Kinder Morgan 8-K
PositiveEarningsGuidance
LNG exports, power demand and industrial expansion drive project backlog to $14.4B, up $4.7B Q/Q, led by natural gas
Filed 2026-10-21 16:10 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results and 2026 outlook. KMI reported record quarterly results and raised its expansion project backlog to $14.4B, up $4.7B Q/Q, including a record $13.2B natural gas backlog; management cited LNG exports, power demand and industrial expansion as demand drivers. The board declared a Q3 dividend of $0.2975 per share ($1.19 annualized), up 2% Y/Y, payable 11/16/2026 to holders of record 11/2/2026.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $4.53B, +9% Y/Y | $13.8B, +11% Y/Y |
| Operating income | $1.16B, +9% Y/Y | $3.95B, +18% Y/Y |
| Net income attributable to KMI | $764M, +22% Y/Y | $2.61B, +27% Y/Y |
| Adjusted net income attributable to KMI, non-GAAP | $792M, +22% Y/Y | $2.68B, +32% Y/Y |
| Adjusted EBITDA, non-GAAP | $2.18B, +9% Y/Y | $6.92B, +13% Y/Y |
| EPS | $0.34, +21% Y/Y | $1.17, +27% Y/Y |
| Adjusted EPS, non-GAAP | $0.35, +21% Y/Y | $1.20, +32% Y/Y |
| Operating cash flow | $1.59B, +12% Y/Y | $5.04B, +19% Y/Y |
| Free cash flow | $545M, -12% Y/Y | $2.21B, +9% Y/Y |
- Natural gas transport volumes rose 3% Y/Y and gathering volumes 14%; Products Pipelines volumes fell, while a $138M legal, environmental and other accrual weighed on the segment. Terminals and CO2 segment earnings increased.
- Expansion projects advanced: the Southeast Connector (KMI share $3.1B; up to 2.6 Bcf/d) targets phased service beginning Q4 2030; Permian Link ($4.2B total, KMI share ≈$1.6B; ≈2.8 Bcf/d) targets Q3 2030. Both depend on permits and approvals. Creekside’s approximately $235M project is expected to provide over 750 million cubic feet per day of contracted capacity, with phases targeted for Q4 2026 and Q4 2027.
- 9M free cash flow after dividends was $226M. Quarter-end net debt was $32.2B and net debt-to-adjusted EBITDA was 3.5x, versus 3.8x at 12/31/2025. KMI issued $1.15B of 5.55% senior notes due 08/2036 and $600M of 6.15% senior notes due 08/2056; proceeds went to commercial paper, maturing debt and general corporate purposes.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted EBITDA, non-GAAP | FY2026 | More than 6% favorable to budget | $8.6B budget | — |
| Adjusted EPS, non-GAAP | FY2026 | More than 13% favorable to budget | $1.36 budget | — |
| Net debt-to-adjusted EBITDA | Year-end 2026 | 3.6x | 3.8x budget | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Net debt-to-adjusted EBITDA | Year-end 2026 | 3.6x | 3.6x | reaffirmed |
Investor Takeaways
- Permitting and construction progress on the Southeast Connector and Permian Link will be key to their targeted 2030 in-service dates.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 22:36:56Z