01—Abstract
Summary
Summary of the 8-K filed October 21, 2026. Cited figures are marked; the original filing is the authoritative source.
Kinder Morgan, Inc. (KMI) reported record-breaking financial results for the third quarter of 2026, showcasing strong performance across its business segments.
Net income attributable to KMI surged to $764 milliona, a significant increase from the prior year, with Adjusted EPS and Adjusted EBITDA also showing robust year-over-year growth of 21% and 9%, respectively. The company highlighted a substantial expansion of its project backlog, reaching $14.4 billion, driven primarily by a record $13.2 billion in natural gas projects, underscoring the strategic importance of its natural gas infrastructure in meeting growing demand from LNG exports, power generation, and industrial expansion. Investors will be encouraged by KMI's commitment to returning capital, as evidenced by the approved cash dividend of $0.2975 per share, a 2% increase from Q3 2025, supported by healthy free cash flow generation.
The company also reported a healthy balance sheet with a Net Debt-to-Adjusted EBITDA ratio of 3.5 times, within its targeted range. The strategic investments in new natural gas projects like the Southeast Connector and Permian Link are poised to further enhance KMI's market position and drive future growth.
02—Key points
Key Highlights
- Kinder Morgan reported record third quarter 2026 financial results, with net income attributable to KMI of $764 million.
- Adjusted EPS increased by 21% to $0.35 and Adjusted EBITDA rose by 9% to $2.18 billion compared to the third quarter of 2025.
- The company's expansion project backlog grew to $14.4 billion, featuring a record $13.2 billion in natural gas projects.
- KMI announced a cash dividend of $0.2975 per share for the third quarter, representing a 2% increase year-over-year.
- The company maintains a healthy balance sheet with a Net Debt-to-Adjusted EBITDA ratio of 3.5 times.
- Significant new natural gas pipeline projects, the Southeast Connector and Permian Link, were approved, totaling over 5 Bcf/d of combined capacity.
- KMI expects to exceed its 2026 budget for Adjusted EBITDA and Adjusted EPS.
03—Questions
Frequently Asked Questions
What were Kinder Morgan's key financial results for the third quarter of 2026?
Kinder Morgan reported record net income attributable to KMI of $764 million, up from $628 million in Q3 2025. Adjusted EPS grew 21% to $0.35, and Adjusted EBITDA increased 9% to $2.18 billion over the same period.
What is the status of Kinder Morgan's project backlog?
The company's expansion project backlog reached an all-time high of $14.4 billion. Notably, the natural gas project backlog is a record $13.2 billion, driven by significant projects like the Southeast Connector and Permian Link, which are designed to transport large volumes of natural gas to growing demand centers.
How is Kinder Morgan returning capital to shareholders?
Kinder Morgan's board approved a cash dividend of $0.2975 per share for the third quarter of 2026, which is a 2% increase from the third quarter of 2025. This dividend is supported by the company's generation of free cash flow.
What is Kinder Morgan's current leverage and outlook for 2026?
The company's Net Debt-to-Adjusted EBITDA ratio stood at 3.5 times as of September 30, 2026, which is at the low end of their targeted range. KMI anticipates exceeding its 2026 budget for Adjusted EBITDA by more than 6% and for Adjusted EPS by more than 13%.
04—Continue