KMI's 2026 Budgeted Net Income Flat at $3.1 Billion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 21 2026
0mins
Should l Buy KMI?
KMI's 2026 budgeted net income attributable to KMI of $3.1 billion is flat to the previous year, as 2025 included a gain on an asset sale which we treat as a certain item. KMI's 2026 budgeted adjusted net income attributable to KMI, which excludes certain items, is 5% higher than 2025, given the company's outperformance in 2025, and Adjusted EPS is $1.36, also up 5% from 2025. KMI expects to declare dividends of $1.19 per share for 2026, a 2% increase from the dividends declared for 2025. The company also budgeted 2026 Adjusted EBITDA of $8.6 billion, up 2.5% versus 2025, and to end 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times. The 2026 budget has been adjusted to take into account the effects of a December 31, 2025 sale of our equity investment in KMI's EagleHawk assets.
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Analyst Views on KMI
Wall Street analysts forecast KMI stock price to fall
14 Analyst Rating
8 Buy
6 Hold
0 Sell
Moderate Buy
Current: 31.740
Low
27.00
Averages
31.62
High
36.00
Current: 31.740
Low
27.00
Averages
31.62
High
36.00
About KMI
Kinder Morgan, Inc. is an energy infrastructure company. The Company owns an interest in or operates approximately 79,000 miles of pipelines and 139 terminals. Its Natural Gas Pipelines segment includes ownership and operation of interstate and intrastate natural gas pipeline and storage systems and natural gas gathering systems and natural gas processing and treating facilities. Its Products Pipelines segment includes ownership and operation of refined petroleum products, crude oil and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities. Its Terminals segment includes ownership and/or operation of liquid and bulk terminal facilities and Jones Act-qualified tankers. Its CO2 segment is engaged in the production, transportation and marketing of CO2 to oil fields.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Kinder Morgan Reports Strong Q1 Earnings Amid Iran Conflict
- Significant Earnings Growth: Kinder Morgan's Q1 earnings surged 38% year-over-year to $0.44 per share, with adjusted earnings rising 41% to $0.48, reflecting strong performance across all business segments in an uncertain market.
- Natural Gas Pipeline Contribution: The natural gas pipeline segment generated $1.8 billion in EBITDA, up 17% year-over-year, driven by high demand from cold winter weather in Texas, which pushed natural gas transportation volumes up by 8%, laying a solid foundation for future profitability.
- Ongoing Expansion Projects: The company added $375 million in expansion projects during the quarter and completed $230 million, pushing its backlog to $10.1 billion, indicating strong customer demand and future growth potential, particularly with increased U.S. LNG demand amid the Iran conflict.
- Dividend Growth Outlook: Kinder Morgan plans to increase its dividend by 2%, marking the ninth consecutive year of growth, with a current yield of 3.8%, supported by robust earnings growth, making it attractive for income-seeking investors.
See More
Kinder Morgan Q1 Earnings Exceed Expectations Amid Geopolitical Tensions
- Earnings Beat: Kinder Morgan reported adjusted earnings of $0.48 per share for Q1, surpassing analysts' expectations of $0.39, indicating robust growth driven by strong natural gas demand amid geopolitical tensions.
- Revenue Growth: The company achieved revenues of $4.83 billion in the first quarter, exceeding market expectations of $4.55 billion, reflecting the impact of rising natural gas demand due to geopolitical instability in the Middle East.
- Future Outlook: Kinder Morgan projects U.S. natural gas demand will reach 150 billion cubic feet per day by 2031, representing a 27% increase from current levels, suggesting long-term benefits from sustained market demand.
- Acquisition Plans: Kinder Morgan has agreed to acquire Monument Pipeline for $505 million, a 225-mile natural gas pipeline network that will enhance its operations in the Houston area, with the deal expected to close in Q2 2026.
See More
Kinder Morgan Q1 2026 Earnings Call Highlights
- Significant Earnings Growth: Kinder Morgan reported an adjusted EPS of $0.44 for Q1 2026, reflecting a 41% increase year-over-year, with EBITDA rising by 18%, indicating strong performance amid growing gas demand, and the company expects to exceed its full-year budget by over 3%.
- Acquisition Plans Advancing: The company announced the acquisition of the Monument Pipeline system in Texas for approximately $500 million, which not only enhances its infrastructure in key markets but also supports potential future revenue growth, further solidifying its market position.
