KMI delivered a materially stronger Q1 than the flat-EPS preview setup implied. Revenue reached $4.83B, adjusted EBITDA reached $2.54B, and DCF per share reached $0.86. The company said adjusted EPS rose 41% to $0.48, versus $0.34 a year ago, and now expects to exceed its EBITDA budget by more than 3% excluding Monument.

Key Metrics Trends

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$3.8B	$3.6B	$3.7B	$4.0B	$4.2B	$4.0B	$4.1B	$4.5B	$4.8B
Revenue YoY %	-	-	-	-	+10.4%	+13.2%	+12.1%	+13.1%	+13.8%
Adjusted EBITDA	$2.1B	$1.9B	$1.9B	$2.1B	$2.2B	$2.0B	$2.0B	$2.3B	$2.5B
Adjusted EBITDA YoY %	-	-	-	-	+0.9%	+6.1%	+5.9%	+10.1%	+17.7%
DCF per share	$0.64	$0.49	$0.49	$0.57	$0.66	$0.52	$0.56	$0.68	$0.86
DCF per share YoY %	-	-	-	-	+3.1%	+6.1%	+14.3%	+19.3%	+30.3%
Annual EBITDA guide	$8.2B	$8.2B	$8.2B	$8.3B	$8.3B	$8.3B	$8.3B	$8.6B	$8.6B

KMI is accelerating after several steady quarters. Q1 weather, gas demand, and project execution drove a step-up in adjusted EBITDA and DCF per share. The debate is whether Q1 strength is weather-aided or the start of a higher midstream growth baseline.

Beat/Miss

Guidance

Catalysts

Street Q&A

Contradictions

Read-Throughs

This Quarter vs Consensus

Metric	Consensus	Actual	Variance	Beat/Miss
Adjusted EPS	$0.34 preview consensus	$0.48	+$0.14 / +41%	Beat
Adjusted EBITDA	~$2.27B preview consensus	$2.54B	+$269M / +11.9%	Beat
DCF per share	$0.66 prior-year comp	$0.86	+30.3% YoY	Beat
Revenue	$4.24B prior-year comp	$4.83B	+13.8% YoY	Beat signal

Pattern: historically steady KMI produced an unusually large Q1 beat. L4Q beat magnitude is improving, driven by weather, gas demand, and project/backlog execution.

Guidance Deep Dive

Metric	Prior / Budget	New / Actual	Signal
FY2026 adjusted EBITDA	$8.60B budget	Management expects to exceed budget by more than 3% excluding Monument	Upward bias
Adjusted EPS	$1.36 annual budget	Q1 adjusted EPS $0.48	Q1 tracking far ahead
Dividend	$1.19 expected dividends	Maintained dividend growth framework	Coverage strengthened by DCF beat

Management tone was notably stronger than the preview: the transcript says KMI had a remarkable first quarter, with adjusted EPS up 41% and EBITDA up 18%. Source: KMI transcript 2026Q1.

Upcoming Catalysts

Catalyst	Timing	Consensus / Watch	Implication
Monument Pipeline acquisition close	April 2026	HSR cleared; expected month-end close	Not in the more-than-3% EBITDA upside comment
MSX and SSE4 FERC certificates	By July 2026	Regulatory milestones needed for $5B+ projects	Backlog conversion catalyst
Gas demand for power and data centers	2026+	60% of backlog tied to power generation	Long-duration growth narrative
Bonus depreciation	2026	Treasury guidance improves cash flow capacity	More room for growth capex and dividends

Street Q&A

Question	Management response	Assessment
Is Q1 strength weather-only?	Management pointed to every segment delivering growth, not just weather.	Well answered
How much upside is in guidance?	Management expects to exceed EBITDA budget by more than 3% excluding Monument.	Well answered
What closes next?	HSR cleared for Monument; expected by month-end.	Well answered

Contradictions

Indirect Read-Throughs

Theme	Commentary	Read-through
Natural gas demand	KMI highlighted strong demand and broad segment growth.	Positive for gas pipeline peers and power-exposed midstream.
Data center power	Backlog remains heavily tied to power generation.	Positive read-through for CEG, GEV, VRT and gas infrastructure.
Cash taxes	Bonus depreciation improves investment capacity.	Potential positive for capital-intensive infrastructure companies.

Data sourced from Daloopa. Document search is currently in beta; transcript and filing snippets may vary.