Kinder Morgan Posts Record Q3, Lifts Backlog to $14.4B With Two New Gas Mega-Projects
KMI sits 35% above its 52-week low of $25.6.
Summary
Kinder Morgan reported record Q3 2026 results — net income of $764 million, Adjusted EPS up 21% — and added $5.4 billion of projects to a $14.4 billion backlog, including the largest natural gas project book in its history. Full-year Adjusted EPS is now tracking more than 13% above budget.
Key Events · Earnings and Guidance · KMI
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Record Q3 Results Beat Prior Year
Net income attributable to KMI of $764 million versus $628 million a year ago; Adjusted EBITDA $2.18 billion (+9%) and Adjusted EPS $0.35 (+21%). Revenue was $4.53 billion.
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Backlog Jumps $4.7B to $14.4B
$5.4 billion of additions net of $700 million placed in service, with $13.2 billion in natural gas — the largest gas project backlog in company history. Over 75% supports power generation and local distribution demand.
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Two Gas Mega-Projects Sanctioned
SNG Southeast Connector (2.6 Bcf/d, ~470 miles, KMI share ~$3.1B, in service phased from Q4 2030) and NGPL Permian Link (~$4.2B total, KMI share ~$1.6B, 2.8 Bcf/d, serving an A-rated hyperscaler, in service Q3 2030), both backed by long-term take-or-pay contracts.
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Guidance Tracking Well Above Budget
2026 Adjusted EBITDA expected more than 6% favorable and Adjusted EPS more than 13% favorable to budget; year-end Net Debt-to-Adjusted EBITDA guided to 3.6x versus 3.8x budgeted, against 3.5x at quarter-end.
Analysis · KMI · Energy & Transportation
Kinder Morgan beat its own plan by a wide margin and, more importantly, converted demand into sanctioned steel. Adjusted EBITDA of $2.18 billion was up 9% and Adjusted EPS of $0.35 up 21% year over year, and management now expects full-year Adjusted EBITDA more than 6% and Adjusted EPS more than 13% above budget. The backlog grew $4.7 billion in a single quarter to $14.4 billion, with $13.2 billion of that in natural gas — the largest such book in company history. Two projects drive it: the $3.1 billion KMI-share Southeast Connector moving Marcellus/Utica supply into the Southeast, and the $1.6 billion KMI-share Permian Link contracted to an A-rated hyperscaler's power generation. Both are long-term take-or-pay, which is what makes the growth fundable rather than speculative. Leverage at 3.5x sits at the low end of target and is guided to 3.6x at year-end, so this capex wave is being absorbed without balance-sheet strain. The offset: $138 million of legal and environmental accruals hit the Products Pipelines segment, and refined products volumes fell 3% with crude and condensate down 11%.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 36.9% of the 1029 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.77%. 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 $34.63 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $75.6B. The 52-week trading range was $25.60 to $34.81. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.