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…
Earnings analysis · 10-Q
DTM earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.27
- Segment
- Pipeline
- Segment
- Gathering
What stood out
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Earnings Beat Expectations
Reported EPS of $1.27 exceeded the consensus estimate of $1.13.
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Revenue Growth Year-Over-Year
Revenue increased to $336 million in Q1 2026, up from $303 million in Q1 2025.
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Strong Free Cash Flow
Free cash flow improved significantly to $96 million, up from $15 million year-over-year.
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Segment Growth in Pipeline
Pipeline segment revenue rose to $185 million, up from $169 million year-over-year.
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Segment Growth in Gathering
Gathering segment revenue increased to $156 million, rising from $134 million year-over-year.
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Increased Cash Reserves
Cash and cash equivalents at the end of Q1 2026 totaled $150 million, up from $83 million in Q1 2025.
What to watch
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Dependence on Key Customers
Revenue is significantly reliant on key customer Expand Energy, which could pose risks if their demand declines.
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Geopolitical Risk Exposure
Potential fluctuations in market demand and operational stability due to geopolitical tensions observed in recent news.
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Environmental Regulation Costs
Increased compliance costs associated with environmental regulations could materially impact financial performance.
Management's outlook
Expected capital investments for 2026 to range from $490 million to $570 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.