Kinder Morgan (KMI) Q2 2026 Earnings Call Transcript
Kinder Morgan held its Q2 2026 earnings call, reporting adjusted EBITDA up 12% year over year and adjusted EPS up 32%. The company raised full-year guidance, targeting adjusted EBITDA at least 5% above its 2026 budget and adjusted EPS at least 12% above budget. It declared a $0.2975 quarterly dividend. KMI said backlog fell to about $9.6B from $10.1B, partly offset by board-approved projects.
How this was made
The 30-second read
Why it matters
The key tradable update is the raised full-year 2026 guidance, supported by record Q2 adjusted EBITDA/EPS, strong utilization, and progress on major natural gas expansion projects plus board-approved projects to offset backlog decline.
Market read
Raised guidance with quantified targets and execution updates can re-rate near-term earnings expectations for KMI.
What to watch
The transcript notes a temporary Jones Act waiver adding market uncertainty for tanker markets; any adverse rate/utilization shift could offset some segment strength.
Background
This is a Q2 2026 earnings call transcript for Kinder Morgan, covering segment volumes, project progress, balance sheet leverage, and capital allocation.
Ticker impact
Kinder Morgan raised 2026 guidance, expecting full-year adjusted EBITDA at least 5% above budget and adjusted EPS at least 12% above budget.
Likely positive bias for KMI shares into the next earnings cycle, with upside risk if execution and FERC milestones stay on track.
The transcript explicitly states guidance increases with quantified targets, alongside record adjusted EBITDA/EPS and progress on major expansion projects and contracting activity.
Market effects
Reinforces strength in North American natural gas infrastructure demand (LNG exports, power demand), supporting sentiment for midstream peers.
Highlights ongoing capital deployment and FERC-driven milestones in U.S. gas transmission and related hubs.
Supports the broader LNG export growth narrative via incremental feedgas and pipeline utilization.
Counterpoint
Backlog decreased during the quarter and FERC certificate timing could slip, which may pressure the cadence of future earnings even with raised guidance.
Key entities
- companyKinder Morgan
Raised 2026 adjusted EBITDA and adjusted EPS guidance; reported record Q2 results and segment volume growth.
- regulatorFERC
Regulatory milestone referenced for Mississippi Crossing and South System Expansion 4, with certificate expected by end of July 2026.
