DT Midstream Inc (DTM) financial statements: income statement, balance sheet and cash flow
DT Midstream Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), DT Midstream Inc reported revenue of $1.2B (+26.7% year on year) and net income of $454.0M (+23.7% year on year).
Income statement
DT Midstream Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating revenues
$1.2B
$981.0M
$922.0M
$920.0M
Operation and maintenance
$329.0M
$244.0M
$245.0M
$267.0M
Depreciation and amortization
$258.0M
$209.0M
$182.0M
$170.0M
Taxes other than income
$42.0M
$39.0M
$28.0M
$28.0M
Asset (gains) losses and impairments, net
$0
$0
($4.0M)
($23.0M)
Operating Income
$614.0M
$489.0M
$471.0M
$478.0M
Interest expense
$161.0M
$153.0M
$150.0M
$137.0M
Interest income
($2.0M)
($7.0M)
($1.0M)
($3.0M)
Earnings from equity method investees
($138.0M)
($162.0M)
($177.0M)
($150.0M)
Loss from financing activities
$0
$5.0M
$0
$13.0M
Other income
($5.0M)
($4.0M)
($1.0M)
($1.0M)
Income Before Income Taxes
$598.0M
$504.0M
$500.0M
$482.0M
Income Tax Expense
$144.0M
$137.0M
$104.0M
$100.0M
Net Income
$454.0M
$367.0M
$396.0M
$382.0M
Less: Net Income Attributable to Noncontrolling Interests
$13.0M
$13.0M
$12.0M
$12.0M
Net Income Attributable to DT Midstream
$441.0M
$354.0M
$384.0M
$370.0M
Net Income Attributable to DT Midstream (in dollars per share)
$4.34
$3.63
$3.97
$3.83
Net Income Attributable to DT Midstream (in dollars per share)
$4.30
$3.60
$3.94
$3.81
Basic (in shares)
101.6M
97.6M
96.9M
96.7M
Diluted (in shares)
102.5M
98.4M
97.5M
97.2M
DT Midstream Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Operating revenues
$343.0M
$336.0M
$314.0M
$309.0M
Operation and maintenance
$90.0M
$85.0M
$84.0M
$80.0M
Depreciation and amortization
$68.0M
$69.0M
$65.0M
$63.0M
Taxes other than income
$12.0M
$15.0M
$10.0M
$11.0M
Asset losses and impairments, net
$0
$1.0M
—
—
Operating Income
$173.0M
$166.0M
$155.0M
$155.0M
Interest expense
$42.0M
$40.0M
$40.0M
$40.0M
Interest income
($1.0M)
($1.0M)
($1.0M)
$0
Earnings from equity method investees
($33.0M)
($43.0M)
($34.0M)
($30.0M)
Gain from financing activities
($1.0M)
—
—
—
Other income
($3.0M)
—
($3.0M)
$0
Income Before Income Taxes
$169.0M
$170.0M
$153.0M
$145.0M
Income Tax Expense
$53.0M
$36.0M
$35.0M
$34.0M
Net Income
$116.0M
$134.0M
$118.0M
$111.0M
Less: Net Income Attributable to Noncontrolling Interests
$4.0M
$4.0M
$3.0M
$4.0M
Net Income Attributable to DT Midstream
$112.0M
$130.0M
$115.0M
$107.0M
Net Income Attributable to DT Midstream (in dollars per share)
$1.10
$1.28
$1.14
$1.05
Net Income Attributable to DT Midstream (in dollars per share)
$1.09
$1.27
$1.13
$1.04
Basic (in shares)
102.0M
101.8M
101.6M
101.6M
Diluted (in shares)
102.6M
102.7M
102.5M
102.5M
Balance sheet
