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DT Midstream (DTM) Financials

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$129.45 +0.87 (+0.68%)
As of 03:58 PM Eastern
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Annual Income Statements for DT Midstream

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

Quarterly Income Statements for DT Midstream

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 121 97 96 88 73 108 107 115 111 130 112
Consolidated Net Income / (Loss)		 124 100 100 91 76 111 111 118 114 134 116
Net Income / (Loss) Continuing Operations		 124 100 100 91 76 111 111 118 114 134 116
Total Pre-Tax Income 		126 131 133 121 119 146 145 153 154 170 169
Total Operating Income		 120 124 130 122 113 148 155 155 156 166 173
Total Gross Profit		 244 240 244 248 249 303 309 314 317 336 343
Total Revenue		 244 240 244 248 249 303 309 314 317 336 343
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 124 116 114 126 136 155 154 159 161 170 170
Selling, General & Admin Expense		 69 54 52 63 75 78 80 84 87 85 90
Depreciation Expense		 49 50 53 53 53 63 63 65 67 69 68
Other Operating Expenses / (Income)		 6.00 12 9.00 10 8.00 14 11 10 7.00 15 12
Impairment Charge		 - - - - - 0.00 0.00 - - 1.00 0.00
Total Other Income / (Expense), net		 6.00 7.00 3.00 -1.00 6.00 -2.00 -10 -2.00 -2.00 4.00 -4.00
Interest Expense		 39 40 39 42 37 40 40 40 41 40 41
Interest & Investment Income		 45 47 39 41 42 38 30 35 37 44 34
Other Income / (Expense), net		 - - 3.00 0.00 1.00 - 0.00 3.00 - - 3.00
Income Tax Expense		 2.00 31 33 30 43 35 34 35 40 36 53
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.00 3.00 4.00 3.00 3.00 3.00 4.00 3.00 3.00 4.00 4.00
Basic Earnings per Share		 $1.26 $1.00 $0.99 $0.91 $0.73 $1.07 $1.05 $1.14 $1.08 $1.28 $1.10
Weighted Average Basic Shares Outstanding		 96.90M 97M 97.10M 97.10M 97.60M 101.40M 101.60M 101.60M 101.60M 101.80M 102M
Diluted Earnings per Share		 $1.23 $0.99 $0.98 $0.90 $0.73 $1.06 $1.04 $1.13 $1.07 $1.27 $1.09
Weighted Average Diluted Shares Outstanding		 97.50M 97.70M 97.90M 98M 98.40M 102.50M 102.50M 102.50M 102.50M 102.70M 102.60M
Weighted Average Basic & Diluted Shares Outstanding		 96.98M 97.11M 97.11M 97.16M 101.36M 101.59M 101.59M 101.67M 101.72M 102.01M 102.02M

