[KMI] Kinder Morgan: Q3 2026 earnings preview on gas pipeline growth after the storm

Kinder Morgan is one of North America's largest energy infrastructure companies. At the end of 2025 it owned an interest in or operated about 78,000 miles of pipelines, 136 terminals and roughly 706 Bcf of working natural gas storage capacity[1], and it earns most of its money from long-term contracts for natural gas transportation and storage. The company has scheduled its earnings call for 2026-10-21 to report the third quarter of 2026, the three months ended September 30, 2026[2]. Heading into those Kinder Morgan Q3 2026 earnings, the latest disclosed quarter is the second quarter of 2026, in which revenue was $4.477 billion[3], net income attributable to KMI was $867 million, up 21%, adjusted EPS was $0.37 versus $0.28 a year earlier, and adjusted EBITDA was $2.199 billion, up 12%[4], while natural gas transport volumes rose 6.8%[5]. The company does not issue quarterly guidance, but with second-quarter results it raised its 2026 outlook to adjusted EBITDA more than 5% above the $8.6 billion budget and adjusted EPS more than 12% above the $1.36 budget, and it now guides to year-end net debt-to-adjusted EBITDA of 3.6 times[6]. Drillr's compiled consensus from 11 analysts puts third-quarter adjusted EPS at $0.319, and 5 analysts put revenue at $4.375 billion[7]; the Drillr earnings calendar records the year-earlier actuals as $0.29 and $4.146 billion[2].

Three things matter most in this report. First, how fast the natural gas pipelines business can grow without a cold snap or heavy volatility: its adjusted EBDA rose 8.5% in the second quarter and 13.1% in the first half[8], but management said its second-half outlook is intentionally conservative, partly because the first-quarter outperformance tied to the winter storm was non-recurring[9]; at the low end of guidance, second-half adjusted EBITDA only needs to reach about $4.29 billion, roughly flat with $4.262 billion in the second half of 2025[6][10][11]. Second, whether the CO2 and products pipelines segments can hold their second-quarter earnings: together they earned $112 million more than a year earlier, mainly on higher oil prices and higher output at the SACROC field[8][12], yet 23.15 thousand barrels a day of remaining 2026 crude output is hedged at $64.54 a barrel, below the second-quarter realized price of $73.78[13]. Third, whether the project backlog can climb back above $10 billion: after three projects entered service it fell from $10.1 billion to $9.6 billion[14], management said second-half sanctions should more than offset about $1 billion of projects entering service[15], and the company also wants to keep leverage at 3.6 times[16].

Company Background and Business Structure

Kinder Morgan is a fee-based pipeline and terminal operator built around natural gas. Its pipelines move natural gas, refined products, crude oil, condensate and CO2, its terminals store and handle gasoline, diesel, jet fuel, chemicals and bulk goods, and it also has about 6.9 Bcf a year of renewable natural gas (RNG) capacity[1]. Adjusted EBITDA was $8.391 billion in 2025[10], the company declared dividends of $1.17 per share[17], and the 2026 budget raises the dividend to $1.19 per share[18].

The Natural Gas Pipelines segment produces most of the company's profit. In 2025 it generated revenue of $11.009 billion, about 65% of the total, and segment EBDA of $6.080 billion, about 68% of the four segments combined[19]. Its interstate and intrastate pipelines, storage and LNG facilities mostly operate under long-term fixed contracts in which customers reserve capacity and pay most of the fee whether or not they use it; at the end of 2025 the remaining weighted average life of natural gas transportation contracts was about seven years, and about 12 years for LNG-related contracts[20]. The segment is split into East, West and Midstream, which posted EBDA of $695 million, $247 million and $578 million in the second quarter of 2026[21]; Midstream includes the Texas intrastate network, the KinderHawk gathering system and the Hiland assets, and its revenue moves more with volumes, sales margins and gas prices[22].

The other three segments are smaller and earn money in different ways. In 2025 Products Pipelines had revenue of $2.686 billion and EBDA of $1.157 billion, Terminals had revenue of $2.104 billion and EBDA of $1.143 billion, and CO2 had revenue of $1.170 billion and EBDA of $612 million[19]. Products pipeline rates are mostly set by regulated tariffs adjusted each year for changes in the U.S. Producer Price Index and a FERC index[23]; the company is one of the largest independent liquids terminal operators in the U.S., and its Jones Act tankers mainly run under fixed-price term charters with a remaining weighted average length of about three years[24]. In the second quarter, liquids lease capacity utilization was 93%, and available tank utilization at key hubs such as the Houston Ship Channel reached 99%[25]. The CO2 segment uses CO2 flooding in West Texas and sells the crude oil, NGL and CO2 it produces[26].

