DT Midstream (DTM) Financials

$144.14 -0.44 (-0.31%)

Closing price 03:59 PM Eastern

Extended Trading

$144.11 -0.03 (-0.02%)

As of 06:02 PM Eastern

Annual Income Statements for DT Midstream

This table shows DT Midstream's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	204	312	307	370	384	354	441
Consolidated Net Income / (Loss)	220	324	318	382	396	367	454
Net Income / (Loss) Continuing Operations	220	324	318	382	396	367	454
Total Pre-Tax Income	292	440	422	482	500	504	598
Total Operating Income	261	414	402	478	471	489	614
Total Gross Profit	504	754	840	920	922	981	1,243
Total Revenue	504	754	840	920	922	981	1,243
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	243	340	438	442	451	492	629
Selling, General & Admin Expense	141	175	231	267	245	244	329
Depreciation Expense	93	152	166	170	182	209	258
Other Operating Expenses / (Income)	8.00	15	24	28	28	39	42
Impairment Charge	1.00	-2.00	17	-23	-4.00	0.00	0.00
Total Other Income / (Expense), net	31	26	20	4.00	29	15	-16
Interest Expense	75	113	112	150	150	158	161
Interest & Investment Income	106	117	130	153	178	169	140
Other Income / (Expense), net	0.00	22	2.00	1.00	1.00	4.00	5.00
Income Tax Expense	72	116	104	100	104	137	144
Net Income / (Loss) Attributable to Noncontrolling Interest	16	12	11	12	12	13	13
Basic Earnings per Share	$2.11	$3.23	$3.17	$3.83	$3.97	$3.63	$4.34
Weighted Average Basic Shares Outstanding	96.70M	96.70M	96.70M	96.70M	96.90M	97.60M	101.60M
Diluted Earnings per Share	$2.11	$3.23	$3.16	$3.81	$3.94	$3.60	$4.30
Weighted Average Diluted Shares Outstanding	96.70M	96.70M	96.90M	97.20M	97.50M	98.40M	102.50M
Weighted Average Basic & Diluted Shares Outstanding	-	-	96.74M	96.89M	96.98M	101.36M	101.72M
Cash Dividends to Common per Share	-	-	$1.20	$2.56	$2.76	$2.94	$3.28

This table shows DT Midstream's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	91	121	97	96	88	73	108	107	115	111	130
Consolidated Net Income / (Loss)	94	124	100	100	91	76	111	111	118	114	134
Net Income / (Loss) Continuing Operations	94	124	100	100	91	76	111	111	118	114	134
Total Pre-Tax Income	127	126	131	133	121	119	146	145	153	154	170
Total Operating Income	124	120	124	130	122	113	148	155	155	156	166
Total Gross Profit	234	244	240	244	248	249	303	309	314	317	336
Total Revenue	234	244	240	244	248	249	303	309	314	317	336
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	110	124	116	114	126	136	155	154	159	161	170
Selling, General & Admin Expense	58	69	54	52	63	75	78	80	84	87	85
Depreciation Expense	46	49	50	53	53	53	63	63	65	67	69
Other Operating Expenses / (Income)	7.00	6.00	12	9.00	10	8.00	14	11	10	7.00	15
Impairment Charge	-1.00	-	-	-	-	-	0.00	-	-	-	1.00
Total Other Income / (Expense), net	3.00	6.00	7.00	3.00	-1.00	6.00	-2.00	-10	-2.00	-2.00	4.00
Interest Expense	38	39	40	39	42	37	40	40	40	41	40
Interest & Investment Income	41	45	47	39	41	42	38	30	35	37	44
Income Tax Expense	33	2.00	31	33	30	43	35	34	35	40	36
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	3.00	3.00	4.00	3.00	3.00	3.00	4.00	3.00	3.00	4.00
Basic Earnings per Share	$0.94	$1.26	$1.00	$0.99	$0.91	$0.73	$1.07	$1.05	$1.14	$1.08	$1.28
Weighted Average Basic Shares Outstanding	97M	96.90M	97M	97.10M	97.10M	97.60M	101.40M	101.60M	101.60M	101.60M	101.80M
Diluted Earnings per Share	$0.94	$1.23	$0.99	$0.98	$0.90	$0.73	$1.06	$1.04	$1.13	$1.07	$1.27
Weighted Average Diluted Shares Outstanding	97.50M	97.50M	97.70M	97.90M	98M	98.40M	102.50M	102.50M	102.50M	102.50M	102.70M
Weighted Average Basic & Diluted Shares Outstanding	96.97M	96.98M	97.11M	97.11M	97.16M	101.36M	101.59M	101.59M	101.67M	101.72M	102.01M
Cash Dividends to Common per Share	$0.69	-	$0.74	$0.74	$0.74	-	$0.82	$0.82	$0.82	-	$0.88

This table details how cash moves in and out of DT Midstream's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	20	-4.00	90	-71	-5.00	12	-14
Net Cash From Operating Activities	390	597	572	725	798	763	867
Net Cash From Continuing Operating Activities	390	597	572	725	798	763	867
Net Income / (Loss) Continuing Operations	220	324	318	382	396	367	454
Consolidated Net Income / (Loss)	220	324	318	382	396	367	454
Depreciation Expense	93	152	166	170	182	209	258
Amortization Expense	17	17	18	19	18	18	17
Non-Cash Adjustments To Reconcile Net Income	43	30	38	47	39	27	26
Changes in Operating Assets and Liabilities, net	17	74	32	107	163	142	112
Net Cash From Investing Activities	-2,561	-714	123	-854	-351	-1,081	-372
Net Cash From Continuing Investing Activities	-2,561	-714	123	-854	-351	-1,081	-372
Purchase of Property, Plant & Equipment	-211	-518	-140	-338	-772	-350	-426
Acquisitions	-2,441	-35	-11	-557	-7.00	-1,203	5.00
Sale and/or Maturity of Investments	6.00	5.00	9.00	17	427	472	49
Other Investing Activities, net	85	-166	265	2.00	1.00	0.00	0.00
Net Cash From Financing Activities	2,191	113	-605	58	-452	330	-509
Net Cash From Continuing Financing Activities	2,191	113	-605	58	-452	330	-509
Repayment of Debt	1,235	253	-3,212	-645	-711	-808	-505
Payment of Dividends	-22	-12	-575	-258	-281	-297	-341
Issuance of Debt	0.00	0.00	3,072	961	540	1,029	330
Issuance of Common Equity	1,274	252	110	0.00	0.00	406	7.00
Cash Interest Paid	75	113	103	125	140	140	152

