Kinder Morgan stock: Record quarter extends gas project runway

Kinder Morgan reported record third-quarter results on October 21, 2026, while expanding its energy infrastructure backlog with new natural gas projects. The company said the quarter benefited from broad contributions across its business segments and stronger demand for gas transportation.

Net income attributable to Kinder Morgan rose to 764 million US dollars from 628 million US dollars in the third quarter of 2025. Adjusted net income increased 22% to 792 million US dollars. Adjusted earnings per share rose 21% to 0.35 US dollars, while adjusted EBITDA increased 9% to 2.18 billion US dollars. Revenue reached 4.531 billion US dollars, compared with 4.146 billion US dollars a year earlier.

Natural gas backlog reaches record

The expansion project backlog stood at 14.4 billion US dollars at the end of the quarter, up 4.7 billion US dollars from the second quarter. Kinder Morgan added 5.4 billion US dollars of projects and placed 700 million US dollars of projects into service. Natural gas projects accounted for 13.2 billion US dollars, the largest such backlog in the company’s history.

Two major additions are the Southeast Connector and Permian Link projects. Southeast Connector is designed to transport up to 2.6 billion cubic feet of gas per day and has a projected Kinder Morgan share of project costs of 3.1 billion US dollars. Permian Link is designed for about 2.8 billion cubic feet per day, with Kinder Morgan’s share of costs expected at 1.6 billion US dollars. Both projects depend on permits and approvals and are expected to begin service in 2030.

More than 75% of the total backlog is tied to power generation and local distribution company demand, according to the company. Kinder Morgan said the larger 13.7 billion US dollar portion of the backlog represents stable, primarily take-or-pay cash flows. Management expects the projects to produce an aggregate first-full-year project EBITDA multiple of about 5.7 times.

Guidance and shareholder return

Kinder Morgan expects 2026 adjusted EBITDA to exceed its budget by more than 6% and adjusted earnings per share to exceed budget by more than 13%. The company’s budget calls for adjusted EBITDA of 8.6 billion US dollars and adjusted EPS of 1.36 US dollars. Net debt to adjusted EBITDA was 3.5 times at the end of September, compared with a budgeted year-end level of 3.8 times; the company expects to finish the year at 3.6 times.

The board approved a quarterly dividend of 0.2975 US dollars per share, or 1.19 US dollars annualized. The payment is scheduled for November 16 to shareholders of record at the close of business on November 2. The dividend is 2% above the year-earlier quarter.

Kinder Morgan stock traded at 30.43 euros on Lang & Schwarz at 11:33 CET on Friday, October 30; investors can follow the real-time quote of Kinder Morgan stock.

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Investors will next focus on the November 2 record date, the November 16 dividend payment and progress toward permits and construction for the Southeast Connector and Permian Link projects. More news and analyses on Kinder Morgan stock.