Kinder Morgan (KMI) Q4 2025 earnings summary

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.