Annual Cash Flow Statements for DT Midstream

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

Quarterly Cash Flow Statements for DT Midstream

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 26 -15 32 4.00 -9.00 15 -9.00 24 -44 96 22
Net Cash From Operating Activities		 184 241 165 205 152 247 185 274 161 280 222
Net Cash From Continuing Operating Activities		 184 241 165 205 152 247 185 274 161 280 222
Net Income / (Loss) Continuing Operations		 124 100 100 91 76 111 111 118 114 134 116
Consolidated Net Income / (Loss)		 124 100 100 91 76 111 111 118 114 134 116
Depreciation Expense		 49 50 53 53 53 63 63 65 67 69 68
Amortization Expense		 4.00 4.00 5.00 4.00 5.00 4.00 5.00 4.00 4.00 4.00 4.00
Non-Cash Adjustments To Reconcile Net Income		 4.00 6.00 8.00 5.00 8.00 -1.00 5.00 19 3.00 4.00 6.00
Changes in Operating Assets and Liabilities, net		 3.00 81 -1.00 52 10 70 1.00 68 -27 69 28
Net Cash From Investing Activities		 -128 -71 -72 346 -1,284 -54 -70 -130 -118 -68 -104
Net Cash From Continuing Investing Activities		 -128 -71 -72 346 -1,284 -54 -70 -130 -118 -68 -104
Purchase of Property, Plant & Equipment		 -150 -98 -81 -81 -90 -71 -81 -143 -131 -78 -105
Acquisitions		 -1.00 -1.00 - -3.00 -1,199 -1.00 9.00 -1.00 -2.00 -5.00 -5.00
Sale and/or Maturity of Investments		 22 28 9.00 430 5.00 18 1.00 15 15 15 6.00
Net Cash From Financing Activities		 -30 -185 -61 -547 1,123 -178 -124 -120 -87 -116 -96
Net Cash From Continuing Financing Activities		 -30 -185 -61 -547 1,123 -178 -124 -120 -87 -116 -96
Repayment of Debt		 -109 -164 -90 -512 -42 -120 -169 -104 -96 -90 -148
Payment of Dividends		 -71 -71 -76 -76 -74 -79 -88 -88 -86 -88 -93
Issuance of Debt		 150 50 105 40 834 35 130 70 95 90 149
Other Financing Activities, net		 - - - - - -16 - - - -29 -4.00
Cash Interest Paid		 64 10 64 6.00 60 0.00 76 -1.00 77 0.00 77
Cash Income Taxes Paid		 1.00 2.00 1.00 4.00 5.00 -2.00 4.00 1.00 - 2.00 3.00

Annual Balance Sheets for DT Midstream

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

Quarterly Balance Sheets for DT Midstream

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 8,981 8,726 8,862 8,951 8,986 8,587 9,932 9,960 10,061 10,155 10,207
Total Current Assets		 249 210 200 229 256 249 312 291 322 404 409
Cash & Equivalents		 95 45 30 41 73 77 83 74 98 150 172
Accounts Receivable		 122 144 146 136 143 137 168 164 175 186 184
Prepaid Expenses		 15 10 18 14 12 21 36 36 41 32 28
Current Deferred & Refundable Income Taxes		 17 11 6.00 38 28 14 25 17 8.00 32 21
Other Current Assets		 - - - - - - - - - 4.00 4.00
Plant, Property, & Equipment, net		 4,000 4,181 4,348 4,475 4,508 4,549 5,551 5,605 5,716 5,786 5,851
