Kinder Morgan (KMI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with net income of $867 million, up 21% year-over-year, and adjusted EBITDA of $2.20 billion, up 12%, exceeding prior year and budget expectations.

• Adjusted EPS rose 32% to $0.37, and EPS increased 22% to $0.39 year-over-year.

• All business segments contributed positively to growth, reflecting strong execution and favorable market conditions.

• Declared a quarterly dividend of $0.2975 per share, a 2% increase over the prior year.

• Completed the $500 million Monument Pipeline acquisition, expanding natural gas infrastructure.

Financial highlights

• Q2 2026 revenue was $4.48 billion, up 11% year-over-year, with net income of $867 million and adjusted net income of $821 million.

• Adjusted EBITDA for Q2 was $2.20 billion, up 12% year-over-year; year-to-date EBITDA grew 15%.

• Adjusted EPS reached $0.37, a 32% increase from last year.

• Cash flow from operations for the first half of 2026 was $3.45 billion.

• Quarterly dividend declared at $0.2975 per share, annualized at $1.19, a 2% increase over 2025.

Outlook and guidance

• Full-year 2026 adjusted EBITDA expected to exceed budget by more than 5%, and adjusted EPS by more than 12%.

• Management expects to declare dividends of $1.19 per share for 2026, a 2% increase over 2025.

• Anticipates sanctioning significant additional CapEx projects in 2026, with the backlog likely to grow beyond $10 billion.

• Year-end net debt-to-adjusted EBITDA expected at 3.6x, improved from the budgeted 3.8x.

• Strong demand for natural gas, especially from LNG exports and power generation, underpins long-term growth.