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KMI
FY2026 Q1
Improving
Kinder Morgan, Inc. earnings call
Buzzberg read
Full-year EBITDA expected to exceed budget by more than 3%
KMI reported a strong Q1 with EPS up 38% and raised full-year EBITDA guidance by >$250M. Management highlighted robust natural gas demand driven by LNG and data center power, pipeline utilization above 90%, and a $10.1B project backlog. Cross-company signals include a joint venture with Phillips 66 on Western Gateway and reduced drilling by Continental Resources in the Bakken. Adjusted EPS +41% YoY; EBITDA +18%; every segment beat budget.
Buzzberg read Full-year EBITDA expected to exceed budget by more than 3% KMI reported a strong Q1 with EPS up 38% and raised full-year EBITDA guidance by >$250M. Management highlighted robust natural gas demand driven by LNG and data center power, pipeline utilization above 90%, and a $10.1B project backlog. Cross-company signals include a joint venture with Phillips 66 on Western Gateway and reduced drilling by Continental Resources in the Bakken. Adjusted EPS +41% YoY; EBITDA +18%; every segment beat budget. Read full analysisCollapse analysis
KMI reported a strong Q1 with EPS up 38% and raised full-year EBITDA guidance by >$250M. Management highlighted robust natural gas demand driven by LNG and data center power, pipeline utilization above 90%, and a $10.1B project backlog. Cross-company signals include a joint venture with Phillips 66 on Western Gateway and reduced drilling by Continental Resources in the Bakken. Adjusted EPS +41% YoY; EBITDA +18%; every segment beat budget.
- Full-year EBITDA guidance raised to >3% above budget (>$250M incremental).
- Acquired Monument Pipeline (TX) for $500M, expected to close end of month.
- Project backlog increased to $10.1B, including three data center deals.
Revenue$4.828B+7% QoQ
EPS$0.48+23% QoQ
Gross margin49.05%Reported
Operating margin29.91%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Capex
Backlog grew to $10.1 billion with three data center deals
Demand
Gas demand projected to reach 150 Bcf/d by 2031
Show 3 more callouts
M&A
Acquiring Monument Pipeline for ~$500 million
Projects
Western Gateway open season successful, FID expected within months
Balance Sheet
Leverage at 3.6x, lowest since pre-2014 consolidation
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $4.828B | +7% QoQ |
| EPS | $0.48 | +23% QoQ |
| Gross margin | 49.05% | Reported |
| Operating margin | 29.91% | Reported |
| Free cash flow | $0.687B | -57% QoQ |
| Capex | $0.804B | Reported |
AI, capex & demand read
Management read
Confident
Management expressed strong confidence in the natural gas growth story, highlighted outstanding quarterly results, and pointed to a large expansion opportunity set and successful project progress.
Investment and capacity
Management raised the project backlog to $10.1 billion, up $145 million quarter-over-quarter, with expansions focused on natural gas pipelines, LNG feed gas, and power demand, including data centers. They expect to finance these projects primarily with internally generated cash flow while maintaining a strong balance sheet.
all 2 named companies below
Companiesreturns since call
Customers
CLR
Customers
Kim
Continental Resources dropped rigs in the Bakken, potentially reducing KMI's crude gathering volumes. Despite higher oil prices, producers have not yet increased drilling, signaling a near-term headwind for Bakken volumes. — KMI's crude gathering segment is sensitive to producer activity in the Bakken; a drop in rigs suggests slower production growth, which could dampen KMI's volume outlook despite favorable commodity prices.
Evidence
“Continental dropped rigs earlier this year, but prices are better, and so hopefully at some point some of our producers may increase rigs, but we have not seen that to date.”
Partners
Partners
Dax
KMI and Phillips 66 are jointly developing the Western Gateway pipeline, which would transport refined products from Texas to Arizona and California. The project is progressing to the next stage of finalizing agreements.
Evidence
“KMI and Phillips 66 recently concluded a successful open season on the proposed Western Gateway pipeline system.”
External signals
Supply-chain alpha · 2returns since call
Continental Resources dropped rigs in the Bakken, potentially reducing KMI's crude gathering volumes. Despite higher oil prices, producers have not yet increased drilling, signaling a near-term headwind for Bakken volumes.
KMI's five largest gas pipelines are operating at over 90% utilization, indicating tight capacity across the network. This supports the need for new pipeline expansions and strengthens KMI's pricing power on incremental capacity sales.
Evidence
“The growth in the overall natural gas market of over 36 BCF since 2016 has driven utilization on our five largest gas pipelines to over 90%.”
Methodology & coverage
Management-only analysis. All 2 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.