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Call sheet · Q2'26

Kinder Morgan (KMI)

Q2'26 earnings call · held July 22, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 high, 5 medium, 2 low flags
Financial quality
Bottom line
KMI is morphing into a power infrastructure play with 10+ Bcf/day of generation opportunities, triple their LNG pipeline exposure, as data centers drive a generational capex cycle. The market sees a steady 12% EBITDA grower, but misses that they're extracting massive pricing power with 99% tank utilization and Texas intrastate margins expanding on flat volumes. The binding constraint isn't demand or capital (they have $3.4B of debt capacity), it's execution bandwidth and permitting timelines, which explains why Western Gateway keeps slipping. As Kinder said, 'this unexcited company has grown enterprise value at 22% annually for 29 years,' suggesting boring execution beats exciting stories. My view changes if Western Gateway falls apart or Project 219 loses to competitors, signaling KMI can't convert its asset position into wins.

The 30-second version

  • The sleeper: KMI is quietly becoming a power infrastructure play, not just pipelines
  • The obvious: Beat-and-raise on strong gas volumes, but the real story is pricing power
  • The red flag: Western Gateway timeline keeps slipping

What changed this quarter

MetricQ1'26Q2'26Change
Adjusted EBITDA$2,333M (+18% YoY)$2,182M (+12% YoY)Sequential deceleration of 600 bps
Adjusted EPS$0.36 (+41% YoY)$0.37 (+32% YoY)Growth rate decelerating 900 bps
Natural Gas Transport Volumes+8% YoY+7% YoYSlight volume deceleration
Haynesville Gathering Volumes+34% YoY+54% YoY+2000 bps acceleration
Refined Product Volumes-2% YoY-5% YoYDeteriorating 300 bps
Project Backlog$10.1B$9.6B$500M decline despite additions
Leverage (Net Debt/EBITDA)3.6x3.6xFlat at decade lows
CO2 Net Oil Production+2% YoY+10% YoY+800 bps acceleration
SACROC Production+5% YoY+15% YoY+1000 bps acceleration
RNG Volumes+63% YoY+8% YoYGrowth rate collapsed 5500 bps

Accountability tracked

7 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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