DTM earnings analysis
What we found in DTM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
DT Midstream's Q1 2026 results show strong earnings performance with net income reaching $130 million, or $1.27 per diluted share, surpassing expectations and prior year results. The company reported robust revenue of $336 million driven by its Pipeline and Gathering segments, alongside a notable increase in free cash flow compared to the previous year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Earnings Beat Expectations
- Reported EPS of $1.27 exceeded the consensus estimate of $1.13.
- Revenue Growth Year-Over-Year
- Revenue increased to $336 million in Q1 2026, up from $303 million in Q1 2025.
- Strong Free Cash Flow
- Free cash flow improved significantly to $96 million, up from $15 million year-over-year.
- Segment Growth in Pipeline
- Pipeline segment revenue rose to $185 million, up from $169 million year-over-year.
- Segment Growth in Gathering
- Gathering segment revenue increased to $156 million, rising from $134 million year-over-year.
- Increased Cash Reserves
- Cash and cash equivalents at the end of Q1 2026 totaled $150 million, up from $83 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Key Customers
- Revenue is significantly reliant on key customer Expand Energy, which could pose risks if their demand declines.
- Geopolitical Risk Exposure
- Potential fluctuations in market demand and operational stability due to geopolitical tensions observed in recent news.
- Environmental Regulation Costs
- Increased compliance costs associated with environmental regulations could materially impact financial performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.27
- Segment
- Pipeline
- Segment
- Gathering
What they said about what is next.
Expected capital investments for 2026 to range from $490 million to $570 million.
The filing reads better than the one before it.
What came before.
- 10-K · February 19, 2026
- DT Midstream reported a strong 2025 operating year with Net Income Attributable of $441 million and full-year revenue of approximately $1,243 million (sum of quarterly revenues). Pipeline segment growth from a full year…
- 10-Q · July 30, 2024
- DT Midstream reported Q2 2024 revenue of $244 million, reflecting a 9% increase from $224 million in Q2 2023 and matching analyst estimates. EPS was $0.98, beating expectations by 5.38% as compared to $0.93 a year ago.…
- 10-K · February 16, 2023
- DT Midstream positions itself as an integrated natural-gas midstream owner/operator focused on disciplined, asset-backed growth and low-carbon opportunities. In 2022 the company reported Net Income Attributable to DT…
- 10-Q · August 3, 2022
- DT Midstream reported Q2 operating revenues of $227.0M (up $19.0M or ~9.1% YoY from $208.0M) and operating income of $137.0M (up $51.0M YoY). Diluted EPS was $0.93 versus $0.70 a year ago. Liquidity strengthened with…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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