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DT Midstream (DTM) Financials

DT Midstream logo
$143.49 +0.19 (+0.13%)
Closing price 06/18/2026 03:59 PM Eastern
Extended Trading
$143.22 -0.27 (-0.19%)
As of 06/18/2026 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 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

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 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

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 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

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 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’s latest quarter showed continued growth in revenue and earnings, supported by strong operating cash flow and a solid balance sheet. Over the past four years, the company has generally expanded its asset base, increased profitability, and consistently generated enough operating cash to cover dividends and capital spending. That said, leverage remains meaningful, and recent cash flow has been helped by financing activity and investment sales in some periods.

  • Revenue and profit continue to trend higher. Q1 2026 revenue rose to $336 million, up from $317 million in Q4 2025 and $303 million in Q1 2025, while common shareholders’ earnings climbed to $130 million from $111 million a year earlier.
  • Operating income remains strong and stable. Q1 2026 operating income was $166 million, compared with $156 million in Q4 2025 and $148 million in Q1 2025, showing the business is still producing healthy core earnings.
  • Operating cash flow is robust. In Q1 2026, DT Midstream generated $280 million of cash from operations, well above reported net income, which suggests strong earnings quality and healthy cash conversion.
  • Dividend coverage looks manageable. The company paid $0.88 per share in dividends in Q1 2026 while earning $1.27 per diluted share, indicating earnings still cover the payout.
  • Balance sheet equity has steadily expanded. Total common equity reached $4.75 billion in Q1 2026, up from $4.67 billion in Q2 2025 and $4.36 billion in Q2 2024.
  • Asset base has grown materially over the last several years. Total assets increased to $10.16 billion in Q1 2026 from $8.95 billion in Q1 2024, reflecting continued investment in the business.
  • Cash balances improved recently. Cash and equivalents increased to $150 million in Q1 2026 from $98 million in Q3 2025 and $83 million in Q1 2025.
  • Depreciation and amortization remain significant. These non-cash charges are a normal feature of an infrastructure business, but they also keep reported net income below operating cash flow.
  • Capital spending remains ongoing. Q1 2026 capital expenditures were $78 million, consistent with a company that must keep investing in pipelines and midstream assets.
  • Interest costs are still meaningful. Q1 2026 interest expense was $40 million, though it was mostly offset by $44 million of interest and investment income.
  • Debt remains elevated. Long-term debt was $3.325 billion in Q1 2026, only slightly down from $3.321 billion in Q2 2025, so leverage is still a major feature of the capital structure.
  • Current liabilities have risen from prior periods. Total current liabilities increased to $321 million in Q1 2026 from $281 million in Q4 2025 and $262 million in Q3 2025, which modestly pressures short-term liquidity.
  • Net cash from financing has been negative in recent quarters. The company is paying dividends and repaying debt faster than it is issuing new financing, which is good for balance-sheet discipline but can reduce cash flexibility if operating trends weaken.
  • Recent cash flow included asset sales and debt activity that are not recurring operating drivers. Some quarters benefited from investment sales and debt issuance, so investors should focus on whether core operating cash flow can continue supporting growth and capital returns on its own.

Bottom line: DT Midstream looks like a steady, cash-generative infrastructure business with improving revenue, earnings, and equity over time. The main watch items are leverage and ongoing capital needs, but the latest results suggest the company is still executing well.

06/19/26 09:56 AM 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 financial year ends in December. Their financial 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. See DT Midstream's forecast for analyst expectations on what's next for the company.

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 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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