Plant, Property & Equipment, gross		 4,757 4,967 5,162 5,359 5,430 5,508 6,596 6,697 6,857 7,030 7,148
Accumulated Depreciation		 757 786 814 884 922 959 1,045 1,092 1,141 1,244 1,297
Total Noncurrent Assets		 4,732 4,335 4,314 4,247 4,222 3,789 4,069 4,064 4,023 3,965 3,947
Long-Term Investments		 2,171 1,789 1,782 1,735 1,725 1,301 1,286 1,288 1,262 1,245 1,243
Noncurrent Note & Lease Receivables		 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 0.00 0.00
Goodwill		 473 473 473 473 473 473 776 781 781 781 781
Intangible Assets		 2,011 1,996 1,982 1,953 1,939 1,925 1,907 1,892 1,877 1,847 1,832
Other Noncurrent Operating Assets		 73 73 73 82 81 86 96 99 99 92 91
Total Liabilities & Shareholders' Equity		 8,981 8,726 8,862 8,951 8,986 8,587 9,932 9,960 10,061 10,155 10,207
Total Liabilities		 4,816 4,531 4,641 4,645 4,649 4,231 5,150 5,145 5,217 5,260 5,286
Total Current Liabilities		 698 361 424 322 306 262 381 331 349 321 298
Accounts Payable		 107 125 124 68 59 67 67 84 96 57 70
Dividends Payable		 67 67 67 71 71 71 83 83 83 89 90
Current Deferred Revenue		 - - - 21 21 18 20 20 22 24 30
Current Employee Benefit Liabilities		 6.00 10 13 6.00 11 14 8.00 14 19 11 17
Other Taxes Payable		 22 22 17 32 32 25 39 36 30 47 41
Other Current Liabilities		 47 27 39 31 32 29 49 58 50 44 39
Other Current Nonoperating Liabilities		 39 10 39 38 10 38 50 11 49 49 11
Total Noncurrent Liabilities		 4,118 4,170 4,217 4,323 4,343 3,969 4,769 4,814 4,868 4,939 4,988
Long-Term Debt		 3,061 3,062 3,064 3,067 3,068 2,674 3,320 3,321 3,322 3,325 3,326
Asset Retirement Reserve & Litigation Obligation		 - - - - - - 90 90 90 90 90
Noncurrent Deferred Revenue		 - - - 125 125 128 135 144 157 162 162
Noncurrent Deferred & Payable Income Tax Liabilities		 959 985 1,014 1,060 1,090 1,108 1,163 1,195 1,234 1,303 1,350
Other Noncurrent Operating Liabilities		 98 123 139 71 60 59 61 64 65 59 60
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		 4,165 4,195 4,221 4,306 4,337 4,356 4,782 4,815 4,844 4,895 4,921
Total Preferred & Common Equity		 4,023 4,052 4,079 4,166 4,197 4,218 4,642 4,673 4,702 4,753 4,779
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		 4,023 4,052 4,079 4,166 4,197 4,218 4,642 4,673 4,702 4,753 4,779
Common Stock		 3,471 3,477 3,480 3,488 3,495 3,499 3,902 3,910 3,908 3,893 3,898
Retained Earnings		 561 584 608 686 710 726 747 770 801 867 888
Accumulated Other Comprehensive Income / (Loss)		 -9.00 -9.00 -9.00 -8.00 -8.00 -7.00 -7.00 -7.00 -7.00 -7.00 -7.00
Noncontrolling Interest		 142 143 142 140 140 138 140 142 142 142 142

