The GAAP EPS miss vs consensus may pressure the stock near-term, but the record project backlog and raised full-year guidance provide a bullish medium-term narrative. Watch for FERC certificate decisions on SSE4 and MSX projects in July 2026, and monitor Q4 2026 results for confirmation of the raised guidance trajectory.
Price Chart
Executive Summary
Kinder Morgan reported record Q3 2026 results with EPS of $0.34 (GAAP) and Adjusted EPS of $0.35, both up 21% YoY, but GAAP EPS missed the $0.39 consensus by 12.8%. Revenue of $4.531B grew 9.3% YoY but missed the $4.58B estimate. The company announced a record $14.4B project backlog, including two major natural gas pipeline projects (Southeast Connector and Permian Link), and raised its full-year outlook to >13% favorable to budget on Adjusted EPS. The miss vs consensus on headline EPS tempers the otherwise strong operational performance.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP EPS $0.34 vs consensus $0.39 (miss of 12.8%); Adjusted EPS $0.35 vs consensus $0.33 (beat of 6.1%)
- Revenue $4.531B, up 9.3% YoY from $4.146B, but below $4.58B consensus
- Net income attributable to KMI $764M, up 22% from $628M in Q3 2025
- Adjusted EBITDA $2.18B, up 9% YoY
- Record project backlog of $14.4B, including $13.2B in natural gas projects, up $4.7B from Q2 2026
- Full-year 2026 outlook raised: expects >6% favorable to budget on Adjusted EBITDA and >13% favorable on Adjusted EPS
- Net Debt-to-Adjusted EBITDA ratio improved to 3.5x, at low end of target range
- Dividend maintained at $0.2975/quarter ($1.19 annualized), a 2% YoY increase
- Issued $1.75B in senior notes in August 2026 to refinance debt
- Completed sale of three dry bulk terminals for $139M in cash and preferred equity
Financial Impact
GAAP EPS miss of ~$0.05 vs consensus ($0.34 vs $0.39) represents a ~$111M shortfall on net income; however, Adjusted EPS beat the Street consensus of $0.33 by $0.02, and the company raised full-year guidance above budget.
Risk Factors
- GAAP EPS miss of 12.8% vs consensus could trigger short-term selling
- Legal, environmental, and other accruals of $138M in Products Pipelines segment may indicate ongoing regulatory or litigation exposure
- Execution risk on $14.4B project backlog, particularly the $3.1B Southeast Connector and $1.6B Permian Link projects with 2030 in-service dates
- Refined products volumes down 3% and crude/condensate volumes down 11% YoY
- FCF after dividends was negative $120M in Q3, though positive $226M YTD
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001506307-26-000130 |
| Document: kmi-20261021.htm | 0001506307-26-000130 |
| Document: 0001506307-26-000130-index-headers.html | 0001506307-26-000130 |
| Document: 0001506307-26-000130-index.html | 0001506307-26-000130 |
| Document: 0001506307-26-000130.txt | 0001506307-26-000130 |
| 8-K Data (Synthetic) | 0001506307-26-000130 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $33.72 | awaiting T+60 | — | $33.85 (+0.39%) |
May 28, 2026 21w ago | 8-K | $50.71 $50.25 | ▼ −0.91% | ▼ −2.09% | $33.85 (−33.25%) |
Apr 22, 2026 26w ago | 8-K | $50.27 $51.00 | ▲ +1.45% | ▼ −3.57% | $33.85 (−32.66%) |
Apr 2, 2026 29w ago | DEFA14A | $50.52 $50.49 | ▼ −0.06% | ▼ −14.22% | $33.85 (−33.00%) |
Feb 28, 2026 34w ago | Institutional Cluster | $33.85 $32.87 | ▼ −2.89% | ▼ −12.21% | $33.85 (+0.01%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers