Kinder Morgan Reports Record Q4 Earnings as LNG Demand Boosts Pipelines

Kinder Morgan Inc. (KMI) posted record fourth-quarter net income of $996 million, up from $667 million a year earlier, driven by strong performance in its natural gas pipelines segment. Adjusted earnings rose 22% to $866 million, with adjusted EBITDA increasing 10% to $2.27 billion. The company's full-year 2025 net income attributable to shareholders rose 17% to $3.1 billion, while adjusted EPS and EBITDA grew 13% and 6%, respectively. KMI announced a quarterly dividend of $0.2925 per share, or $1.17 annualized, a 2% increase. Natural gas transport volumes rose 9% year-on-year, while gathering volumes jumped 19%, supported by increased LNG export activity. The company now supplies over 40% of U.S. LNG terminal feedstock and expects total U.S. natural gas demand to grow 17% by 2030. Kinder Morgan's project backlog stands at $10 billion, with 90% tied to natural gas projects and 60% supporting power generation. The company forecasts flat reported net income of $3.1 billion for 2026, but expects adjusted earnings to rise 5%.