DT Midstream, Inc.

For the period ended Jun 30, 2025. Filed Jul 31, 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.

Jun 30, 2025 · Filed Jul 31, 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 · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
(millions, except per share amounts)
Revenues
Operating revenues	$309	$244	$612	$484
Operating Expenses
Operation and maintenance	80	52	158	106
Depreciation and amortization	63	53	126	103
Taxes other than income	11	9	25	21
Operating Income	155	130	303	254
Other (Income) and Deductions
Interest expense	40	39	80	79
Interest income	—	—	(1)	(1)
Earnings from equity method investees	(30)	(39)	(67)	(85)
Other (income) and expense	—	(3)	—	(3)
Income Before Income Taxes	145	133	291	264
Income Tax Expense	34	33	69	64
Net Income	111	100	222	200
Less: Net Income Attributable to Noncontrolling Interests	4	4	7	7
Net Income Attributable to DT Midstream	$107	$96	$215	$193
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.05	$0.99	$2.12	$1.99
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$1.04	$0.98	$2.10	$1.97
Weighted Average Common Shares Outstanding
Basic	101.6	97.1	101.5	97.1
Diluted	102.5	97.9	102.5	97.8

Consolidated Statements of Comprehensive Income

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
(millions)
Net Income	$111	$100	$222	$200
Foreign currency translation and unrealized gain on derivatives, net of tax	—	—	1	—
Other comprehensive income	—	—	1	—
Comprehensive income	111	100	223	200
Less: Comprehensive income attributable to noncontrolling interests	4	4	7	7
Comprehensive Income Attributable to DT Midstream	$107	$96	$216	$193

Consolidated Statements of Financial Position

	June 30,	December 31,
	2025	2024
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$74	$68
Accounts receivable (net of $— allowance for expected credit loss for each period end)	164	172
Deferred property taxes	17	33
Prepaid expenses and other	36	37
	291	310
Investments
Investments in equity method investees	1,288	1,297
Property
Property, plant, and equipment	6,697	6,525
Accumulated depreciation	(1,092)	(998)
	5,605	5,527
Other Assets
Goodwill	781	776
Long-term notes receivable — related party	4	4
Operating lease right-of-use assets	50	49
Intangible assets, net	1,892	1,921
Other	49	51
	2,776	2,801
Total Assets	$9,960	$9,935

Consolidated Statements of Financial Position

	June 30,	December 31,
	2025	2024
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$84	$77
Short-term borrowings	25	150
Operating lease liabilities	16	16
Dividends payable	83	75
Interest payable	11	12
Property taxes payable	36	42
Accrued compensation	14	19
Contract liabilities	20	18
Other	42	17
	331	426
Long-Term Debt, net	3,321	3,319
Other Liabilities
Deferred income taxes	1,195	1,129
Operating lease liabilities	37	36
Contract liabilities	144	135
Regulatory liabilities	90	90
Other	27	34
	1,493	1,424
Total Liabilities	5,145	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 June 30, 2025 and December 31, 2024)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 101,592,505 and 101,324,894 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	1	1
Additional paid-in capital	3,909	3,911
Retained earnings	770	723
Accumulated other comprehensive loss	(7)	(8)
Total DT Midstream Equity	4,673	4,627
Noncontrolling interests	142	139
Total Equity	4,815	4,766
Total Liabilities and Equity	$9,960	$9,935

Consolidated Statements of Cash Flows

	Six Months Ended
	June 30,
	2025	2024
(millions)
Operating Activities
Net Income	$222	$200
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	126	103
Stock-based compensation	12	11
Amortization of operating lease right-of-use assets	9	9
Deferred income taxes	61	59
Earnings from equity method investees	(67)	(85)
Dividends from equity method investees	59	88
Changes in assets and liabilities:
Accounts receivable, net	(1)	11
Accounts payable	(13)	(4)
Contract liabilities	11	16
Other current and noncurrent assets and liabilities	13	(2)
Net cash and cash equivalents from operating activities	432	406
Investing Activities
Plant and equipment expenditures	(152)	(179)
Acquisition accounted for as a business combination (purchase price adjustment)	10	—
Distributions from equity method investees	19	37
Contributions to equity method investees	(2)	(1)
Other investing activities	1	—
Net cash and cash equivalents used for investing activities	(124)	(143)
Financing Activities
Borrowings under the Revolving Credit Facility	165	155
Repayment of borrowings under the Revolving Credit Facility	(290)	(250)
Distributions to noncontrolling interests	(9)	(9)
Contributions from noncontrolling interests	5	1
Dividends paid on common stock	(158)	(138)
Other financing activities	(15)	(5)
Net cash and cash equivalents used for financing activities	(302)	(246)
Net Increase in Cash and Cash Equivalents	6	17
Cash and Cash Equivalents at Beginning of Period	68	56
Cash and Cash Equivalents at End of Period	$74	$73
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$76	$74
Income taxes, net of refunds received	2	3
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$68	$48

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
Net Income	—	—	—	107	—	4	111
Dividends declared on common stock ($0.820 per common share)	—	—	—	(83)	—	—	(83)
Contributions from noncontrolling interests	—	—	—	—	—	3	3
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Stock-based compensation	2	—	8	(1)	—	—	7
Balance, June 30, 2025	101,593	$1	$3,909	$770	$(7)	$142	$4,815

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
Net Income	—	—	—	96	—	4	100
Dividends declared on common stock ($0.735 per common share)	—	—	—	(71)	—	—	(71)
Contributions from noncontrolling interests	—	—	—	—	—	1	1
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Stock-based compensation	3	—	7	(1)	—	—	6
Balance, June 30, 2024	97,112	$1	$3,494	$710	$(8)	$140	$4,337

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