Kinder Morgan and CN Raise 2026 Guidance on 11% Revenue Growth and Record Energy & Grain Shipments

For supply chain professionals, the Q2 2026 results from Kinder Morgan and CN are a clear signal that critical infrastructure is running at full throttle. Surging LNG feed gas, Haynesville shale output, and bumper grain harvests are straining and rewarding pipeline and rail networks alike. The question now is whether capacity expansions can keep pace with demand, and what this means for shippers negotiating rates and securing long-term capacity.

Kinder Morgan (KMI) and Canadian National Railway (CNI) delivered blockbuster second-quarter 2026 results, powered by surging demand for grain and energy transportation. Both companies reported double-digit earnings growth, raised full-year guidance, and demonstrated operational efficiency gains that are reshaping the midstream and rail logistics landscape.

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Management raised full-year 2026 adjusted EBITDA guidance to at least 5% above the original $8.6 billion budget, implying at least $9.03 billion, and adjusted EPS guidance to more than 12% above the $1.36 budget, signaling at least $1.52 per share.

Kinder Morgan, a pillar of North American energy infrastructure, reported net income of $867 million, a 21% jump year over year, as all business segments contributed. Adjusted EBITDA reached $2.199 billion—an all-time Q2 record—reflecting higher volumes across natural gas transport, gathering, and terminal operations. Natural gas transport volumes climbed 7% to nearly 48 trillion Btu per day, driven by increased feed gas deliveries to LNG export facilities and rising power generation demand. Gathering volumes soared 26% overall, with the Haynesville-focused KinderHawk system rocketing 54%. Management raised full-year 2026 adjusted EBITDA guidance to at least 5% above the original $8.6 billion budget, implying at least $9.03 billion, and adjusted EPS guidance to more than 12% above the $1.36 budget, signaling at least $1.52 per share. The company’s financial health strengthened with net debt-to-adjusted EBITDA improving to 3.6x from a budgeted 3.8x, even amid ongoing capital spending on a $9.6 billion backlog of projects.

Meanwhile, Canadian National Railway capitalized on record Western Canadian grain movements and robust refined petroleum product shipments into Ontario. Revenue rose 11% to $4.8 billion, and adjusted diluted EPS hit $2.08, up 11% (12% in constant currency). Revenue ton miles expanded 5% to 62.3 billion, with grain and fertilizers volumes up 11% and petroleum and chemicals up 11%, the latter propelled by a 30% surge in shipments to the Greater Toronto Area fuel terminal. Despite a slight uptick in the adjusted operating ratio to 62.2% (50 basis points, driven by higher fuel prices), CNI notched a record fuel efficiency of 0.836 gallons per 1,000 gross ton miles, a 3% improvement. Labor productivity soared 9% as the company handled 5% higher volumes with a 5% reduction in average headcount. The railway raised its full-year adjusted EPS outlook to mid-to-high single-digit growth and revised RTM guidance from flattish to low single-digit growth, reflecting confidence in sustained agricultural and energy demand.