Kinder Morgan Inc (2KD.DE) Q4 2025 Earnings Report

Kinder Morgan reported a fourth quarter of 2025 that culminated in a record-setting year for EBITDA and net income, underscored by a robust natural gas franchise and a rapidly expanding project backlog. In Q4, revenue of 4.508B USD and net income of 996M USD translated into diluted and basic EPS of 0.45 USD, with adjusted EBITDA up 10% year over year and adjusted EPS up 22%. The company ended 2025 with EBITDA and net income at all-time records, supported by a stronger balance sheet, a backlog that grew to 10.0B USD from 8.1B USD, and substantial project opportunities beyond the backlog (greater than 10B USD in future opportunities). The cash flow engine remained highly productive, with CFO of 5.92B USD, CapEx of 3.15B USD (growth and sustaining), and dividends paid of 2.6B USD. Net debt to adjusted EBITDA improved to 3.8x, aided by deleveraging despite near 3B USD of growth investments and acquisitions including the Outrigger transaction. Rating agencies responded with upgraded ratings (S&P to BBB Positive; Fitch to BBB+; Moody’s positive outlook), highlighting the sustainability of Kinder Morgan’s cash flow model and balance sheet strength. Management framed the core drivers as the extraordinary strength of natural gas assets, a large and growing backlog, and a robust pipeline network that is positioned to capture LNG feed gas demand as new and expanded export facilities come online. Looking ahead, the company signaled continued momentum into 2026 with a backlog of valued opportunities above 10B USD and a growth capex plan of roughly 3B USD per year, funded from internal cash flow, while maintaining substantial capacity to fund additional growth as opportunities arise.