Annual Metrics And Ratios for DT Midstream

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%

Quarterly Metrics And Ratios for DT Midstream

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 102,014,118.00 102,015,296.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 102,014,118.00 102,015,296.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.27 1.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.41% 9.09% 8.93% 5.98% 2.05% 26.25% 26.64% 26.61% 27.31% 10.89% 11.00%
EBITDA Growth		 4.22% 11.95% 15.76% 2.29% -0.58% 20.79% 16.75% 26.82% 32.75% 11.16% 11.21%
EBIT Growth		 2.56% 11.71% 13.68% -1.61% -5.00% 19.35% 16.54% 29.51% 38.05% 12.16% 13.55%
NOPAT Growth		 42.30% 26.00% 10.20% -0.03% -38.89% 18.87% 21.39% 30.29% 60.02% 16.29% 0.08%
Net Income Growth		 40.91% 19.05% 6.38% -3.19% -38.71% 11.00% 11.00% 29.67% 50.00% 20.72% 4.50%
EPS Growth		 39.77% 17.86% 5.38% -4.26% -40.65% 7.07% 6.12% 25.56% 46.58% 19.81% 4.81%
Operating Cash Flow Growth		 21.85% -1.23% 13.79% -8.89% -17.39% 2.49% 12.12% 33.66% 5.92% 13.36% 20.00%
Free Cash Flow Firm Growth		 -948.50% 0.80% 81.92% 109.73% -275.82% -455.56% -1,586.72% -3,142.86% 107.48% 109.35% 107.75%
Invested Capital Growth		 7.75% 5.20% 2.82% 1.00% 20.59% 20.31% 19.71% 20.43% 0.46% 0.46% 0.58%
Revenue Q/Q Growth		 4.27% -1.64% 1.67% 1.64% 0.40% 21.69% 1.98% 1.62% 0.96% 5.99% 2.08%
EBITDA Q/Q Growth		 -1.14% 2.89% 7.30% -6.28% -3.91% 25.00% 3.72% 1.79% 0.00% 5.29% 3.77%
EBIT Q/Q Growth		 -3.23% 3.33% 7.26% -8.27% -6.56% 29.82% 4.73% 1.94% -1.27% 6.41% 6.02%
NOPAT Q/Q Growth		 28.67% -19.85% 3.26% -6.13% -21.34% 55.91% 5.45% 0.75% -3.40% 13.31% -9.25%
Net Income Q/Q Growth		 31.91% -19.35% 0.00% -9.00% -16.48% 46.05% 0.00% 6.31% -3.39% 17.54% -13.43%
EPS Q/Q Growth		 30.85% -19.51% -1.01% -8.16% -18.89% 45.21% -1.89% 8.65% -5.31% 18.69% -14.17%
Operating Cash Flow Q/Q Growth		 -18.22% 30.98% -31.54% 24.24% -25.85% 62.50% -25.10% 48.11% -41.24% 73.91% -20.71%
Free Cash Flow Firm Q/Q Growth		 16.88% 35.89% 68.34% 157.67% -3,310.84% 5.23% 3.89% -4.05% 107.89% 18.41% -20.34%
Invested Capital Q/Q Growth		 1.14% -0.14% -0.05% 0.05% 20.76% -0.37% -0.55% 0.65% 0.74% -0.37% -0.43%
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		 70.90% 74.17% 78.28% 72.18% 69.08% 70.96% 72.17% 72.29% 71.61% 71.13% 72.30%
Operating Margin		 49.18% 51.67% 53.28% 49.19% 45.38% 48.84% 50.16% 49.36% 49.21% 49.40% 50.44%
EBIT Margin		 49.18% 51.67% 54.51% 49.19% 45.78% 48.84% 50.16% 50.32% 49.21% 49.40% 51.31%
Profit (Net Income) Margin		 50.82% 41.67% 40.98% 36.69% 30.52% 36.63% 35.92% 37.58% 35.96% 39.88% 33.82%
Tax Burden Percent		 98.41% 76.34% 75.19% 75.21% 63.87% 76.03% 76.55% 77.12% 74.03% 78.82% 68.64%
Interest Burden Percent		 105.00% 105.65% 100.00% 99.18% 104.39% 98.65% 93.55% 96.84% 98.72% 102.41% 96.02%
Effective Tax Rate		 1.59% 23.66% 24.81% 24.79% 36.13% 23.97% 23.45% 22.88% 25.97% 21.18% 31.36%
Return on Invested Capital (ROIC)		 8.02% 6.61% 6.79% 6.30% 4.47% 6.11% 6.73% 7.05% 6.49% 7.15% 6.56%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.46% 7.00% 6.95% 6.25% 4.68% 6.02% 6.29% 6.96% 6.43% 7.30% 6.43%
