Kinder Morgan, Inc. has reported strong third-quarter 2025 financial results, with the board of directors approving a 2 percent dividend increase to $0.2925 per share ($1.17 annualised), payable on 17 November 2025 to stockholders of record as of 3 November 2025.
The company reported third-quarter net income attributable to KMI of $628 million versus $625 million in Q3 2024, with adjusted net income attributable to KMI of $648 million, representing 16 percent growth year over year. Adjusted EBITDA reached $1,991 million, up 6 percent versus Q3 2024, whilst Adjusted EPS of $0.29 increased 16 percent year-over-year.
Executive chairman Richard D. Kinder stated that the United States continues leading the world in natural gas production and LNG exports, providing enhanced energy security to global allies. He characterised the outlook for Kinder Morgan as exceptionally promising, supported by historic growth in global natural gas demand, a favourable federal regulatory landscape, and strong permitting agency support.
Chief executive officer Kim Dang reported that the company generated strong quarterly performance with increased financial contributions from natural gas pipelines, products pipelines, and terminals business segments. The company maintained healthy finances whilst internally funding capital projects, generating cash flow from operations of $1.4 billion and free cash flow of $0.6 billion, up 13 percent and 5 percent respectively. The Net Debt-to-Adjusted EBITDA ratio stood at 3.9 times.
Dang highlighted that KMI is experiencing the most robust opportunity set in company history, with U.S. LNG nameplate capacity expected to more than double by 2030. The company currently holds long-term contracts to move almost 8 Bcf/d of natural gas to LNG facilities, growing to almost 12 Bcf/d by end-2028 upon completion of projects under construction. Total natural gas demand is expected to grow 20 percent through 2030, led by LNG exports, with KMI actively exploring more than 10 Bcf/d of opportunities serving power generation.
The company’s project backlog stood at $9.3 billion at quarter-end, with approximately 90% comprising natural gas projects. The remaining $7.9 billion of backlog projects are expected to generate an aggregate first-full-year project EBITDA multiple of approximately 5.7 times when realised. Approximately 50 percent of the backlog is associated with power generation projects.
Major project developments include TGP’s $93 million South Texas Enhancement Project targeting Q2 2028 service, the $1.8 billion Trident Intrastate Pipeline (Q1 2027), TGP’s $1.7 billion Mississippi Crossing project (Q4 2028), and the $3.5 billion South System Expansion 4 project with phased completion in Q4 2028 and Q4 2029. The $263 million Altamont Green River Pipeline entered service in September 2025.
Kinder Morgan expects to exceed 2025 budget primarily due to contributions from the Outrigger Energy II acquisition, with budgeted net income attributable to KMI of $2.8 billion (up 8 percent versus 2024) and adjusted EPS of $1.27 (up 10 percent). The company expects to declare 2025 dividends of $1.17 per share, a 2 percent increase from 2024. On 11 August 2025, Fitch upgraded KMI’s senior unsecured rating from BBB to BBB+ based on the company’s ability to fund growth capital with internally generated cash flow and favourable leverage levels.
For more information visit www.kindermorgan.com
