Kinder Morgan (KMI) Q3 2026 Earnings Call: Backlog Reaches $14.4 Billion
Source Tradingkey
Key Takeaways
- Kinder Morgan reported Q3 2026 net income attributable to KMI of $764 million, up 22% year over year, while adjusted EBITDA increased 9% to $2.18 billion.
- Adjusted EPS rose 21% to $0.35. Management said Q3 EPS and adjusted EBITDA were 15% and 6% above the company’s internal budget, respectively.
- The project backlog reached $14.4 billion after KMI added $5.4 billion of projects and placed $700 million into service. The backlog carries an estimated 5.7x investment multiple.
- Southeast Connector and Permian Link accounted for approximately $4.7 billion of KMI’s share of new projects. Both are backed by take-or-pay contracts of at least 20 years with creditworthy shippers.
- Management expects full-year adjusted EBITDA to finish more than 6% above budget and adjusted EPS more than 13% above budget. Year-end leverage is projected at 3.6x, versus the budgeted 3.8x.
- KMI declared a quarterly dividend of $0.2975 per share, equivalent to $1.19 annualized and 2% above 2025.
Core Financial Data
| Metric | Q3 2026 | Change / context |
|---|---|---|
| Net income attributable to KMI | $764 million | Up 22% year over year |
| EPS | $0.34 | Up 21% year over year; 15% above internal budget |
| Adjusted EPS | $0.35 | Up 21% year over year |
| Adjusted EBITDA | $2.18 billion | Up 9% year over year; 6% above internal budget |
| Year-to-date adjusted EPS | — | Up 32% year over year |
| Year-to-date adjusted EBITDA | — | Up 13% year over year |
| Net debt to adjusted EBITDA | 3.5x | Down from 3.8x at the start of 2026 |
| Operating cash flow, year to date | $5.04 billion | Through Q3 2026 |
| Capital spending, year to date | $3.07 billion | Includes growth, sustaining capital and JV contributions |
| Project backlog | $14.4 billion | $5.4 billion added; $700 million placed in service |
| Backlog investment multiple | 5.7x | Management estimates about $2.5 billion of incremental EBITDA after completion |
| Quarterly dividend | $0.2975 per share | $1.19 annualized; up 2% from 2025 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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