- Project Investment Expansion: Kinder Morgan's project backlog increased to $10.1 billion, with approximately $230 million invested in new projects this quarter, demonstrating the company's commitment to expanding its operational capabilities, particularly in light of rising power-related demand, thereby enhancing future profitability potential.
- Dividend Slightly Increased: The company declared a dividend of $0.2975 per share, annualizing to $1.19, which is a 2% increase over 2025, reflecting the company's commitment to returning value to shareholders while enhancing investor confidence amid rising profitability.
See More
Kinder Morgan Reports Strong Earnings, Market Remains Cautious
- Strong Earnings: Kinder Morgan reported a non-GAAP EPS of $0.48, exceeding expectations by $0.09, indicating robust performance in pipeline transportation and LNG demand, which boosts investor confidence.
- Revenue Growth: The company achieved first-quarter revenue of $4.83 billion, surpassing market expectations by $280 million, reflecting solid growth in the energy transportation sector, although the market remains cautious about future growth prospects.
- Cautious Market Reaction: Despite the strong earnings report, the market downgraded Kinder Morgan's rating, suggesting investor concerns about future growth potential, which may impact short-term stock performance.
- Pipeline Expansion Outlook: Kinder Morgan's pipeline expansion plans and LNG demand trends will be key drivers for future performance, although current market reactions to these factors are relatively conservative.
See More
Kinder Morgan's Earnings Beat Expectations, Market Reaction Cautious
- Strong Earnings Report: Kinder Morgan reported a non-GAAP EPS of $0.48, exceeding market expectations by $0.09, which highlights the company's robust profitability in pipeline operations and boosts investor confidence in future growth.
- Significant Revenue Growth: The company achieved first-quarter revenue of $4.83 billion, surpassing expectations by $280 million, reflecting sustained strong market demand amid rising LNG demand and pipeline expansions.
- Cautious Market Reaction: Despite the strong earnings, the market remains cautious about Kinder Morgan's future growth, with some analysts downgrading their ratings, indicating that the market may have already priced in some growth expectations.
- Pipeline Expansion Outlook: With the backdrop of pipeline expansion and LNG demand trends, Kinder Morgan's future profitability remains a focal point, particularly as the energy market experiences volatility, making the company's strategic positioning critical for long-term performance.
See More
Kinder Morgan Surpasses Q1 Profit Expectations Driven by Natural Gas Volumes
- Strong Earnings Performance: Kinder Morgan reported an adjusted profit of 48 cents per share for Q1, exceeding analysts' expectations of 40 cents, indicating enhanced profitability driven by robust natural gas transport demand.
- Volume Growth: The company transported approximately 49,475 billion British thermal units of natural gas per day in the quarter, a 7.5% increase from 45,978 billion Btu per day a year ago, reflecting sustained growth in U.S. natural gas demand.
- Favorable Market Conditions: The surge in U.S. shale oil and gas production, coupled with record LNG exports, has driven increased natural gas demand, particularly as electricity usage rises due to AI operations, cryptocurrency mining, and data centers.
- Price Support: U.S. natural gas futures averaged $9.54 per million Btu in the January-March quarter, up 9.5% from last year, bolstered by a spike in spot prices during Winter Storm Fern, further enhancing the company's profit outlook.
See More
Kinder Morgan Reports Strong Q1 Earnings Amid Iran Conflict
- Significant Earnings Growth: Kinder Morgan's Q1 earnings surged 38% year-over-year to $0.44 per share, with adjusted earnings rising 41% to $0.48, reflecting strong performance across all business segments in an uncertain market.
- Natural Gas Pipeline Contribution: The natural gas pipeline segment generated $1.8 billion in EBITDA, up 17% year-over-year, driven by high demand from cold winter weather in Texas, which pushed natural gas transportation volumes up by 8%, laying a solid foundation for future profitability.
- Ongoing Expansion Projects: The company added $375 million in expansion projects during the quarter and completed $230 million, pushing its backlog to $10.1 billion, indicating strong customer demand and future growth potential, particularly with increased U.S. LNG demand amid the Iran conflict.
- Dividend Growth Outlook: Kinder Morgan plans to increase its dividend by 2%, marking the ninth consecutive year of growth, with a current yield of 3.8%, supported by robust earnings growth, making it attractive for income-seeking investors.
See More
Kinder Morgan Q1 Earnings Exceed Expectations Amid Geopolitical Tensions
- Earnings Beat: Kinder Morgan reported adjusted earnings of $0.48 per share for Q1, surpassing analysts' expectations of $0.39, indicating robust growth driven by strong natural gas demand amid geopolitical tensions.
