DTM
DT Midstream, Inc.118.42
-1.64-1.37%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details expansions, dismisses competition
Q&A unpacked the $3.4B backlog, highlighting northern and southern Midwestern pipeline expansions fueled by Chicago-Nashville power demand. Management dismissed competition fears—plenty of room in the 5-8 Bcf/day Upper Midwest opportunity. Gross backlog runs multiples larger; brownfields favored over greenfields for efficiency. 2025 CapEx underspend reflected timing and capital efficiency. Dividend tracks EBITDA growth amid natural deleveraging. Competition? Not worried. Bullish tone persists, but fluidity curbs growth floors; commercialization cadence key to watch.
Key Stats
Market Cap
12.04BP/E (TTM)
29.90Basic EPS (TTM)
3.96Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
DT Midstream posted FY2025 net income of $441 million on $1.243 billion revenue, up from $354 million on $981 million in 2024, fueled by a full year of Midwest Pipeline Acquisition contributions and record Haynesville System throughput. Q4 momentum shone through Pipeline segment growth from acquired interstate assets, while Gathering held steady despite Appalachia volume dips offset by Blue Union expansions. Cash from operations hit $867 million; dividends rose to $3.28 per share. Debt stands at $3.35 billion with $1 billion revolver availability. Regulatory shifts pose pipeline integrity risks.
8-K
Record EBITDA, dividend hike
8-K
Leadership shakeup at DT Midstream
DT Midstream's Chairman Robert Skaggs, Jr. resigned effective January 27, 2026, but stays on the Board. David Slater shifts from President and CEO to Executive Chairman on January 28, while Christopher Zona steps up from COO to President, retaining his COO role. Leadership realigns with energy veterans boasting over 30 years each. Smooth transition.
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.
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