Jun 2026 (Q2 FY26) — Jul 22, 2026
Kinder Morgan Q2 FY26 — Strong Outperformance and Raised Full-Year Guidance
Read the full callKinder Morgan (KMI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Kinder Morgan earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,477 | +10.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 30.1 | +1.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 867 | +21.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 15 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gulf Coast Express (GCX) expansion in-service date | mid-2026 | Sep 2024 | So I think it was waiting on capacity. So as soon as we got it up, it pretty much was full. | Achieved |
| Full-year adjusted EBITDA outperformance vs 2026 budget | more than 3% above 2026 budget | Mar 2026 | We now expect full year adjusted EBITDA to be at least 5% above our '26 budget and adjusted EPS to be at least 12% above our original budget. | Revised Up |
| Full-year adjusted EPS outperformance vs 2026 budget | at least 12% above 2026 budget | Jun 2026 | We now expect full year adjusted EBITDA to be at least 5% above our '26 budget and adjusted EPS to be at least 12% above our original budget. | New |
3 of KINDER MORGAN, INC.'s 28 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Adjusted EBITDA increased 12% compared to Q2 2025, with broad-based growth across all business segments.
- Adjusted EPS increased 32% compared to Q2 2025, significantly outperforming budget.
- Full-year adjusted EBITDA guidance raised to be at least 5% above budget, representing over $430 million of additional contribution.
- Full-year adjusted EPS guidance raised to be at least 12% above original budget.
- Balance sheet leverage ended the quarter at 3.6x net debt to adjusted EBITDA, below the budgeted 3.8x and well within the target range.
Qualified
- Sanctioned backlog decreased from $10.1 billion to $9.6 billion, though largely offset by new additions and contingently approved projects.
- The Western Gateway project's partnership agreement process has taken longer than anticipated due to complexity, delaying FID by a month or two.
Price
$33.39 −2.37% · −$0.81
Performance +22.0% 1Y
1Y: $27.38 on 17 Oct 2025 → $33.39. High $34.31 (19 May 2026), low $25.84 (4 Nov 2025).
- Previous close
- $34.2
- 52-week range
- $25.84 – $34.31
- One year
- +21.33%
Overview
- Symbol
- KMI
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 15 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gulf Coast Express (GCX) expansion in-service date | mid-2026 | Sep 2024 | So I think it was waiting on capacity. So as soon as we got it up, it pretty much was full. | Achieved |
| Full-year adjusted EBITDA outperformance vs 2026 budget | more than 3% above 2026 budget | Mar 2026 | We now expect full year adjusted EBITDA to be at least 5% above our '26 budget and adjusted EPS to be at least 12% above our original budget. | Revised Up |
| Full-year adjusted EPS outperformance vs 2026 budget | at least 12% above 2026 budget | Jun 2026 | We now expect full year adjusted EBITDA to be at least 5% above our '26 budget and adjusted EPS to be at least 12% above our original budget. | New |
Claimed
- Adjusted EBITDA increased 12% compared to Q2 2025, with broad-based growth across all business segments.
- Adjusted EPS increased 32% compared to Q2 2025, significantly outperforming budget.
- Full-year adjusted EBITDA guidance raised to be at least 5% above budget, representing over $430 million of additional contribution.
- Full-year adjusted EPS guidance raised to be at least 12% above original budget.
- Balance sheet leverage ended the quarter at 3.6x net debt to adjusted EBITDA, below the budgeted 3.8x and well within the target range.
Qualified
- Sanctioned backlog decreased from $10.1 billion to $9.6 billion, though largely offset by new additions and contingently approved projects.
- The Western Gateway project's partnership agreement process has taken longer than anticipated due to complexity, delaying FID by a month or two.