A large share of revenue comes from commodity sales, but profit is far less sensitive than revenue. Natural Gas Pipelines cost of sales was $4.299 billion in 2025, about 39% of the segment's revenue[19]; the company explains that when commodity sales revenue moves with prices and volumes, purchase costs usually offset it, except in the CO2 segment, which produces rather than buys what it sells[26]. Part of the profit also comes from joint ventures: Natural Gas Pipelines recorded $817 million of equity earnings in 2025[19], and in the second quarter of 2026 the company booked $225 million of equity earnings and received $213 million of distributions[27].

Financial History and Current Position

Kinder Morgan's earnings and cash flow both grew steadily in 2025. Revenue was $16.937 billion and GAAP capital expenditures were $3.026 billion[19]; net income attributable to KMI was $3.056 billion versus $2.613 billion in 2024, adjusted EPS was $1.30 versus $1.15, and adjusted EBITDA was $8.391 billion versus $7.938 billion, an increase of about 6%[10]. Operating cash flow was $5.917 billion, up from $5.635 billion in 2024[17], and year-end net debt-to-adjusted EBITDA was 3.8 times[16].

Cold weather drove most of the strong growth in the first quarter of 2026. Adjusted EBITDA was $2.539 billion, up 18%, net income attributable to KMI was $976 million versus $717 million a year earlier, and adjusted EPS was $0.48, up 41%[28]. President Dax Sanders attributed the natural gas growth to higher contributions from the Texas intrastate system during the cold winter[29], and management said most of the year's outperformance came in the first quarter[30].

The second quarter of 2026 still delivered double-digit growth without a cold snap. Revenue was $4.477 billion[3], net income attributable to KMI was $867 million, up 21%, adjusted EPS was $0.37, and adjusted EBITDA was $2.199 billion, up 12%[4]; first-half adjusted EBITDA totaled $4.738 billion, up 15%, and second-quarter net interest expense was $425 million, below $453 million a year earlier[11].

Cash flow covers dividends and capital spending, but short-term debt rose sharply in the second quarter. First-half operating cash flow was $3.451 billion and FCF was $1.665 billion, leaving $346 million after dividends[27]. At the end of the second quarter net debt was $32.027 billion against trailing 12-month adjusted EBITDA of $9.000 billion, for leverage of 3.6 times[16]; short-term debt climbed from $1.226 billion at the end of 2025 to $2.443 billion, the working capital deficit was $3.059 billion, and about $3.2 billion of the $3.5 billion credit facility was available[31].

Operating Model

Revenue has two parts: service revenue sets the stability of profit, while commodity sales mostly amplify revenue swings. Service revenue includes long-term reservation fees, volume-based transportation and storage fees, terminal rents and tanker charters, and most of the fee on long-term natural gas contracts is paid for reserved capacity regardless of actual use[20]; volume-based services and Texas intrastate sales margins change within the quarter with volumes and gas prices. Commodity sales revenue moves with natural gas, NGL, crude and transmix prices, but purchase costs that move in step offset most of it, with the CO2 segment's self-produced commodities as the exception[26].

Management measures each business by segment EBDA, which equals revenue minus cost of sales, operations and maintenance, labor, fuel and power and non-income taxes, plus equity earnings from joint ventures. In 2025 the four segments generated $8.992 billion of EBDA; after $2.453 billion of DD&A, $746 million of general and corporate charges, $1.801 billion of net interest and $832 million of income tax, net income was $3.160 billion[19]. The adjusted measure removes Certain Items such as hedge fair-value changes, and in the second quarter of 2026 adjusted segment EBDA was $1.461 billion for Natural Gas Pipelines, $339 million for Products Pipelines, $309 million for Terminals and $207 million for CO2[8]; a higher oil price lifts CO2 earnings in the same quarter, but hedged volumes dampen that pass-through[13].

