A midstream energy company that moves and stores natural gas, crude oil, and other fuels through a vast network of pipelines and terminals across North America — it is the largest natural gas pipeline operator in the United States. Founded in 1997 by Richard Kinder and William Morgan, two former Enron executives, the company takes its name from their surnames; Kinder left Enron after clashing over its direction, preferring to build "hard assets" like pipelines over financial schemes.
Q2 2026 net income rose 21% to $867M as all segments grew on higher commodity prices and volumes
Every operating grew in Q2 2026. rose 7.1% to $4,828M from Q1 and 13.8% from a year earlier to $4,828M, was $0.44, and rose 21% to $867M as higher commodity prices, volumes, and expansion projects lifted results across , , and . The business is growing across all lines, with $4.1B in 2026 capital investment planned.
Key takeaways
attributable to KMI rose 21% to $867M in Q2 2026, driven by higher commodity prices and volumes and contributions from expansion projects across all segments.
rose 51% to $226M on higher realized crude oil prices, increased oil production volumes, and greater and sales.
grew 6% to $1,520M, led by Midstream gains from higher volumes and demand on Texas intrastate systems.
Section summaries
Management's Discussion and Analysis
KMI Q2 2026 net income rose 21% to $867M on higher commodity prices, volumes, and expansion projects across all segments.
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attributable to KMI increased 21% to $867 million for Q2 2026, driven by higher commodity prices and volumes, and contributions from expansion projects.
rose 19% to $343M, primarily from higher and favorable commodity prices at .
was $3,451M for the first half of 2026, funding $1,786M in and the $503M Monument Pipeline acquisition; the quarterly was $0.2975 per share and full-year 2026 investment is expected at $4.1B.
What changed
The prior annual report flagged to confirm whether its 2025 decline stabilized; Q2 2026 CO2 EBDA rose 51% to $226M on higher crude prices, production, and / sales, reversing the drop.
Prior filings flagged 2026 capital spend against plan and Outrigger integration; this quarter raised full-year 2026 investment to $4.1B (from $3.9B at Q1) and closed the $503M Monument Pipeline acquisition.
Disclosed share repurchases against the $522M 2023 pace remain unaddressed — the company did not report 2025 or 2026 totals in this filing.
Q1 2026 flagged that ' 18% rise relied partly on colder weather that might not repeat; Q2 Natural Gas Pipelines EBDA grew 6% to $1,520M on volume and demand without citing weather.
Risk factors showed no material change from the 2025 10-K, including the EPA Good Neighbor Plan litigation and its $1.5B–$1.8B estimated compliance spend.
What to watch
next quarter to see if the 51% Q2 rise holds against realized crude and NGL prices
Full-year 2026 capital spend against the $4.1B plan including Monument Pipeline integration
Disclosed 2026 share repurchases against the $522M 2023 pace once reported
trajectory after the 6% Q2 rise on Texas intrastate demand
Natural Gas Pipelines grew 6% to $1,520 million, led by Midstream gains from higher volumes and demand on Texas intrastate systems.
Products Pipelines rose 19% to $343 million, primarily due to higher butane blending spreads and favorable commodity prices at transmix operations.
CO2 surged 51% to $226 million, benefiting from higher realized crude oil prices, increased oil production volumes, and greater RNG and RIN sales.
was $3,451 million for the first half of 2026, funding $1,786 million in and the $503 million Monument Pipeline acquisition.
The company declared a quarterly of $0.2975 per share and expects to invest $4.1 billion in expansion projects, acquisitions, and joint ventures for full-year 2026.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in market risk exposures that would affect the quantitative and qualitative disclosures presented as of December 31, 2025, in Part II, Item 7A in our 2025 Form 10-K. For more information on our risk management activities, refer to Item 1, Note…
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There have been no material changes in market risk exposures that would affect the quantitative and qualitative disclosures presented as of December 31, 2025, in Part II, Item 7A in our 2025 Form 10-K. For more information on our risk management activities, refer to Item 1, Note 5 “Risk Management” to our consolidated financial statements.
See Part I, Item 1, Note 9 to our consolidated financial statements entitled “Litigation and Environmental” which is incorporated in this item by reference.
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See Part I, Item 1, Note 9 to our consolidated financial statements entitled “Litigation and Environmental” which is incorporated in this item by reference.