This table details how cash moves in and out of DT Midstream's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-15	26	-15	32	4.00	-9.00	15	-9.00	24	-44	96
Net Cash From Operating Activities	225	184	241	165	205	152	247	185	274	161	280
Net Cash From Continuing Operating Activities	225	184	241	165	205	152	247	185	274	161	280
Net Income / (Loss) Continuing Operations	94	124	100	100	91	76	111	111	118	114	134
Consolidated Net Income / (Loss)	94	124	100	100	91	76	111	111	118	114	134
Depreciation Expense	46	49	50	53	53	53	63	63	65	67	69
Amortization Expense	5.00	4.00	4.00	5.00	4.00	5.00	4.00	5.00	4.00	4.00	4.00
Non-Cash Adjustments To Reconcile Net Income	3.00	4.00	6.00	8.00	5.00	8.00	-1.00	5.00	19	3.00	4.00
Changes in Operating Assets and Liabilities, net	77	3.00	81	-1.00	52	10	70	1.00	68	-27	69
Net Cash From Investing Activities	-192	-128	-71	-72	346	-1,284	-54	-70	-130	-118	-68
Net Cash From Continuing Investing Activities	-192	-128	-71	-72	346	-1,284	-54	-70	-130	-118	-68
Purchase of Property, Plant & Equipment	-201	-150	-98	-81	-81	-90	-71	-81	-143	-131	-78
Acquisitions	-	-1.00	-1.00	-	-3.00	-1,199	-1.00	9.00	-1.00	-2.00	-5.00
Sale and/or Maturity of Investments	9.00	22	28	9.00	430	5.00	18	1.00	15	15	15
Net Cash From Financing Activities	-48	-30	-185	-61	-547	1,123	-178	-124	-120	-87	-116
Net Cash From Continuing Financing Activities	-48	-30	-185	-61	-547	1,123	-178	-124	-120	-87	-116
Repayment of Debt	-62	-109	-164	-90	-512	-42	-120	-169	-104	-96	-90
Payment of Dividends	-71	-71	-71	-76	-76	-74	-79	-88	-88	-86	-88
Issuance of Debt	85	150	50	105	40	834	35	130	70	95	90
Issuance of Common Equity	-	-	0.00	-	-	405	2.00	3.00	2.00	-	1.00
Other Financing Activities, net	-	-	-	-	-	-	-16	-	-	-	-29
Cash Interest Paid	7.00	64	10	64	6.00	60	0.00	76	-1.00	77	0.00
Cash Income Taxes Paid	3.00	1.00	2.00	1.00	4.00	5.00	-2.00	4.00	1.00	-	2.00

This table presents DT Midstream's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,342	8,166	8,833	8,982	9,935	10,080
Total Current Assets	483	360	262	272	310	318
Cash & Equivalents	42	132	61	56	68	54
Accounts Receivable	126	169	161	154	172	186
Prepaid Expenses	-	-	18	16	29	36
Current Deferred & Refundable Income Taxes	24	25	22	46	41	42
Other Current Assets	28	30	-	-	-	0.00
Plant, Property, & Equipment, net	3,470	3,490	3,806	4,434	5,527	5,766
Plant, Property & Equipment, gross	3,981	4,109	4,534	5,282	6,525	6,958
Accumulated Depreciation	511	619	728	848	998	1,192
Total Noncurrent Assets	4,389	4,316	4,765	4,276	4,098	3,996
Long-Term Investments	1,691	1,691	2,200	1,762	1,297	1,253
Noncurrent Note & Lease Receivables	4.00	0.00	4.00	4.00	4.00	4.00
Goodwill	473	473	473	473	776	781
Intangible Assets	2,140	2,082	2,025	1,968	1,921	1,862
Other Noncurrent Operating Assets	81	70	63	69	100	96
Total Liabilities & Shareholders' Equity	8,342	8,166	8,833	8,982	9,935	10,080
Total Liabilities	4,114	4,145	4,679	4,702	5,169	5,202
Total Current Liabilities	3,288	177	614	434	426	296
Accounts Payable	39	22	119	94	77	65
Dividends Payable	0.00	58	62	67	75	83
Current Deferred Revenue	-	-	4.00	18	18	25
Current Employee Benefit Liabilities	-	17	20	18	19	25
Other Taxes Payable	24	24	29	34	42	48
Other Current Liabilities	3,225	42	40	28	33	39
Other Current Nonoperating Liabilities	-	4.00	10	10	12	11
Total Noncurrent Liabilities	826	3,968	4,065	4,268	4,743	4,906
Long-Term Debt	0.00	3,036	3,059	3,065	3,319	3,324
Asset Retirement Reserve & Litigation Obligation	-	-	-	0.00	90	90
Noncurrent Deferred Revenue	-	-	28	111	135	160
Noncurrent Deferred & Payable Income Tax Liabilities	743	856	923	1,031	1,129	1,270
Other Noncurrent Operating Liabilities	83	76	55	61	70	62
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,228	4,021	4,154	4,280	4,766	4,878
Total Preferred & Common Equity	0.00	3,872	4,007	4,139	4,627	4,736
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,073	3,872	4,007	4,139	4,627	4,736
Common Stock	3,333	3,451	3,470	3,486	3,912	3,916
Retained Earnings	751	431	547	661	723	827
Accumulated Other Comprehensive Income / (Loss)	-11	-10	-10	-8.00	-8.00	-7.00
Noncontrolling Interest	155	149	147	141	139	142

