The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Genesis Energy (NYSE: GEL) and the rest of the infrastructure stocks fared in Q1.

Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations.

The 8 infrastructure stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 14.9%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.5% since the latest earnings results.

Genesis Energy (NYSE: GEL)

Operating a 64% stake in the Poseidon Pipeline, one of the Gulf of Mexico's largest crude oil pipelines, Genesis Energy (NYSE: GEL) provides midstream services like pipeline transportation, storage, and processing for crude oil and natural gas producers and refiners.

Genesis Energy reported revenues of $446.6 million, up 12.1% year on year. This print exceeded analysts’ expectations by 11.4%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EPS and EBITDA estimates.

Grant Sims, CEO of Genesis Energy, said, “Our first quarter results for 2026 in the aggregate came in slightly below our internal expectations. Most of our businesses performed in line with our expectations, with the exception of our offshore pipeline transportation segment, despite being up 40% year over year. Consistent with what we communicated in February, we always thought 2026 was going to be a year shaped by the timing of producer activity and our heavier marine dry-docking calendar, and the first quarter reflects that dynamic rather than any substantive change in the underlying trajectory of our businesses. We continue to see encouraging progress across our businesses and remain constructive on the outlook for the remainder of the year.

Unsurprisingly, the stock is down 7.4% since reporting and currently trades at $15.21.

Read our full report on Genesis Energy here, it’s free.

Best Q1: Kinder Morgan (NYSE: KMI)

Operating what amounts to the toll roads of the energy industry, Kinder Morgan (NYSE: KMI) transports natural gas, refined petroleum products, and crude oil through its pipeline network across North America.

Kinder Morgan reported revenues of $4.83 billion, up 13.8% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $31.67.

Is now the time to buy Kinder Morgan? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Calumet (NASDAQ: CLMT)

With roots dating back to 1919 and facilities strategically positioned from Louisiana to Montana, Calumet (NASDAQ: CLMT) refines crude oil into specialty products like lubricating oils, solvents, and waxes used in cosmetics, batteries, and industrial applications.

Calumet reported revenues of $1.03 billion, up 3.6% year on year, exceeding analysts’ expectations by 8%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Calumet delivered the slowest revenue growth in the group. Interestingly, the stock is up 8.3% since the results and currently trades at $37.50.

Read our full analysis of Calumet’s results here.

Excelerate Energy (NYSE: EE)

Operating specialized vessels that can deliver up to 1.2 billion cubic feet of natural gas per day, Excelerate Energy (NYSE: EE) provides liquified natural gas regasification services using floating vessels that convert LNG back into natural gas.

Excelerate Energy reported revenues of $433.4 million, up 37.6% year on year. This print topped analysts’ expectations by 26.4%. More broadly, it was a mixed quarter as it also recorded a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is down 5.4% since reporting and currently trades at $32.48.

Read our full, actionable report on Excelerate Energy here, it’s free.

Kodiak Gas Services (NYSE: KGS)

Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE: KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation.

Kodiak Gas Services reported revenues of $345.8 million, up 4.9% year on year. This number beat analysts’ expectations by 1.3%. It was a strong quarter as it also produced a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates.

Kodiak Gas Services had the weakest performance against analyst estimates among its peers. The stock is down 2.2% since reporting and currently trades at $68.15.

Read our full, actionable report on Kodiak Gas Services here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.