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Kinder Morgan (KMI) investor relations material
Kinder Morgan Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 revenue was $4.15 billion, up 12% year-over-year, with net income attributable to shareholders of $628 million and EPS of $0.28, both flat year-over-year; adjusted net income rose 16% to $648 million and adjusted EBITDA increased 6% to $1.99 billion.
Outperformance was driven by the Outrigger Energy acquisition and robust natural gas segment results, offset by weaker D3 RIN prices and lower RNG volumes.
Cash flow from operations for the first nine months was $4.23 billion, with free cash flow after capital expenditures up 5% year-over-year.
Dividend for Q3 2025 was $0.2925 per share, a 2% increase over Q3 2024.
The company expects to exceed its full-year budget, with a strong outlook for continued growth in natural gas demand, especially from LNG exports and power generation.
Financial highlights
Adjusted net income and adjusted EPS grew 16% year-over-year, excluding prior year one-time items; adjusted EPS for Q3 2025 was $0.29.
Quarterly dividend declared at $0.2925 per share, up 2% from 2024.
Cash flow from operations year-to-date was $4.225 billion; net debt increased by $544 million, mainly due to capital spending and the Outrigger acquisition.
Net debt as of September 30, 2025, was $32.58 billion; net debt-to-adjusted EBITDA ratio ended the quarter at 3.9x.
Operating costs and expenses rose 16% for the nine-month period, mainly due to higher natural gas costs.
Outlook and guidance
Expectation to exceed the 2025 budget, with adjusted EBITDA and EPS growth above the original 4% and 10% targets, respectively; 2025 net income is budgeted at $2.8 billion, up 8% from 2024.
2025 adjusted EBITDA is budgeted at $8.3 billion, up 4% from 2024; adjusted EPS projected at $1.27, up 10%.
Dividend for 2025 expected to be $1.17 per share, a 2% increase over 2024.
Double-digit earnings growth anticipated for the full year, supported by new high-return projects and tax reform benefits.
2026 growth outlook includes tailwinds from expansion projects, contract escalators, and lower interest rates, with some headwinds from potential CO2 and oil volume declines.
KMI's strategy for LNG and power generation growth?
Explain the 5.7x Project EBITDA multiple.
Detail the expected cash tax liability reductions.
AI data center impact on KMI gas demand?
Drivers of the $10B+ project opportunity set?
Western Gateway's market position and outlook?
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Next Kinder Morgan earnings date
Q4 202522 Jan, 2026
Next Kinder Morgan earnings date
Q4 202522 Jan, 2026
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Frequently asked questions
Oil and Gas Pipelines
Kinder Morgan is an American energy infrastructure company that specializes in the transportation and storage of natural gas, gasoline, crude oil, CO2, and other products. The company's pipelines transport natural gas, refined petroleum products, and crude oil, making it a key player in the US’s energy supply chain. Besides transportation, the company also owns and operates several storage facilities across the country. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
Private - Public - Private - Public
Kinder Morgan was established in February 1997 by a group of investors. It was formed by the acquisition and merger of a group of pipelines and terminals originally owned by Enron Liquids Pipeline, L.P. The company's founders, Richard Kinder and William Morgan, were former executives at Enron. They aimed to create a different kind of energy company focused on pipeline transportation and storage. Over the years, Kinder Morgan expanded significantly through numerous acquisitions, consolidating various smaller energy infrastructure entities. The company was acquired and taken private in a leveraged buyout by various outside investors, including Goldman Sachs. The company went public again in 2011.
Transportation
Kinder Morgan's transportation business is a critical aspect of its operations, primarily focusing on the movement of natural gas, crude oil, gasoline, and carbon dioxide. The company owns an extensive network of pipelines, making it one of the largest pipeline operators in North America. This network facilitates the efficient and safe transportation of energy products across vast distances. Kinder Morgan's pipelines are integral to connecting energy-producing areas with consumption markets, and the infrastructure is vital for the energy sector. Two examples of public companies offering similar services are Energy Transfer and Plains All American.
Storage
Kinder Morgan's storage operations are a significant component of its business model, providing essential services in the energy sector. The company operates a diverse network of storage facilities, which include large-scale tanks and underground storage systems. These facilities are strategically located to support the energy supply chain, offering storage solutions for the same type of products that it offers transportation services for.
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