This table presents DT Midstream's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,419	8,981	8,726	8,862	8,951	8,986	8,587	9,932	9,960	10,061	10,155
Total Current Assets	533	249	210	200	229	256	249	312	291	322	404
Cash & Equivalents	355	95	45	30	41	73	77	83	74	98	150
Accounts Receivable	150	122	144	146	136	143	137	168	164	175	186
Prepaid Expenses	-	15	10	18	14	12	21	36	36	41	32
Current Deferred & Refundable Income Taxes	7.00	17	11	6.00	38	28	14	25	17	8.00	32
Other Current Assets	21	-	-	-	-	-	-	-	-	-	4.00
Plant, Property, & Equipment, net	3,630	4,000	4,181	4,348	4,475	4,508	4,549	5,551	5,605	5,716	5,786
Plant, Property & Equipment, gross	4,332	4,757	4,967	5,162	5,359	5,430	5,508	6,596	6,697	6,857	7,030
Accumulated Depreciation	702	757	786	814	884	922	959	1,045	1,092	1,141	1,244
Total Noncurrent Assets	4,256	4,732	4,335	4,314	4,247	4,222	3,789	4,069	4,064	4,023	3,965
Long-Term Investments	1,674	2,171	1,789	1,782	1,735	1,725	1,301	1,286	1,288	1,262	1,245
Noncurrent Note & Lease Receivables	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	0.00
Goodwill	473	473	473	473	473	473	473	776	781	781	781
Intangible Assets	2,039	2,011	1,996	1,982	1,953	1,939	1,925	1,907	1,892	1,877	1,847
Other Noncurrent Operating Assets	66	73	73	73	82	81	86	96	99	99	92
Total Liabilities & Shareholders' Equity	8,419	8,981	8,726	8,862	8,951	8,986	8,587	9,932	9,960	10,061	10,155
Total Liabilities	4,294	4,816	4,531	4,641	4,645	4,649	4,231	5,150	5,145	5,217	5,260
Total Current Liabilities	249	698	361	424	322	306	262	381	331	349	321
Accounts Payable	71	107	125	124	68	59	67	67	84	96	57
Dividends Payable	62	67	67	67	71	71	71	83	83	83	89
Current Deferred Revenue	-	-	-	-	21	21	18	20	20	22	24
Current Employee Benefit Liabilities	14	6.00	10	13	6.00	11	14	8.00	14	19	11
Other Taxes Payable	18	22	22	17	32	32	25	39	36	30	47
Other Current Liabilities	45	47	27	39	31	32	29	49	58	50	44
Other Current Nonoperating Liabilities	39	39	10	39	38	10	38	50	11	49	49
Total Noncurrent Liabilities	4,045	4,118	4,170	4,217	4,323	4,343	3,969	4,769	4,814	4,868	4,939
Long-Term Debt	3,058	3,061	3,062	3,064	3,067	3,068	2,674	3,320	3,321	3,322	3,325
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	90	90	90	90
Noncurrent Deferred Revenue	-	-	-	-	125	125	128	135	144	157	162
Noncurrent Deferred & Payable Income Tax Liabilities	905	959	985	1,014	1,060	1,090	1,108	1,163	1,195	1,234	1,303
Other Noncurrent Operating Liabilities	82	98	123	139	71	60	59	61	64	65	59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,125	4,165	4,195	4,221	4,306	4,337	4,356	4,782	4,815	4,844	4,895
Total Preferred & Common Equity	3,978	4,023	4,052	4,079	4,166	4,197	4,218	4,642	4,673	4,702	4,753
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,978	4,023	4,052	4,079	4,166	4,197	4,218	4,642	4,673	4,702	4,753
Common Stock	3,463	3,471	3,477	3,480	3,488	3,495	3,499	3,902	3,910	3,908	3,893
Retained Earnings	523	561	584	608	686	710	726	747	770	801	867
Accumulated Other Comprehensive Income / (Loss)	-8.00	-9.00	-9.00	-9.00	-8.00	-8.00	-7.00	-7.00	-7.00	-7.00	-7.00
Noncontrolling Interest	147	142	143	142	140	140	138	140	142	142	142

