Kinder Morgan closed the fourth quarter of 2025 with attributable net income of $996 million, far exceeding the $667 million for the same period in 2024. Excluding one-time items such as asset sales, adjusted net income totaled $866 million, a year-over-year increase of 22%.
This performance was directly reflected in earnings per share (EPS), which rose 50 % to $0.45, while adjusted EPS came in at $0.39, also 22 % higher than a year earlier. Adjusted EBITDA reached $2,271 million, a 10 % increase over the same quarter of 2024.
LNG as a driver of pipeline growth
Much of this momentum came from the natural gas pipeline segment. natural gas pipelines segmentwhich recorded the best performance in its history, benefiting from the increase in liquefied natural gas (LNG) exports. The company supplies more than 40% of the gas as feedstock for LNG liquefaction plants in the United States, consolidating its strategic role in the global energy context.
Kinder Morgan CEO Kim Dang noted that growing international demand, especially from Europe amid the protracted conflict in Ukraine, has reinforced the need for reliable energy infrastructure. Natural gas transportation volumes increased 9% year-on-year, while gathering volumes grew 19%, driven mainly by the KinderHawk system.
Key expansion projects
Kinder Morgan closed the quarter with a project portfolio valued at $10 billion, 90% of which is dedicated to natural gas. The most relevant developments include:
- Trident Pipeline: a new 347 km intrastate pipeline in Texas.
- SSE4 Project: expansion of Southern Natural Gas’ southern main line with an investment of $3.5 billion.
- Mississippi Crossing (MSX) Project: 334 km pipeline to bring 2.1 Bcf/d to the southeastern US.
- Gulf Coast storage expansion: with an additional 10 Bcf of capacity.
These projects aim to sustain growth in future gas demand, which is expected to increase by 17% through 2030, especially because of booming data centers and the needs of gas-fired power generation gas-fired power generation needs.
Dividend increase and forecasts for 2026
The board of directors approved a cash dividend of $0.2925 per share for the fourth quarter, representing a 2% increase versus the same period in 2024. For 2026, Kinder Morgan plans to declare $1.19 per share in dividends, maintaining the upward trend in shareholder remuneration.
Projections for next year include adjusted net income 5% higher than 2025 and adjusted EPS of $1.36, while budgeted adjusted EBITDA is $8.6 billion.
Financial strength and long-term projection
Despite ambitious infrastructure investments, the company maintains a healthy balance sheet, with a net debt/adjusted EBITDA ratio of 3.8 times, stable compared to the previous year.
CEO Richard D. Kinder reaffirmed the company’s vision to remain a leader in the midstream sector, underpinned by assets backed by long-term contracts with creditworthy customers.
Connected to major basins and demand centers, Kinder Morgan is positioned to continue to capitalize on the LNG boom and respond to growing energy demand in North America and abroad.
Source: Kinder Morgan