DT Midstream, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Financial Position
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (millions) | ||
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $54 | $68 |
| Accounts receivable (net of $— allowance for expected credit loss for each period end) | 186 | 172 |
| Deferred property taxes | 42 | 33 |
| Taxes receivable | 2 | 8 |
| Prepaid expenses and other | 34 | 29 |
| 318 | 310 | |
| Investments | ||
| Investments in equity method investees | 1,253 | 1,297 |
| Property | ||
| Property, plant, and equipment | 6,958 | 6,525 |
| Accumulated depreciation | (1,192) | (998) |
| 5,766 | 5,527 | |
| Other Assets | ||
| Goodwill | 781 | 776 |
| Long-term notes receivable — related party | 4 | 4 |
| Operating lease right-of-use assets | 46 | 49 |
| Intangible assets, net | 1,862 | 1,921 |
| Other | 50 | 51 |
| 2,743 | 2,801 | |
| Total Assets (a) | $10,080 | $9,935 |
(a) Our consolidated assets include $943 million and $914 million at December 31, 2025 and 2024, respectively, of certain assets that can be used only to settle obligations of the VIE. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (millions, except shares) | ||
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable | $65 | $77 |
| Short-term borrowings | — | 150 |
| Operating lease liabilities | 16 | 16 |
| Dividends payable | 83 | 75 |
| Interest payable | 11 | 12 |
| Property taxes payable | 48 | 42 |
| Accrued compensation | 25 | 19 |
| Contract liabilities | 25 | 18 |
| Other | 23 | 17 |
| 296 | 426 | |
| Long-Term Debt, net | 3,324 | 3,319 |
| Other Liabilities | ||
| Deferred income taxes | 1,270 | 1,129 |
| Operating lease liabilities | 32 | 36 |
| Contract liabilities | 160 | 135 |
| Regulatory liabilities | 90 | 90 |
| Other | 30 | 34 |
| 1,582 | 1,424 | |
| Total Liabilities (b) | 5,202 | 5,169 |
| Commitments and Contingencies (Note 12) | ||
| Stockholders' Equity | ||
| Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of December 31, 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 December 31, 2025 and December 31, 2024, respectively) | 1 | 1 |
| Additional paid-in capital | 3,915 | 3,911 |
| Retained earnings | 827 | 723 |
| Accumulated other comprehensive loss | (7) | (8) |
| Total DT Midstream Equity | 4,736 | 4,627 |
| Noncontrolling interests | 142 | 139 |
| Total Equity | 4,878 | 4,766 |
| Total Liabilities and Equity | $10,080 | $9,935 |
(b) Our consolidated liabilities include $16 million and $8 million at December 31, 2025 and 2024, respectively, of certain liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.
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