KMI · Kinder Morgan, Inc.

Kinder Morgan's Q1 2026 results showed substantial outperformance, with GAAP net income rising 36% to $976 million and Adjusted EBITDA increasing 18% to $2,539 million versus the prior year, driven primarily by the Natural Gas Pipelines segment benefiting from winter storm Fern and extended cold weather, which boosted Texas Intrastate contributions and natural gas transport volumes up 8%. Adjusted EPS surged 41% to $0.48, reflecting strong operational execution across segments, including higher commodity prices aiding Products Pipelines and improved terminals earnings from rate increases and early contract terminations. Cash flow from operations reached $1.5 billion, with free cash flow after capex up 73% to $0.7 billion, supporting internal funding of high-quality projects while maintaining a healthy Net Debt-to-Adjusted EBITDA ratio of 3.6x. The company also received a Moody's upgrade to Baa1 (BBB+ equivalent across agencies), recognizing deleveraging and growth visibility. For full-year 2026, KMI guided Adjusted EBITDA to $8.6 billion (up 2%), Adjusted EPS to $1.36 (up 5%), and dividends to $1.19 per share (up 2%), trending 3% favorable to budget early due to weather. A $10.1 billion project backlog (92% natural gas) underscores demand growth, particularly for power generation. In executive news, long-tenured COO James Holland retires September 4, 2026, succeeded by internal promote Kenneth Grubb, ensuring continuity in operations leadership.