Kinder Morgan Posts Record Q2 EBITDA of USD 2.20 Billion, Lifts FY2026 Guidance

Kinder Morgan Inc. reported adjusted earnings of USD 0.37 per share for the second quarter, above the analyst estimate of USD 0.32 and up from USD 0.28 a year earlier, and raised its full-year outlook above budget. The Houston, Texas company filed its 8-K on July 22, 2026.

Revenue reached USD 4.48 billion against a consensus of USD 4.2 billion, an 11% increase from USD 4.04 billion in the second quarter of 2025. MarketScreener put quarterly revenue at USD 4.47 billion versus analyst expectations of USD 4.23 billion. Shares rose 0.4% in after-hours trading following the release.

Adjusted EBITDA of USD 2.20 billion set a second-quarter record, up 12% year on year from USD 1.97 billion. Adjusted gross operating margin came in at USD 2.2 billion against estimates of USD 2.05 billion. Net income attributable to Kinder Morgan was USD 867 million, a 21% rise from USD 715 million. Adjusted net income attributable to the company climbed 33% to USD 821 million.

"Strong financial contributions from our business segments drove a record second quarter," said Chief Executive Kim Dang. Dang said adjusted EPS and adjusted EBITDA were up 32% and 12% respectively against the same quarter of 2025.

Gas throughput carried the quarter. Natural gas transport volumes rose 7% from the second quarter of 2025, driven by LNG feedgas deliveries, higher demand on the Texas Intrastate system, and increased exports to Mexico. Gathering volumes jumped 26% year on year. The company moved roughly 47,886 billion British thermal units of natural gas per day, up from 44,818 billion Btu per day a year earlier.

Liquids ran the other way. Total delivery volumes, which include refined products such as jet fuel and diesel, fell to 2.044 million barrels per day from 2.213 million barrels per day a year ago.

For fiscal year 2026, Kinder Morgan now expects to exceed its budget by more than 5% on adjusted EBITDA and by more than 12% on adjusted EPS. The company projects a year-end net debt to adjusted EBITDA ratio of 3.6 times, an improvement on the budgeted 3.8 times.

About USD 660 million of expansion projects entered service during the quarter, including the Cumberland Project on the Tennessee Gas Pipeline and the Gulf Coast Express expansion. Kinder Morgan said the Gulf Coast Express expansion filled quickly after start-up, reflecting demand for gas takeaway out of the Permian Basin. On the earnings call, the company said it expects to place USD 1 billion of projects in service in the second half of 2026.

The project backlog stood at USD 9.6 billion at the June 30 quarter end, down USD 500 million from the prior quarter, and is dominated by natural gas work. Executive Chairman Richard D. Kinder tied growth in LNG exports and power demand to the long-term value of the company's existing assets and to further investment opportunity.

The declared dividend rose 2% to USD 0.2975 from USD 0.2925 in the second quarter of 2025.

GuruFocus reported EPS of USD 0.39 against the analyst estimate of USD 0.32, 22% higher than the same quarter last year. Its GF Value for the stock is USD 28.77, implying the shares are about 12.7% overvalued at a price of USD 32.435. GuruFocus assigns Kinder Morgan a GF Score of 77 out of 100, rated Above Average on overall financial health and performance, with a Financial Strength rank of 4 out of 10, a Profitability Rank of 7 out of 10, a Growth Rank of 5 out of 10, and one-star predictability. Insiders sold USD 0.7 million of stock over the last three months, which GuruFocus flagged as a possible signal of caution.

Since the results, the company has added to its liquids pipeline commitments. On August 11, Phillips 66, Kinder Morgan and HF Sinclair finalized a USD 5 billion agreement to build the Western Gateway crude pipeline. Kinder Morgan stock traded at USD 31.40 on the NYSE on September 4, 2026, down 0.63%, for a market capitalization of USD 69.92 billion.