$KMI | Kinder Morgan Q3 26 Earnings: • Rev: $4.53B (est $4.39B) • Adj EBITDA: $2.18B (est $2.11B) • Adj EPS: 35c (est 33c) • Still Sees FY Adj EBITDA: $8.6B (est $9.11B) • Still Sees FY Adj EPS: $1.36 (est $1.54) • Still Sees FY Div: $1.19/Share (est $1.19)

Kinder Morgan reported third-quarter 2026 revenue of $4.53 billion, ahead of the $4.39 billion consensus, with adjusted EBITDA of $2.18 billion against an estimated $2.11 billion and adjusted EPS of 35 cents versus 33 cents expected. The company also reiterated full-year guidance of $8.6 billion in adjusted EBITDA and $1.36 in adjusted EPS, both of which sit below prevailing analyst estimates of $9.11 billion and $1.54. The beat-and-maintain-lower-guidance pattern signals that the quarter's upside was not carried into the outlook, so the transmission runs through earnings expectations rather than through a change in the company's operating trajectory. Midstream pipeline operators and energy infrastructure equities are the most directly exposed, since their valuations are sensitive to forward cash flow estimates and any downward revision to consensus compresses multiples. Traders should watch whether sell-side analysts cut their full-year EBITDA and EPS forecasts in the days following the call and whether the company's commentary on backlog and volume trends explains the gap versus prior

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