Kinder Morgan Q3 FY2026: record quarter, $0.35 adjusted EPS
Kinder Morgan delivered a record third quarter and beat the $0.326 consensus with $0.35 of adjusted EPS, which supports a Bullish view of a franchise now carried mostly by fee-based gas contracts. Read it in two layers: the income statement shows steady improvement, while the $14.4 billion project backlog is where future cash flow sits — and it does not arrive until 2029 and 2030.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.34 and adjusted EPS of $0.35 were both 21% above the $0.28 of a year ago and ahead of the $0.326 consensus, roughly a 7.4% beat on the adjusted line. The one-cent gap between the two is $28 million of Certain Items, mostly $138 million of legal, environmental and other accruals offset by a $71 million gain on terminal divestitures. Nine-month adjusted EPS of $1.20 against $0.91, plus a 2% dividend increase to $0.2975 a quarter, says this is not a one-quarter fluke.
The income statement shows revenue of $4.53 billion, up 9.3% from $4.15 billion a year earlier, and the three reported segment lines add up to exactly that. The structured data feed instead carries $4.19 billion — a $346 million gap the filing itself flags as an extraction conflict — so treat the lower number as a data artifact rather than a shortfall. The useful detail is in the mix: natural gas gathering volumes rose 14% while refined products volumes fell 3% and crude and condensate fell 11%.
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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 2026-10-23
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