Kinder Morgan delivered adjusted earnings of $0.39 per share for the fourth quarter, surpassing analyst forecasts of $0.36. Revenue climbed to $4.51 billion, topping the consensus projection of $4.32 billion. The results capped a year during which the company achieved record annual net income and adjusted EBITDA, reinforcing its position as a leading energy infrastructure operator.

Natural gas transportation volumes increased 9% year over year, driven largely by higher liquefied natural gas deliveries on the Tennessee Gas Pipeline. Meanwhile, gathering volumes across the portfolio jumped 19%, with the KinderHawk system contributing the largest share of the uptick. These gains reflect robust demand for U.S. gas exports and expanded midstream capacity utilization.

Cash flow from operations reached $1.7 billion in the quarter, up 12% compared with the prior-year period. After capital expenditures, free cash flow totaled $0.9 billion, marking an 18% increase year over year. The strong cash generation provides ample liquidity for growth projects and shareholder returns without increasing leverage metrics.

For the full year 2026, Kinder Morgan projects adjusted earnings per share of $1.36, a 5% rise from 2025 levels. The company also announced a 2% increase in its annual dividend, raising it to $1.19 per share. These commitments demonstrate management’s confidence in continued volume growth and stable fee-based revenues across its pipeline and terminal networks.