Kinder Morgan, Inc. (KMI) Earnings Call Transcripts

Kinder Morgan, Inc.'s Latest Earnings Call - Q2 FY2026

In Kinder Morgan's second quarter 2026 earnings call, the company reported strong financial performance, with adjusted EBITDA increasing by 12% year-over-year and adjusted EPS rising by 32%. Revenue and earnings exceeded both prior year results and internal budget expectations, prompting management to raise full-year guidance for adjusted EBITDA and EPS by at least 5% and 12%, respectively. The strong demand for natural gas, particularly for LNG exports and electric generation, is expected to drive future growth and infrastructure investments.

Reported metrics

Guidance from management

Management raised full-year guidance, expecting adjusted EBITDA to be at least 5% above the budget and adjusted EPS to be at least 12% above the original budget, reflecting strong performance and confidence in future demand.

What management said

Well, I think we've got this thing targeted for a 2030 type in-service, right? I mean just by the nature of the long leads. I mean, obviously, the sooner we get the contracts signed, the faster we can go and start getting the long leads ordered. It's still competitive, but I would -- the discussions are going well.

Yes. I mean, I think there are -- I mean, it's like our existing backlog. There are a handful -- our opportunities has a handful of the $1 billion-plus and then a lot of $100 million to $500 million projects. So it's somewhere in terms of size and scope and number of projects.

What analysts pressed on

Analysts expressed concerns regarding the decline in refined product and crude volumes, questioning the sustainability of revenue from the Products Pipeline segment. Additionally, there were inquiries about the competitive landscape for upcoming projects and the timeline for FID on significant projects.

Main topics on the call

• Revenue Growth and Guidance Increase — Kinder Morgan reported a 12% increase in adjusted EBITDA and a 32% increase in adjusted EPS compared to Q2 2025. Management stated, "we are increasing our guidance...expect full year adjusted EBITDA to be at least 5% abo...
• Natural Gas Demand and Infrastructure Opportunities — The company highlighted strong demand for natural gas, particularly for LNG exports, stating, "the fundamentals supporting our natural gas business have never been stronger." This demand is expected to lead to additional...
• CapEx and Project Backlog — Kinder Morgan's backlog decreased slightly from $10.1 billion to $9.6 billion, primarily due to placing over $650 million in projects into service. However, management anticipates adding significant projects from a $10 b...
• Strong Financial Position — The company reported a net debt to adjusted EBITDA ratio of 3.6x, down from 3.8x at the beginning of the year, providing flexibility for growth investments while maintaining a solid dividend.

Read the full Kinder Morgan, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 56 Kinder Morgan, Inc. earnings call transcripts on record, spanning January 22, 2020 to July 22, 2026. Based on this history, Kinder Morgan, Inc. reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

KMI

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

56

First call

January 22, 2020

Most recent

July 22, 2026

Reporting cadence

quarterly