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DTM

DT Midstream, Inc.

DTM

DT Midstream, Inc. • NYSE
$121.46 ▲ 1.73% (+2.06)
Market Cap $12.35 B
52w High $121.82
52w Low $83.30
Dividend Yield 3.19%
P/E 30.75
Volume 375.30K
Outstanding Shares 101.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $314M ▲ $75M ▲ $115M ▲ 36.624% ▲ $1.13 ▲ $258M ▲
Q2-2025 $309M ▲ $11M ▼ $107M ▼ 34.628% ▼ $1.05 ▼ $253M
Q1-2025 $303M ▲ $14M ▲ $108M ▲ 35.644% ▲ $1.07 ▲ $253M ▲
Q4-2024 $249M ▲ $8M ▼ $73M ▼ 29.317% ▼ $0.73 ▼ $213M ▼
Q3-2024 $248M $10M $88M 35.484% $0.91 $216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $98M ▲ $10.061B ▲ $5.217B ▲ $4.702B ▲
Q2-2025 $74M ▼ $9.96B ▲ $5.145B ▼ $4.673B ▲
Q1-2025 $83M ▲ $9.932B ▼ $5.15B ▼ $4.642B ▲
Q4-2024 $68M ▼ $9.935B ▲ $5.169B ▲ $4.627B ▲
Q3-2024 $77M $8.587B $4.231B $4.218B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $115M ▲ $289M ▲ $-143M ▼ $-122M ▲ $24M ▲ $146M ▼
Q2-2025 $111M $185M ▼ $-70M ▼ $-124M ▲ $-9M ▼ $256M ▲
Q1-2025 $111M ▲ $247M ▲ $-54M ▲ $-178M ▼ $15M ▲ $176M ▲
Q4-2024 $76M ▼ $152M ▼ $-1.284B ▼ $1.123B ▲ $-9M ▼ $62M ▼
Q3-2024 $88M $205M $346M $-547M $4M $124M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gathering Segment
Gathering Segment
 $130.00M ▲$130.00M ▲$130.00M ▲$140.00M ▲
Pipeline Segment
Pipeline Segment
 $120.00M ▲$170.00M ▲$180.00M ▲$170.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, but not explosively, which is typical for a mature midstream business. Profitability looks solid: operating profits and cash-style earnings have stayed consistently strong, suggesting stable tariffs, good cost control, and high utilization of assets. Net income and earnings per share, however, have leveled off more recently and even edged down a bit, which could reflect higher interest costs, depreciation, or one‑off items rather than a weakening core business. Overall, the income statement tells a story of slow, steady top-line growth with relatively resilient margins and earnings, rather than a rapid growth or highly volatile profile.

Balance Sheet

Balance Sheet The company has a classic midstream balance sheet: asset-heavy, with a meaningful but seemingly manageable level of debt. Total assets and shareholders’ equity have both trended upward, indicating continued investment in infrastructure and a gradual build in the company’s underlying value base. Debt has also crept higher, but not in a way that appears out of proportion to the asset and equity growth. Cash balances are modest, which is common in this sector, as companies rely more on steady cash inflows and revolving credit than on holding large cash piles. The overall picture is one of a capital-intensive business that appears to be maintaining a reasonable balance between growth investment, leverage, and equity strength.

Cash Flow

Cash Flow Operating cash flow has been consistently strong and comfortably positive, reflecting the stability of long-term, fee-based contracts. Free cash flow has been more up and down, driven mainly by swings in capital spending tied to large projects. Years with heavier investment show tighter free cash generation, while lighter investment years show more room after spending. The most recent period suggests a return to healthier free cash flow after a particularly heavy investment year, implying that major projects are either ramping down in spend or starting to contribute more to cash inflows. Overall, cash generation from the core business looks reliable, with periodic pressure when the company leans into big growth projects.

Competitive Edge

Competitive Edge DT Midstream operates in attractive natural gas regions with strong, low-cost supply and growing demand, especially from LNG exports and gas-fired power. Its pipelines and gathering systems connect key basins to important markets, giving it geographic and logistical advantages that are not easy for rivals to replicate. Long-term, demand-based contracts with solid counterparties add stability and reduce exposure to commodity price swings, reinforcing its competitive moat. At the same time, the company still faces typical midstream risks: regulatory scrutiny, permitting challenges for expansions, competition for new projects, and potential shifts in customer behavior as the energy transition evolves. Even so, its strategic locations and integrated “wellhead to water” model make it well positioned relative to many peers.

Innovation and R&D

Innovation and R&D Innovation here is more about infrastructure design, efficiency, and emissions reduction than about traditional lab-style research. DT Midstream is applying advanced monitoring and control technologies to run its network more safely and efficiently, while investing in lower-carbon approaches like electric compression and carbon capture on key projects. The commitment to long-term emissions targets and net-zero ambitions places it on the more proactive end of the midstream spectrum. Partnerships around clean hydrogen and a developing carbon capture and storage hub highlight a willingness to experiment with future-facing, but still uncertain, revenue streams. These initiatives could enhance its relevance in a decarbonizing world, though many are early-stage, subject to policy support, and may take time to become material to earnings.

Summary

DT Midstream presents as a stable, infrastructure-heavy natural gas transporter with slow and steady revenue growth, solid margins, and generally reliable cash generation. Its balance sheet reflects a typical midstream profile: substantial fixed assets, moderate leverage, and modest cash, supported by long-term, fee-based contracts. The company’s key strengths lie in its strategic asset locations, integration from production areas to end markets (including LNG), and a contract structure that dampens commodity price volatility. On top of this, it is actively positioning for the energy transition through emissions-focused upgrades, carbon capture, and early moves into hydrogen and other low-carbon opportunities. The main uncertainties revolve around execution of large projects, regulatory and permitting environments, and how quickly new low-carbon ventures become economically meaningful. Overall, the data and strategy together point to a business built around durable cash flows with measured, project-driven growth and a growing emphasis on decarbonization.

NEWS

October 30, 2025 · 7:30 AM UTC

DT Midstream Reports Strong Third Quarter 2025 Results; Raises Adjusted EBITDA Guidance

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October 16, 2025 · 6:45 AM UTC

DT Midstream to Announce Third Quarter 2025 Financial Results, Schedules Earnings Call

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October 2, 2025 · 4:03 PM UTC

DT Midstream Announces Successful Guardian Pipeline Expansion Open Season

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