Return on Net Nonoperating Assets (RNNOA)		 2.70% 2.29% 2.30% 2.10% 1.90% 2.39% 2.41% 2.65% 2.87% 3.18% 2.70%
Return on Equity (ROE)		 10.72% 8.90% 9.09% 8.40% 6.37% 8.50% 9.14% 9.69% 9.36% 10.34% 9.26%
Cash Return on Invested Capital (CROIC)		 -0.75% 1.93% 4.31% 6.03% -13.07% -12.55% -11.71% -11.89% 6.23% 6.52% 6.44%
Operating Return on Assets (OROA)		 5.09% 5.43% 5.92% 5.50% 4.75% 5.40% 5.87% 6.34% 6.11% 6.28% 6.67%
Return on Assets (ROA)		 5.26% 4.38% 4.45% 4.10% 3.17% 4.05% 4.21% 4.74% 4.47% 5.07% 4.39%
Return on Common Equity (ROCE)		 10.36% 8.60% 8.79% 8.13% 6.17% 8.24% 8.86% 9.40% 9.09% 10.03% 8.99%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.89% 9.96% 9.84% 0.00% 8.14% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 118 95 98 92 72 113 119 120 115 131 119
NOPAT Margin		 48.40% 39.44% 40.06% 37.00% 28.98% 37.14% 38.40% 38.07% 36.43% 38.94% 34.62%
Net Nonoperating Expense Percent (NNEP)		 -0.44% -0.39% -0.16% 0.05% -0.21% 0.08% 0.44% 0.09% 0.07% -0.15% 0.13%
Return On Investment Capital (ROIC_SIMPLE)		 1.57% - - - 0.88% 1.38% 1.45% 1.46% 1.41% 1.59% 1.44%
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		 28.28% 22.50% 21.31% 25.40% 30.12% 25.74% 25.89% 26.75% 27.44% 25.30% 26.24%
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		 50.82% 48.33% 46.72% 50.81% 54.62% 51.16% 49.84% 50.64% 50.79% 50.60% 49.56%
Earnings before Interest and Taxes (EBIT)		 120 124 133 122 114 148 155 158 156 166 176
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 173 178 191 179 172 215 223 227 227 239 248
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.23 1.41 1.64 1.81 2.09 2.11 2.39 2.44 2.57 2.88 3.13
Price to Tangible Book Value (P/TBV)		 3.01 3.37 3.86 4.20 5.01 4.99 5.58 5.62 5.81 6.45 6.91
Price to Revenue (P/Rev)		 5.53 6.22 7.17 7.83 9.85 9.37 10.07 9.78 9.79 10.74 11.43
Price to Earnings (P/E)		 13.29 14.65 17.03 19.00 27.29 26.79 29.70 28.50 27.59 29.59 31.99
Dividend Yield		 5.24% 4.64% 4.01% 3.68% 2.96% 3.14% 2.83% 2.83% 2.74% 2.48% 2.32%
Earnings Yield		 7.53% 6.82% 5.87% 5.26% 3.66% 3.73% 3.37% 3.51% 3.62% 3.38% 3.13%
Enterprise Value to Invested Capital (EV/IC)		 1.15 1.28 1.46 1.57 1.71 1.72 1.93 1.96 2.05 2.26 2.46
Enterprise Value to Revenue (EV/Rev)		 7.22 7.80 8.71 9.30 12.13 11.43 11.99 11.57 11.53 12.36 12.99
Enterprise Value to EBITDA (EV/EBITDA)		 9.90 10.63 11.68 12.58 16.53 15.85 16.87 16.31 16.03 17.27 18.21
Enterprise Value to EBIT (EV/EBIT)		 14.10 15.15 16.72 18.18 24.14 23.27 24.71 23.80 23.15 24.95 26.19
Enterprise Value to NOPAT (EV/NOPAT)		 17.84 18.68 20.81 22.52 33.43 31.94 33.72 32.21 30.74 32.54 35.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.34 9.24 10.28 11.41 15.60 15.52 16.85 15.84 16.53 17.52 18.17
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 67.81 34.25 26.24 0.00 0.00 0.00 0.00 33.00 34.84 38.25
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.73 0.72 0.61 0.73 0.71 0.69 0.69 0.68 0.68 0.68
Long-Term Debt to Equity		 0.72 0.71 0.71 0.61 0.70 0.69 0.69 0.69 0.68 0.68 0.68
