Kinder Morgan (NYSE: KMI) reported Q4 EPS of $0.39, $0.03 better than the analyst estimate of $0.36. Revenue for the quarter came in at $4.51 billion versus the consensus estimate of $4.32 billion.

KMI’s 2026 budgeted net income attributable to KMI of $3.1 billion is flat to the previous year, as 2025 included a gain on an asset sale which we treat as a certain item. KMI’s 2026 budgeted adjusted net income attributable to KMI, which excludes certain items, is 5% higher than 2025, given the company’s outperformance in 2025, and Adjusted EPS is $1.36, also up 5% from 2025. KMI expects to declare dividends of $1.19 per share for 2026, a 2% increase from the dividends declared for 2025. The company also budgeted 2026 Adjusted EBITDA of $8.6 billion, up 2.5% versus 2025, and to end 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times. The 2026 budget has been adjusted to take into account the effects of a December 31, 2025 sale of our equity investment in KMI’s EagleHawk assets.

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