DTM
DT Midstream, Inc.118.42
-1.64-1.37%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
12.04BP/E (TTM)
29.90Basic EPS (TTM)
3.96Dividend Yield
0.03%Recent Filings
8-K
Strong Q3 results, raised guidance
DT Midstream posted Q3 2025 net income of $115 million and Adjusted EBITDA of $288 million, fueled by record Haynesville gathering volumes up 35% year-over-year. The company reached final investment decision on an upsized Guardian Pipeline G3 expansion adding 537 MMcf/d capacity by Q4 2028, while placing LEAP Phase 4 in-service early. It raised 2025 Adjusted EBITDA guidance to $1,115-$1,145 million and declared a $0.82 per share dividend payable January 15, 2026. Strong execution bolsters cash flows amid LNG demand growth.
10-Q
Q3 FY2025 results
DT Midstream posted solid Q3 results, with operating revenues climbing 27% year-over-year to $314 million, fueled by the Midwest Pipeline Acquisition that added three interstate lines closing December 31, 2024, for $1.2 billion cash, recognizing $361 million goodwill in the Pipeline segment. Operating income rose 27% to $155 million, while diluted EPS edged up to $1.13 from $0.90, reconciling cleanly with 102.5 million shares; year-to-date, revenues surged 27% to $926 million and EPS to $3.22 from $2.87. Pipeline revenues jumped 51% to $169 million on acquisition contributions and new LEAP contracts, yet equity earnings from joint ventures like NEXUS dipped 15% to $34 million on higher costs. Cash from operations hit $706 million year-to-date, yielding free cash flow of $411 million after $295 million capex (derived), bolstering $98 million cash and $983 million revolver availability against $3.35 billion fixed-rate debt maturing no sooner than 2029. Strong liquidity supports expansions, but regulatory shifts under the OBBBA could tweak tax timings. Volumes hinge on key customers like Expand Energy.
8-K
Strong Q2 earnings, project FIDs
DT Midstream posted strong Q2 2025 results, with net income of $107 million and Adjusted EBITDA of $277 million, fueled by record Haynesville gathering volumes. The company advanced its $2.3 billion organic backlog, reaching final investment decisions on $0.6 billion in projects, including the Guardian Pipeline G3 expansion adding 210 MMcf/d capacity by Q4 2028. Business hums on track. It reaffirmed 2025 Adjusted EBITDA guidance of $1.095-$1.155 billion while declaring a $0.82 per share dividend payable October 15, 2025.
10-Q
Q2 FY2025 results
DT Midstream's Q2 revenues climbed 26.6% y/y to $309M, fueled by the Midwest Pipeline Acquisition and new LEAP contracts, while operating income rose 19.2% to $155M amid higher depreciation from the deal. Diluted EPS edged up to $1.04 from $0.98 y/y, reconciling neatly with 102.5M shares and no anti-dilution quirks. Pipeline revenues surged 61.5% y/y to $176M, yet equity earnings dipped on seasonal softness at Millennium and Vector. Gathering held steady at $133M despite volume dips in Susquehanna. Cash from operations hit $432M YTD, yielding $280M free cash flow (derived) after $152M capex; $74M cash bolsters $959M revolver availability against $3.35B fixed-rate debt maturing 2029+. The December 2024 Midwest buy closed for $1.2B cash, adding $11M customer intangibles and $5M goodwill tweak. Regulatory pressures from FERC rate cuts loom large.
8-K
DT Midstream hits investment grade
DT Midstream secured investment-grade credit ratings from Moody's (Baa3, stable outlook on May 16, 2025) and Fitch (BBB-, stable outlook on October 3, 2024), capping a strategic push since going public. These upgrades signal a robust balance sheet and business scale, paving the way for better liquidity and lower interest costs. Ratings boost access. Yet risks like interest rate hikes loom large.
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