DT Midstream, Inc. DTM

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

DT Midstream was incorporated in the state of Delaware in 2021. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to such reports are available free of charge through the Investors Relations page of DT Midstream's website: www.dtmidstream.com, as soon as reasonably practicable after they are filed with or furnished to the SEC. Additionally, the public may read and copy any materials that we file electronically with the SEC at www.sec.gov.

The DT Midstream Code of Conduct, Board of Directors' Code of Business Conduct and Ethics, Board of Directors' Governance Guidelines, Board of Directors' Committee Charters, and Categorical Standards for Director Independence are also posted on DT Midstream's website. The information on DT Midstream's website is not part of this report or any other report that DT Midstream files with, or furnishes to, the SEC.

Last close 123.91 2026-10-23
Market cap $12.64B 2026-06-30 share count
52-week range 105.23 - 152.88

Valuation FY2025 figures against the last close

P/S10.2x
P/E28.8x
P/FCF28.7x
EV/EBITDA25.9x
Dividend yield2.6%
Diluted EPS4.30

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Pipeline
  • Gathering
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Pipeline, FY2025: 687M (55.3%) 55% Pipeline Gathering, FY2025: 556M (44.7%) 45% Gathering FY2024 Pipeline, FY2024: 443M (45.2%) 45% Gathering, FY2024: 538M (54.8%) 55% FY2023 Pipeline, FY2023: 377M (40.9%) 41% Gathering, FY2023: 545M (59.1%) 59%
Segment FY2025FY2024FY2023
Pipeline $687.0M $443.0M $377.0M
Gathering $556.0M $538.0M $545.0M

As the company reported it, from the “REVENUE - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $1.24B$981.0M$922.0M$920.0M$840.0M$754.0M$504.0M—
Operating income $614.0M$489.0M$471.0M$478.0M$402.0M$414.0M$261.0M—
Interest expense $161.0M$153.0M$150.0M$137.0M$112.0M$113.0M$75.0M—
Pre-tax income $598.0M$504.0M$500.0M$482.0M$422.0M$440.0M$292.0M—
Income tax $144.0M$137.0M$104.0M$100.0M$104.0M$116.0M$72.0M—
Net income $441.0M$354.0M$384.0M$370.0M$307.0M$312.0M$204.0M—
EPS, basic 4.343.633.973.833.173.232.11—
EPS, diluted 4.303.603.943.813.163.232.11—
Shares, diluted (wtd. avg.) 102.5M98.4M97.5M97.2M96.9M96.7M96.7M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $54.0M$68.0M$56.0M$61.0M$132.0M$42.0M$46.0M$26.0M
Receivables $186.0M$172.0M$154.0M$161.0M$169.0M$123.0M——
Total current assets $318.0M$310.0M$272.0M$262.0M$360.0M$483.0M——
Property, plant and equipment $5.77B$5.53B$4.43B$3.81B$3.49B$3.47B——
Goodwill $781.0M$776.0M$473.0M$473.0M$473.0M$473.0M$471.0M—
Other intangibles $1.86B$1.92B$1.97B$2.02B$2.08B$2.14B——
Total assets $10.08B$9.94B$8.98B$8.83B$8.17B$8.34B$7.79B—
Accounts payable $65.0M$77.0M$94.0M$119.0M$22.0M$29.0M——
Short-term debt $0$150.0M$165.0M$330.0M$10.0M$0——
Total current liabilities $296.0M$426.0M$434.0M$614.0M$177.0M$3.29B——
Long-term debt $3.32B$3.32B$3.06B$3.06B$3.04B$0——
Total liabilities $5.20B$5.17B$4.70B$4.68B$4.14B$4.11B——
Retained earnings $827.0M$723.0M$661.0M$547.0M$431.0M$751.0M——
Total equity $4.74B$4.63B$4.28B$4.15B$4.02B$4.23B$3.72B—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $867.0M$763.0M$798.0M$725.0M$572.0M$597.0M$390.0M—
Stock-based compensation $26.0M$23.0M$20.0M$17.0M$12.0M$6.0M——
Capital expenditure $426.0M$350.0M$772.0M$338.0M$140.0M$518.0M$211.0M—
Investing cash flow -$372.0M-$1.08B-$351.0M-$854.0M$123.0M-$714.0M-$2.56B—
Financing cash flow -$509.0M$330.0M-$452.0M$58.0M-$605.0M$113.0M$2.19B—
Dividends paid $324.0M$280.0M$263.0M$244.0M$58.0M$0$0—
Buybacks ——$0$3.0M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001842022-26-000003.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2019: 504M Net income, FY2019: 204M Revenue, FY2020: 754M Net income, FY2020: 312M Revenue, FY2021: 840M Net income, FY2021: 307M Revenue, FY2022: 920M Net income, FY2022: 370M Revenue, FY2023: 922M Net income, FY2023: 384M Revenue, FY2024: 981M Net income, FY2024: 354M Revenue, FY2025: 1.2B Net income, FY2025: 441M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $504.0M $754.0M $840.0M $920.0M $922.0M $981.0M $1.24B
Gross profit — — — — — — — —
Net income — $204.0M $312.0M $307.0M $370.0M $384.0M $354.0M $441.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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