DT Midstream
DTM · NYSENatural Gas Transmission · Fiscal year ends Dec 31
DT Midstream reported revenue of $1.2B in the fiscal year ended Dec 2025, up 26.7% from the year before. Operating income was $614M, an operating margin of 49.4%, and net income was $441M. Operating cash flow of $867M less capital expenditure of $426M left free cash flow of $441M. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $840M | $920M | $922M | $981M | $1.2B |
| Operating income | $402M | $478M | $471M | $489M | $614M |
| Interest expense | $112M | $137M | $150M | $153M | $161M |
| Pre-tax income | $422M | $482M | $500M | $504M | $598M |
| Income tax | $104M | $100M | $104M | $137M | $144M |
| Net income | $307M | $370M | $384M | $354M | $441M |
| Diluted EPS | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 |
| Diluted shares | 97M | 97M | 98M | 98M | 103M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $132M | $61M | $56M | $68M | $54M |
| Receivables | $169M | $161M | $154M | $172M | $186M |
| Current assets | $360M | $262M | $272M | $310M | $318M |
| Net PP&E | $3.5B | $3.8B | $4.4B | $5.5B | $5.8B |
| Goodwill | $473M | $473M | $473M | $776M | $781M |
| Total assets | $8.2B | $8.8B | $9B | $9.9B | $10.1B |
| Payables | $22M | $119M | $94M | $77M | $65M |
| Deferred revenue | $28M | $4M | $18M | $18M | $25M |
| Current liabilities | $177M | $614M | $434M | $426M | $296M |
| Short-term debt | $10M | $0 | $165M | $150M | $0 |
| Long-term debt | $3B | $3.1B | $3.1B | $3.3B | $3.3B |
| Total liabilities | $4.1B | $4.7B | $4.7B | $5.2B | $5.2B |
| Shareholders' equity | $3.9B | $4B | $4.1B | $4.6B | $4.7B |
| Backlog (remaining obligations) | $28M | $32M | $129M | $153M | $185M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $572M | $725M | $798M | $763M | $867M |
| Capital expenditure | $140M | $338M | $772M | $350M | $426M |
| Free cash flow | $432M | $387M | $26M | $413M | $441M |
| Depreciation & amortisation | $166M | $170M | $182M | $209M | $258M |
| Stock-based compensation | $12M | $17M | $20M | $23M | $26M |
| Acquisitions | $0 | $0 | $0 | $1.2B | −$10M |
| Share buybacks | $0 | $3M | $0 | – | – |
| Dividends paid | $58M | $244M | $263M | $280M | $324M |
| Dividend per share | 1.20 | 2.56 | 2.76 | 2.94 | 3.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.5% | 0.2% | 6.4% | 26.7% |
| Operating income growth (YoY) | – | 18.9% | −1.5% | 3.8% | 25.6% |
| EPS growth (YoY) | – | 20.6% | 3.4% | −8.6% | 19.4% |
| Operating margin | 47.9% | 52.0% | 51.1% | 49.8% | 49.4% |
| Net margin | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% |
| Return on equityBlank when equity is negative | 7.9% | 9.2% | 9.3% | 7.7% | 9.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.0% | 5.8% | 5.5% | 5.1% | 6.3% |
| Free cash flow margin | 51.4% | 42.1% | 2.8% | 42.1% | 35.5% |
| Cash conversion (CFO ÷ net income) | 1.86x | 1.96x | 2.08x | 2.16x | 1.97x |
| Receivable days | 73 | 64 | 61 | 64 | 55 |
| Interest cover | 3.59x | 3.49x | 3.14x | 3.20x | 3.81x |
| Debt ÷ equity | 0.79x | 0.76x | 0.78x | 0.75x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.9B | $3B | $3.2B | $3.4B | $3.3B |
| Current ratio | 2.03x | 0.43x | 0.63x | 0.73x | 1.07x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.