Kinder Morgan (KMI) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Energy· Jan 21, 2026

Source: earnings call transcript

Kinder Morgan delivered a record-setting quarter and year, significantly outperforming expectations, primarily driven by robust natural gas demand and strong performance across its gas assets. The company strengthened its balance sheet, achieved credit rating upgrades, and expanded its project backlog to $10 billion, positioning it for continued growth. Management emphasized the long-term bullish outlook for natural gas, particularly for LNG feed gas and power generation, which underpins future project opportunities.

You’re reading a preview. Opening the full call uses 1 concall credit.

KMI operating KPIs by quarter

KMI operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Backlog	$9.3B Our project backlog increased from $8.8 billion to $9.3 billion during the quarter. Source: earnings call transcript	$9.3B Our expansion backlog remained flat at $9.3 billion with the approximately $500 million of new projects offset by projects placed in service. Source: earnings call transcript	$9.6B During the quarter, our backlog decreased from approximately $10.1 billion to $9.6 billion. Source: earnings call transcript	$14.4B I think at this point, with the $14.4 billion backlog, hopefully we've established some credibility about being able to bring these things to fruition. Source: earnings call transcript	+50%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.