Financial Leverage		 0.32 0.33 0.33 0.34 0.41 0.40 0.38 0.38 0.45 0.44 0.42
Leverage Ratio		 2.11 2.12 2.08 2.03 2.09 2.08 2.07 2.03 2.08 2.08 2.07
Compound Leverage Factor		 2.22 2.24 2.08 2.02 2.18 2.05 1.94 1.96 2.05 2.13 1.99
Debt to Total Capital		 43.01% 42.03% 41.98% 38.04% 42.13% 41.45% 41.00% 40.68% 40.53% 40.45% 40.33%
Short-Term Debt to Total Capital		 2.20% 0.74% 0.94% 0.00% 1.82% 0.80% 0.31% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 40.81% 41.29% 41.04% 38.04% 40.30% 40.65% 40.69% 40.68% 40.53% 40.45% 40.33%
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		 1.88% 1.88% 1.87% 1.96% 1.69% 1.71% 1.74% 1.74% 1.73% 1.73% 1.72%
Common Equity to Total Capital		 55.11% 56.09% 56.15% 60.00% 56.19% 56.84% 57.26% 57.58% 57.74% 57.82% 57.95%
Debt to EBITDA		 4.81 4.52 4.38 3.71 4.82 4.50 4.25 3.99 3.72 3.64 3.56
Net Debt to EBITDA		 2.10 1.95 1.87 1.80 2.92 2.68 2.52 2.36 2.26 2.11 2.04
Long-Term Debt to EBITDA		 4.56 4.44 4.28 3.71 4.61 4.41 4.21 3.99 3.72 3.64 3.56
Debt to NOPAT		 8.66 7.94 7.79 6.64 9.74 9.06 8.49 7.87 7.13 6.86 6.86
Net Debt to NOPAT		 3.79 3.42 3.33 3.22 5.91 5.40 5.03 4.65 4.33 3.98 3.94
Long-Term Debt to NOPAT		 8.22 7.80 7.62 6.64 9.32 8.89 8.43 7.87 7.13 6.86 6.86
Altman Z-Score		 0.88 1.00 1.15 1.36 1.35 1.39 1.57 1.60 1.70 1.87 2.02
Noncontrolling Interest Sharing Ratio		 3.41% 3.33% 3.32% 3.26% 3.10% 3.08% 3.08% 3.04% 2.91% 2.91% 2.92%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.63 0.71 0.84 0.95 0.73 0.82 0.88 0.92 1.07 1.26 1.37
Quick Ratio		 0.48 0.55 0.71 0.82 0.56 0.66 0.72 0.78 0.81 1.05 1.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -297 -190 -60 35 -1,116 -1,057 -1,016 -1,057 83 99 79
Operating Cash Flow to CapEx		 122.67% 245.92% 203.70% 253.09% 168.89% 347.89% 228.40% 191.61% 122.90% 358.97% 211.43%
Free Cash Flow to Firm to Interest Expense		 -7.61 -4.76 -1.55 0.83 -30.16 -26.44 -25.41 -26.44 2.04 2.47 1.92
Operating Cash Flow to Interest Expense		 4.72 6.03 4.23 4.88 4.11 6.18 4.63 6.85 3.93 7.00 5.41
Operating Cash Flow Less CapEx to Interest Expense		 0.87 3.58 2.15 2.95 1.68 4.40 2.60 3.28 0.73 5.05 2.85
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.11 0.11 0.11 0.10 0.11 0.12 0.13 0.12 0.13 0.13
Accounts Receivable Turnover		 5.85 7.30 6.70 6.90 6.02 6.87 7.22 7.53 6.94 7.21 7.53
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		 0.22 0.22 0.22 0.22 0.20 0.21 0.22 0.23 0.22 0.23 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)		 62.35 49.98 54.45 52.92 60.65 53.14 50.52 48.46 52.56 50.63 48.48
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)		 62.35 49.98 54.45 52.92 60.65 53.14 50.52 48.46 52.56 50.63 48.48
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,769 5,761 5,758 5,761 6,957 6,931 6,893 6,938 6,989 6,963 6,933
Invested Capital Turnover		 0.17 0.17 0.17 0.17 0.15 0.16 0.18 0.19 0.18 0.18 0.19
Increase / (Decrease) in Invested Capital		 415 285 158 57 1,188 1,170 1,135 1,177 32 32 40
Enterprise Value (EV)		 6,656 7,347 8,378 9,073 11,903 11,935 13,292 13,590 14,327 15,771 17,023
