Kinder Morgan, Inc. (NYSE: KMI), one of the largest energy infrastructure companies in North America, traded down 0.3% in intraday trading on January 22, 2026, one day after the company reported fourth-quarter 2025 financial results.
Market Capitalization
Kinder Morgan had an intraday market capitalization of approximately $61.9 billion as of January 22, 2026.
Latest Quarterly Results
For the fourth quarter of 2025, Kinder Morgan reported net income attributable to KMI of $996 million, compared with $667 million in the fourth quarter of 2024. Adjusted Net Income Attributable to KMI was $866 million, up 22% year-over-year.
Fourth quarter revenues totaled $4.508 billion versus $3.987 billion in the prior year period. Adjusted EBITDA reached $2.271 billion, an increase of 10% compared with $2.063 billion in Q4 2024. Earnings per share were $0.45, up 50% from $0.30 in Q4 2024. Adjusted EPS was $0.39, up 22% year-over-year.
Segment Performance:
Natural Gas Pipelines: The segment delivered record fourth-quarter performance. Adjusted Segment EBDA was $1.631 billion versus $1.429 billion in Q4 2024. Natural gas transport volumes increased 9% year-over-year. Gathering volumes rose 19% from Q4 2024.
Products Pipelines: Segment contributions increased from Q4 2024 due to higher transport rates. Total refined products volumes were down 2% year-over-year. Crude and condensate volumes declined 8% due to legacy contract expirations.
Terminals: Segment earnings increased from Q4 2024, led by higher rates and ancillary fees at Houston Ship Channel hub facilities. Jones Act tanker fleet remains fully contracted under term charter agreements.
CO2: Segment earnings were down from Q4 2024 due to lower commodity prices, partially offset by higher renewable natural gas sales volumes.
CHART — FINANCIAL TRENDS
Chart 1: Operating Performance
Chart 2: Market Performance
Full-Year Results Context
For full-year 2025, Kinder Morgan reported net income attributable to KMI of $3.056 billion, up 17% from $2.613 billion in 2024. Full-year revenues were $16.937 billion compared with $15.100 billion in 2024. Adjusted EBITDA for the year was $8.391 billion, up 6% from $7.938 billion. The company generated cash flow from operations of $5.917 billion and free cash flow of $2.891 billion.
Business & Operations Update
On January 13, 2026, S&P upgraded Kinder Morgan’s senior unsecured rating from BBB to BBB+. This follows Fitch’s upgrade to BBB+ in August 2025. Moody’s maintains a Baa2 rating with positive outlook.
On January 16, 2026, Florida Gas Transmission initiated open seasons on two projects: the South Florida Project (37-mile lateral) and the Phase IX Project (82 miles of pipeline looping). Combined capital expenditures are estimated at up to $700 million.
Construction has begun on the $1.8 billion Trident Intrastate Pipeline, a 216-mile, 2 Bcf/d project connecting Katy, Texas to Port Arthur, Texas. Phase one is targeted for Q1 2027, with phase two expected in Q4 2028.
The Federal Energy Regulatory Commission issued a Notice of Schedule for certificate orders on the South System Expansion 4 project ($3.5 billion) and Tennessee Gas Pipeline’s Mississippi Crossing project ($1.7 billion), with expected certificate orders on July 31, 2026.
M&A and Strategic Moves
On December 31, 2025, Kinder Morgan completed the sale of its 25% non-operated interest in EagleHawk Field Services for $396 million. The transaction represented approximately 8.5 times 2025 EBITDA and resulted in a pre-tax gain of $123 million.
On January 16, 2026, Kinder Morgan and Phillips 66 announced a second open season on the proposed Western Gateway Pipeline system, connecting Midwest refineries to Phoenix and California markets. The open season concludes March 31, 2026.
Equity Analyst Commentary
The company noted that its project backlog at the end of Q4 2025 stood at $10 billion. Natural gas projects account for approximately 90% of the backlog, with nearly 60% associated with power generation projects. The company expects remaining projects in the backlog to generate a first-full-year Project EBITDA multiple of approximately 5.6 times.
Guidance and Outlook
For 2026, the company issued guidance for budgeted net income attributable to KMI of $3.1 billion and Adjusted EBITDA of $8.6 billion. The dividend is expected to be $1.19 per share. The company anticipates ending 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times.
Management indicated total natural gas demand is expected to grow by 17% through 2030, led by LNG exports. The company has long-term contracts to move 8 Bcf/d of natural gas to LNG facilities, projected to grow to 12 Bcf/d by end of 2028.
Performance Summary
Kinder Morgan shares traded down 0.3% following Q4 2025 results. The company reported record quarterly net income and Adjusted EBITDA. Natural Gas Pipelines delivered record segment performance. The board approved a dividend of $0.2925 per share for Q4, a 2% increase year-over-year. Full-year 2025 net income increased 17%. The company maintains investment-grade credit ratings with recent upgrades from S&P and Fitch.
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