Kinder Morgan announces financial expectations for 2026

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Kinder Morgan announces financial expectations for 2026

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Non-GAAP financial measures

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Our non-GAAP financial measures described below should not be construed as alternatives to the Gaap Net Income attributable to Kinder Morgan, Inc. or other important measures such as analytical tools. Our compilation of these non-GAAP financial measures may differ from similarly dressed measures used by others. You should not consider these non-financial measures that are not in the divisions or positions of the analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated financial statements by reviewing our comparable GAAP measures identified in the description of non-gaap measures below, understanding the differences between the measures and their observations.

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Certain thingssince the change is used to calculate our non-financial measures, it is the items required by GAAP to be shown in the Net Incormible that arise separately from our normal business activities and in many cases may only occur (for example, Legal settlements, the implementation of the new tax law and destructive losses) We also include changes related to joint ventures (see ” Prices are subject to joint admission“Below).

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Fixed eps is calculated as adjusted net income for common stock divided by our average shares outstanding. Adjusted earnings per share of common stock calculated by adjusting the income provided by Kinder Morgan, Inc. We believe that adjusted earnings per share of common stock allows for the calculation of adjusted earnings per share (adjusted EPS) on a per share EPS basis. Adjusted EPS applies the same two-step method used to arrive at earnings per share. Adjusted EPS is used by us, investors and other external users of our financial statements as a supplemental measure that provides useful information on the time performance and ability to generate income from our ongoing operations.

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Adjusted EBITDA calculated by adjusting the income provided by Kinder Morgan, Inc. with certain items and in addition to DD & A, the determination of the basis of differences related to our merger, income tax expense and interest. We also include rates from Joint Ventures for Income Taxes and DD & A (SEE ” Prices are subject to joint admission“Below) of our annual compensation plan. We believe that the gaap ratio is directly proportional to EBITDA net income contributed to Kinder Morgan, Inc.

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Net debt It is calculated by subtracting debt (1) cash equivalents, (2) fair value adjustments, and (3) the impact of foreign exchange on euro-expression bonds that include cash obligations when we convert that debt. Net debt, by itself and in conjunction with our adjusted EBITDA (12 months) as part of the estimated EBITDA ratio, is a non-financial measure used by management. Our EBITDA ratio approximates adjusted EBITDA and is used as a target for incremental performance for purposes of our annual compensation plan. We believe that the most comparable ratio to net debt is fully owed. 2026 budgeted debt is calculated as a total debt budget of $ 32.7 billion, less cash and cash equivalents, which is expected to be invisible; 2026 The budgeted book debt does not include an adjustment to the fair value of the debt or the estimated impact of the budget on our Euro-denominated debt, as these values are only forecasts and are expected to be moderate.

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Prices are subject to joint admission – Certain items and adjusted EBITDA reflect amounts from non-comparable joint ventures (JVS) and joint JVs that use the same recognition and measurement methods used to record “income” respectively. The calculation of adjusted EBUTDA related to our non-adjusted and consolidated JVs includes similar adjustments (DD&a, amortization of basis, and income tax expense) in relation to the calculation of fully adjusted EBITDA; In addition, we eliminate the portion of this adjustment that is attributable to non-controlling interests. Although these amounts related to our non-core JVs are included in the calculation of adjusted EBITDA, such inclusion should not be construed to indicate that we have control over the income and results resulting from such JVs that we may not allow.

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Table 1
Kinder Morgan, Inc. and support
Reconciliation of consolidated net income attributable to Kinder Morgan, Inc. to adjusted EBITDA
(In billions, rounded)

	2025 Weather			2026 Budget
Net income attributable to Kinder Morgan, Inc. (gasp)	A knife	2.9		A knife	3.1
Number of items (1)		–			–
Dd & a		2.4			2,5
Income tax expense (2)		0.8			0.9
Interest, net (2)		1.8			1.8
Prices are subject to joint admission
JV DD for JV & A (3)		0.4			0.4
Delete the JV Partner’s DD & A		(0.1	We are divided		(0.1	We are divided
Tax-free JV expenses)		0.1			0.1
Adjusted EBITDA	A knife	8.3		A knife	8.7

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Table 2
Kinder Morgan, Inc. and support
Reconciliation of qualified net income attributable to Kinder Morgan, Inc. from which the adjusted net income is hedged in the common stock
(In billions, rounded)

	2025 Weather		2026 Budget
Net income attributable to Kinder Morgan, Inc. (gasp)	A knife	2.9	A knife	3.1
Number of items (1)		–		–
Income provided for security and other (1) (5)		–		–
Adjusted net income for common stock (6)	A knife	2.9	A knife	3.1

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Notes
(1)	The combined repairs are currently estimated to be less than $100 million.
(2)	Prices are adjusted for certain items.
(3)	Includes diversification costs related to our JVs.
(4)	Includes tax provision for certain items received from taxable income related to our citrus, NGPL and Products (SE) Pipe Line Equity Investments.
(5)	Participating securities have vested stock awards granted to employees and non-employees. These awards receive the same distribution but do not share in the Net loss or excess distribution of earnings. Some include fixed income on top of the security distribution you hold.
(6)	Adjusted earnings per common stock is used to calculate adjusted EPS.