Market Capitalization		 5,103 5,861 6,898 7,639 9,660 9,779 11,166 11,486 12,168 13,699 14,970
Book Value per Share		 $42.68 $42.95 $43.22 $43.43 $47.62 $45.80 $46.00 $46.28 $46.58 $46.73 $46.85
Tangible Book Value per Share		 $17.51 $17.94 $18.38 $18.74 $19.86 $19.33 $19.69 $20.12 $20.59 $20.89 $21.23
Total Capital		 7,510 7,428 7,475 7,030 8,235 8,167 8,161 8,166 8,202 8,220 8,247
Total Debt		 3,230 3,122 3,138 2,674 3,469 3,385 3,346 3,322 3,324 3,325 3,326
Total Long-Term Debt		 3,065 3,067 3,068 2,674 3,319 3,320 3,321 3,322 3,324 3,325 3,326
Net Debt		 1,412 1,346 1,340 1,296 2,104 2,016 1,984 1,962 2,017 1,930 1,911
Capital Expenditures (CapEx)		 150 98 81 81 90 71 81 143 131 78 105
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -53 -79 -53 -90 -34 -87 -89 -125 -32 -67 -61
Debt-free Net Working Capital (DFNWC)		 3.00 -38 20 -13 34 -4.00 -15 -27 22 83 111
Net Working Capital (NWC)		 -162 -93 -50 -13 -116 -69 -40 -27 22 83 111
Net Nonoperating Expense (NNE)		 -5.90 -5.34 -2.26 0.75 -3.83 1.52 7.66 1.54 1.48 -3.15 2.75
Net Nonoperating Obligations (NNO)		 1,489 1,455 1,421 1,405 2,191 2,149 2,078 2,094 2,111 2,068 2,012
Total Depreciation and Amortization (D&A)		 53 54 58 57 58 67 68 69 71 73 72
Debt-free, Cash-free Net Working Capital to Revenue		 -5.75% -8.39% -5.51% -9.22% -3.47% -8.33% -8.03% -10.64% -2.57% -5.25% -4.66%
Debt-free Net Working Capital to Revenue		 0.33% -4.03% 2.08% -1.33% 3.47% -0.38% -1.35% -2.30% 1.77% 6.50% 8.47%
Net Working Capital to Revenue		 -17.57% -9.87% -5.20% -1.33% -11.82% -6.61% -3.61% -2.30% 1.77% 6.50% 8.47%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.26 $1.00 $0.99 $0.91 $0.73 $1.07 $1.05 $1.14 $1.08 $1.28 $1.10
Adjusted Weighted Average Basic Shares Outstanding		 96.90M 97M 97.10M 97.10M 97.60M 101.40M 101.60M 101.60M 101.60M 101.80M 102M
Adjusted Diluted Earnings per Share		 $1.23 $0.99 $0.98 $0.90 $0.73 $1.06 $1.04 $1.13 $1.07 $1.27 $1.09
Adjusted Weighted Average Diluted Shares Outstanding		 97.50M 97.70M 97.90M 98M 98.40M 102.50M 102.50M 102.50M 102.50M 102.70M 102.60M
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		 96.98M 97.11M 97.11M 97.16M 101.36M 101.59M 101.59M 101.67M 101.72M 102.01M 102.02M
Normalized Net Operating Profit after Tax (NOPAT)		 118 95 98 92 72 113 119 120 115 132 119
Normalized NOPAT Margin		 48.40% 39.44% 40.06% 37.00% 28.98% 37.14% 38.40% 38.07% 36.43% 39.18% 34.62%
Pre Tax Income Margin		 51.64% 54.58% 54.51% 48.79% 47.79% 48.18% 46.93% 48.73% 48.58% 50.60% 49.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.08 3.10 3.41 2.90 3.08 3.70 3.88 3.95 3.80 4.15 4.29
NOPAT to Interest Expense		 3.03 2.37 2.51 2.18 1.95 2.81 2.97 2.99 2.82 3.27 2.90
EBIT Less CapEx to Interest Expense		 -0.77 0.65 1.33 0.98 0.65 1.93 1.85 0.38 0.61 2.20 1.73
NOPAT Less CapEx to Interest Expense		 -0.82 -0.08 0.43 0.26 -0.48 1.04 0.94 -0.59 -0.38 1.32 0.34
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 70.96% 68.45% 69.14% 70.84% 80.93% 80.69% 81.49% 79.09% 75.11% 73.38% 73.65%
Augmented Payout Ratio		 70.96% 68.45% 69.14% 70.84% 80.93% 80.69% 81.49% 79.09% 75.11% 73.38% 73.65%

