Energy infrastructure company Kinder Morgan (NYSE: KMI) reported Q3 2026 results topping the market’s revenue expectations, with sales up 9.3% year on year to $4.53 billion. Its non-GAAP profit of $0.35 per share was 6.3% above analysts’ consensus estimates.

Is now the time to buy KMI? Find out in our full research report (it’s free for active Edge members).

StockStory’s take

Kinder Morgan delivered a third quarter that surpassed market expectations, with management attributing the outperformance to broad-based strength across all business segments and notable project execution. CEO Kim Dang credited the company’s expanding project backlog and solid contributions from natural gas pipelines, especially increased volumes on the KinderHawk system in the Haynesville region. Management also highlighted robust demand for natural gas, with Dang stating, “Our system remains highly utilized,” and described the quarter as one featuring substantial new project additions that meaningfully extend the company’s growth prospects.

Looking ahead, Kinder Morgan’s forward guidance is anchored by the visibility provided from its record project backlog, particularly large-scale natural gas infrastructure projects like the Southeast Connector and Permian Link. Management emphasized that future growth will be driven by long-term contracts with creditworthy customers and continued expansion opportunities tied to rising LNG exports and power generation demand. Dang noted, “These projects extend our visible growth runway,” while CFO David Michels cautioned that some one-time benefits seen in 2026 may not recur, signaling a shift toward more normalized growth rates in subsequent years.

Key insights from management’s remarks

Management attributed the strong Q3 performance to higher natural gas transport and gathering volumes, successful project additions, and favorable market conditions across terminal and CO2 segments.

• Natural gas network utilization: Transport volumes rose, led by a 14% year-over-year increase in gathering volumes on the KinderHawk system in Haynesville. Management attributed these gains to higher LNG feed gas deliveries and persistent demand across the network.

• Project backlog expansion: The addition of $5.4 billion in new projects, including the Southeast Connector and Permian Link joint ventures, pushed the project backlog to a record $14.4 billion. These projects are supported by 20-year take-or-pay contracts, providing long-term revenue visibility.

• Refined products and crude volumes: Refined product volumes declined by 3% and crude condensate volumes by 11%, primarily due to the removal of Double H from service and fewer well connects. However, the Western Gateway project was sanctioned to address future clean product delivery needs in the Southwest.

• Terminal segment momentum: Liquid tank lease utilization at key hubs remained above 90%. Export terminal volumes on the Houston Ship Channel increased 39% year-over-year, benefiting from favorable commodity markets and global supply tightness.

• CO2 and renewable natural gas growth: The CO2 segment saw 8% higher oil production and an 18% increase in renewable natural gas volumes, reflecting improved operations and ongoing optimization efforts in these businesses.

Drivers of future performance

Kinder Morgan expects future performance to be guided by large contracted projects, ongoing LNG and power demand growth, and the timing of new project delivery.

• Large-scale project execution: The company’s growth outlook hinges on the successful completion and ramp-up of major projects like Southeast Connector, Permian Link, and Trident. These projects, supported by long-term contracts, are expected to provide stable cash flows and extend the company’s growth horizon well into the next decade.

• LNG and power demand trends: Management believes ongoing increases in U.S. LNG exports and domestic power generation needs will drive sustained utilization across Kinder Morgan’s pipeline network. CEO Rich Kinder cited third-party forecasts projecting significant global natural gas demand growth through 2035.

• Commodity price and one-time item risks: CFO David Michels noted that 2026 benefited from several non-recurring items, such as favorable weather and commodity price moves, which may not repeat. Future results will depend more on core operations and the gradual realization of project-related EBITDA.

Catalysts in upcoming quarters

In the coming quarters, the StockStory team will be watching (1) the timing and scale of new project commitments and final investment decisions, particularly for the Southeast Connector and TGP 219 South, (2) execution milestones as major projects move from backlog to in-service status, and (3) signs of sustained demand growth from LNG exports and domestic power generation. Additionally, the evolution of project permitting and regulatory developments will be critical to watch for potential impacts on future project delivery.

Kinder Morgan currently trades at $34.78, up from $33.97 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

High quality stocks for all market conditions

ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.

Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE.

Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.