• In January 2026, Kinder Morgan reported fourth-quarter 2025 sales of US$4,508 million and net income of US$996 million, alongside a 2% year-over-year increase in its quarterly dividend to US$0.2925 per share.
• The company also highlighted a gas-focused project backlog exceeding US$10 billion, underlining how recently sanctioned projects are reshaping its long-term earnings mix.
• We’ll now examine how Kinder Morgan’s record quarterly performance and expanding gas project backlog influence the company’s broader investment narrative.

Find companies with promising cash flow potential yet trading below their fair value.

What Is Kinder Morgan's Investment Narrative?

To own Kinder Morgan today, you have to be comfortable with a steady, infrastructure-first story built around pipelines, long-term contracts and modest growth rather than big upside swings. The record fourth-quarter 2025 results, a 2% dividend bump to US$0.2925 per share and a gas-heavy project backlog above US$10 billion all reinforce that Kinder Morgan is leaning harder into natural gas as its core earnings engine. In the near term, the key catalysts now center on execution: converting that sanctioned backlog into on-time, on-budget projects and keeping cash generation healthy enough to support both the dividend and interest obligations, which remain a watchpoint. The strong share price reaction since the earnings release suggests the market views this update as meaningful, but it does not eliminate Kinder Morgan’s sensitivity to capital intensity, regulatory approvals and funding conditions.

However, one risk in particular may matter more than the strong quarter suggests. Kinder Morgan's shares have been on the rise but are still potentially undervalued by 36%. Find out what it's worth.

Exploring Other Perspectives

Three Simply Wall St Community members currently see fair value between US$31.55 and about US$47, reflecting very different expectations for Kinder Morgan’s gas-heavy backlog. Set this against Kinder Morgan’s rising project commitments and funding needs, and it is clear you are weighing more than a single growth story when you consider the stock.

Explore 3 other fair value estimates on Kinder Morgan - why the stock might be worth just $31.55!

Build Your Own Kinder Morgan Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Kinder Morgan research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Kinder Morgan research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Kinder Morgan's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.