Core Viewpoint - Kinder Morgan is positioned for continued growth in earnings and dividends, driven by its leadership in gas infrastructure and stable cash flow from fee-based contracts and regulated rate structures [1][9]. Financial Performance - Kinder Morgan reported a record adjusted income of $2.9 billion or $1.30 per share for the year, reflecting a 13% increase from 2024 [4]. - The company achieved a record adjusted EBITDA of $8.4 billion, which is 6% higher than the previous year [4]. - Cash flow from operations reached $5.9 billion, covering capital expenditures of over $3 billion and dividend payments of $2.6 billion, leaving nearly $300 million for additional financial flexibility [5]. Dividend and Growth Outlook - The company anticipates adjusted earnings will rise to $1.36 per share in 2026, a 5% increase from the previous year, and expects adjusted EBITDA to reach approximately $8.6 billion, nearly 3% above 2025's level [7]. - Kinder Morgan plans to increase its dividend by 2% in 2026, marking the eighth consecutive year of dividend increases [7]. - The company maintains a strong balance sheet with a projected leverage ratio of 3.8 times by the end of 2026 [7]. Project Backlog and Future Growth - Kinder Morgan has a robust backlog of $10 billion in growth capital projects, with new projects added totaling $912 million last quarter [8]. - The company has ongoing projects with completion dates extending through 2030, including three large-scale gas pipelines expected to enter commercial service next year [8]. - The growth in gas demand, particularly from AI data centers, positions Kinder Morgan favorably for future earnings and dividend growth [9].