Kinder Morgan's record second quarter 2026 Adjusted EBITDA of $2.2B beat estimates, prompting a raised full-year outlook.

Kinder Morgan reported second quarter 2026 revenue of $4.48 billion and GAAP EPS of $0.39, beating consensus estimates of $4.20 billion and $0.31, respectively. The company delivered a record Adjusted EBITDA of $2.2 billion, up 12% year-over-year, and raised its full-year 2026 guidance for both Adjusted EBITDA and Adjusted EPS.

Key Highlights

• Raised full-year 2026 outlook, now expecting to be more than 5% favorable to budget on an Adjusted EBITDA basis and over 12% favorable on Adjusted EPS.
• Natural Gas Pipelines segment saw transport volumes rise 7% and gathering volumes surge 26% compared to the prior-year quarter, driving segment performance.
• Maintained balance sheet strength, ending the quarter with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, at the low end of its target range.
• The project backlog now stands at $9.6 billion, with 92% allocated to natural gas projects.