Kinder Morgan closed 2025 with all-time records for both quarterly and annual results, driven by its natural gas midstream business. Fourth-quarter adjusted EBITDA rose 10% year-over-year, while adjusted EPS grew 22%. For the full year, adjusted EBITDA increased by 6% versus 2024 and adjusted EPS was up 13%, surpassing internal targets of 4% and 10%, respectively. Net income for Q4 attributable to the company reached $996 million, a 49% increase from the prior year, and EPS was $0.45, up 50% year-over-year. Excluding certain items, adjusted net income and EPS still posted 22% growth. Key contributors included newly placed natural gas expansion projects and the Outrigger acquisition, with gas transport volumes up 9% in Q4 and gathering volumes rising 19%.

As of year-end, Kinder Morgan’s project backlog stood at $10 billion, up by roughly $650 million during the quarter. The backlog multiple remains below six times and is expected to drive mid-to-long-term cash flow growth. Notable additions included Florida Gas Transmission expansions secured under long-term shipper contracts. Beyond the approved backlog, the company is pursuing more than $10 billion in further opportunities, with key projects such as MSX, South System 4 and Trident on schedule. Construction recently commenced on Trident, and FERC has indicated accelerated certificate timelines for the other two, potentially bringing in-service dates ahead of original plans.

Natural gas futures have surged over 60% on a weekly basis, driven by a severe U.S. cold wave and elevated heating demand; however, Kinder Morgan’s share performance has lagged this commodity rally. The company’s market capitalization of approximately $65.6 billion and daily trading volume around 6.2 million shares reflect substantial scale and active investor interest. Meanwhile, Scotiabank’s recent research note suggests a modest upside of roughly 1% from current levels, highlighting a near-term valuation plateau despite robust operational momentum and favorable midstream fundamentals.