GET DAILY SIGNALSKinder Morgan (KMI) Delivers Record Q3 2026 Results with Expanded Backlog
Key Takeaways
- Kinder Morgan reported record third quarter 2026 results, with net income attributable to KMI of $764 million, up 21% from $628 million a year earlier.
- Adjusted earnings per share (EPS) came in at $0.35, beating analyst consensus estimates of roughly $0.32, while revenue of $4.53 billion topped expectations of about $4.37 billion.
- Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 9% to $2.18 billion, with every business segment contributing to growth.
- The project backlog surged to a record $14.4 billion after $5.4 billion in new additions, led by the Permian Link and Southeast Connector projects.
- The company raised its quarterly dividend 2% to $0.2975 per share, or $1.19 annualized.
Why These Results Matter
Kinder Morgan operates one of North America’s largest energy infrastructure networks, transporting roughly 40% of the natural gas used in the United States. The third-quarter 2026 report stands out because the company is positioned at the intersection of rising liquefied natural gas exports and surging power demand from data centers. Most revenue comes from long-term, fee-based contracts rather than commodity price swings, so the numbers provide a clear window into volumes, project execution, and balance-sheet management. A record quarter combined with a sharply higher backlog shows management turning strong demand into contracted, multi-year growth.
Quarterly Performance Breakdown
For the period ended September 30, 2026, net income attributable to KMI reached $764 million, or $0.34 per share, compared with $628 million, or $0.28 per share, in the same quarter last year. Adjusted net income increased 22% to $792 million, and adjusted EPS rose 21% to $0.35. Revenue advanced to $4.53 billion from $4.15 billion, surpassing consensus forecasts. Adjusted EBITDA climbed 9% to $2.18 billion. The company exceeded FactSet and Zacks estimates of roughly $0.32 to $0.33 per share, marking its fourth straight quarterly beat.
Capital announcements were also notable. The project backlog expanded from $9.6 billion to a record $14.4 billion, driven in part by roughly $4.7 billion (KMI’s share) in the NGPL Permian Link and SNG Southeast Connector joint ventures, both supported by long-term take-or-pay contracts. Leverage finished the quarter near 3.5 times debt-to-EBITDA, toward the lower end of the target range. I also checked this using Tickeron’s AI Screener to see how the stock compares with others in the midstream sector.
Market Response and Investor Views
Shares of KMI rose after the October 21 release, reflecting the earnings and revenue beats, the dividend increase, and the record backlog. The stock closed near $34, up about 22% year to date and more than 23% over the trailing twelve months, ahead of the broader market. Sentiment has been supported by the fee-based model and exposure to structural natural gas demand from LNG and data-center electrification. The backlog increase, including contracts with an A-rated hyperscaler and investment-grade utilities, has bolstered confidence in the multi-year growth outlook even as refined-product and crude volumes declined in some segments.
Outlook and Areas to Watch
Management indicated that full-year adjusted EPS should exceed the budget by more than 13% and adjusted EBITDA by more than 6%, reflecting outperformance through the first nine months. Third-party forecasts point to global LNG demand growth of 65% by 2050 and meaningful U.S. power demand expansion, both of which could require additional midstream infrastructure. Investors will want to track permitting progress on the Permian Link and Southeast Connector projects, which have in-service dates between 2030 and 2032. Nearer-term items include the Creekside Lateral and Plantation North expansions, plus the expected 2029 in-service date for the Western Gateway refined-products pipeline.
Key risks include softer volumes in refined products and crude pipelines, legal and environmental costs in the products segment, and any shifts in natural gas demand tied to power and export markets. The solid balance sheet, with leverage near the low end of the target range, continues to support dividend growth and organic project funding. From what I see, this financial flexibility remains a central strength.
Refining Research with Tickeron Tools
In my own workflow, I regularly use Tickeron’s AI Screener to quickly compare energy infrastructure names against peers on fundamentals, technical patterns, and AI-driven signals. The platform lets me filter by industry, market cap, volatility, and performance metrics, which helps surface relevant ideas without spending hours on manual screens. It has become a useful complement when I want a broader view of how a stock like KMI fits within the sector.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
KMI in upward trend: price rose above 50-day moving average on October 06, 2026
KMI moved above its 50-day moving average on October 06, 2026 date and that indicates a change from a downward trend to an upward trend. In 40 of 61 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are 66%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 06, 2026. You may want to consider a long position or call options on KMI as a result. In 54 of 88 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 61%.
The Moving Average Convergence Divergence (MACD) for KMI just turned positive on October 05, 2026. Looking at past instances where KMI's MACD turned positive, the stock continued to rise in 28 of 44 cases over the following month. The odds of a continued upward trend are 64%.
The 10-day moving average for KMI crossed bullishly above the 50-day moving average on October 12, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 10 of 21 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 48%.
Following a +2.89% 3-day Advance, the price is estimated to grow further. Considering data from situations where KMI advanced for three days, in 198 of 349 cases, the price rose further within the following month. The odds of a continued upward trend are 57%.
Bearish Trend Analysis
The 10-day RSI Indicator for KMI moved out of overbought territory on October 19, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 32 similar instances where the indicator moved out of overbought territory. In 19 of the 32 cases, the stock moved lower in the following days. This puts the odds of a move lower at 59%.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 10 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where KMI declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 42%.
KMI broke above its upper Bollinger Band on October 12, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for KMI entered a downward trend on October 07, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Profit vs. Risk Rating rating for this company is 4 (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 42, placing this stock better than average.
The Tickeron Price Growth Rating for this company is 33 (best 1 - 100 worst), indicating outstanding price growth. KMI’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 44 (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Seasonality Score of 65 (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron SMR rating for this company is 67 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of 79 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.363) is normal, around the industry mean (171.828). P/E Ratio (21.658) is within average values for comparable stocks, (6.811). Projected Growth (PEG Ratio) (3.126) is also within normal values, averaging (13.660). Dividend Yield (0.035) settles around the average of (107185725440.000) among similar stocks. P/S Ratio (3.807) is also within normal values, averaging (4.657).
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General Information
a provider of pipeline transportation of natural gas
Industry OilGasPipelines
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