This table displays calculated financial ratios and metrics derived from DT Midstream's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	49.60%	11.41%	9.52%	0.22%	6.40%	26.71%
EBITDA Growth	0.00%	63.07%	-2.81%	13.61%	0.60%	7.14%	24.17%
EBIT Growth	0.00%	67.05%	-7.34%	18.56%	-1.46%	4.45%	25.56%
NOPAT Growth	0.00%	55.03%	-0.63%	25.06%	-1.53%	-4.55%	30.91%
Net Income Growth	0.00%	47.27%	-1.85%	20.13%	3.66%	-7.32%	23.71%
EPS Growth	0.00%	53.08%	-2.17%	20.57%	3.41%	-8.63%	19.44%
Operating Cash Flow Growth	0.00%	53.08%	-4.19%	26.75%	10.07%	-4.39%	13.63%
Free Cash Flow Firm Growth	0.00%	0.00%	-14.52%	113.19%	-112.69%	-1,882.28%	152.19%
Invested Capital Growth	0.00%	0.00%	112.67%	0.90%	7.75%	20.59%	0.46%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	2.22%	0.11%	0.51%	5.79%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	1.52%	1.05%	-0.14%	7.32%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1.70%	0.64%	-1.20%	8.41%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-0.88%	10.28%	-11.60%	10.48%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-0.26%	10.00%	-11.57%	9.13%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-0.26%	9.75%	-12.20%	8.59%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-5.77%	6.31%	4.31%	-4.03%	1.05%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	62.10%	-340.57%	157.50%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	1.88%	1.14%	20.76%	0.74%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	73.61%	80.24%	70.00%	72.61%	72.89%	73.39%	71.92%
Operating Margin	51.79%	54.91%	47.86%	51.96%	51.08%	49.85%	49.40%
EBIT Margin	51.79%	57.82%	48.10%	52.07%	51.19%	50.25%	49.80%
Profit (Net Income) Margin	43.65%	42.97%	37.86%	41.52%	42.95%	37.41%	36.52%
Tax Burden Percent	75.34%	73.64%	75.36%	79.25%	79.20%	72.82%	75.92%
Interest Burden Percent	111.88%	100.92%	104.46%	100.63%	105.93%	102.23%	96.61%
Effective Tax Rate	24.66%	26.36%	24.64%	20.75%	20.80%	27.18%	24.08%
Return on Invested Capital (ROIC)	0.00%	24.44%	7.77%	7.11%	6.71%	5.60%	6.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	22.23%	1.04%	7.36%	8.42%	6.19%	6.12%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-9.11%	-0.06%	2.24%	2.68%	2.52%	2.73%
Return on Equity (ROE)	0.00%	15.33%	7.71%	9.35%	9.39%	8.11%	9.42%
Cash Return on Invested Capital (CROIC)	0.00%	-175.56%	-64.30%	6.21%	-0.75%	-13.07%	6.23%
Operating Return on Assets (OROA)	0.00%	5.23%	4.89%	5.64%	5.30%	5.21%	6.19%
Return on Assets (ROA)	0.00%	3.88%	3.85%	4.49%	4.45%	3.88%	4.54%
Return on Common Equity (ROCE)	0.00%	14.76%	7.43%	9.01%	9.07%	7.86%	9.14%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	8.21%	9.53%	9.57%	7.93%	0.00%
Net Operating Profit after Tax (NOPAT)	197	305	303	379	373	356	466
NOPAT Margin	39.02%	40.43%	36.06%	41.18%	40.46%	36.30%	37.50%
Net Nonoperating Expense Percent (NNEP)	0.00%	2.21%	6.73%	-0.26%	-1.71%	-0.59%	0.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	5.02%	4.97%	4.32%	5.68%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.98%	23.21%	27.50%	29.02%	26.57%	24.87%	26.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.21%	45.09%	52.14%	48.04%	48.92%	50.15%	50.60%
Earnings before Interest and Taxes (EBIT)	261	436	404	479	472	493	619
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	371	605	588	668	672	720	894
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.06	1.21	1.23	2.09	2.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	3.11	3.22	3.01	5.01	5.81
Price to Revenue (P/Rev)	0.00	0.00	4.88	5.29	5.53	9.85	9.79
Price to Earnings (P/E)	0.00	0.00	13.34	13.14	13.29	27.29	27.59
Dividend Yield	0.00%	0.00%	2.83%	5.09%	5.24%	2.96%	2.74%
Earnings Yield	0.00%	0.00%	7.50%	7.61%	7.53%	3.66%	3.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.03	1.15	1.15	1.71	2.05
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	6.51	6.67	7.22	12.13	11.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	9.30	9.19	9.90	16.53	16.03
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	13.53	12.81	14.10	24.14	23.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	18.05	16.20	17.84	33.43	30.74
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	9.56	8.47	8.34	15.60	16.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	18.55	0.00	0.00	33.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.76	0.82	0.75	0.73	0.68
Long-Term Debt to Equity	0.00	0.00	0.76	0.74	0.72	0.70	0.68
Financial Leverage	0.00	-0.41	-0.05	0.30	0.32	0.41	0.45
Leverage Ratio	0.00	1.97	2.00	2.08	2.11	2.09	2.08
Compound Leverage Factor	0.00	1.99	2.09	2.09	2.24	2.14	2.01
Debt to Total Capital	0.00%	0.00%	43.10%	44.93%	43.01%	42.13%	40.53%
Short-Term Debt to Total Capital	0.00%	0.00%	0.14%	4.37%	2.20%	1.82%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	42.96%	40.55%	40.81%	40.30%	40.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	3.67%	2.11%	1.95%	1.88%	1.69%	1.73%
Common Equity to Total Capital	0.00%	96.33%	54.79%	53.12%	55.11%	56.19%	57.74%
Debt to EBITDA	0.00	0.00	5.18	5.07	4.81	4.82	3.72
Net Debt to EBITDA	0.00	0.00	2.08	1.69	2.10	2.92	2.26
Long-Term Debt to EBITDA	0.00	0.00	5.16	4.58	4.56	4.61	3.72
Debt to NOPAT	0.00	0.00	10.06	8.95	8.66	9.74	7.13
Net Debt to NOPAT	0.00	0.00	4.04	2.98	3.79	5.91	4.33
Long-Term Debt to NOPAT	0.00	0.00	10.02	8.07	8.22	9.32	7.13
Altman Z-Score	0.00	0.00	0.96	0.95	1.01	1.47	1.85
Noncontrolling Interest Sharing Ratio	0.00%	3.67%	3.69%	3.62%	3.41%	3.10%	2.91%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.15	2.03	0.43	0.63	0.73	1.07
Quick Ratio	0.00	0.13	1.72	0.36	0.48	0.56	0.81
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2,190	-2,508	331	-42	-832	434
Operating Cash Flow to CapEx	184.83%	115.25%	408.57%	229.43%	103.37%	218.00%	203.52%
Free Cash Flow to Firm to Interest Expense	0.00	-19.38	-22.39	2.21	-0.28	-5.27	2.70
Operating Cash Flow to Interest Expense	5.20	5.28	5.11	4.83	5.32	4.83	5.39
Operating Cash Flow Less CapEx to Interest Expense	2.39	0.70	3.86	2.73	0.17	2.61	2.74
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.09	0.10	0.11	0.10	0.10	0.12
Accounts Receivable Turnover	0.00	5.98	5.69	5.58	5.85	6.02	6.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.22	0.24	0.25	0.22	0.20	0.22
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	60.99	64.09	65.46	62.35	60.65	52.56
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	60.99	64.09	65.46	62.35	60.65	52.56
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	2,495	5,306	5,354	5,769	6,957	6,989
Invested Capital Turnover	0.00	0.60	0.22	0.17	0.17	0.15	0.18
Increase / (Decrease) in Invested Capital	0.00	2,495	2,811	48	415	1,188	32
Enterprise Value (EV)	0.00	0.00	5,468	6,137	6,656	11,903	14,327
Market Capitalization	0.00	0.00	4,096	4,862	5,103	9,660	12,168
Book Value per Share	$0.00	$42.12	$40.03	$41.42	$42.68	$47.62	$46.58
Tangible Book Value per Share	$0.00	$15.10	$13.61	$15.60	$17.51	$19.86	$20.59
Total Capital	0.00	4,228	7,067	7,543	7,510	8,235	8,202
Total Debt	0.00	0.00	3,046	3,389	3,230	3,469	3,324
Total Long-Term Debt	0.00	0.00	3,036	3,059	3,065	3,319	3,324
Net Debt	0.00	-1,733	1,223	1,128	1,412	2,104	2,017
Capital Expenditures (CapEx)	211	518	140	316	772	350	426
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-2,847	61	-83	-53	-34	-32
Debt-free Net Working Capital (DFNWC)	0.00	-2,805	193	-22	3.00	34	22
Net Working Capital (NWC)	0.00	-2,805	183	-352	-162	-116	22
Net Nonoperating Expense (NNE)	-23	-19	-15	-3.17	-23	-11	12
Net Nonoperating Obligations (NNO)	0.00	-1,733	1,285	1,200	1,489	2,191	2,111
Total Depreciation and Amortization (D&A)	110	169	184	189	200	227	275
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-377.59%	7.26%	-9.02%	-5.75%	-3.47%	-2.57%
Debt-free Net Working Capital to Revenue	0.00%	-372.02%	22.98%	-2.39%	0.33%	3.47%	1.77%
Net Working Capital to Revenue	0.00%	-372.02%	21.79%	-38.26%	-17.57%	-11.82%	1.77%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.17	$3.83	$3.97	$3.63	$4.34
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	96.70M	96.70M	96.90M	97.60M	101.60M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.16	$3.81	$3.94	$3.60	$4.30
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	96.90M	97.20M	97.50M	98.40M	102.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	96.74M	96.89M	96.98M	101.36M	101.72M
Normalized Net Operating Profit after Tax (NOPAT)	197	303	316	361	370	356	466
Normalized NOPAT Margin	39.17%	40.24%	37.59%	39.20%	40.12%	36.30%	37.50%
Pre Tax Income Margin	57.94%	58.36%	50.24%	52.39%	54.23%	51.38%	48.11%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	3.48	3.86	3.61	3.19	3.15	3.12	3.84
NOPAT to Interest Expense	2.62	2.70	2.70	2.53	2.49	2.25	2.90
EBIT Less CapEx to Interest Expense	0.67	-0.73	2.36	1.09	-2.00	0.91	1.20
NOPAT Less CapEx to Interest Expense	-0.19	-1.89	1.45	0.42	-2.66	0.04	0.25
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	10.00%	3.70%	180.82%	67.54%	70.96%	80.93%	75.11%
Augmented Payout Ratio	10.00%	3.70%	180.82%	67.54%	70.96%	80.93%	75.11%

