DTM

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DT Midstream, Inc.

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Key Metrics

Previous Close: $120.08
52-Week Range: $104.99 – $152.88
Market Cap: $12.34B
P/E (TTM): 26.48
EPS (TTM): 4.57
Dividend Yield: 2.91%

Advanced Metrics

Price/Book: 2.58
PEG Ratio: —
Return on Equity: 9.90%
Return on Assets: 4.03%
Gross Margin: 75.34%
Operating Margin: 50.44%
Profit Margin: 35.72%
Current Ratio: 1.37
Debt/Equity: 0.69
Total Debt: $3.37B
Free Cash Flow: $128.00M
Revenue Growth: 11.00%
Earnings Growth: 4.80%
Enterprise Value: $15.69B

DTM Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$920.00M	$922.00M	$981.00M	$1.24B
Cost of Revenue	$170.00M	$182.00M	$209.00M	$258.00M
Gross Profit	$750.00M	$740.00M	$772.00M	$985.00M
Operating Expenses	$295.00M	$273.00M	$283.00M	$371.00M
Operating Income	$455.00M	$467.00M	$489.00M	$614.00M
EBITDA	$808.00M	$850.00M	$884.00M	$1.03B
Pretax Income	$482.00M	$500.00M	$504.00M	$598.00M
Income Tax	$100.00M	$104.00M	$137.00M	$144.00M
Net Income	$370.00M	$384.00M	$354.00M	$441.00M
Diluted EPS	3.81	3.94	3.60	4.30
Diluted Shares	97.20M	97.50M	98.40M	102.50M

DTM Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$61.00M	$56.00M	$68.00M	$54.00M
Receivables	$161.00M	$169.00M	$180.00M	$188.00M
Current Assets	$262.00M	$272.00M	$310.00M	$318.00M
Total Assets	$8.83B	$8.98B	$9.94B	$10.08B
Current Liabilities	$614.00M	$434.00M	$426.00M	$296.00M
Long-Term Debt	$3.06B	$3.06B	$3.32B	$3.32B
Total Debt	$3.42B	$3.27B	$3.52B	$3.37B
Total Liabilities	$4.68B	$4.70B	$5.17B	$5.20B
Retained Earnings	$547.00M	$661.00M	$723.00M	$827.00M
Shareholders' Equity	$4.01B	$4.14B	$4.63B	$4.74B
Working Capital	-$352.00M	-$162.00M	-$116.00M	$22.00M
Net Debt	$3.33B	$3.17B	$3.40B	$3.27B

DTM Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$725.00M	$798.00M	$763.00M	$867.00M
Capital Expenditure	-$338.00M	-$772.00M	-$350.00M	-$426.00M
Free Cash Flow	$387.00M	$26.00M	$413.00M	$441.00M
Depreciation & Amortisation	$189.00M	$200.00M	$227.00M	$275.00M
Stock-Based Compensation	$17.00M	$20.00M	$23.00M	$26.00M
Investing Cash Flow	-$854.00M	-$351.00M	-$1.08B	-$372.00M
Financing Cash Flow	$58.00M	-$452.00M	$330.00M	-$509.00M
Dividends Paid	-$244.00M	-$263.00M	-$280.00M	-$324.00M
Share Repurchases	-$3.00M	$0.00	—	—
Net Change in Cash	-$71.00M	-$5.00M	$12.00M	-$14.00M

DTM Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$309.00M	$314.00M	$317.00M	$336.00M	$343.00M
Cost of Revenue	$63.00M	$65.00M	$67.00M	$69.00M	$68.00M
Gross Profit	$246.00M	$249.00M	$250.00M	$267.00M	$275.00M
Operating Expenses	$91.00M	$94.00M	$94.00M	$100.00M	$102.00M
Operating Income	$155.00M	$155.00M	$156.00M	$167.00M	$173.00M
EBITDA	$253.00M	$262.00M	$266.00M	$283.00M	$283.00M
Pretax Income	$145.00M	$153.00M	$154.00M	$170.00M	$169.00M
Income Tax	$34.00M	$35.00M	$40.00M	$36.00M	$53.00M
Net Income	$107.00M	$115.00M	$111.00M	$130.00M	$112.00M
Diluted EPS	1.04	1.13	—	1.27	1.09
Diluted Shares	102.50M	102.50M	—	102.70M	102.60M

DTM Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$74.00M	$98.00M	$54.00M	$150.00M	$172.00M
Receivables	$164.00M	$175.00M	$188.00M	$190.00M	$188.00M
Current Assets	$291.00M	$322.00M	$318.00M	$404.00M	$409.00M
Total Assets	$9.96B	$10.06B	$10.08B	$10.15B	$10.21B
Current Liabilities	$331.00M	$349.00M	$296.00M	$321.00M	$298.00M
Long-Term Debt	$3.32B	$3.32B	$3.32B	$3.33B	$3.33B
Total Debt	$3.40B	$3.38B	$3.37B	$3.37B	$3.37B
Total Liabilities	$5.14B	$5.22B	$5.20B	$5.26B	$5.29B
Retained Earnings	$770.00M	$801.00M	$827.00M	$867.00M	$888.00M
Shareholders' Equity	$4.67B	$4.70B	$4.74B	$4.75B	$4.78B
Working Capital	-$40.00M	-$27.00M	$22.00M	$83.00M	$111.00M
Net Debt	$3.27B	$3.22B	$3.27B	$3.17B	$3.15B

DTM Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$185.00M	$274.00M	$161.00M	$280.00M	$222.00M
Capital Expenditure	-$81.00M	-$143.00M	-$131.00M	-$78.00M	-$105.00M
Free Cash Flow	$104.00M	$131.00M	$30.00M	$202.00M	$117.00M
Depreciation & Amortisation	$68.00M	$69.00M	$71.00M	$73.00M	$72.00M
Stock-Based Compensation	$6.00M	$7.00M	$7.00M	$6.00M	$6.00M
Investing Cash Flow	-$70.00M	-$130.00M	-$118.00M	-$68.00M	-$104.00M
Financing Cash Flow	-$124.00M	-$120.00M	-$87.00M	-$116.00M	-$96.00M
Dividends Paid	-$83.00M	-$83.00M	-$83.00M	-$83.00M	-$89.00M
Net Change in Cash	-$9.00M	$24.00M	-$44.00M	$96.00M	$22.00M

Market Snapshot

About

DT Midstream, Inc. is an energy infrastructure company focused on natural gas transportation, storage, and gathering services. The company operates interstate and intrastate natural gas pipelines, storage facilities, and gathering systems primarily in the Midwest, Northeast, and Gulf Coast regions. DT Midstream was spun off from DTE Energy in 2021 to create a pure-play midstream company. The company provides critical infrastructure services to natural gas producers, utilities, and other energy customers under long-term contracts.