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Call sheet · Q3'26

Kinder Morgan (KMI)

Q3'26 earnings call · held October 21, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
1 medium, 2 low flags
Financial quality
Bottom line
Kinder Morgan added major pipeline projects and raised its annual budget outlook. The next test is execution: turning sanctioned backlog into operating assets while funding construction. The earnings bridge also matters. Potentially nonrecurring items and commodity-price benefits have different scopes and should not be combined to claim management contradicted its earlier guidance. Track project milestones, recurring earnings and cash generation on comparable periods.

The 30-second version

  • Backlog growth shifts attention to delivery
  • Separate nonrecurring help from commodity exposure
  • Volumes grew, at slower year-over-year rates

What changed this quarter

MetricQ2'26Q3'26Change
Adjusted EPS growth YoY+32%+21%YoY growth slowed by 11 percentage points; backlog additions contribute over future periods.
Adjusted EBITDA growth YoY+12%+9%-300 bps deceleration
Net income attributable to KMI$867M, +21% YoY$764M, +22% YoYDollar amount down sequentially even as YoY comp held
EPS$0.39$0.34Sequential decline
Project backlog$9.6B$14.4B, +$5.4B addedBacklog expanded; additions and projects entering service are separate flows.
Net debt / Adjusted EBITDA3.6x3.5xRatio improved. Compare changes in both debt and EBITDA.
YTD cash flow from operations$3.45B through six months$5.04B through nine monthsDifferent cumulative periods. The increase is not a growth rate or cash-conversion improvement.
Full-year EBITDA vs. budgetGuided 'at least 5%'Raised to 'more than 6%'Outlook raised. Separate potentially nonrecurring items from commodity-price variance.
Transport volumes (Natural Gas)+7% YoY+3% YoYGrowth rate cut by more than half
Gathering volumes (Natural Gas)+26% YoY+14% YoYSharp deceleration

Accountability tracked

5 new promises made1 narrative shift flagged4 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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