DT Midstream, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
DTM$118.73+1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (millions) | |||
| Operating Activities | |||
| Net Income | $454 | $367 | $396 |
| Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities: | |||
| Depreciation and amortization | 258 | 209 | 182 |
| Stock-based compensation | 26 | 23 | 20 |
| Amortization of operating lease right-of-use assets | 17 | 18 | 18 |
| Deferred income taxes | 137 | 120 | 110 |
| Earnings from equity method investees | (138) | (162) | (177) |
| Dividends from equity method investees | 138 | 161 | 196 |
| Loss from financing activities | — | 5 | — |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | (24) | 11 | 7 |
| Accounts payable | (13) | 11 | (5) |
| Contract liabilities | 26 | 23 | 97 |
| Other current and noncurrent assets and liabilities | (14) | (23) | (46) |
| Net cash and cash equivalents from operating activities | 867 | 763 | 798 |
| Investing Activities | |||
| Plant and equipment expenditures | (426) | (350) | (772) |
| Acquisition accounted for as a business combination (and purchase price adjustment) | 10 | (1,198) | — |
| Distributions from equity method investees | 49 | 472 | 427 |
| Contributions to equity method investees | (5) | (5) | (7) |
| Other investing activities | — | — | 1 |
| Net cash and cash equivalents used for investing activities | (372) | (1,081) | (351) |
| Financing Activities | |||
| Issuance of long-term debt, net of discount and issuance costs | — | 644 | — |
| Repayment of long-term debt | — | (399) | — |
| Borrowings under the Revolving Credit Facility | 330 | 385 | 540 |
| Repayment of borrowings under the Revolving Credit Facility | (480) | (400) | (705) |
| Payment of Revolving Credit Facility issuance costs | — | (3) | — |
| Issuance of common stock, net of issuance costs | — | 406 | — |
| Contributions from noncontrolling interests | 7 | — | — |
| Distributions to noncontrolling interests | (17) | (17) | (18) |
| Dividends paid on common stock | (324) | (280) | (263) |
| Other financing activities | (25) | (6) | (6) |
| Net cash and cash equivalents from (used for) financing activities | (509) | 330 | (452) |
| Net Increase (Decrease) in Cash and Cash Equivalents | (14) | 12 | (5) |
| Cash and Cash Equivalents at Beginning of Period | 68 | 56 | 61 |
| Cash and Cash Equivalents at End of Period | $54 | $68 | $56 |
| Supplemental disclosure of cash information | |||
| Cash paid for: | |||
| Interest, net of interest capitalized | $152 | $140 | $140 |
| Supplemental disclosure of non-cash investing and financing activities | |||
| Plant and equipment expenditures in accounts payable and other accrued liabilities | $50 | $44 | $80 |
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