Kinder Morgan, Inc. (KMI) reported preliminary financial results for the quarter ended September 30, 2026, highlighting record earnings and a significant expansion of its capital project backlog.
For the third quarter, the company reported net income attributable to KMI of $764 million, an increase from $628 million in the same period of 2025. Adjusted Net Income Attributable to KMI was $792 million, representing a 22% increase compared to the prior year. Adjusted EBITDA for the quarter was $2.18 billion, up 9% year-over-year. Earnings per share (EPS) and Adjusted EPS were both reported at $0.34, marking a 21% increase from the third quarter of 2025.
The company’s board of directors approved a cash dividend of $0.2975 per share for the third quarter, which amounts to an annualized rate of $1.19. This dividend is payable on November 16, 2026, to stockholders of record as of November 2, 2026. This payment represents a 2% increase over the dividend paid in the third quarter of 2025.
Kinder Morgan announced that its expansion project backlog has grown to $14.4 billion, a $4.7 billion increase from the second quarter of 2026. This backlog includes the largest natural gas project backlog in the company’s history at $13.2 billion. Two major projects added to the backlog include the Southeast Connector Project and the Permian Link Project. The Southeast Connector, operated by Southern Natural Gas Company, is designed to transport over 2.5 billion cubic feet per day of natural gas and is expected to be placed in service in phases beginning in the fourth quarter of 2030. The Permian Link, operated by Natural Gas Pipeline Company of America, is designed to transport approximately 2.8 billion cubic feet per day and is expected to be placed in service in the third quarter of 2030.
Regarding the 2026 outlook, KMI budgeted for net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, and Adjusted EBITDA of $8.6 billion. The company currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the full year. The company also expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times.
