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Sep 30
Kinder Morgan Q3 2025 Earnings Report
Kinder Morgan reported stable earnings with increased adjusted EPS and revenue growth in Q3 2025.
Key Takeaways
Kinder Morgan delivered a solid third quarter with flat EPS, higher adjusted EPS, and increased revenue. Net income edged slightly up, and the company continued to fund capital projects internally while maintaining a healthy balance sheet.
Adjusted EPS rose to $0.29, up from $0.25 last year.
Revenue increased to $4.15 billion from $3.70 billion last year.
Net income reached $628 million, slightly higher than $625 million in Q3 2024.
Strong performance in Natural Gas, Products, and Terminals segments drove financial gains.
Kinder Morgan
Kinder Morgan
Kinder Morgan Revenue by Segment
Revenue by Segment
Natural Gas Pipelines Revenue
CapyFin.comProducts Pipelines Revenue
CapyFin.comTerminals Revenue
CapyFin.comCO2 Revenue
CapyFin.com Forward Guidance
Kinder Morgan expects to exceed its 2025 budget due to contributions from the Outrigger Energy II acquisition, offset by weaker D3 RIN prices and volumes.
Positive Outlook
- Outrigger Energy II acquisition contributed positively.
- LNG demand expected to grow significantly through 2030.
- Robust backlog of $9.3 billion with 90% natural gas-focused projects.
- Bonus depreciation reinstatement to reduce cash tax liability starting in 2025.
- Natural gas infrastructure projects in development to meet power demand growth.
Challenges Ahead
- Lower than expected D3 RIN prices impacted results.
- Decline in CO2 business segment earnings due to lower crude and CO2 volumes.
- Lower crude and condensate volumes from expiring legacy contracts.
- Lower earnings from bulk terminals within the Terminals segment.
- Adjusted FCF after dividends was negative in the quarter.