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KINDER MORGAN, INC. 8-K Report, Financial Results (Jul 22, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 22, 2026
Period End
July 22, 2026
Securities
KMIEP-PC
In the record · 2016–202610-K1110-Q328-K208

KMI filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 208 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’16Jan ’16
  2. Material agreement8-K · Nov ’18Nov ’18
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed July 22, 2026. Cited figures are marked; the original filing is the authoritative source.

Kinder Morgan (KMI) reported record second-quarter 2026 results, with net income attributable to KMI of $867 milliona (up 21% year over year, or 22% on an EPS basis to $0.39) and Adjusted EBITDA of $2,199 million (up 12%).

Adjusted EPS came in at $0.37b, up 32%, and Adjusted Net Income rose 33% to $821 million. Management highlighted strong cash generation, with cash flow from operations of about $2.0 billion and free cash flow of about $1.0 billion in the quarter. Net Debt-to-Adjusted EBITDA finished at 3.6x, at the low end of the target range.

The board declared a quarterly dividend of $0.2975c per share, a 2% increase over the prior year's second quarter. KMI also raised its 2026 outlook. It now expects Adjusted EBITDA more than 5% above its $8.6 billion budget and Adjusted EPS more than 12% above its $1.36 budget, and it expects to end the year at 3.6x leverage versus the 3.8x budgeted.

Growth is driven by natural gas infrastructure: several expansions were placed in service during the quarter, including the Gulf Coast Express expansion and the Cumberland project, and the $9.6 billiond project backlog is about 92% natural gas. Management said it can fund virtually all of this backlog internally. Note that the filing is a preliminary earnings release furnished under Item 2.02, and the figures are unaudited.

Key risks include regulatory timing for pending projects such as SSE4 and MSX, which depend on FERC certificates expected by the end of July 2026 and on other permits, as well as the proposed Western Gateway joint venture with Phillips 66, which is still subject to definitive agreements. Commodity price exposure in the CO2 and Products segments, along with Middle East conflict effects and tariff or trade changes, also remain relevant. Investors should also weigh the rise in short-term debt to $2.4 billion from $1.2 billion at year-end 2025.

02—Key points

Key Highlights

  1. Record Q2 2026 net income attributable to KMI of $867M (up from $715M), and record Q2 Adjusted EBITDA of $2,199M (up 12% YoY).
  2. Adjusted EPS of $0.37 rose 32% YoY, and GAAP EPS of $0.39 rose 22%; Adjusted Net Income of $821M increased 33%.
  3. Q2 cash flow from operations of ~$1.96B and FCF of ~$978M; FCF after dividends was $313M for the quarter.
  4. Net Debt-to-Adjusted EBITDA of 3.6x at the low end of the target range, with 2026 year-end guidance improved to 3.6x from a budgeted 3.8x.
  5. 2026 guidance raised: Adjusted EBITDA expected more than 5% above the $8.6B budget and Adjusted EPS more than 12% above the $1.36 budget.
  6. Project backlog of $9.6B (about 92% natural gas, over 60% tied to power generation and LDC demand); about $660M KM-share of expansions placed in service in Q2, including Gulf Coast Express and Cumberland.
  7. Quarterly dividend declared at $0.2975 per share ($1.19 annualized), a 2% increase YoY, payable August 17, 2026.

03—Questions

Frequently Asked Questions

  1. How did KMI's second-quarter 2026 earnings compare with the prior year?

    Net income attributable to KMI rose to $867M from $715M, and EPS rose 22% to $0.39. Adjusted EPS increased 32% to $0.37 and Adjusted EBITDA increased 12% to $2,199M, all records for a second quarter.

  2. Did KMI change its 2026 guidance?

    Yes, favorably. Based on first-half results, KMI expects Adjusted EBITDA more than 5% above its $8.6B budget and Adjusted EPS more than 12% above its $1.36 budget. It also expects year-end Net Debt-to-Adjusted EBITDA of 3.6x, better than the 3.8x budget.

  3. Is the dividend safe, and is it growing?

    The board declared $0.2975 per share, or $1.19 annualized, a 2% increase over Q2 2025. Q2 FCF of about $978M covered Q2 dividends paid of $665M. Management said the growing dividend is supported by stable cash flows and the ability to fund most of the backlog internally.

  4. What are the main growth drivers and risks for the project pipeline?

    The $9.6B backlog is mostly natural gas, with over 60% tied to power generation and LDC demand, and the backlog implies a roughly 5.6x first-full-year Project EBITDA multiple. Key risks include regulatory timing: FERC certificates for SSE4 and MSX were expected by end of July 2026, and in-service dates depend on timely permits. The Western Gateway JV with Phillips 66 also remains subject to definitive agreements.

04—Continue

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