Cash goes first to dividends and then to capital projects, and new projects deliver earnings one to several years after the money is spent. The company expects 2026 GAAP capital expenditures of $4.064 billion, including $3.119 billion of expansion and $945 million of sustaining spending, with $1.786 billion spent in the first half[32]; management expects the remaining $8.5 billion of backlog projects to generate an aggregate first-full-year Project EBITDA multiple of about 5.6 times once in service[14]. The lag is especially visible on large projects: the roughly $1.8 billion Trident intrastate pipeline is scheduled to place its first phase in service in the first quarter of 2027 but should generate only about 30% of its full run-rate contracted Project EBITDA that year[33]. The balance sheet sets the limit on expansion, and management said that at 3.6 times leverage each 0.1 times increase equals about $850 million of additional borrowing capacity[34].

Industry and Competitive Position

Natural gas pipelines are a highly competitive business, but an existing network is hard to replicate. The company's annual report says new pipelines, storage and treating facilities are being built to serve the domestic and export markets its network reaches, and that competition centers on location, rates, terms of service, flexibility and reliability[35]; management also acknowledges that several firms are pursuing large projects in high-growth regions such as the Southeast and the Northeast takeaway corridors[36].

The company's main advantage is high utilization of existing assets and room to expand them. Management said utilization on the relevant natural gas systems reached 90% in 2025[37]; in terminals, the company is one of the largest independent liquids terminal operators in the U.S.[24], and liquids lease capacity utilization was still 93% in the second quarter[25]. Expanding along existing routes makes it easier to win customers and approvals than for a newcomer laying pipe from scratch, but that advantage only works in adjacent markets.

LNG exports and gas-fired power generation drive incremental demand, but the available material does not support a rigorous peer comparison. Management cited a Wood Mackenzie projection that U.S. natural gas demand will grow by 46 Bcf/d to more than 160 Bcf/d by 2035, including gas-fired power for AI data centers[15]. However, the material includes no comparable peer financial data, and the company does not split natural gas segment earnings between reservation fees and volatility-driven income, so any judgment on competitive position has to rely on the company's own utilization and contract-length disclosures.

Core Debates

Natural gas pipeline earnings rose 13% in the first half, helped partly by a winter storm in the first quarter and market volatility in the second. The third quarter has neither. Can contracted volume growth from LNG, power and Texas intrastate demand keep this business, about two-thirds of the company's earnings, growing near its second-quarter pace?

This question determines whether the conservative full-year outlook is beaten or merely met. The Natural Gas Pipelines segment contributed 68% of combined segment EBDA in 2025[19]. The company raised its 2026 adjusted EBITDA outlook to more than 5% above the $8.6 billion budget, but it had already earned $4.738 billion in the first half; at the low end of guidance, the second half only needs about $4.29 billion, roughly flat with $4.262 billion in the second half of 2025[6][11][10].

Second-quarter growth came from both contracted volumes and volatility-driven income. Natural Gas Pipelines adjusted EBDA was $1.461 billion versus $1.347 billion a year earlier, up 8.5%, and $3.258 billion for the first half, up 13.1%[8]. According to the 10-Q, Midstream rose $54 million on Texas intrastate sales margins and volumes, KinderHawk gathering volumes and the Hiland assets; East rose $16 million on completed expansion projects and lower maintenance costs, partly offset by lower pricing on short-term firm service as market volatility eased; and West rose $14 million, mainly on park and loan income driven by volatility[21][22]. Transport volumes increased from 44,818 BBtu/d to 47,886 BBtu/d, up 6.8%[5], which the company attributed to LNG deliveries on TGP, Texas intrastate demand, exports to Mexico and power demand in Arizona[38]; gathering volumes grew 26% in the same period, led by a 54% increase on KinderHawk[25].

Demand growth reaches segment earnings through reservation fees, volume-based fees and intrastate sales margins, while short-term firm service and park and loan income rise and fall with market volatility. LNG exports, gas-fired power, exports to Mexico and Texas industrial demand lead customers to reserve more long-term capacity and ship more gas, and second-quarter natural gas sales volumes rose from 2,832 BBtu/d to 3,908 BBtu/d[39], growth that flows straight into segment EBDA in the same quarter. What remains unresolved is the split between the two kinds of income: the company does not disclose reservation fees separately from volatility-driven income, and management said most first-quarter outperformance was non-recurring, which is why the second-half outlook is conservative[30][9]; an alternative reading is that once weather and volatility are stripped out, third-quarter growth may shrink to a few percentage points from new projects and acquisitions.

