Kinder Morgan announces 2026 financial expectations

Kinder Morgan, Inc. announced its preliminary 2026 financial projections.

“We expect approximately 4% growth in Adjusted EBITDA and 8% growth in Adjusted EPS compared to the 2025 guidance we provided on the third quarter earnings call, driven by continued execution on expansion projects in our Natural Gas Pipelines business segment,” said Kim Dang, KMI Chief Executive Officer.

“We are projecting an annualized dividend of $1.19 for 2026, marking the ninth consecutive year of dividend increases. Our year-end 2026 Net Debt-to-Adjusted EBITDA ratio is forecast at 3.8 times, remaining at the low end of our 3.5x–4.5x target range and preserving flexibility for opportunistic investments,” Dang concluded.

“We expect to continue benefiting from strong natural gas market fundamentals, supporting growth on our existing transportation and storage assets and creating expansion opportunities. Our base business remains stable, with growth primarily driven by expansion projects in our Natural Gas Pipelines segment,” said Tom Martin, KMI President.

Summary of KMI’s expectations for 2026:

• Generate $1.37 of Adjusted EPS, up 8% versus the guidance issued in the third quarter for full-year 2025.
• Produce nearly $8.7 billion of Adjusted EBITDA, up 4% versus the guidance issued in the third quarter for full-year 2025.
• Invest almost $3.4 billion in discretionary capital expenditures, including expansion projects and contributions to joint ventures, substantially funded from internally generated cash flow.
• Return additional value to shareholders through an anticipated declared annualized $1.19 per share dividend.
• End 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times.

This press release includes budgeted Adjusted EPS, Adjusted EBITDA, and Net Debt, all of which are non-GAAP financial measures. 

The KMI board of directors has preliminarily reviewed the 2026 budget and will take formal action at its January meeting, expected to coincide with the issuance of fourth-quarter 2025 earnings on January 21, 2026. The 2026 budget will serve as the standard by which KMI measures performance next year and will be a factor in determining employee compensation. Kinder Morgan has posted a presentation that includes a brief overview of the 2026 budget to the Investor Relations page on its website and expects to publish a detailed 2026 Business Update presentation in late January.