DT Midstream, Inc.

For the period ended Sep 30, 2025. Filed Oct 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.

Sep 30, 2025 · Filed Oct 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 · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
(millions, except per share amounts)
Revenues
Operating revenues	$314	$248	$926	$732
Operating Expenses
Operation and maintenance	84	63	242	169
Depreciation and amortization	65	53	191	156
Taxes other than income	10	10	35	31
Operating Income	155	122	458	376
Other (Income) and Deductions
Interest expense	40	38	120	117
Interest income	(1)	(1)	(2)	(2)
Earnings from equity method investees	(34)	(40)	(101)	(125)
Loss from financing activities	—	4	—	4
Other income	(3)	—	(3)	(3)
Income Before Income Taxes	153	121	444	385
Income Tax Expense	35	30	104	94
Net Income	118	91	340	291
Less: Net Income Attributable to Noncontrolling Interests	3	3	10	10
Net Income Attributable to DT Midstream	$115	$88	$330	$281
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.14	$0.91	$3.25	$2.90
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$1.13	$0.90	$3.22	$2.87
Weighted Average Common Shares Outstanding
Basic	101.6	97.1	101.6	97.1
Diluted	102.5	98.0	102.5	97.8

Consolidated Statements of Comprehensive Income

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
(millions)
Net Income	$118	$91	$340	$291
Foreign currency translation and unrealized gain on derivatives, net of tax	—	1	1	1
Other comprehensive income	—	1	1	1
Comprehensive income	118	92	341	292
Less: Comprehensive income attributable to noncontrolling interests	3	3	10	10
Comprehensive Income Attributable to DT Midstream	$115	$89	$331	$282

Consolidated Statements of Financial Position

	September 30,	December 31,
	2025	2024
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$98	$68
Accounts receivable (net of $— allowance for expected credit loss for each period end)	175	172
Deferred property taxes	8	33
Prepaid expenses and other	41	37
	322	310
Investments
Investments in equity method investees	1,262	1,297
Property
Property, plant, and equipment	6,857	6,525
Accumulated depreciation	(1,141)	(998)
	5,716	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	1,877	1,921
Other	49	51
	2,761	2,801
Total Assets	$10,061	$9,935

Consolidated Statements of Financial Position

	September 30,	December 31,
	2025	2024
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$96	$77
Short-term borrowings	—	150
Operating lease liabilities	17	16
Dividends payable	83	75
Interest payable	49	12
Property taxes payable	30	42
Accrued compensation	19	19
Contract liabilities	22	18
Other	33	17
	349	426
Long-Term Debt, net	3,322	3,319
Other Liabilities
Deferred income taxes	1,234	1,129
Operating lease liabilities	36	36
Contract liabilities	157	135
Regulatory liabilities	90	90
Other	29	34
	1,546	1,424
Total Liabilities	5,217	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 September 30, 2025 and December 31, 2024)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 101,673,925 and 101,324,894 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	1	1
Additional paid-in capital	3,907	3,911
Retained earnings	801	723
Accumulated other comprehensive loss	(7)	(8)
Total DT Midstream Equity	4,702	4,627
Noncontrolling interests	142	139
Total Equity	4,844	4,766
Total Liabilities and Equity	$10,061	$9,935

Consolidated Statements of Cash Flows

	Nine Months Ended
	September 30,
	2025	2024
(millions)
Operating Activities
Net Income	$340	$291
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	191	156
Stock-based compensation	19	17
Amortization of operating lease right-of-use assets	13	13
Deferred income taxes	99	78
Earnings from equity method investees	(101)	(125)
Dividends from equity method investees	105	123
Loss from financing activities	—	4
Changes in assets and liabilities:
Accounts receivable, net	(13)	16
Accounts payable	(15)	6
Interest payable	37	28
Contract liabilities	23	16
Other current and noncurrent assets and liabilities	8	(12)
Net cash and cash equivalents from operating activities	706	611
Investing Activities
Plant and equipment expenditures	(295)	(260)
Acquisition accounted for as a business combination (purchase price adjustment)	10	—
Distributions from equity method investees	34	467
Contributions to equity method investees	(3)	(4)
Net cash and cash equivalents from (used for) investing activities	(254)	203
Financing Activities
Repayment of long-term debt	—	(399)
Borrowings under the Revolving Credit Facility	235	195
Repayment of borrowings under the Revolving Credit Facility	(385)	(360)
Distributions to noncontrolling interests	(14)	(14)
Contributions from noncontrolling interests	7	1
Dividends paid on common stock	(241)	(209)
Other financing activities	(24)	(7)
Net cash and cash equivalents used for financing activities	(422)	(793)
Net Increase in Cash and Cash Equivalents	30	21
Cash and Cash Equivalents at Beginning of Period	68	56
Cash and Cash Equivalents at End of Period	$98	$77
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$75	$80
Income taxes, net of refunds received	3	7
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$83	$47

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
Net Income	—	—	—	115	—	3	118
Dividends declared on common stock ($0.820 per common share)	—	—	—	(83)	—	—	(83)
Contributions from noncontrolling interests	—	—	—	—	—	2	2
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Stock-based compensation	81	—	(2)	(1)	—	—	(3)
Balance, September 30, 2025	101,674	$1	$3,907	$801	$(7)	$142	$4,844

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, 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
Net Income	—	—	—	88	—	3	91
Dividends declared on common stock ($0.735 per common share)	—	—	—	(71)	—	—	(71)
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Stock-based compensation	44	—	4	(1)	—	—	3
Other comprehensive income, net of tax	—	—	—	—	1	—	1
Balance, September 30, 2024	97,156	$1	$3,498	$726	$(7)	$138	$4,356

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.