DT Midstream, Inc. DTM
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | 4.34 | 3.63 | 3.97 | 3.83 | 3.17 | 3.23 | 2.11 | — |
| EPS, diluted | 4.30 | 3.60 | 3.94 | 3.81 | 3.16 | 3.23 | 2.11 | — |
| Shares, diluted (wtd. avg.) | $102.5M | $98.4M | $97.5M | $97.2M | $96.9M | $96.7M | $96.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4922
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|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |
| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |