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Kinder Morgan (KMI) reported Q3 results with a 2% dividend increase, EPS up 21% year over year to $0.34, and adjusted EBITDA up 9%; the stock rose 1.6% on October 21, the day it reported. The article highlights a backlog of expansion projects at $14.4 billion, including a company-record $13.2 billion in natural gas projects, up from $9.6 billion in the prior quarter, supported by long-term take-or-pay contracts of up to 20 years. Management said completing the backlog would add about $2.5 billion in adjusted EBITDA, lifting base adjusted EBITDA to $11.5–12 billion, an increase of at least 37% over 2025. The company expects to spend roughly $4 billion annually on capital expenditures, with leverage around 4.5x debt-to-EBITDA, and projects coming online in phases from late 2026 through 2030. The dividend yield is 3.47% at the current share price, and the dividend has risen 138% over the past 10 years.
- Kinder Morgan Reports Record Third Quarter 2026 Financial Results
Kinder Morgan declared a third-quarter cash dividend of $0.2975 per share ($1.19 annualized), payable November 16, 2026, a 2% increase over the third quarter of 2025. The company reported net income attributable to KMI of $764 million, up from $628 million a year earlier, and Adjusted EBITDA of $2.18 billion, up 9%. EPS and Adjusted EPS were $0.34 and $0.35, both up 21% year over year. Its expansion project backlog rose $4.7 billion from the second quarter to $14.4 billion, including a record $13.2 billion natural gas portion that adds the Southeast Connector and Permian Link pipeline projects. Net debt to Adjusted EBITDA was 3.5 times, at the low end of its target range.
- Kinder Morgan Reports Record Third Quarter 2026 Financial Results
Kinder Morgan (KMI) reported record third-quarter net income attributable to KMI of $764 million, up 22% from $628 million a year earlier, while EPS and Adjusted EPS both rose 21%. Adjusted EBITDA reached $2.18 billion, up 9%. The expansion project backlog grew to $14.4 billion, including a record $13.2 billion natural gas backlog featuring the Southeast Connector (SNG) and Permian Link (NGPL), each designed to move over 2.5 billion cubic feet per day. Cash flow from operations was $5 billion, free cash flow after capital expenditures and dividends was $230 million, and the Net Debt-to-Adjusted EBITDA ratio stood at 3.5 times. The board approved a quarterly dividend of $0.2975 per share, a 2% increase over the third quarter of 2025.
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