DT Midstream, Inc.

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

DTM$116.48+2.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

DT Midstream Consolidated Financial Statements (Unaudited)

Item 1. Financial Statements

Consolidated Statements of Operations

	Three Months Ended
	March 31,
	2025	2024
(millions, except per share amounts)
Revenues
Operating revenues	$303	$240
Operating Expenses
Operation and maintenance	78	54
Depreciation and amortization	63	50
Taxes other than income	14	12
Operating Income	148	124
Other (Income) and Deductions
Interest expense	40	40
Interest income	(1)	(1)
Earnings from equity method investees	(37)	(46)
Income Before Income Taxes	146	131
Income Tax Expense	35	31
Net Income	111	100
Less: Net Income Attributable to Noncontrolling Interests	3	3
Net Income Attributable to DT Midstream	$108	$97
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.07	$1.00
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$1.06	$0.99
Weighted Average Common Shares Outstanding
Basic	101.4	97.0
Diluted	102.5	97.7

Consolidated Statements of Comprehensive Income

	Three Months Ended
	March 31,
	2025	2024
(millions)
Net Income	$111	$100
Foreign currency translation and unrealized gain on derivatives, net of tax	1	—
Other comprehensive income	1	—
Comprehensive income	112	100
Less: Comprehensive income attributable to noncontrolling interests	3	3
Comprehensive Income Attributable to DT Midstream	$109	$97

Consolidated Statements of Financial Position

	March 31,	December 31,
	2025	2024
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$83	$68
Accounts receivable (net of $— allowance for expected credit loss for each period end)	168	172
Deferred property taxes	25	33
Prepaid expenses and other	36	37
	312	310
Investments
Investments in equity method investees	1,286	1,297
Property
Property, plant, and equipment	6,596	6,525
Accumulated depreciation	(1,045)	(998)
	5,551	5,527
Other Assets
Goodwill	776	776
Long-term notes receivable — related party	4	4
Operating lease right-of-use assets	45	49
Intangible assets, net	1,907	1,921
Other	51	51
	2,783	2,801
Total Assets	$9,932	$9,935

Consolidated Statements of Financial Position

	March 31,	December 31,
	2025	2024
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$67	$77
Short-term borrowings	65	150
Operating lease liabilities	14	16
Dividends payable	83	75
Interest payable	50	12
Property taxes payable	39	42
Accrued compensation	8	19
Contract liabilities	20	18
Other	35	17
	381	426
Long-Term Debt, net	3,320	3,319
Other Liabilities
Deferred income taxes	1,163	1,129
Operating lease liabilities	34	36
Contract liabilities	135	135
Regulatory liabilities	90	90
Other	27	34
	1,449	1,424
Total Liabilities	5,150	5,169
Commitments and Contingencies (Note 10)
Stockholders' Equity
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2025 and December 31, 2024)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 101,590,686 and 101,324,894 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)	1	1
Additional paid-in capital	3,901	3,911
Retained earnings	747	723
Accumulated other comprehensive loss	(7)	(8)
Total DT Midstream Equity	4,642	4,627
Noncontrolling interests	140	139
Total Equity	4,782	4,766
Total Liabilities and Equity	$9,932	$9,935

Consolidated Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
(millions)
Operating Activities
Net Income	$111	$100
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	63	50
Stock-based compensation	6	5
Amortization of operating lease right-of-use assets	4	4
Deferred income taxes	33	29
Earnings from equity method investees	(37)	(46)
Dividends from equity method investees	30	47
Changes in assets and liabilities:
Accounts receivable, net	4	19
Accounts payable	(10)	(6)
Interest payable	38	28
Contract liabilities	3	17
Other current and noncurrent assets and liabilities	2	(6)
Net cash and cash equivalents from operating activities	247	241
Investing Activities
Plant and equipment expenditures	(71)	(98)
Distributions from equity method investees	18	28
Contributions to equity method investees	(1)	(1)
Net cash and cash equivalents used for investing activities	(54)	(71)
Financing Activities
Borrowings under the Revolving Credit Facility	35	50
Repayment of borrowings under the Revolving Credit Facility	(120)	(160)
Distributions to noncontrolling interests	(4)	(4)
Contributions from noncontrolling interests	2	—
Dividends paid on common stock	(75)	(67)
Other financing activities	(16)	(4)
Net cash and cash equivalents used for financing activities	(178)	(185)
Net Increase (Decrease) in Cash and Cash Equivalents	15	(15)
Cash and Cash Equivalents at Beginning of Period	68	56
Cash and Cash Equivalents at End of Period	$83	$41
Supplemental disclosure of cash information
Cash paid for (received from):
Interest, net of interest capitalized	$—	$10
Income taxes, net of refunds received	(2)	2
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$48	$60

Consolidated Statements of Changes in Stockholders' Equity

Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(dollars in millions, shares in thousands)
Balance, December 31, 2024	101,325	$1	$3,911	$723	$(8)	$139	$4,766
Net Income	—	—	—	108	—	3	111
Dividends declared on common stock ($0.820 per common share)	—	—	—	(83)	—	—	(83)
Contributions from noncontrolling interests	—	—	—	—	—	2	2
Distributions to noncontrolling interests	—	—	—	—	—	(4)	(4)
Stock-based compensation	266	—	(10)	(1)	—	—	(11)
Other comprehensive income, net of tax	—	—	—	—	1	—	1
Balance, March 31, 2025	101,591	$1	$3,901	$747	$(7)	$140	$4,782

Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(dollars in millions, shares in thousands)
Balance, December 31, 2023	96,971	$1	$3,485	$661	$(8)	$141	$4,280
Net Income	—	—	—	97	—	3	100
Dividends declared on common stock ($0.735 per common share)	—	—	—	(71)	—	—	(71)
Distributions to noncontrolling interests	—	—	—	—	—	(4)	(4)
Stock-based compensation	138	—	2	(1)	—	—	1
Balance, March 31, 2024	97,109	$1	$3,487	$686	$(8)	$140	$4,306

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