# Kinder Morgan Stock: Record Q2 Earnings, a 3.6% Dividend, and a $9.6B Growth Backlog

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/kinder-morgan-stock-record-q2-earnings-a-3-6-dividend-and-a-9-6b-growth-backlog
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/kinder-morgan-stock-record-q2-earnings-a-3-6-dividend-and-a-9-6b-growth-backlog.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-25T11:46:56+00:00
Episode link: https://chargedalpha.podbean.com/e/kinder-morgan-stock-record-q2-earnings-a-36-dividend-and-a-96b-growth-backlog/
Audio file: https://mcdn.podbean.com/mf/web/65cxvpy42zj2de6k/audio_z.mp3
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Duration seconds: 900

## Resource

Kinder Morgan (KMI) Q2 2026 — Kinder Morgan (KMI), the toll road on America's natural gas, reported a record Q2 2026: adjusted EPS of $0.37 beat the ~$0.32 estimate (+32% YoY) on revenue of $4.48B (+11% YoY), record adjusted EBITDA of $2.2B (+12%), and record Q2 net income of $867M (+21%). Management RAISED its full-year outlook (now >12% above budget on adjusted EPS) and declared a $0.2975 quarterly dividend ($1.19 annualized, +2% YoY, ~3.6% yield), backed by a $9.6B project backlog that is 92% natural gas. The stock (~$32.86) has run ~28% off its $25.60 low to within ~6% of its $34.81 high. Even respecting the leverage (~3.6x net debt/EBITDA) and long-run transition risk, our owner-earnings DCF lands fair value near $36 — modestly above the price. Our call: HOLD, 3/5 — a high-quality income compounder, now fairly priced. Kinder Morgan is the toll road on America's natural gas — a ~$73B energy-infrastructure company that owns ~78,000 miles of pipeline and moves roughly 40% of the gas the U.S. burns or exports. Q2 2026 was a record: adjusted EPS of $0.37 beat ~$0.32 (+32% YoY), revenue rose ~11% to $4.48B, adjusted EBITDA hit a Q2 record $2.2B (+12%), and net income of $867M was an all-time Q2 high (+21%). The engine was natural gas — transport volumes +7% on LNG exports and data-center power demand, gathering volumes +26% — and management RAISED full-year guidance (now >5% above budget on EBITDA, >12% on EPS). The dividend rose 2% to $0.2975/quarter ($1.19/yr, ~3.6% yield), covered ~2x by distributable cash flow, and a $9.6B backlog (92% natural gas, 60%+ tied to power generation and utilities) can be self-funded from internal cash. So the debate isn't quality — it's price. After a ~28% run to ~$32.86, KMI trades ~11.5x EBITDA and ~21x earnings. Respecting ~$…

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