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Kinder Morgan
Kinder Morgan (KMI) investor relations material
Kinder Morgan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Delivered record results for Q4 and full year 2025, with net income up 17% and adjusted EBITDA up 6% year-over-year, exceeding prior year and budget expectations, driven by strong natural gas demand and asset performance.
Q4 net income was $996 million, up 49% from Q4 2024; adjusted net income was $866 million, up 22%.
EPS for 2025 was $1.37, up 17% year-over-year; adjusted EPS was $1.30, up 13%.
Project backlog increased to $10 billion, with over $900 million in new projects added and $265 million placed in service; 90% of backlog is natural gas projects and 60% support power generation.
S&P and Fitch upgraded credit ratings, reflecting a strengthened balance sheet and disciplined capital allocation; Moody’s maintains positive outlook.
Financial highlights
Q4 2025 revenues were $4.51 billion, up 13% from Q4 2024; full-year revenues reached $16.94 billion, up 12%.
Q4 Adjusted EBITDA was $2.27 billion, up 10% year-over-year; full-year adjusted EBITDA was $8.39 billion, up 6%.
Q4 EPS was $0.45, up 50%; adjusted EPS was $0.39, up 22%.
Declared a quarterly dividend of $0.2925 per share, annualized at $1.17, up 2% from 2024.
Cash flow from operations in Q4 was $1.7 billion, up 12%; free cash flow after capex was $0.9 billion, up 18%.
Outlook and guidance
2026 budgeted net income is $3.1 billion, flat year-over-year due to a 2025 asset sale gain; adjusted net income and adjusted EPS are both projected to rise 5%.
2026 adjusted EBITDA is forecast at $8.6 billion, up 2.5%; dividend expected to increase 2% to $1.19 per share.
CapEx guidance increased to at least $3 billion per year for the next few years, based on the $10 billion project backlog and additional opportunities.
Significant incremental project opportunities identified, especially in power generation and LNG feed gas markets.
Expect continued strong performance in 2026, with natural gas assets as the primary growth driver.
Why exclude CO2/G&P from backlog multiple
Rationale for EagleHawk non-operated interest sale
Impact of FERC schedule on major nat gas projects
CapEx increase to $3B: What's driving future growth?
Faster FERC: Does it accelerate project revenue?
Continental Bakken exit: KMI's financial impact?
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Next Kinder Morgan earnings date
Q1 202615 Apr, 2026
Kinder Morgan
Next Kinder Morgan earnings date
Q1 202615 Apr, 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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