This table displays calculated financial ratios and metrics derived from DT Midstream's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	102,014,118.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	102,014,118.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.43%	0.41%	9.09%	8.93%	5.98%	2.05%	26.25%	26.64%	26.61%	27.31%	10.89%
EBITDA Growth	4.17%	4.22%	11.95%	15.76%	2.29%	-0.58%	20.79%	16.75%	26.82%	32.75%	11.16%
EBIT Growth	2.48%	2.56%	11.71%	13.68%	-1.61%	-5.00%	19.35%	16.54%	29.51%	38.05%	12.16%
NOPAT Growth	-19.57%	42.30%	26.00%	10.20%	-0.03%	-38.89%	18.87%	21.39%	30.29%	60.02%	16.29%
Net Income Growth	-18.97%	40.91%	19.05%	6.38%	-3.19%	-38.71%	11.00%	11.00%	29.67%	50.00%	20.72%
EPS Growth	-18.97%	39.77%	17.86%	5.38%	-4.26%	-40.65%	7.07%	6.12%	25.56%	46.58%	19.81%
Operating Cash Flow Growth	15.38%	21.85%	-1.23%	13.79%	-8.89%	-17.39%	2.49%	12.12%	33.66%	5.92%	13.36%
Free Cash Flow Firm Growth	-315.05%	-948.50%	0.80%	81.92%	109.73%	-275.82%	-455.56%	-1,586.72%	-3,142.86%	107.48%	109.35%
Invested Capital Growth	8.54%	7.75%	5.20%	2.82%	1.00%	20.59%	20.31%	19.71%	20.43%	0.46%	0.46%
Revenue Q/Q Growth	4.46%	4.27%	-1.64%	1.67%	1.64%	0.40%	21.69%	1.98%	1.62%	0.96%	5.99%
EBITDA Q/Q Growth	6.06%	-1.14%	2.89%	7.30%	-6.28%	-3.91%	25.00%	3.72%	1.79%	0.00%	5.29%
EBIT Q/Q Growth	5.98%	-3.23%	3.33%	7.26%	-8.27%	-6.56%	29.82%	4.73%	1.94%	-1.27%	6.41%
NOPAT Q/Q Growth	3.48%	28.67%	-19.85%	3.26%	-6.13%	-21.34%	55.91%	5.45%	0.75%	-3.40%	13.31%
Net Income Q/Q Growth	0.00%	31.91%	-19.35%	0.00%	-9.00%	-16.48%	46.05%	0.00%	6.31%	-3.39%	17.54%
EPS Q/Q Growth	1.08%	30.85%	-19.51%	-1.01%	-8.16%	-18.89%	45.21%	-1.89%	8.65%	-5.31%	18.69%
Operating Cash Flow Q/Q Growth	55.17%	-18.22%	30.98%	-31.54%	24.24%	-25.85%	62.50%	-25.10%	48.11%	-41.24%	73.91%
Free Cash Flow Firm Q/Q Growth	-7.17%	16.88%	35.89%	68.34%	157.67%	-3,310.84%	5.23%	3.89%	-4.05%	107.89%	18.41%
Invested Capital Q/Q Growth	1.86%	1.14%	-0.14%	-0.05%	0.05%	20.76%	-0.37%	-0.55%	0.65%	0.74%	-0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	74.79%	70.90%	74.17%	78.28%	72.18%	69.08%	70.96%	72.17%	72.29%	71.61%	71.13%
Operating Margin	52.99%	49.18%	51.67%	53.28%	49.19%	45.38%	48.84%	50.16%	49.36%	49.21%	49.40%
EBIT Margin	52.99%	49.18%	51.67%	54.51%	49.19%	45.78%	48.84%	50.16%	50.32%	49.21%	49.40%
Profit (Net Income) Margin	40.17%	50.82%	41.67%	40.98%	36.69%	30.52%	36.63%	35.92%	37.58%	35.96%	39.88%
Tax Burden Percent	74.02%	98.41%	76.34%	75.19%	75.21%	63.87%	76.03%	76.55%	77.12%	74.03%	78.82%
Interest Burden Percent	102.42%	105.00%	105.65%	100.00%	99.18%	104.39%	98.65%	93.55%	96.84%	98.72%	102.41%
Effective Tax Rate	25.98%	1.59%	23.66%	24.81%	24.79%	36.13%	23.97%	23.45%	22.88%	25.97%	21.18%
Return on Invested Capital (ROIC)	6.59%	8.02%	6.61%	6.79%	6.30%	4.47%	6.11%	6.73%	7.05%	6.49%	7.15%
ROIC Less NNEP Spread (ROIC-NNEP)	6.76%	8.46%	7.00%	6.95%	6.25%	4.68%	6.02%	6.29%	6.96%	6.43%	7.30%
Return on Net Nonoperating Assets (RNNOA)	2.12%	2.70%	2.29%	2.30%	2.10%	1.90%	2.39%	2.41%	2.65%	2.87%	3.18%
Return on Equity (ROE)	8.71%	10.72%	8.90%	9.09%	8.40%	6.37%	8.50%	9.14%	9.69%	9.36%	10.34%
Cash Return on Invested Capital (CROIC)	-2.02%	-0.75%	1.93%	4.31%	6.03%	-13.07%	-12.55%	-11.71%	-11.89%	6.23%	6.52%
Operating Return on Assets (OROA)	5.65%	5.09%	5.43%	5.92%	5.50%	4.75%	5.40%	5.87%	6.34%	6.11%	6.28%
Return on Assets (ROA)	4.28%	5.26%	4.38%	4.45%	4.10%	3.17%	4.05%	4.21%	4.74%	4.47%	5.07%
Return on Common Equity (ROCE)	8.41%	10.36%	8.60%	8.79%	8.13%	6.17%	8.24%	8.86%	9.40%	9.09%	10.03%
Return on Equity Simple (ROE_SIMPLE)	8.83%	0.00%	9.89%	9.96%	9.84%	0.00%	8.14%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	92	118	95	98	92	72	113	119	120	115	131
NOPAT Margin	39.22%	48.40%	39.44%	40.06%	37.00%	28.98%	37.14%	38.40%	38.07%	36.43%	38.94%
Net Nonoperating Expense Percent (NNEP)	-0.17%	-0.44%	-0.39%	-0.16%	0.05%	-0.21%	0.08%	0.44%	0.09%	0.07%	-0.15%
