Kinder Morgan (KMI) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Kinder Morgan published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Kinder Morgan reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Segment revenues come from Kinder Morgan's Form 10-Q; the release reports segment earnings before DD&A (EBDA), not segment revenue. The Corporate and Eliminations row is Kinder Morgan's own reconciling line.
• Q3 2026 GAAP results include a $138 million non-cash legal, environmental and other expense accrual in Products Pipelines and a $71 million gain on the sale of three Tampa dry bulk terminals. Kinder Morgan treats both as Certain Items and excludes them from Adjusted EPS.

Source: Kinder Morgan Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Kinder Morgan splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Kinder Morgan's Natural Gas Pipelines revenue was $2.9 billion in Q3 2026, up 8% from $2.7 billion in Q3 2025, 64% of total revenue.
• Kinder Morgan's Products Pipelines revenue was $772 million in Q3 2026, up 14% from $677 million in Q3 2025, 17% of total revenue.
• Kinder Morgan's Terminals revenue was $562 million in Q3 2026, up 8% from $518 million in Q3 2025, 12% of total revenue.
• Kinder Morgan's CO2 revenue was $307 million in Q3 2026, up 9% from $282 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Kinder Morgan said:

“For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times.”

“KMI currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable to budget on an Adjusted EPS basis for the year.”

“KMI also expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, which is 0.2 times favorable to KMI's budget.”

Source: Kinder Morgan Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KMI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and basic and diluted EPS, each as first reported in that quarter's release.

Kinder Morgan's next report is expected around January 27, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Kinder Morgan's Q3 2026 revenues were $4,531 million, up from $4,146 million. Natural Gas Pipelines produced $2,899 million of that, Products Pipelines $772 million, Terminals $562 million and CO2 $307 million, less $9 million of corporate eliminations. (Kinder Morgan Form 10-Q, Q3 2026, Oct 23, 2026)

About half of Kinder Morgan's revenue is services and the rest is mostly commodity sales. In Q3 2026 firm services were $1,383 million and fee-based services $750 million, while natural gas sales were $999 million and product sales $1,015 million. Leasing services added $365 million, $195 million of it in Terminals. (Kinder Morgan Form 10-Q, Q3 2026, Oct 23, 2026)

Kinder Morgan attributes the $385 million revenue increase mainly to $267 million of higher product sales on higher commodity prices, $148 million of higher services revenues from higher volumes and expansion projects in Natural Gas Pipelines, and $39 million of higher natural gas sales, partly offset by $85 million of hedging impacts. Higher sales were also partly offset by higher costs of sales, which rose $171 million. (Kinder Morgan Form 10-Q, Q3 2026, Oct 23, 2026)

Natural gas transport volumes averaged 49,273 BBtu/d, up 3%, which Kinder Morgan attributes primarily to LNG deliveries on Tennessee Gas Pipeline and demand on its Texas Intrastate system. Gathering volumes rose 14%, mainly on KinderHawk. Total refined products volumes fell 3% and crude and condensate volumes fell 11%. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026)

Kinder Morgan's 2025 Form 10-K says its natural gas transportation contracts had a remaining weighted average life of about seven years at December 31, 2025, and no single external customer exceeded 10% of consolidated revenues in 2025. (Kinder Morgan Form 10-K, 2025, Feb 13, 2026)

Kinder Morgan earned $0.34 per share on a GAAP basis in Q3 2026 and $0.35 of Adjusted EPS, both up 21%. Net income attributable to KMI was $764 million and Adjusted Net Income $792 million. Adjusted figures exclude Certain Items, which totaled $28 million in the quarter: a $138 million legal, environmental and other accrual, a $71 million gain on a Terminals divestiture, $3 million of risk management activities and a $42 million income tax effect. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026)

The $138 million accrual sat in Products Pipelines, where segment EBDA fell to $172 million from $288 million while Adjusted Segment EBDA rose to $313 million from $288 million. Terminals segment EBDA of $385 million included the $71 million gain on selling three dry bulk terminals in Tampa to affiliates of Watco. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026)

Kinder Morgan's share count was flat at 2,227 million weighted average shares against 2,224 million. Its effective tax rate was 19.4% against 22.0% a year earlier, which the 10-Q attributes partly to an adjustment to deferred tax liability from lower state effective tax rates. The board declared a dividend of $0.2975 per share, up 2%. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026; Kinder Morgan Form 10-Q, Q3 2026, Oct 23, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Kinder Morgan sets a budget at the start of each year and updates it in each release. Its 2026 budget called for net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, dividends of $1.19 per share and Adjusted EBITDA of $8.6 billion. In the Q3 release it said it expects to finish more than 6% above budget on Adjusted EBITDA and more than 13% above on Adjusted EPS, with year-end Net Debt-to-Adjusted EBITDA of 3.6 times against a budgeted 3.8 times. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026)

Kinder Morgan's project backlog was $14.4 billion at the end of Q3 2026, up $4.7 billion from Q2 after $5.4 billion of additions, and $13.2 billion of it is natural gas. New projects include the Southeast Connector, a KMI share of $3.1 billion, and NGPL's Permian Link, a KMI share of about $1.6 billion, both expected in service in 2030. (Kinder Morgan Q3 2026 earnings release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Kinder Morgan, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Kinder Morgan's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KMI is on is KMI a buy or a sell?, what analysts expect next is on the KMI forecast, and what the company does is on the Kinder Morgan (KMI) stock page.

Every number on this page can be traced to a document Kinder Morgan published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.