The full ledger
Open KINDER MORGAN, INC.’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Kinder Morgan Q1 FY26 — Strong Outperformance Driven by Natural Gas Demand and Strategic Backlog Growth
Read the full callDec 2025 (Q4 FY25) — Jan 21, 2026
Kinder Morgan Q4 FY25 — Record Performance Driven by Natural Gas and Strong Project Backlog
Read the full callEvery analysed call
Kinder Morgan earnings calls (KMI)
Financials
What the filings say
Net profit, year on year: +21% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,699 | 3,987 | 4,241 | 4,042 | 4,146 | 4,508 | 4,828 | 4,477 |
| Expenses | 2,684 | 2,879 | 3,096 | 2,890 | 3,083 | 3,144 | 3,384 | 3,131 |
| Operating profit | 1,015 | 1,108 | 1,145 | 1,152 | 1,063 | 1,364 | 1,444 | 1,346 |
| Operating margin | 27.4% | 27.8% | 27.0% | 28.5% | 25.6% | 30.3% | 29.9% | 30.1% |
| Other income | -251 | -217 | -216 | -233 | -224 | -59 | -156 | -180 |
| Profit before tax | 764 | 891 | 929 | 919 | 839 | 1,305 | 1,288 | 1,166 |
| Tax rate | 14.8% | 22.1% | 20.0% | 19.3% | 22.1% | 21.8% | 22.3% | 23.3% |
| Net profit | 625 | 667 | 717 | 715 | 628 | 996 | 976 | 867 |
| EPS ($ per share) | 0.28 | — | 0.32 | 0.32 | 0.28 | — | 0.44 | 0.39 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 23 | 23 | 23 | 23 | 22 | 22 | 22 | 22 |
| Reserves | -7,716 | -7,693 | -9,936 | -10,595 | -10,551 | -10,689 | -10,633 | -10,181 |
| Total liabilities | 43,669 | 39,268 | 39,407 | 38,495 | 37,964 | 39,291 | 39,540 | 40,299 |
| Fixed assets | 37,897 | 36,419 | 35,836 | 35,653 | 35,599 | 37,297 | 38,013 | 39,331 |
| Investments | 0 | 925 | 0 | — | — | — | — | — |
| Total assets | 78,866 | 74,157 | 71,973 | 70,416 | 70,078 | 71,020 | 71,407 | 72,748 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,043 | 4,748 | 4,550 | 5,708 | 4,967 | 6,491 | 5,635 | 5,917 |
| Cash from investing | -68 | -1,714 | -911 | -2,305 | -2,175 | -4,175 | -2,629 | -3,179 |
| Cash from financing | -1,824 | -6,185 | -2,638 | -3,465 | -3,145 | -3,014 | -2,887 | -2,843 |
| Net cash flow | 3,005 | -3,122 | 1,000 | -62 | -353 | -698 | 118 | -105 |
| Capital expenditure | -2,904 | -2,270 | -1,707 | -1,281 | -1,621 | -2,317 | -2,629 | -3,026 |
| Free cash flow | 2,139 | 2,478 | 2,843 | 4,427 | 3,346 | 4,174 | 3,006 | 2,891 |
KMI revenue by segment
Terminals shrank from 13% to 9% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Natural Gas Pipelines | 59% | 61% | 65% | 63% | 64% | 67% | 68% | 61% | -0.9% |
| Products Pipelines | 19% | 19% | 16% | 17% | 16% | 15% | 14% | 21% | +23.3% |
| Co 2 | 9% | 7% | 7% | 7% | 7% | 6% | 6% | 9% | +33.9% |
| Terminals | 13% | 13% | 12% | 13% | 12% | 12% | 12% | 9% | -32.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
KMI operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog | $9.3BOur project backlog increased from $8.8 billion to $9.3 billion during the quarter.Source: earnings call transcript | $9.3BOur 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 | $9.6BDuring the quarter, our backlog decreased from approximately $10.1 billion to $9.6 billion.Source: earnings call transcript | +3.2% |
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.
Insider filings
45 filings between Oct 27, 2025 and Sep 16, 2026.