The third-quarter report can test this through segment growth, transport volumes and the 10-Q's explanations. Readers should watch whether Natural Gas Pipelines adjusted EBDA grows at least 3% year over year and approaches the second quarter's 8.5%, whether transport volume growth stays above 6%, and whether the company raises its full-year adjusted EBITDA outlook again. If segment EBDA growth falls below 3%, the first-half outperformance relied mainly on weather and price volatility; if transport volume growth drops below 3%, incremental LNG and power demand has not reached volumes as hoped.

In the second quarter the CO2 and products pipelines segments together earned $112 million more than a year earlier, almost matching the natural gas segment's gain, mainly on higher oil prices and higher SACROC output. With most remaining 2026 crude output hedged near $65 a barrel, can these two segments hold their second-quarter earnings in the third quarter?

These two segments are a modest share of revenue but supplied about half of the second-quarter earnings gain. Products Pipelines and CO2 together accounted for 22.8% of company revenue in 2025[19], yet their combined adjusted EBDA rose $112 million year over year in the second quarter, about the same as the $114 million gain in Natural Gas Pipelines[8]. Management said part of the second-quarter outperformance came from commodity price volatility, one reason the second-half outlook is conservative[9], so whether this income lasts directly affects whether the company beats its full-year outlook.

The second-quarter gain came from both price and volume. CO2 adjusted EBDA was $207 million versus $145 million a year earlier; net crude production was 28.04 thousand barrels a day, up about 10%, including 21.11 thousand barrels a day at SACROC, up 15%, and the realized oil price was $73.78 a barrel versus $67.60[12][40]. Products Pipelines adjusted EBDA was $339 million versus $289 million[41], which the company attributed to higher commodity prices; refined product volumes fell 5% over the same period because of temporary West Coast supply disruptions and the high-price environment[42]. For reference, first-quarter adjusted EBDA was $189 million for CO2 and $325 million for Products Pipelines[43].

Oil prices reach these segments through realized prices, NGL prices and blending spreads, while volumes depend on flooding performance and refined product demand. The CO2 segment sells what it produces, so its revenue is not offset by purchase costs[26], and oil price changes pass almost fully into same-quarter earnings, with only hedges as a buffer: 23.15 thousand barrels a day of remaining 2026 crude output is hedged at an average of $64.54 a barrel[13]. What remains unresolved is how much of the second-quarter gain will last; an alternative reading is that it came mainly from a short-term oil price spike, and if prices fall back while hedges lock in a price below the second-quarter realization, the two segments would return to first-quarter levels.

The third-quarter report will show both segments' earnings and volumes directly. Readers should watch whether CO2 adjusted EBDA holds the first quarter's $189 million and approaches the second quarter's $207 million, how the realized oil price moves against $73.78, whether SACROC output stays above 21 thousand barrels a day, and whether Products Pipelines adjusted EBDA holds $325 million while its volume decline narrows. If CO2 falls below $189 million and Products Pipelines below $325 million, the second-quarter gain was a one-time price effect.

After three large projects entered service in the second quarter, the project backlog fell from $10.1 billion to $9.6 billion. Management expects second-half sanctions to exceed projects placed in service while spending about $2 billion more on capital projects. Can the backlog get back above $10 billion in the third quarter while leverage stays at 3.6 times?

The backlog is the contracted basis for EBITDA growth in 2027-2029, and it is shrinking in a year of rising capital spending. About 92% of the backlog is natural gas projects, and more than 60% serves power generation and local distribution company demand[14]. The company expects 2026 GAAP capital expenditures of $4.064 billion[32], about 34% above the $3.026 billion spent in 2025[19]; if new sanctions slow while spending rises, both future growth and the balance sheet would be affected.

