Guidance
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KMI
FY2026 Q2
Improving
Kinder Morgan, Inc. earnings call
Buzzberg read
KMI raises full-year guidance again
Kinder Morgan reported a strong Q2 2026 with record adjusted EBITDA and EPS, raising full-year guidance. The call emphasized robust natural gas demand growth from LNG exports, power generation, and data centers, with a $10B+ opportunity set and multiple large expansion projects advancing. Management also provided updates on key joint ventures (Western Gateway) and competitive positioning for new pipeline projects. Q2 adjusted EBITDA +12% YoY, adjusted EPS +32% YoY to $0.37; all segments contributed.
Buzzberg read KMI raises full-year guidance again Kinder Morgan reported a strong Q2 2026 with record adjusted EBITDA and EPS, raising full-year guidance. The call emphasized robust natural gas demand growth from LNG exports, power generation, and data centers, with a $10B+ opportunity set and multiple large expansion projects advancing. Management also provided updates on key joint ventures (Western Gateway) and competitive positioning for new pipeline projects. Q2 adjusted EBITDA +12% YoY, adjusted EPS +32% YoY to $0.37; all segments contributed. Read full analysisCollapse analysis
Kinder Morgan reported a strong Q2 2026 with record adjusted EBITDA and EPS, raising full-year guidance. The call emphasized robust natural gas demand growth from LNG exports, power generation, and data centers, with a $10B+ opportunity set and multiple large expansion projects advancing. Management also provided updates on key joint ventures (Western Gateway) and competitive positioning for new pipeline projects. Q2 adjusted EBITDA +12% YoY, adjusted EPS +32% YoY to $0.37; all segments contributed.
- Full-year guidance raised: adjusted EBITDA at least 5% above budget, adjusted EPS at least 12% above budget.
- Sanctioned backlog $9.6B; $400M of projects board-approved pending contracts; expect to add at least $1B by year-end.
- Natural gas transport volumes +7%, gathering +26%; Haynesville Kinderhawk volumes up 54%.
Revenue$4.477B-7% QoQ
EPS$0.37-23% QoQ
Gross margin68.62%Reported
Operating margin30.06%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Capex
$3.4B incremental balance sheet capacity
Demand
Developing projects for 10 Bcf/d power demand
Show 3 more callouts
Capex
Trident pipeline now 60% complete
Demand
Haynesville volumes up 54% on Kinderhawk
Capex
Expect to add significant projects by year end
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $4.477B | -7% QoQ |
| EPS | $0.37 | -23% QoQ |
| Gross margin | 68.62% | Reported |
| Operating margin | 30.06% | Reported |
| Free cash flow | $0.978B | +42% QoQ |
| Capex | $0.982B | Reported |
AI, capex & demand read
Management read
confident
Management's tone was confident, driven by record Q2 results, a raised full-year guidance, and robust demand for natural gas infrastructure; there was a notably upbeat shift as they emphasized exceptional execution and a growing project pipeline.
Investment and capacity
Management highlighted a strong growth capex pipeline with a $10 billion opportunity set and expects to add significant projects in the second half of 2026. They noted the ability to fund projects almost entirely with internal cash flow while maintaining low leverage at 3.6x, with $3.4 billion of additional balance sheet capacity before reaching the middle of their target range.
all 5 named companies below
Companiesreturns since call
Customers
Customers
Kim Dang
Southern Company's data center deal underscores rising Southeast gas demand, an opportunity for KMI's pipeline expansions.
Evidence
“Following Southern Company's recently announced agreement with OpenAI for a data center project in the S&M, highlighting the growing gas demand associated with AI infrastructure in general in that region.”
Competitors
Competitors
Sital Patel
KMI positions its Project 219 South as competitive with Boardwalk's Borealis, highlighting supply diversity and existing corridor advantage.
Evidence
“I'll talk about Tennessee and the benefits of Tennessee. I mean, ultimately, I'm not going to talk about Borealis, but...”
Supply chain
OPENAI
Supply chain
Kim Dang
OpenAI's data center project with Southern Company signals AI-driven power demand growth, indirectly supporting midstream natural gas needs.
Evidence
“Following Southern Company's recently announced agreement with OpenAI for a data center project in the S&M, highlighting the growing gas demand...”
Supply chain
Sital Patel
KMI's GCX expansion in the Permian filled up immediately upon startup, indicating tight egress capacity and sustained demand for Permian takeaway. — Tight Permian egress benefits all midstream operators with exposure to the basin; any new capacity is quickly absorbed, supporting pricing power for competitors.
Evidence
“As soon as we got it up, it pretty much was full. And that's been the case on all of our PAR projects out of the Permian.”
External signals
Supply-chain alpha · 1returns since call
KMI's GCX expansion in the Permian filled up immediately upon startup, indicating tight egress capacity and sustained demand for Permian takeaway.
Methodology & coverage
Management-only analysis. All 5 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.