Kinder Morgan posts record Q3; EPS $0.34 (+21%), backlog rises to $14.4B

KINDER MORGAN, INC.

Q3 net income attributable to KMI was $764M vs $628M a year ago; adjusted net income was $792M, up 22%, and Adjusted EBITDA was $2.18B, up 9%.
EPS was $0.34 and Adjusted EPS was $0.35, each up 21% YoY; board declared a Q3 dividend of $0.2975/share ($1.19 annualized), 2% above Q3 2025.
Expansion backlog reached $14.4B, up $4.7B from Q2 on $5.4B of additions net of $700M placed in service; natural gas backlog is $13.2B, the largest in company history.
New backlog projects include SNG Southeast Connector and NGPL Permian Link, each designed for over 2.5 Bcf/d; more than 75% of total backlog supports power generation and LDC demand.
2026 outlook: budgeted Adjusted EBITDA $8.6B and Adjusted EPS $1.36; KMI now expects >6% and >13% favorable, respectively, with year-end leverage of 3.6x vs 3.8x budget.

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