Return On Investment Capital (ROIC_SIMPLE)	-	1.57%	-	-	-	0.88%	1.38%	1.45%	1.46%	1.41%	1.59%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.79%	28.28%	22.50%	21.31%	25.40%	30.12%	25.74%	25.89%	26.75%	27.44%	25.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.01%	50.82%	48.33%	46.72%	50.81%	54.62%	51.16%	49.84%	50.64%	50.79%	50.60%
Earnings before Interest and Taxes (EBIT)	124	120	124	133	122	114	148	155	158	156	166
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	175	173	178	191	179	172	215	223	227	227	239
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	1.23	1.41	1.64	1.81	2.09	2.11	2.39	2.44	2.57	2.88
Price to Tangible Book Value (P/TBV)	3.02	3.01	3.37	3.86	4.20	5.01	4.99	5.58	5.62	5.81	6.45
Price to Revenue (P/Rev)	5.32	5.53	6.22	7.17	7.83	9.85	9.37	10.07	9.78	9.79	10.74
Price to Earnings (P/E)	14.07	13.29	14.65	17.03	19.00	27.29	26.79	29.70	28.50	27.59	29.59
Dividend Yield	5.36%	5.24%	4.64%	4.01%	3.68%	2.96%	3.14%	2.83%	2.83%	2.74%	2.48%
Earnings Yield	7.11%	7.53%	6.82%	5.87%	5.26%	3.66%	3.73%	3.37%	3.51%	3.62%	3.38%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.15	1.28	1.46	1.57	1.71	1.72	1.93	1.96	2.05	2.26
Enterprise Value to Revenue (EV/Rev)	6.97	7.22	7.80	8.71	9.30	12.13	11.43	11.99	11.57	11.53	12.36
Enterprise Value to EBITDA (EV/EBITDA)	9.65	9.90	10.63	11.68	12.58	16.53	15.85	16.87	16.31	16.03	17.27
Enterprise Value to EBIT (EV/EBIT)	13.68	14.10	15.15	16.72	18.18	24.14	23.27	24.71	23.80	23.15	24.95
Enterprise Value to NOPAT (EV/NOPAT)	18.97	17.84	18.68	20.81	22.52	33.43	31.94	33.72	32.21	30.74	32.54
Enterprise Value to Operating Cash Flow (EV/OCF)	8.39	8.34	9.24	10.28	11.41	15.60	15.52	16.85	15.84	16.53	17.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	67.81	34.25	26.24	0.00	0.00	0.00	0.00	33.00	34.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.75	0.73	0.72	0.61	0.73	0.71	0.69	0.69	0.68	0.68
Long-Term Debt to Equity	0.73	0.72	0.71	0.71	0.61	0.70	0.69	0.69	0.69	0.68	0.68
Financial Leverage	0.31	0.32	0.33	0.33	0.34	0.41	0.40	0.38	0.38	0.45	0.44
Leverage Ratio	2.07	2.11	2.12	2.08	2.03	2.09	2.08	2.07	2.03	2.08	2.08
Compound Leverage Factor	2.12	2.22	2.24	2.08	2.02	2.18	2.05	1.94	1.96	2.05	2.13
Debt to Total Capital	43.04%	43.01%	42.03%	41.98%	38.04%	42.13%	41.45%	41.00%	40.68%	40.53%	40.45%
Short-Term Debt to Total Capital	1.69%	2.20%	0.74%	0.94%	0.00%	1.82%	0.80%	0.31%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.35%	40.81%	41.29%	41.04%	38.04%	40.30%	40.65%	40.69%	40.68%	40.53%	40.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.92%	1.88%	1.88%	1.87%	1.96%	1.69%	1.71%	1.74%	1.74%	1.73%	1.73%
Common Equity to Total Capital	55.05%	55.11%	56.09%	56.15%	60.00%	56.19%	56.84%	57.26%	57.58%	57.74%	57.82%
Debt to EBITDA	4.80	4.81	4.52	4.38	3.71	4.82	4.50	4.25	3.99	3.72	3.64
Net Debt to EBITDA	2.07	2.10	1.95	1.87	1.80	2.92	2.68	2.52	2.36	2.26	2.11
Long-Term Debt to EBITDA	4.61	4.56	4.44	4.28	3.71	4.61	4.41	4.21	3.99	3.72	3.64
Debt to NOPAT	9.43	8.66	7.94	7.79	6.64	9.74	9.06	8.49	7.87	7.13	6.86
Net Debt to NOPAT	4.07	3.79	3.42	3.33	3.22	5.91	5.40	5.03	4.65	4.33	3.98
Long-Term Debt to NOPAT	9.06	8.22	7.80	7.62	6.64	9.32	8.89	8.43	7.87	7.13	6.86
Altman Z-Score	0.85	0.88	1.00	1.15	1.36	1.35	1.39	1.57	1.60	1.70	1.87
Noncontrolling Interest Sharing Ratio	3.46%	3.41%	3.33%	3.32%	3.26%	3.10%	3.08%	3.08%	3.04%	2.91%	2.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	0.63	0.71	0.84	0.95	0.73	0.82	0.88	0.92	1.07	1.26
Quick Ratio	0.42	0.48	0.55	0.71	0.82	0.56	0.66	0.72	0.78	0.81	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-357	-297	-190	-60	35	-1,116	-1,057	-1,016	-1,057	83	99
Operating Cash Flow to CapEx	111.94%	122.67%	245.92%	203.70%	253.09%	168.89%	347.89%	228.40%	191.61%	122.90%	358.97%
Free Cash Flow to Firm to Interest Expense	-9.40	-7.61	-4.76	-1.55	0.83	-30.16	-26.44	-25.41	-26.44	2.04	2.47
Operating Cash Flow to Interest Expense	5.92	4.72	6.03	4.23	4.88	4.11	6.18	4.63	6.85	3.93	7.00
Operating Cash Flow Less CapEx to Interest Expense	0.63	0.87	3.58	2.15	2.95	1.68	4.40	2.60	3.28	0.73	5.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.10	0.11	0.11	0.11	0.10	0.11	0.12	0.13	0.12	0.13
