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Stock research / United States / DTM · Natural Gas Transmission · NYSE

DT Midstream, Inc. (DTM)

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DT Midstream, Inc. (DTM) reported revenue of $343 million for Q2 FY2026, the quarter ended 30 June 2026, up 11.0% on the same quarter a year earlier. Net income was $112 million, up 4.7% on the year, and diluted earnings per share $1.09. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$343 millionup 11.0%
Net income$112 millionup 4.7%
Diluted EPS$1.09
QuarterQ2 FY2026ended 30 June 2026

DT Midstream (DTM) in brief

DT Midstream (DTM) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 26.7% on the year before.
Read moreNet income was $441 million and diluted earnings per share $4.30. Revenue was $981 million in fiscal 2024, $922 million in fiscal 2023, $920 million in fiscal 2022 and $840 million in fiscal 2021. Net income in the same years was $354 million, $384 million, $370 million and $307 million. Over the twelve months to 30 June 2026, DT Midstream reported revenue of $1.3 billion and net income of $468 million. Revenue grew 10.5% a year, compounded, over the five years to fiscal 2025. DT Midstream declared $3.40 a share in dividends over the last four quarters and had 102 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of DT Midstream was $12.6 billion, 27.1 times its earnings over the last twelve months.

Ratios

From the filings

ROE9.8%
ROCE8.0%
Operating margin49.6%
Net margin35.7%
FCF margin36.6%
Interest cover3.99
Debt to equity0.70
Cash conversion2.00
Share count, 1 year0.4%
Sales CAGR, 3 years10.6%
Profit CAGR, 3 years6.0%
EPS, TTM$4.56

At the close of 8 October 2026

Price$123.76
Market cap$12.6 billion
Stock P/E27.14
Price to book2.64
EV / EBITDA17.17
Dividend yield2.7%
Market cap / sales9.64
52-week high$151.12
52-week low$105.61
Price, 1 year7.9%
Price CAGR, 3 years31.9%
Price CAGR, 5 years20.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as DT Midstream, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
DTMgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on DTM

Filings15 in twelve months: 7 current reports (8-K), about 4 results of operations; 4 regulation fd disclosure; 2 officer or director change; 1 shareholder vote
Planned insider sales1 Form 144 notice in twelve months, $273,012; latest 26 February 2026
Options tapeput/call 0.05 by open interest at the 8 October 2026 close; the straddle prices a 4.3% move to 16 October 2026
13F holders9 of the followed funds hold it; largest Geode Capital Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading1 sale and 4 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest5.7 million shares short, 6.99 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue234244240244248249303309314317336343
Operating income124120124130122113148155155156166173
Operating margin53%49%52%53%49%45%49%50%49%49%49%50%
Interest expense38.039.040.039.038.036.040.040.040.041.040.042.0
Pre-tax income127126131133121119146145153154170169
Tax rate26%2%24%25%25%36%24%23%23%26%21%31%
Net income91.012197.096.088.073.0108107115111130112
Net margin39%50%40%39%35%29%36%35%37%35%39%33%
Diluted EPS$0.94$1.23$0.99$0.98$0.90$0.73$1.06$1.04$1.13$1.07$1.27$1.09
Operating cash flow225184241165205152247185274161280222
Capital expenditure20115098.081.081.090.071.081.014313178.0105
Free cash flow24.034.014384.012462.017610413130.0202117
Buybacks0.0n/an/an/an/an/an/an/an/an/an/an/a
Dividends paid67.067.067.071.071.071.075.083.083.083.083.089.0
Shares outstanding97m97m97m97m97m101m102m102m102m102m102m102m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue5047548409209229811,2431,310
Operating income261414402478471489614650
Operating margin51.8%54.9%47.9%52.0%51.1%49.8%49.4%49.6%
Interest expense75.0113112137150153161163
Pre-tax income292440422482500504598646
Income tax72.0116104100104137144164
Effective tax rate24.7%26.4%24.6%20.7%20.8%27.2%24.1%25.4%
Net income204312307370384354441468
Net margin40.5%41.4%36.5%40.2%41.6%36.1%35.5%35.7%
Diluted EPS$2.11$3.23$3.16$3.81$3.94$3.60$4.30$4.56
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Pipeline37744368755.3%
Gathering54553855644.7%
PipelineGathering
922FY2023981FY20241,243FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow390597572725798763867937
Capital expenditure211518140338772350426457
Free cash flow17979.043238726.0413441480
Free cash flow margin35.5%10.5%51.4%42.1%2.8%42.1%35.5%36.6%
Cash from investing-2,561-714123-854-351-1,081-372-420
Cash from financing2,191113-60558.0-452330-509-419
Depreciation and amortisation93.0152166170182209258269
Share-based compensation6.06.012.017.020.023.026.026.0
Buybacksn/a0.00.03.00.0n/an/an/a
Dividends paid0.00.058.0244263280324338
Dividend per sharen/an/a$1.20$2.56$2.76$2.94$3.28$3.40
Diluted shares, weighted97m97m97m97m98m98m102m103m
Shares outstanding at period endn/an/a97m97m97m101m102m102m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity3,7244,2283,8724,0074,1394,6274,7364,779
Non-controlling interestn/an/a149147141139142142
Short-term borrowingsn/an/a0.03301651500.0n/a
Debtn/a0.03,0363,0593,0653,3503,3243,326
Operating lease liabilitiesn/a28.021.019.027.036.032.028.0
Other liabilitiesn/a4,0861,0881,2711,4451,6331,8461,932
Total liabilities and equityn/a8,3428,1668,8338,9829,93510,08010,207
Owned
Fixed assetsn/a3,4703,4903,8064,4345,5275,7665,851
Goodwill471473473473473776781781
Intangible assetsn/a2,1402,0822,0251,9681,9211,8621,832
Cash and equivalents46.042.013261.056.068.054.0172
Receivablesn/a123169161154172186184
Other assets7,2702,0941,8202,3071,8971,4711,4311,387
Total assets7,7878,3428,1668,8338,9829,93510,08010,207
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a10.5%10.6%18.1%
Profit growth, compoundedn/a7.2%6.0%24.5%
Return on equity, averagen/a8.7%8.7%9.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
All 53 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.1 billion17.579.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Sempra SRE$52.4 billion23.217.0%n/a1.6%0.953.2%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$45.8 billion20.109.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.259.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.438.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$35.8 billion17.8711.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.0811.6%22.8%8.9%1.323.4%
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
Pg&E Corp. PCG$27.9 billion9.189.0%20.0%5.7%1.82n/a
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.5 billion22.219.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.4 billion27.6217.5%6.1%12.8%4.821.7%
Edison International EIX$20.9 billion5.6021.4%32.7%10.7%2.336.2%
CMS Energy Corp. CMS$20.5 billion19.6210.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.4 billion21.569.5%27.0%12.3%1.632.8%
Evergy, Inc. EVRG$18.6 billion20.499.1%26.2%3.6%1.203.4%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
6 companies share its SEC industry code (Natural Gas Transmission); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202519 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 202429 October 2024EDGAR
10-Q30 June 202430 July 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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