- Revenue Growth: The company achieved revenues of $4.83 billion in the first quarter, exceeding market expectations of $4.55 billion, reflecting the impact of rising natural gas demand due to geopolitical instability in the Middle East.
- Future Outlook: Kinder Morgan projects U.S. natural gas demand will reach 150 billion cubic feet per day by 2031, representing a 27% increase from current levels, suggesting long-term benefits from sustained market demand.
- Acquisition Plans: Kinder Morgan has agreed to acquire Monument Pipeline for $505 million, a 225-mile natural gas pipeline network that will enhance its operations in the Houston area, with the deal expected to close in Q2 2026.
See More
Kinder Morgan Q1 2026 Earnings Call Highlights
- Significant Earnings Growth: Kinder Morgan reported an adjusted EPS of $0.44 for Q1 2026, reflecting a 41% increase year-over-year, with EBITDA rising by 18%, indicating strong performance amid growing gas demand, and the company expects to exceed its full-year budget by over 3%.
- Acquisition Plans Advancing: The company announced the acquisition of the Monument Pipeline system in Texas for approximately $500 million, which not only enhances its infrastructure in key markets but also supports potential future revenue growth, further solidifying its market position.
- Project Investment Expansion: Kinder Morgan's project backlog increased to $10.1 billion, with approximately $230 million invested in new projects this quarter, demonstrating the company's commitment to expanding its operational capabilities, particularly in light of rising power-related demand, thereby enhancing future profitability potential.
- Dividend Slightly Increased: The company declared a dividend of $0.2975 per share, annualizing to $1.19, which is a 2% increase over 2025, reflecting the company's commitment to returning value to shareholders while enhancing investor confidence amid rising profitability.
See More
Kinder Morgan Reports Strong Earnings, Market Remains Cautious
- Strong Earnings: Kinder Morgan reported a non-GAAP EPS of $0.48, exceeding expectations by $0.09, indicating robust performance in pipeline transportation and LNG demand, which boosts investor confidence.
- Revenue Growth: The company achieved first-quarter revenue of $4.83 billion, surpassing market expectations by $280 million, reflecting solid growth in the energy transportation sector, although the market remains cautious about future growth prospects.
- Cautious Market Reaction: Despite the strong earnings report, the market downgraded Kinder Morgan's rating, suggesting investor concerns about future growth potential, which may impact short-term stock performance.
- Pipeline Expansion Outlook: Kinder Morgan's pipeline expansion plans and LNG demand trends will be key drivers for future performance, although current market reactions to these factors are relatively conservative.
See More
Kinder Morgan's Earnings Beat Expectations, Market Reaction Cautious
- Strong Earnings Report: Kinder Morgan reported a non-GAAP EPS of $0.48, exceeding market expectations by $0.09, which highlights the company's robust profitability in pipeline operations and boosts investor confidence in future growth.
- Significant Revenue Growth: The company achieved first-quarter revenue of $4.83 billion, surpassing expectations by $280 million, reflecting sustained strong market demand amid rising LNG demand and pipeline expansions.
- Cautious Market Reaction: Despite the strong earnings, the market remains cautious about Kinder Morgan's future growth, with some analysts downgrading their ratings, indicating that the market may have already priced in some growth expectations.
- Pipeline Expansion Outlook: With the backdrop of pipeline expansion and LNG demand trends, Kinder Morgan's future profitability remains a focal point, particularly as the energy market experiences volatility, making the company's strategic positioning critical for long-term performance.
See More
Kinder Morgan Surpasses Q1 Profit Expectations Driven by Natural Gas Volumes
- Strong Earnings Performance: Kinder Morgan reported an adjusted profit of 48 cents per share for Q1, exceeding analysts' expectations of 40 cents, indicating enhanced profitability driven by robust natural gas transport demand.
- Volume Growth: The company transported approximately 49,475 billion British thermal units of natural gas per day in the quarter, a 7.5% increase from 45,978 billion Btu per day a year ago, reflecting sustained growth in U.S. natural gas demand.
- Favorable Market Conditions: The surge in U.S. shale oil and gas production, coupled with record LNG exports, has driven increased natural gas demand, particularly as electricity usage rises due to AI operations, cryptocurrency mining, and data centers.
- Price Support: U.S. natural gas futures averaged $9.54 per million Btu in the January-March quarter, up 9.5% from last year, bolstered by a spike in spot prices during Winter Storm Fern, further enhancing the company's profit outlook.
See More