Accounts Receivable Turnover	6.22	5.85	7.30	6.70	6.90	6.02	6.87	7.22	7.53	6.94	7.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.23	0.22	0.22	0.22	0.22	0.20	0.21	0.22	0.23	0.22	0.23
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	58.65	62.35	49.98	54.45	52.92	60.65	53.14	50.52	48.46	52.56	50.63
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	58.65	62.35	49.98	54.45	52.92	60.65	53.14	50.52	48.46	52.56	50.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,704	5,769	5,761	5,758	5,761	6,957	6,931	6,893	6,938	6,989	6,963
Invested Capital Turnover	0.17	0.17	0.17	0.17	0.17	0.15	0.16	0.18	0.19	0.18	0.18
Increase / (Decrease) in Invested Capital	449	415	285	158	57	1,188	1,170	1,135	1,177	32	32
Enterprise Value (EV)	6,417	6,656	7,347	8,378	9,073	11,903	11,935	13,292	13,590	14,327	15,771
Market Capitalization	4,898	5,103	5,861	6,898	7,639	9,660	9,779	11,166	11,486	12,168	13,699
Book Value per Share	$42.09	$42.68	$42.95	$43.22	$43.43	$47.62	$45.80	$46.00	$46.28	$46.58	$46.73
Tangible Book Value per Share	$16.76	$17.51	$17.94	$18.38	$18.74	$19.86	$19.33	$19.69	$20.12	$20.59	$20.89
Total Capital	7,410	7,510	7,428	7,475	7,030	8,235	8,167	8,161	8,166	8,202	8,220
Total Debt	3,189	3,230	3,122	3,138	2,674	3,469	3,385	3,346	3,322	3,324	3,325
Total Long-Term Debt	3,064	3,065	3,067	3,068	2,674	3,319	3,320	3,321	3,322	3,324	3,325
Net Debt	1,377	1,412	1,346	1,340	1,296	2,104	2,016	1,984	1,962	2,017	1,930
Capital Expenditures (CapEx)	201	150	98	81	81	90	71	81	143	131	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-129	-53	-79	-53	-90	-34	-87	-89	-125	-32	-67
Debt-free Net Working Capital (DFNWC)	-99	3.00	-38	20	-13	34	-4.00	-15	-27	22	83
Net Working Capital (NWC)	-224	-162	-93	-50	-13	-116	-69	-40	-27	22	83
Net Nonoperating Expense (NNE)	-2.22	-5.90	-5.34	-2.26	0.75	-3.83	1.52	7.66	1.54	1.48	-3.15
Net Nonoperating Obligations (NNO)	1,483	1,489	1,455	1,421	1,405	2,191	2,149	2,078	2,094	2,111	2,068
Total Depreciation and Amortization (D&A)	51	53	54	58	57	58	67	68	69	71	73
Debt-free, Cash-free Net Working Capital to Revenue	-14.01%	-5.75%	-8.39%	-5.51%	-9.22%	-3.47%	-8.33%	-8.03%	-10.64%	-2.57%	-5.25%
Debt-free Net Working Capital to Revenue	-10.75%	0.33%	-4.03%	2.08%	-1.33%	3.47%	-0.38%	-1.35%	-2.30%	1.77%	6.50%
Net Working Capital to Revenue	-24.32%	-17.57%	-9.87%	-5.20%	-1.33%	-11.82%	-6.61%	-3.61%	-2.30%	1.77%	6.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.94	$1.26	$1.00	$0.99	$0.91	$0.73	$1.07	$1.05	$1.14	$1.08	$1.28
Adjusted Weighted Average Basic Shares Outstanding	97M	96.90M	97M	97.10M	97.10M	97.60M	101.40M	101.60M	101.60M	101.60M	101.80M
Adjusted Diluted Earnings per Share	$0.94	$1.23	$0.99	$0.98	$0.90	$0.73	$1.06	$1.04	$1.13	$1.07	$1.27
Adjusted Weighted Average Diluted Shares Outstanding	97.50M	97.50M	97.70M	97.90M	98M	98.40M	102.50M	102.50M	102.50M	102.50M	102.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.97M	96.98M	97.11M	97.11M	97.16M	101.36M	101.59M	101.59M	101.67M	101.72M	102.01M
Normalized Net Operating Profit after Tax (NOPAT)	91	118	95	98	92	72	113	119	120	115	132
Normalized NOPAT Margin	38.91%	48.40%	39.44%	40.06%	37.00%	28.98%	37.14%	38.40%	38.07%	36.43%	39.18%
Pre Tax Income Margin	54.27%	51.64%	54.58%	54.51%	48.79%	47.79%	48.18%	46.93%	48.73%	48.58%	50.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.26	3.08	3.10	3.41	2.90	3.08	3.70	3.88	3.95	3.80	4.15
NOPAT to Interest Expense	2.42	3.03	2.37	2.51	2.18	1.95	2.81	2.97	2.99	2.82	3.27
EBIT Less CapEx to Interest Expense	-2.03	-0.77	0.65	1.33	0.98	0.65	1.93	1.85	0.38	0.61	2.20
NOPAT Less CapEx to Interest Expense	-2.87	-0.82	-0.08	0.43	0.26	-0.48	1.04	0.94	-0.59	-0.38	1.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	76.39%	70.96%	68.45%	69.14%	70.84%	80.93%	80.69%	81.49%	79.09%	75.11%	73.38%
Augmented Payout Ratio	76.39%	70.96%	68.45%	69.14%	70.84%	80.93%	80.69%	81.49%	79.09%	75.11%	73.38%

