DT Midstream, Inc.

For the period ended Mar 31, 2026. Filed Apr 30, 2026.

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, 2026 · Filed Apr 30, 2026

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,
	2026	2025
(millions, except per share amounts)
Revenues
Operating revenues	$336	$303
Operating Expenses
Operation and maintenance	85	78
Depreciation and amortization	69	63
Taxes other than income	15	14
Asset losses and impairments, net	1	—
Operating Income	166	148
Other (Income) and Deductions
Interest expense	40	40
Interest income	(1)	(1)
Earnings from equity method investees	(43)	(37)
Income Before Income Taxes	170	146
Income Tax Expense	36	35
Net Income	134	111
Less: Net Income Attributable to Noncontrolling Interests	4	3
Net Income Attributable to DT Midstream	$130	$108
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.28	$1.07
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$1.27	$1.06
Weighted Average Common Shares Outstanding
Basic	101.8	101.4
Diluted	102.7	102.5

Consolidated Statements of Comprehensive Income

	Three Months Ended
	March 31,
	2026	2025
(millions)
Net Income	$134	$111
Other comprehensive income, net of tax
Foreign currency translation, net of tax	—	1
Total other comprehensive income, net of tax	—	1
Comprehensive income	134	112
Less: Comprehensive income attributable to noncontrolling interests	4	3
Comprehensive Income Attributable to DT Midstream	$130	$109

Consolidated Statements of Financial Position

	March 31,	December 31,
	2026	2025
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$150	$54
Accounts receivable (net of $— allowance for expected credit loss for each period end)	186	186
Notes receivable — related party	4	—
Deferred property taxes	32	42
Prepaid expenses and other	32	36
	404	318
Investments
Investments in equity method investees	1,245	1,253
Property
Property, plant, and equipment	7,030	6,958
Accumulated depreciation	(1,244)	(1,192)
	5,786	5,766
Other Assets
Goodwill	781	781
Long-term notes receivable — related party	—	4
Operating lease right-of-use assets	44	46
Intangible assets, net	1,847	1,862
Other	48	50
	2,720	2,743
Total Assets (a)	$10,155	$10,080

(a) Our consolidated assets include $939 million and $943 million at March 31, 2026 and December 31, 2025, 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.

Consolidated Statements of Financial Position

	March 31,	December 31,
	2026	2025
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$57	$65
Operating lease liabilities	17	16
Dividends payable	89	83
Interest payable	49	11
Property taxes payable	47	48
Accrued compensation	11	25
Contract liabilities	24	25
Other	27	23
	321	296
Long-Term Debt, net	3,325	3,324
Other Liabilities
Deferred income taxes	1,303	1,270
Operating lease liabilities	29	32
Contract liabilities	162	160
Regulatory liabilities	90	90
Other	30	30
	1,614	1,582
Total Liabilities (b)	5,260	5,202
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, 2026 and December 31, 2025)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 102,014,118 and 101,673,925 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	1	1
Additional paid-in capital	3,892	3,915
Retained earnings	867	827
Accumulated other comprehensive loss	(7)	(7)
Total DT Midstream Equity	4,753	4,736
Noncontrolling interests	142	142
Total Equity	4,895	4,878
Total Liabilities and Equity	$10,155	$10,080

(b) Our consolidated liabilities include $10 million and $16 million at March 31, 2026 and December 31, 2025, 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.

Consolidated Statements of Cash Flows

	Three Months Ended
	March 31,
	2026	2025
(millions)
Operating Activities
Net Income	$134	$111
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	69	63
Stock-based compensation	6	6
Amortization of operating lease right-of-use assets	4	4
Deferred income taxes	33	33
Earnings from equity method investees	(43)	(37)
Dividends from equity method investees	41	30
Changes in assets and liabilities:
Accounts receivable, net	—	4
Accounts payable	(3)	(10)
Interest payable	38	38
Accrued compensation	(14)	(11)
Contract liabilities	1	3
Other current and noncurrent assets and liabilities	14	13
Net cash and cash equivalents from operating activities	280	247
Investing Activities
Plant and equipment expenditures	(78)	(71)
Distributions from equity method investees	15	18
Contributions to equity method investees	(5)	(1)
Net cash and cash equivalents used for investing activities	(68)	(54)
Financing Activities
Borrowings under the Revolving Credit Facility	90	35
Repayment of borrowings under the Revolving Credit Facility	(90)	(120)
Distributions to noncontrolling interests	(5)	(4)
Contributions from noncontrolling interests	1	2
Dividends paid on common stock	(83)	(75)
Stock-based compensation tax withholding payments	(29)	(16)
Net cash and cash equivalents used for financing activities	(116)	(178)
Net Increase in Cash and Cash Equivalents	96	15
Cash and Cash Equivalents at Beginning of Period	54	68
Cash and Cash Equivalents at End of Period	$150	$83
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$—	$—
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	$45	$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, 2025	101,674	$1	$3,915	$827	$(7)	$142	$4,878
Net Income	—	—	—	130	—	4	134
Dividends declared on common stock ($0.880 per common share)	—	—	—	(89)	—	—	(89)
Contributions from noncontrolling interests	—	—	—	—	—	1	1
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Stock-based compensation	340	—	(23)	(1)	—	—	(24)
Balance, March 31, 2026	102,014	$1	$3,892	$867	$(7)	$142	$4,895

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

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