Kinder Morgan reported a blockbuster fourth quarter, with adjusted EBITDA rising 10% year-over-year and adjusted EPS up 22% versus the prior-year quarter. Net income attributable to the company reached $996 million, a 49% increase, while full-year adjusted EBITDA and net income set all-time highs, exceeding budgeted targets by two and three percentage points, respectively. Management attributed the outperformance to successful natural gas expansion projects and contributions from the Outrigger acquisition.

Transport volumes on Kinder Morgan’s pipelines climbed 9% in Q4, driven by increased LNG feed gas deliveries on its Gulf Coast systems. Gathering volumes jumped 19%, led by a throughput record of 1.97 Bcf per day on the Haynesville system. Terminal utilization remained exceptionally high, with liquid lease capacity at 93% and key tank hubs operating at 99%, underscoring robust demand for storage and handling services.

The company’s growth backlog expanded by $650 million during the quarter to $10 billion, bolstered by long-term shipper contracts on Florida Gas Transmission projects. New awards of over $900 million offset $265 million of placed-in-service work. Construction has commenced on the Trident pipeline, while MSX and South System 4 received FERC scheduling orders with anticipated certificates by late July 2026, positioning each to enter service ahead of initial expectations.

Kinder Morgan improved its net debt-to-adjusted EBITDA ratio to 3.8x, down from 4.1x a year earlier, despite nearly $3 billion in growth investments and acquisitions. Cash flow from operations totaled $5.92 billion in 2025, funding $3.15 billion in capital expenditures, $2.6 billion in dividends (a 2% increase year-over-year), and $650 million on the Outrigger acquisition. Divestiture proceeds of $380 million further bolstered liquidity, while investment-grade ratings from S&P, Fitch and Moody’s reflect an improved credit profile.