24, 2026, 29.5% of the 1521 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.14%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, KMI was trading at $34.53 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $76.7B. The 52-week trading range was $25.60 to $34.81. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.