Record Q3 With $14.4B Backlog and Guidance Running 13% Above Budget
KMI sits 33% above its 52-week low of $25.6.
Summary
Kinder Morgan posted record third-quarter results: revenue of $4.53 billion, net income of $764 million versus $628 million a year ago, Adjusted EBITDA of $2.18 billion (up 9%), and Adjusted EPS of $0.35 (up 21%), with GAAP EPS of 34 cents. The board raised the quarterly dividend 2% to $0.2975, or $1.19 annualized. The bigger story is the project backlog, which jumped $4.7 billion sequentially to $14.4 billion, including a record $13.2 billion of natural gas projects, as the company announced $5.4 billion of additions to its expansion project backlog. Management sanctioned two large pipelines — SNG's Southeast Connector (KMI share $3.1 billion) and NGPL's Permian Link (KMI share $1.6 billion) — each moving over 2.5 Bcf/d and backed by long-term take-or-pay contracts, with Permian Link serving an A-rated hyperscaler's power generation. Full-year 2026 guidance now looks more than 6% favorable to budget on Adjusted EBITDA and more than 13% favorable on Adjusted EPS, with year-end leverage of 3.6x versus the 3.8x budget, and the company sees FY Adjusted EPS of $1.36 and FY net income of $3.1 billion. This follows the record Q2 print in July that first raised the outlook; the stock is trading near its 52-week high, so the bar was already elevated.
At the time of this announcement, KMI was trading at $33.97 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.