Financials Breakdown Chart

Key Financial Trends

DT Midstream’s latest statements show continued revenue growth and strong cash generation, although leverage, interest costs and capital spending remain important considerations. Q2 2026 revenue increased to $343 million from $309 million in the restated Q2 2025 results, a gain of approximately 11%. Net income attributable to common shareholders rose to $112 million from $107 million, while diluted EPS increased to $1.09 from $1.04.

  • Revenue has followed a generally upward trend. Quarterly revenue increased from $220 million in Q1 2023 to $343 million in Q2 2026. The latest result also exceeded Q1 2026 revenue of $336 million.
  • Operating cash flow remains strong. Q2 2026 operating cash flow was $222 million, up from $185 million in Q2 2025. Although below Q1 2026’s unusually strong $280 million, cash from operations has remained positive in every reported quarter provided.
  • Free cash flow improved year over year. After $105 million of property, plant and equipment spending, Q2 2026 generated approximately $117 million of operating cash flow less capital expenditures, compared with roughly $104 million in Q2 2025.
  • Liquidity has improved significantly. Cash and equivalents increased to $172 million at June 30, 2026, compared with $74 million a year earlier and $30 million at September 30, 2023. The current ratio improved to approximately 1.37 from 0.88 in Q2 2025, based on current assets and current liabilities.
  • The asset base continues to expand. Total assets increased to $10.207 billion in Q2 2026 from $9.960 billion in Q2 2025 and $8.419 billion in Q3 2022. Net property, plant and equipment reached $5.851 billion, reflecting ongoing investment in infrastructure.
  • Shareholder distributions have grown. Cash dividends per share increased from $0.64 in Q3 2022 to $0.82 in Q2 and Q3 2025 and $0.88 in Q1 2026. Q2 2026 cash dividend payments totaled $93 million.
  • Profit growth has been more modest than revenue growth. Consolidated net income rose from $94 million in Q3 2023 to $116 million in Q2 2026, but it has fluctuated between $100 million and $134 million over the recent quarters. The long-term revenue increase has not translated into a consistent upward trend in quarterly net income.
  • Operating margins remain high but should be monitored. Q2 2026 operating income was $173 million on $343 million of revenue, or approximately 50%. However, selling, general and administrative expense increased to $90 million from $80 million in Q2 2025, partially offsetting revenue gains.
  • Debt remains substantial. Long-term debt stood at $3.326 billion in Q2 2026, while total liabilities were $5.286 billion. The company repaid $148 million of debt during the quarter but issued $149 million of new debt, indicating limited net debt reduction.
  • Interest costs are a significant cash burden. Cash interest paid reached $77 million in Q2 2026, compared with $76 million in Q2 2025. Reported interest expense was $41 million for the quarter, and elevated financing costs could pressure future earnings if borrowing rates or debt levels rise.

Overall, the statements point to a growing infrastructure business with durable operating cash flow, improving liquidity and a rising dividend. However, investors should weigh those strengths against the company’s sizable debt load, high interest payments and continued capital requirements. The balance sheet also includes approximately $2.6 billion of goodwill and intangible assets, making asset quality and future impairment charges additional items to monitor.

09/04/26 06:19 PM ETAI Generated. May Contain Errors.

DT Midstream Financials - Frequently Asked Questions

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

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. Check out DT Midstream's forecast to explore projected trends and price targets.

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

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%.

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.

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.

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%.


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Financial statements for NYSE:DTM last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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