The backlog fell because more projects entered service than were added. Projects placed in service in the second quarter included TGP's roughly $235 million Cumberland lateral serving a new Tennessee Valley Authority power plant, the roughly $165 million Hiland Express conversion of Double H to NGL service, and the Gulf Coast Express expansion, with a KM share of about $160 million[44]. About $650 million of projects entered service in the quarter against only about $200 million of additions, and the board contingently approved almost $400 million of further projects still in contract negotiations[15]. SSE4 and MSX received FERC's Final Environmental Impact Statement on June 26, 2026, and FERC had indicated it would issue certificates by the end of July[45]. On funding, first-half operating cash flow of $3.451 billion covered $1.319 billion of dividends and $1.786 billion of GAAP capital expenditures, leaving FCF after dividends of $346 million[27]; the $505 million Monument acquisition[46] was partly funded with commercial paper, lifting short-term debt to $2.443 billion[31].

The backlog enters the financial statements at two points, capital spending and in-service dates, and capital spending always leaves before EBITDA arrives. A project enters the backlog after customers sign long-term contracts and the company reaches a final investment decision; spending then follows FERC certificates and construction progress, and contracted Project EBITDA starts only after the project enters service, at a multiple of about 5.6 times[14]. That gap depresses FCF after dividends and lifts net debt-to-adjusted EBITDA. What remains unresolved is the pace of new sanctions; an alternative reading is that the decline reflects slower-than-expected contract negotiations, as with the Western Gateway joint venture talks that were delayed by structural complexity[25], while permit litigation or supply of critical equipment such as compression could delay large projects, pulling capital spending forward and pushing EBITDA back[36].

The third-quarter report can answer both the backlog and the leverage question directly. Readers should watch whether the backlog is back above $10 billion at quarter-end and how much was added and placed in service, whether net debt-to-adjusted EBITDA holds at 3.6 times, whether nine-month capital spending tracks the full-year plan of $4.064 billion, and whether SSE4, MSX and Trident keep their original in-service dates. If the backlog falls for two straight quarters, new sanctions are not keeping up with projects entering service; if leverage rises above 3.6 times, expansion is starting to depend on new borrowing.

Risks and Falsifiers

Rate regulation is the underlying risk for regulated pipeline revenue. FERC or state public utility commissions may set pipeline tariff rates that hurt the company, and shippers can file complaints challenging existing rates; a successful challenge would directly reduce future earnings and cash flow[47]. Products pipeline rates are adjusted by a FERC index, so that business is the most directly exposed[23]. If quarterly filings disclose no new rate case, complaint or refund reserve, the risk remains only potential.

A wider short-term debt and working capital gap would raise refinancing costs if interest rates climb. At the end of the second quarter short-term debt was $2.443 billion and the working capital deficit was $3.059 billion, mainly because senior notes maturing within twelve months rose by $878 million and commercial paper by $325 million[31]; net interest expense was $425 million in the quarter[11]. If short-term debt falls by the end of the third quarter and net interest expense is no higher than in the second quarter, this concern eases.

Lower market volatility would reduce short-term firm service, park and loan income and Texas intrastate sales margins, offsetting contracted volume growth. The 10-Q already notes that part of Midstream's first-half growth came from high gas prices during the cold winter, and that East's short-term firm service pricing has fallen as volatility eased[22]; management likewise warned that commodity price volatility is outside its control and can affect quarterly outperformance[36]. If third-quarter Natural Gas Pipelines adjusted EBDA grows at least 8.5% year over year and the 10-Q attributes growth mainly to volumes and demand, this risk is falsified.

A drop in oil prices or production would return commodity-linked earnings in CO2 and Products Pipelines to first-quarter levels. The annual report says crude, NGL and natural gas prices can swing widely on relatively small changes in supply and demand, and that hedging only partly mitigates the exposure[48]; CO2 segment revenue comes from self-produced commodities that purchase costs do not offset[26], and the remaining crude hedge price of $64.54 a barrel is below the second-quarter realized price[13]. If third-quarter CO2 adjusted EBDA is at least $207 million and SACROC output is at least 21 thousand barrels a day, this risk has not materialized.

Permitting, rights-of-way, public opposition or equipment delays could push large pipeline projects behind schedule or over budget. The annual report acknowledges that difficulties obtaining rights-of-way and permits have caused, and may continue to cause, project delays or cancellations[49]; backlog projects SSE4 (KM share about $1.8 billion), MSX (about $1.7 billion) and Trident (about $1.8 billion) are all in permitting or construction[33][45], and management said permitting timelines and supply of critical equipment such as compression are pressuring project schedules[36]. Delays would make capital spending arrive ahead of EBITDA; if the third-quarter report keeps all three projects on their original in-service dates and budgets, this risk is falsified for now.

