Kinder Morgan sticks with $8.6bn full-year EBITDA target set in its original budget

The reiterated figures fall short of guidance management gave only hours earlier, after third-quarter results beat expectations.

Kinder Morgan confirmed full-year adjusted EBITDA guidance of $8.6 billion, below the $9.11 billion analysts had expected, along with full-year adjusted earnings per share of $1.36, below the $1.54 forecast, and a full-year dividend of $1.19 per share.

Earlier in the day, the company had reported third-quarter revenue of $4.53 billion, ahead of the $4.42 billion expected, and raised its dividend and 2026 outlook on the back of that quarter. Management guided to adjusted EBITDA more than 6% above the $8.6 billion figure and adjusted earnings per share more than 13% above the $1.36 figure. The project backlog grew to $14.4 billion.

The numbers confirmed Wednesday afternoon are the original 2026 budget targets, not the updated figures management pointed to earlier in the day. Restating the conservative budget rather than the raised outlook leaves a gap between this guidance and the growth story built around the backlog and improving leverage.

For investors, the disconnect raises the question of which numbers to anchor to heading into 2026, the cautious budget now reiterated or the higher outlook management gave only hours before.