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Kinder Morgan, Inc. reported Q4 2025 net income of $996 million, a 49% increase from Q4 2024. Adjusted net income rose 22% to $866 million, with adjusted EBITDA at $2.27 billion, up 10%. The board approved a quarterly dividend of $0.2925 per share, a 2% increase.

For 2026, KMI projects net income of $3.1 billion, with a 5% increase in adjusted net income and an adjusted EBITDA of $8.6 billion, up 2.5%. The company noted natural gas transport volumes increased 9% year-on-year.

KMI's project backlog reached $10 billion, primarily in natural gas, with significant pipeline expansions planned. S&P upgraded KMI's rating to BBB+. Cash flow from operations was $1.7 billion, with free cash flow of $0.9 billion, reflecting a net debt-to-EBITDA ratio of 3.8 times.