DT Midstream, Inc.

For the period ended Sep 30, 2026. Filed Oct 29, 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.

Sep 30, 2026 · Filed Oct 29, 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 · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
(millions, except per share amounts)
Revenues
Operating revenues	$336	$314	$1,015	$926
Operating Expenses
Operation and maintenance	89	84	264	242
Depreciation and amortization	71	65	208	191
Taxes other than income	11	10	38	35
Asset losses and impairments, net	2	—	3	—
Operating Income	163	155	502	458
Other (Income) and Deductions
Interest expense	40	40	122	120
Interest income	(2)	(1)	(4)	(2)
Earnings from equity method investees	(34)	(34)	(110)	(101)
Gain from financing activities	(1)	—	(2)	—
Other income	(3)	(3)	(6)	(3)
Income Before Income Taxes	163	153	502	444
Income Tax Expense	41	35	130	104
Net Income	122	118	372	340
Less: Net Income Attributable to Noncontrolling Interests	4	3	12	10
Net Income Attributable to DT Midstream	$118	$115	$360	$330
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.16	$1.14	$3.54	$3.25
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$1.16	$1.13	$3.51	$3.22
Weighted Average Common Shares Outstanding
Basic	102.0	101.6	102.0	101.6
Diluted	102.7	102.5	102.7	102.5

Consolidated Statements of Comprehensive Income

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
(millions)
Net Income	$122	$118	$372	$340
Other comprehensive income, net of tax
Foreign currency translation, net of tax	—	—	—	1
Total other comprehensive income, net of tax	—	—	—	1
Comprehensive income	122	118	372	341
Less: Comprehensive income attributable to noncontrolling interests	4	3	12	10
Comprehensive Income Attributable to DT Midstream	$118	$115	$360	$331

Consolidated Statements of Financial Position

	September 30,	December 31,
	2026	2025
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$231	$54
Accounts receivable (net of $— allowance for expected credit loss for each period end)	185	186
Notes receivable — related party	4	—
Deferred property taxes	10	42
Prepaid expenses and other	39	36
	469	318
Investments
Investments in equity method investees	1,220	1,253
Property
Property, plant, and equipment	7,308	6,958
Accumulated depreciation	(1,351)	(1,192)
	5,957	5,766
Other Assets
Goodwill	781	781
Long-term notes receivable — related party	—	4
Operating lease right-of-use assets	41	46
Intangible assets, net	1,817	1,862
Other	47	50
	2,686	2,743
Total Assets (a)	$10,332	$10,080

(a) Our consolidated assets include $923 million and $943 million at September 30, 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

	September 30,	December 31,
	2026	2025
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$144	$65
Operating lease liabilities	18	16
Dividends payable	90	83
Interest payable	47	11
Property taxes payable	32	48
Accrued compensation	20	25
Contract liabilities	28	25
Other	24	23
	403	296
Long-Term Debt, net	3,277	3,324
Other Liabilities
Deferred income taxes	1,386	1,270
Operating lease liabilities	24	32
Contract liabilities	166	160
Regulatory liabilities	90	90
Other	31	30
	1,697	1,582
Total Liabilities (b)	5,377	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 September 30, 2026 and December 31, 2025)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 102,015,296 and 101,673,925 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	1	1
Additional paid-in capital	3,905	3,915
Retained earnings	916	827
Accumulated other comprehensive loss	(7)	(7)
Total DT Midstream Equity	4,815	4,736
Noncontrolling interests	140	142
Total Equity	4,955	4,878
Total Liabilities and Equity	$10,332	$10,080

(b) Our consolidated liabilities include $8 million and $16 million at September 30, 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

	Nine Months Ended
	September 30,
	2026	2025
(millions)
Operating Activities
Net Income	$372	$340
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	208	191
Stock-based compensation	19	19
Amortization of operating lease right-of-use assets	13	13
Deferred income taxes	116	99
Earnings from equity method investees	(110)	(101)
Dividends from equity method investees	113	105
Gain from financing activities	(2)	—
Changes in assets and liabilities:
Accounts receivable, net	1	(13)
Accounts payable	3	(15)
Interest payable	36	37
Contract liabilities	9	23
Other current and noncurrent assets and liabilities	(1)	8
Net cash and cash equivalents from operating activities	777	706
Investing Activities
Plant and equipment expenditures	(274)	(295)
Acquisition accounted for as a business combination (purchase price adjustment)	—	10
Distributions from equity method investees	47	34
Contributions to equity method investees	(17)	(3)
Net cash and cash equivalents used for investing activities	(244)	(254)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	149	—
Repayment of long-term debt	(197)	—
Borrowings under the Revolving Credit Facility	90	235
Repayment of borrowings under the Revolving Credit Facility	(90)	(385)
Distributions to noncontrolling interests	(15)	(14)
Contributions from noncontrolling interests	1	7
Dividends paid on common stock	(262)	(241)
Stock-based compensation tax withholding payments	(32)	(24)
Net cash and cash equivalents used for financing activities	(356)	(422)
Net Increase in Cash and Cash Equivalents	177	30
Cash and Cash Equivalents at Beginning of Period	54	68
Cash and Cash Equivalents at End of Period	$231	$98
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$79	$75
Income taxes, net of refunds received	9	3
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$126	$83

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
Net Income	—	—	—	112	—	4	116
Dividends declared on common stock ($0.880 per common share)	—	—	—	(90)	—	—	(90)
Distributions to noncontrolling interests	—	—	—	—	—	(4)	(4)
Stock-based compensation	1	—	5	(1)	—	—	4
Balance, June 30, 2026	102,015	$1	$3,897	$888	$(7)	$142	$4,921
Net Income	—	—	—	118	—	4	122
Dividends declared on common stock ($0.880 per common share)	—	—	—	(90)	—	—	(90)
Distributions to noncontrolling interests	—	—	—	—	—	(6)	(6)
Stock-based compensation	—	—	8	—	—	—	8
Balance, September 30, 2026	102,015	$1	$3,905	$916	$(7)	$140	$4,955

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

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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.