Open market
decisions to buy or sellPurchases
$26.17M
4 purchases by 3 insiders
Sales
$2.90M
18 sales by 4 insiders
94% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 2
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KINDER RICHARD D | $25.96M | — | Oct 27, 2025 |
| Schlosser John W | — | $1.70M | Jul 6, 2026 |
| Michels David Patrick | — | $600.0K | Jan 22, 2026 |
| Garthwaite Michael P. | — | $350.4K | Sep 16, 2026 |
| ASHLEY ANTHONY B | — | $255.6K | Feb 17, 2026 |
| Chronis Amy W | $112.4K | — | Oct 31, 2025 |
| SMITH WILLIAM A | $89.2K | — | Feb 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $47.7K |
| Aug 17, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $50.6K |
| Jul 31, 2026 | Mody Sital K V.P. (Pres.,Nat Gas Pipelines) | Option exercise | 115,741 | $0 |
| Jul 31, 2026 | James Catherine C. VP and General Counsel | Option exercise | 69,445 | $0 |
| Jul 31, 2026 | James Catherine C. VP and General Counsel | Tax withheld | 26,760 | $861.1K |
| Jul 31, 2026 | Grahmann Kevin P V.P., Corporate Development | Option exercise | 40,510 | $0 |
| Jul 31, 2026 | Grahmann Kevin P V.P., Corporate Development | Tax withheld | 13,576 | $436.9K |
| Jul 31, 2026 | ASHLEY ANTHONY B VP (President, CO2 and ETV) | Option exercise | 104,167 | $0 |
| Jul 31, 2026 | ASHLEY ANTHONY B VP (President, CO2 and ETV) | Tax withheld | 40,275 | $1.30M |
| Jul 31, 2026 | Holland James E VP and COO | Option exercise | 130,209 | $0 |
| Jul 31, 2026 | Holland James E VP and COO | Tax withheld | 50,993 | $1.64M |
| Jul 31, 2026 | Dang Kimberly A Chief Executive Officer | Option exercise | 636,575 | $0 |
| Jul 31, 2026 | Dang Kimberly A Chief Executive Officer | Tax withheld | 250,233 | $8.05M |
| Jul 31, 2026 | Sanders Dax President | Option exercise | 130,209 | $0 |
| Jul 31, 2026 | Sanders Dax President | Tax withheld | 51,238 | $1.65M |
| Jul 31, 2026 | Michels David Patrick VP and Chief Financial Officer | Option exercise | 121,528 | $0 |
| Jul 31, 2026 | Michels David Patrick VP and Chief Financial Officer | Tax withheld | 47,573 | $1.53M |
| Jul 31, 2026 | Mody Sital K V.P. (Pres.,Nat Gas Pipelines) | Tax withheld | 45,545 | $1.47M |
| Jul 18, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Option exercise 10b5-1 plan | 15,915 | $0 |
| Jul 18, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Tax withheld 10b5-1 plan | 4,145 | $133.9K |
| Jul 18, 2026 | Pitta Michael J VP and Chief Admin. Officer | Option exercise | 14,468 | $0 |
| Jul 18, 2026 | Pitta Michael J VP and Chief Admin. Officer | Tax withheld | 3,523 | $113.8K |
| Jul 16, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $50.4K |
| Jul 6, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $196.7K |
| Jun 16, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $48.7K |
| Jun 5, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $196.3K |
| May 18, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $52.2K |
| May 5, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $199.8K |
| Apr 16, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $49.2K |
| Apr 6, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $203.1K |
| Mar 16, 2026 | Garthwaite Michael P. VP (Pres., Products Pipelines) | Sale 10b5-1 plan | 1,550 | $51.6K |
| Mar 5, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $207.6K |
| Feb 17, 2026 | ASHLEY ANTHONY B VP (President, CO2 and ETV) | Sale | 8,000 | $255.6K |
| Feb 5, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $185.5K |
| Feb 2, 2026 | SMITH WILLIAM A Director | Purchase | 3,000 | $89.2K |
| Jan 22, 2026 | Michels David Patrick VP and Chief Financial Officer | Sale 10b5-1 plan | 20,000 | $600.0K |
| Jan 20, 2026 | VAGT ROBERT F Director | Award | 1,790 | $50.0K |
| Jan 20, 2026 | Chronis Amy W Director | Award | 8,950 | $250.2K |
| Jan 5, 2026 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $169.5K |
| Dec 5, 2025 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $171.5K |
| Nov 17, 2025 | Sanders Dax Executive Vice President | Gift | 1,500 | $0 |
| Nov 10, 2025 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $166.5K |
| Oct 31, 2025 | Chronis Amy W Director | Purchase | 3,800 | $99.7K |
| Oct 30, 2025 | Chronis Amy W Director | Purchase | 487 | $12.8K |
| Oct 27, 2025 | KINDER RICHARD D Executive Chairman | Purchase | 1,000,000 | $25.96M |
| Oct 6, 2025 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $173.7K |
| Sep 15, 2025 | Grahmann Kevin P V.P., Corporate Development | Sale | 23,867 | $658.9K |
| Sep 8, 2025 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $166.5K |
| Aug 11, 2025 | Sanders Dax Executive Vice President | Sale | 30,127 | $815.0K |
| Aug 5, 2025 | Schlosser John W V.P. (President, Terminals) | Sale 10b5-1 plan | 6,166 | $171.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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