Financials Breakdown Chart

Key Financial Trends

DT Midstream (DTM) has shown a pattern of improving cash flow, steady earnings, and a solid balance sheet across the last four years. Below are the most notable trends drawn from quarterly income statements, cash flow statements, and balance sheets (2022–2025). Items are sorted with positives first, then neutral, then negatives.

Strong operating cash flow and positive free cash flow in 2025. Net cash from continuing operating activities consistently remained large (examples: roughly 161M in Q4 2025 and 274M in Q3 2025), with free cash flow after capital expenditures being positive in all four quarters of 2025 (CFO minus capex ranged roughly from the mid-teens to low hundreds of millions before financing effects).
Revenue around current 2025 levels, indicating a stable, steady-state scale. Total revenue in 2025 quarters hovered around 314–317M (Q3 2025: 314M; Q4 2025: 317M), consistent with mid-2020s performance after a dip in some earlier periods.
Net income to common shareholders remains solid in 2025. Quarterly figures typically map to roughly 107–121M per quarter, contributing to a multi-quarter earnings base well above dividend payments.
Dividend policy provides reliable income. The cash dividend per share has been held at about 0.82 in 2025 quarters, signaling stability for income-focused investors.
Strong balance sheet with a stable asset base. By 2025, Total assets are generally near 9.9–10.1B and Total equity around 4.6B, with Long-Term Debt in the 3.3B range—indicating a sizable but manageable capital structure for a pipeline operator.
Healthy liquidity and asset growth. Cash & equivalents typically in the 70–100M range in 2025, complemented by sizable cash flow from operations, which supports liquidity even after ongoing capex and dividends.
Asset base expansion via goodwill and intangible assets. Goodwill around 781M and intangible assets approaching 2.0B by 2025 reflect growth in asset base, potentially from acquisitions or licensing rights that could support longer-term cash generation (with the caveat of impairment risk discussed in neutrals).
Capital expenditures are steady and purposeful. Capex patterns show ongoing investment in property, plant & equipment (typical quarterly outlays of 70–140M), suggesting maintenance and capacity enhancement to support ongoing operations.
Debt and financing activity modestly front-loaded in some periods. Net cash from financing activities has been negative in several 2025 quarters due to debt repayments and dividends, which affects cash balance but is a common pattern for capital-intensive utilities reinvesting in growth or returning cash to shareholders.
Overall leverage remains stable but sizable. Long-Term Debt around 3.3B and Total Liabilities roughly 5.0–5.2B in 2025 indicate a leveraged but conventional capital structure for a midstream operator; no imminent near-term maturities are evident in the data provided, though ongoing coverage should be monitored.
Financing outflows pressured liquidity in 2025. Net cash from financing activities was negative in all 2025 quarters (for example, approximately -87M in Q4 2025, -120M in Q3 2025, -124M in Q2 2025, and -178M in Q1 2025), representing sizable cash outlays for debt repayments and dividends even as CFO remained strong.
Net decrease in cash at times. In 2025, the net change in cash and equivalents shows declines in some periods (e.g., around -44M in Q4 2025), reflecting the combined effect of investing and financing outflows despite positive operating cash flow.

05/07/26 07:11 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About DT Midstream's Financials

When does DT Midstream's fiscal year end?

According to the most recent income statement we have on file, DT Midstream's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has DT Midstream's net income changed over the last 6 years?

DT Midstream's net income appears to be on an upward trend, with a most recent value of $454 million in 2025, rising from $220 million in 2019. The previous period was $367 million in 2024. View DT Midstream's forecast to see where analysts expect DT Midstream to go next.

What is DT Midstream's operating income?

DT Midstream's total operating income in 2025 was $614 million, based on the following breakdown:

Total Gross Profit: $1.24 billion
Total Operating Expenses: $629 million

How has DT Midstream's revenue changed over the last 6 years?

Over the last 6 years, DT Midstream's total revenue changed from $504 million in 2019 to $1.24 billion in 2025, a change of 146.6%.

How much debt does DT Midstream have?

DT Midstream's total liabilities were at $5.20 billion at the end of 2025, a 0.6% increase from 2024, and a 26.4% increase since 2020.

How much cash does DT Midstream have?

In the past 5 years, DT Midstream's cash and equivalents has ranged from $42 million in 2020 to $132 million in 2021, and is currently $54 million as of their latest financial filing in 2025.

How has DT Midstream's book value per share changed over the last 6 years?

Over the last 6 years, DT Midstream's book value per share changed from 0.00 in 2019 to 46.58 in 2025, a change of 4,658.0%.

Related Companies

Financial statements for NYSE:DTM last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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DT Midstream (DTM) Financials

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DT Midstream (DTM) Financials

Annual Income Statements for DT Midstream

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Quarterly Cash Flow Statements for DT Midstream

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Quarterly Balance Sheets for DT Midstream

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Quarterly Metrics And Ratios for DT Midstream

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Key Financial Trends

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