What to Watch Next

• Natural gas pipeline growth: Natural Gas Pipelines adjusted EBDA was $1.461 billion in the second quarter, up 8.5%[8]. Growth of at least 3% that approaches 8.5% would confirm the contracted-growth case; growth below 3% would show reliance on weather and volatility.
• Natural gas transport volumes: the baseline is 47,886 BBtu/d, up 6.8%[5]. Growth above 6% supports the case; growth below 3% would mean incremental demand has not reached volumes.
• CO2 and SACROC: the baseline is $207 million of adjusted EBDA and 21.11 thousand barrels a day at SACROC[12]. Falling below $189 million would mark the second-quarter gain as one-time.
• Products Pipelines: the baseline is $339 million of adjusted EBDA[41]. Watch whether it holds $325 million and whether the volume decline narrows; dropping below first-quarter levels together with CO2 would falsify the durable-gain view.
• Project backlog: the baseline is $9.6 billion[14]. A return above $10 billion confirms; a second straight quarterly decline falsifies.
• Leverage and capital spending: the baseline is 3.6 times[16]. Watch nine-month spending against the $4.064 billion plan; leverage above 3.6 times would show expansion leaning on new debt.

Conclusion

Kinder Morgan's results are driven by a natural gas network backed by long-term contracts, and its financial position is better than its original budget, but it is still unclear how much of the growth can continue without help from weather and prices. First-half 2026 adjusted EBITDA reached $4.738 billion, up 15%[11], and leverage fell to 3.6 times[16]; Natural Gas Pipelines grew 13.1% in the first half[8], CO2 and Products Pipelines benefited from oil prices and higher SACROC output, and the backlog dropped to $9.6 billion after three projects entered service[14]. The central unresolved relationship is whether contracted volume growth can replace one-time storm and volatility income while backlog additions keep pace with roughly $4 billion of annual capital spending.

Only one outside view with independent reasoning appeared after the second-quarter report: a third-quarter preview from RBC Capital Markets analyst Elvira Scotto, published on September 22, 2026 and relayed by AASTOCKS[50]. RBC said third-quarter core earnings should benefit from favorable commodity prices and operational execution, raised its third-quarter adjusted EBITDA forecast from $2.08 billion to $2.13 billion, and noted that about 90% of the CO2 segment's oil production is hedged[50]; that view bears directly on the second debate, but $2.13 billion is still below the second quarter's actual $2.199 billion, implying RBC does not expect all of the second-quarter gain to persist. RBC also said Western Gateway, developed with Phillips 66 and HF Sinclair, would add about $300 million to the backlog, with roughly another $400 million of projects joining the backlog in the near term[50], which maps onto the third debate's test of whether the backlog returns above $10 billion. This view comes through an AI-generated news summary and does not represent the market as a whole; other coverage in the same period consisted mainly of stock price recaps, holdings changes and project news, with no independent analysis of natural gas pipeline growth, which leaves a coverage gap on the first debate.

The combination of observations matters more than any single number. If third-quarter Natural Gas Pipelines adjusted EBDA grows close to 8.5%, transport volume growth stays above 6%, the backlog returns above $10 billion and leverage holds at 3.6 times, contracted demand can support growth on its own, and the current understanding would be clearly strengthened. Conversely, if natural gas segment growth falls below 3%, CO2 and Products Pipelines both slip back to first-quarter levels, and the backlog keeps falling or leverage rises, the first-half strength came mainly from weather and prices and expansion is beginning to lean on debt, and the current understanding would be clearly weakened.

Sources

[1] KMI 10-K filed 2026-02-13 · business overview · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[2] Drillr earnings calendar (updated 2026-10-14) · KMI 2026-10-21 call · 2026-10-14 · Drillr earnings calendar

[3] KMI 10-Q filed 2026-07-24 · Q2 2026 segment financial information · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[4] KMI 8-K filed 2026-07-22 · Q2 2026 highlights · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[5] KMI 8-K filed 2026-07-22 · Q2 2026 segment volumes · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[6] KMI 8-K filed 2026-07-22 · 2026 outlook · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[7] Drillr analyst_financial_estimates (updated 2026-10-14) · KMI quarter ending 2026-09-30 · 2026-10-14 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] KMI 8-K filed 2026-07-22 · Q2 2026 Adjusted Segment EBDA · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[9] KMI Q2 2026 earnings call 2026-07-22 · guidance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] KMI 10-K filed 2026-02-13 · 2025 Adjusted EPS and Adjusted EBITDA · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[11] KMI 8-K filed 2026-07-22 · Q2 2026 Adjusted EBITDA reconciliation · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[12] KMI 10-Q filed 2026-07-24 · CO2 segment results · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[13] KMI 10-Q filed 2026-07-24 · CO2 segment hedges · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[14] KMI 8-K filed 2026-07-22 · project backlog and in-service projects · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[15] KMI Q2 2026 earnings call 2026-07-22 · backlog and project execution · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[16] KMI 8-K filed 2026-07-22 · net debt and leverage · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[17] KMI 10-K filed 2026-02-13 · 2025 operating cash flow and dividends · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[18] KMI 8-K filed 2026-04-22 · 2026 budget and Q1 outlook · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[19] KMI 10-K filed 2026-02-13 · 2025 segment financial information · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[20] KMI 10-K filed 2026-02-13 · natural gas pipelines segment contracts · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[21] KMI 10-Q filed 2026-07-24 · natural gas sub-segment EBDA · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[22] KMI 10-Q filed 2026-07-24 · natural gas EBDA drivers · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[23] KMI 10-K filed 2026-02-13 · products pipelines contracts · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[24] KMI 10-K filed 2026-02-13 · terminals and Jones Act tankers · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[25] KMI Q2 2026 earnings call 2026-07-22 · segment performance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[26] KMI 10-Q filed 2026-07-24 · consolidated revenue composition · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[27] KMI 8-K filed 2026-07-22 · Q2 2026 FCF · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[28] KMI 8-K filed 2026-04-22 · Q1 2026 highlights · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[29] KMI 8-K filed 2026-04-22 · Q1 2026 segment commentary · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[30] KMI Q1 2026 earnings call 2026-04-22 · guidance · 2026-04-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] KMI 10-Q filed 2026-07-24 · liquidity and working capital · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[32] KMI 10-Q filed 2026-07-24 · 2026 capital expenditures plan · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[33] KMI 8-K filed 2026-04-22 · Trident, SSE4 and MSX projects · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[34] KMI Q2 2026 earnings call 2026-07-22 · capex capacity and project Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[35] KMI 10-K filed 2026-02-13 · natural gas pipelines competition · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[36] KMI Q2 2026 earnings call 2026-07-22 · stated risks · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] KMI 8-K filed 2026-04-22 · backlog mix and utilization · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[38] KMI 8-K filed 2026-07-22 · natural gas segment commentary · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[39] KMI 10-Q filed 2026-07-24 · natural gas segment results and volumes · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[40] KMI 8-K filed 2026-07-22 · CO2 segment commentary · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[41] KMI 10-Q filed 2026-07-24 · products pipelines segment results · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/1506307/000150630726000085/0001506307-26-000085-index.htm

[42] KMI 8-K filed 2026-07-22 · products pipelines commentary · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[43] KMI 8-K filed 2026-04-22 · Q1 2026 Adjusted Segment EBDA · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[44] KMI 8-K filed 2026-07-22 · Q2 2026 projects placed in service · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[45] KMI 8-K filed 2026-07-22 · SSE4 and MSX final EIS · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[46] KMI 8-K filed 2026-04-22 · Monument Pipeline acquisition · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=8-K&dateb=&owner=include&count=40

[47] KMI 10-K filed 2026-02-13 · rate regulation risk · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[48] KMI 10-K filed 2026-02-13 · commodity price risk · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[49] KMI 10-K filed 2026-02-13 · expansion project risk · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001506307&type=10-K&dateb=&owner=include&count=40

[50] AASTOCKS 2026-09-22 · RBC Capital Markets on KMI third-quarter earnings · 2026-09-22 · RBC Capital Markets · https://www.aastocks.com/tc/stocks/news/aafn-con/NOW.1545864/latest-news/AAFN