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DT Midstream, Inc.
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Last updated Oct 18, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
49.4%Operating margin3
35.5%Net margin3
26.7%Revenue growth, 20253
9.3%Return on equity3
0.70×Debt to equity3
$441.0MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Pipeline brought in 55% of the revenue DT Midstream, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Pipeline | $377.0M | $443.0M | $687.0M |
| Gathering | $545.0M | $538.0M | $556.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs53¢$658.0M
- Income tax12¢$144.0M
- Profit35¢$441.0M
Out of $1.2B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending49¢$426.0M
- Dividends paid37¢$324.0M
- Kept or used elsewhere13¢$117.0M
Out of $867.0M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Operating revenues | $1.2B | $981.0M | $922.0M |
| Operation and maintenance | $329.0M | $244.0M | $245.0M |
| Depreciation and amortization | $258.0M | $209.0M | $182.0M |
| Taxes other than income | $42.0M | $39.0M | $28.0M |
| Asset (gains) losses and impairments, net | $0 | $0 | -$4.0M |
| Operating Income | $614.0M | $489.0M | $471.0M |
| Interest expense | $161.0M | $153.0M | $150.0M |
| Interest income | -$2.0M | -$7.0M | -$1.0M |
| Earnings from equity method investees | -$138.0M | -$162.0M | -$177.0M |
| Loss from financing activities | $0 | $5.0M | $0 |
| Other income | -$5.0M | -$4.0M | -$1.0M |
| Income Before Income Taxes | $598.0M | $504.0M | $500.0M |
| Income Tax Expense | $144.0M | $137.0M | $104.0M |
| Net Income | $454.0M | $367.0M | $396.0M |
| Less: Net Income Attributable to Noncontrolling Interests | $13.0M | $13.0M | $12.0M |
| Net Income Attributable to DT Midstream | $441.0M | $354.0M | $384.0M |
| Net Income Attributable to DT Midstream (in dollars per share) | $4.34 | $3.63 | $3.97 |
| Net Income Attributable to DT Midstream (in dollars per share) | $4.30 | $3.60 | $3.94 |
| Basic (in shares) | 101.6M shares | 97.6M shares | 96.9M shares |
| Diluted (in shares) | 102.5M shares | 98.4M shares | 97.5M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $54.0M | $68.0M | |
| Accounts receivable (net of $ allowance for expected credit loss for each period end) | $186.0M | $172.0M | |
| Deferred property taxes | $42.0M | $33.0M | |
| Taxes receivable | $2.0M | $8.0M | |
| Prepaid expenses and other | $34.0M | $29.0M | |
| Total Current Assets | $318.0M | $310.0M | |
| Investments in equity method investees | $1.3B | $1.3B | $1.8B |
| Property, plant, and equipment | $7.0B | $6.5B | |
| Accumulated depreciation | -$1.2B | -$998.0M | |
| Net Property, plant, and equipment | $5.8B | $5.5B | |
| Goodwill | $781.0M | $776.0M | $473.0M |
| Long-term notes receivable related party | $4.0M | $4.0M | |
| Operating lease right-of-use assets | $46.0M | $49.0M | |
| Intangible assets, net | $1.9B | $1.9B | |
| Other | $50.0M | $51.0M | |
| Total Other Assets | $2.7B | $2.8B | |
| Accounts payable | $65.0M | $77.0M | |
| Short-term borrowings | $0 | $150.0M | |
| Operating lease liabilities | $16.0M | $16.0M | |
| Dividends payable | $83.0M | $75.0M | |
| Interest payable | $11.0M | $12.0M | |
| Property taxes payable | $48.0M | $42.0M | |
| Accrued compensation | $25.0M | $19.0M | |
| Contract liabilities | $25.0M | $18.0M | |
| Other | $23.0M | $17.0M | |
| Total Current Liabilities | $296.0M | $426.0M | |
| Long-Term Debt, net | $3.3B | $3.3B | |
| Deferred income taxes | $1.3B | $1.1B | |
| Operating lease liabilities | $32.0M | $36.0M | |
| Contract liabilities | $160.0M | $135.0M | |
| Regulatory liabilities | $90.0M | $90.0M | |
| Other | $30.0M | $34.0M | |
| Total Other Liabilities | $1.6B | $1.4B | |
| Total Liabilities | $5.2B | $5.2B | |
| Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of December 31, 2025 and December 31, 2024) | $0 | $0 | |
| Common stock ($0.01 par value, 550,000,000 shares authorized, and 101,673,925 and 101,324,894 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | $1.0M | $1.0M | |
| Additional paid-in capital | $3.9B | $3.9B | |
| Retained earnings | $827.0M | $723.0M | |
| Accumulated other comprehensive loss | -$7.0M | -$8.0M | |
| Total DT Midstream Equity | $4.7B | $4.6B | |
| Noncontrolling interests | $142.0M | $139.0M | |
| Total Equity | $4.9B | $4.8B | $4.3B |
| Total Liabilities and Equity | $10.1B | $9.9B | |
| Allowance for expected credit loss | $0 | $0 | |
| Consolidated assets | $10.1B | $9.9B | $9.0B |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 550.0M shares | 550.0M shares | |
| Common stock, shares issued (in shares) | 101.7M shares | 101.3M shares | |
| Common stock, shares outstanding (in shares) | 101.7M shares | 101.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Income | $454.0M | $367.0M | $396.0M |
| Depreciation and amortization | $258.0M | $209.0M | $182.0M |
| Stock-based compensation | $26.0M | $23.0M | $20.0M |
| Amortization of operating lease right-of-use assets | $17.0M | $18.0M | $18.0M |
| Deferred income taxes | $137.0M | $120.0M | $110.0M |
| Earnings from equity method investees | -$138.0M | -$162.0M | -$177.0M |
| Dividends from equity method investees | $138.0M | $161.0M | $196.0M |
| Loss from financing activities | $0 | $5.0M | $0 |
| Accounts receivable, net | -$24.0M | $11.0M | $7.0M |
| Accounts payable | -$13.0M | $11.0M | -$5.0M |
| Contract liabilities | $26.0M | $23.0M | $97.0M |
| Other current and noncurrent assets and liabilities | -$14.0M | -$23.0M | -$46.0M |
| Net cash and cash equivalents from operating activities | $867.0M | $763.0M | $798.0M |
| Plant and equipment expenditures | -$426.0M | -$350.0M | -$772.0M |
| Acquisition accounted for as a business combination (and purchase price adjustment) | $10.0M | -$1.2B | $0 |
| Distributions from equity method investees | $49.0M | $472.0M | $427.0M |
| Contributions to equity method investees | -$5.0M | -$5.0M | -$7.0M |
| Other investing activities | $0 | $0 | $1.0M |
| Net cash and cash equivalents used for investing activities | -$372.0M | -$1.1B | -$351.0M |
| Issuance of long-term debt, net of discount and issuance costs | $0 | $644.0M | $0 |
| Repayment of long-term debt | $0 | -$399.0M | $0 |
| Borrowings under the Revolving Credit Facility | $330.0M | $385.0M | $540.0M |
| Repayment of borrowings under the Revolving Credit Facility | -$480.0M | -$400.0M | -$705.0M |
| Payment of Revolving Credit Facility issuance costs | $0 | -$3.0M | $0 |
| Issuance of common stock, net of issuance costs | $0 | $406.0M | $0 |
| Contributions from noncontrolling interests | $7.0M | $0 | $0 |
| Distributions to noncontrolling interests | -$17.0M | -$17.0M | -$18.0M |
| Dividends paid on common stock | -$324.0M | -$280.0M | -$263.0M |
| Other financing activities | -$25.0M | -$6.0M | -$6.0M |
| Net cash and cash equivalents from (used for) financing activities | -$509.0M | $330.0M | -$452.0M |
| Net Increase (Decrease) in Cash and Cash Equivalents | -$14.0M | $12.0M | -$5.0M |
| Interest, net of interest capitalized | $152.0M | $140.0M | $140.0M |
| Plant and equipment expenditures in accounts payable and other accrued liabilities | $50.0M | $44.0M | $80.0M |
Recent filings
- Sep 18, 20263
- Aug 10, 20264
- Aug 5, 20264
- Jul 30, 20268-K
- Jul 30, 202610-Q
- May 15, 20264
- May 12, 20268-K
- May 7, 20268-K
- May 7, 20264
- May 7, 20264
- May 7, 20264
- May 7, 20264
- May 7, 20264
- May 7, 20264
- May 6, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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