01—Abstract
Summary
Summary of the 10-Q filed July 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Kinder Morgan, Inc. (KMI) reported robust financial performance for the second quarter and first half of 2026, demonstrating significant year-over-year growth.
Total revenues increased by 11%a for the quarter and 12% for the six-month period, driven by strong performance across its business segments, particularly in Natural Gas Pipelines and Products Pipelines. Net income attributable to Kinder Morgan, Inc. rose by 21% for the quarter and 29% for the first half, with Earnings Per Share (EPS) also showing substantial improvement. The company's operational efficiency is evident in the growth of its Segment EBDA across all segments, reflecting increased volumes, expansion projects coming online, and favorable commodity prices in certain areas.
KMI also highlighted its disciplined capital allocation, with continued investment in expansion projects while maintaining a strong liquidity position. The company reaffirmed its commitment to returning capital to shareholders, expecting to declare $1.19b per share in dividends for 2026.
Despite ongoing litigation and environmental matters, which are being vigorously defended, KMI anticipates that the ultimate resolution of these items will not materially impact its financial position. The company's strategic acquisitions and operational enhancements position it for continued growth and value creation.
02—Key points
Key Highlights
- Total revenues increased by 11% to $4.48 billion for Q2 2026 and by 12% to $9.31 billion for the first six months of 2026 compared to the prior year periods.
- Net income attributable to Kinder Morgan, Inc. grew by 21% to $867 million for Q2 2026 and by 29% to $1.84 billion for the first six months of 2026.
- Basic and diluted Earnings Per Share (EPS) increased by 22% to $0.39 for Q2 2026 and by 28% to $0.82 for the first six months of 2026.
- Segment EBDA (Earnings Before Depreciation, Depletion, and Amortization) showed strong growth, increasing by $84 million for Q2 and $342 million for the first six months in the Natural Gas Pipelines segment.
- The company acquired the Monument Pipeline system in May 2026 for $503 million, adding to its Natural Gas Pipelines segment.
- Kinder Morgan reaffirmed its expected dividend of $1.19 per share for 2026, a 2% increase from 2025.
- The company maintained a strong liquidity position with approximately $3.2 billion in available capacity under its credit facility as of June 30, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 24, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $4.48B$4.04B | +10.8% |
| Operating Expenses | $3.13B$2.89B | +8.3% |
| Operating Income | $1.35B$1.15B | +16.8% |
| Net Income | $867.00M$715.00M | +21.3% |
| EPS (Basic) | $0.39$0.32 | +21.9% |
| EPS (Diluted) | $0.39$0.32 | +21.9% |
| Shares Outstanding (Basic) | 2.23B2.22B | +0.1% |
| Shares Outstanding (Diluted) | 2.23B2.22B | +0.1% |
05—Questions
Frequently Asked Questions
How did Kinder Morgan's revenues and net income perform in the second quarter and first half of 2026 compared to the prior year?
Kinder Morgan reported significant year-over-year growth. For the second quarter of 2026, total revenues increased by 11% to $4.48 billion, and net income attributable to Kinder Morgan, Inc. grew by 21% to $867 million. For the first six months of 2026, revenues increased by 12% to $9.31 billion, and net income attributable to Kinder Morgan, Inc. rose by 29% to $1.84 billion.
What were the key drivers behind the revenue growth?
The revenue growth was primarily driven by increases in product sales ($422 million for Q2, $388 million for H1) due to higher commodity prices and volumes, and by increases in services revenues ($138 million for Q2, $295 million for H1) resulting from higher volumes, including contributions from expansion projects placed into service, particularly in the Natural Gas Pipelines business segment.
What is the company's outlook on dividends and capital expenditures?
Kinder Morgan expects to declare dividends of $1.19 per share for 2026, representing a 2% increase from 2025. The company plans to invest approximately $4.1 billion in expansion projects, acquisitions, and contributions to joint ventures during 2026.
Are there any significant legal or environmental matters that investors should be aware of?
The company is involved in various legal and environmental matters, including the Freeport LNG Winter Storm Litigation and environmental cleanup liabilities. While these are being vigorously defended, Kinder Morgan states that based on their experience to date and accrued liabilities, the ultimate resolution of these items is not expected to have a material adverse impact on their financial position, cash flows, or operating results.
06—Continue