Kinder Morgan Q2 FY2026: record net income, EPS beats consensus
Kinder Morgan's fiscal 2026 second quarter was a record: net income of $0.867 billion, adjusted EPS of $0.37 against a $0.3275 consensus, and leverage down to 3.6 times. Revenue barely moved and free cash flow slipped slightly, so this is best read as a margin, pricing and cost-of-capital story rather than a growth story.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.39 was 21.9% above the $0.32 reported a year earlier, and adjusted EPS of $0.37 was up 32.0% from $0.28. The $0.37 adjusted figure came in 13.0% above the $0.3275 consensus estimate, and net income of $0.867 billion was 21.3% above last year's $0.715 billion. Adjusted EBITDA of $2.199 billion was up 12.0%, which tells you the profit growth came from pricing, volumes and mix rather than from the top line.
Revenue of $4.098 billion rose just 1.4% from $4.042 billion a year earlier. Be careful with this line: the filing flags a mismatch, with the income statement inside the release showing $4.477 billion for the quarter while the extracted figure is $4.098 billion, and the segment breakdown adds up to the higher number. Volumes were mixed underneath — natural gas transport up 7% and gathering up 26%, but total refined products volumes down 5% and crude and condensate down 16%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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