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Dec 31, 2025
Kinder Morgan Q4 2025 Earnings Report
Kinder Morgan reported higher EPS and net income compared to the same quarter last year.
Key Takeaways
Kinder Morgan delivered a strong Q4 2025 with record quarterly net income and adjusted EBITDA, driven by robust performance in its Natural Gas Pipelines segment and increased LNG-related activity.
Revenue by Segment
Forward Guidance
Kinder Morgan expects modest growth in 2026 with adjusted EPS and adjusted EBITDA slightly increasing, supported by natural gas infrastructure demand.
Positive Outlook
- 2026 Adjusted EPS projected at $1.36, up 5%
- 2026 Adjusted EBITDA forecasted at $8.6B, up 2.5%
- Expected to declare $1.19/share in dividends, a 2% increase
- Continued growth in LNG feedstock delivery to 12 Bcf/d by 2028
- Strong backlog of $10B in projects, mostly power-generation related
Challenges Ahead
- Flat GAAP net income projected due to absence of asset sale gain
- Decline in CO₂ segment earnings from commodity pricing pressure
- Refined product volumes down 2% YoY in Q4 2025
- Crude and condensate volumes down 8% due to contract expirations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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