Kinder Morgan closed 2025 with all-time highs in both quarterly and annual metrics. Fourth-quarter adjusted EBITDA rose 10% year-over-year, while adjusted EPS increased 22%. Net income attributable to Kinder Morgan reached $996 million, a 49% gain over Q4 2024, and EPS was $0.45, up 50% year-over-year. For the full year, adjusted EBITDA hit a record $8.4 billion (6% above 2024) and adjusted net income rose 13%, reflecting robust contributions from natural gas expansion projects and the Outrigger acquisition.

Executive Chairman Rich Kinder highlighted liquefied natural gas (LNG) feed-gas as the primary growth driver, forecasting average LNG feed-gas demand of 19.8 Bcf/d in 2026 (a 19% increase from 2025’s 16.6 Bcf/d) and projecting demand to exceed 34 Bcf/d by 2030. Management noted that take-or-pay feed-gas contracts underpin cash flow stability and position Kinder Morgan to benefit from surging global LNG exports.

As of Q4, Kinder Morgan’s secured project backlog grew by $650 million to $10 billion, including over $900 million in new awards and $265 million of projects placed into service. Major Gulf Coast pipeline projects—MSX, South System 4 and Trident—are on budget and on or ahead of schedule, with Trident construction underway and FERC certificates for MSX and South System 4 expected by July 31, 2026.

Kinder Morgan maintained disciplined capital deployment in 2025 with $3.15 billion of CapEx, $2.6 billion in dividends, and $650 million on Outrigger, while reducing net debt by $9 million to achieve a 3.8× net debt-to-EBITDA ratio. The board declared a quarterly dividend of $0.2925 per share (annualized $1.17), up 2%. Management forecasts roughly $3 billion in annual CapEx and a leverage range of 3.5×–4.5×, supported by $5.92 billion in operating cash flow and recent credit rating upgrades to BBB Positive (S&P) and BBB+ (Fitch).