DT Midstream Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$54.0M
$68.0M
$56.0M
$61.0M
Accounts receivable (net of $— allowance for expected credit loss for each period end)
$186.0M
$172.0M
$154.0M
$161.0M
Deferred property taxes
$42.0M
$33.0M
$31.0M
$22.0M
Taxes receivable
$2.0M
$8.0M
$15.0M
—
Prepaid expenses and other
$34.0M
$29.0M
$16.0M
—
Total Current Assets
$318.0M
$310.0M
$272.0M
$262.0M
Investments in equity method investees
$1.3B
$1.3B
$1.8B
$2.2B
Property, plant, and equipment
$7.0B
$6.5B
$5.3B
$4.5B
Accumulated depreciation
($1.2B)
($998.0M)
($848.0M)
($728.0M)
Net Property, plant, and equipment
$5.8B
$5.5B
$4.4B
$3.8B
Goodwill
$781.0M
$776.0M
$473.0M
$473.0M
Long-term notes receivable — related party
$4.0M
$4.0M
$4.0M
—
Operating lease right-of-use assets
$46.0M
$49.0M
$38.0M
$31.0M
Intangible assets, net
$1.9B
$1.9B
$2.0B
$2.0B
Other
$50.0M
$51.0M
$31.0M
$18.0M
Total Other Assets
$2.7B
$2.8B
$2.5B
$2.6B
Total Assets
$10.1B
$9.9B
$9.0B
$8.8B
Accounts payable
$65.0M
$77.0M
$94.0M
$119.0M
Short-term borrowings
$0
$150.0M
$165.0M
$330.0M
Operating lease liabilities
$16.0M
$16.0M
$13.0M
$16.0M
Dividends payable
$83.0M
$75.0M
$67.0M
$62.0M
Interest payable
$11.0M
$12.0M
$10.0M
$10.0M
Property taxes payable
$48.0M
$42.0M
$34.0M
$29.0M
Accrued compensation
$25.0M
$19.0M
$18.0M
$20.0M
Contract liabilities
$25.0M
$18.0M
$18.0M
—
Other
$23.0M
$17.0M
$15.0M
$32.0M
Total Current Liabilities
$296.0M
$426.0M
$434.0M
$614.0M
Long-Term Debt, net
$3.3B
$3.3B
$3.1B
$3.1B
Deferred income taxes
$1.3B
$1.1B
$1.0B
$923.0M
Operating lease liabilities
$32.0M
$36.0M
$27.0M
$19.0M
Contract liabilities
$160.0M
$135.0M
$111.0M
—
Regulatory liabilities
$90.0M
$90.0M
—
—
Other
$30.0M
$34.0M
$34.0M
$28.0M
Total Other Liabilities
$1.6B
$1.4B
$1.2B
$1.0B
Total Liabilities
$5.2B
$5.2B
$4.7B
$4.7B
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)
0
0
0
0
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)
1.0M
1.0M
1.0M
1.0M
Additional paid-in capital
$3.9B
$3.9B
$3.5B
$3.5B
Retained earnings
$827.0M
$723.0M
$661.0M
$547.0M
Accumulated other comprehensive loss
($7.0M)
($8.0M)
($8.0M)
($10.0M)
Total DT Midstream Equity
$4.7B
$4.6B
$4.1B
$4.0B
Noncontrolling interests
$142.0M
$139.0M
$141.0M
$147.0M
Total Equity
$4.9B
$4.8B
$4.3B
$4.2B
Total Liabilities and Equity
$10.1B
$9.9B
$9.0B
$8.8B
DT Midstream Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$172.0M
$150.0M
$98.0M
$74.0M
Accounts receivable (net of $— allowance for expected credit loss for each period end)
$184.0M
$186.0M
$175.0M
$164.0M
Notes receivable — related party
$4.0M
$4.0M
—
—
Deferred property taxes
$21.0M
$32.0M
$8.0M
$17.0M
Prepaid expenses and other
$28.0M
$32.0M
$41.0M
$36.0M
Total Current Assets
$409.0M
$404.0M
$322.0M
$291.0M
Investments in equity method investees
$1.2B
$1.2B
$1.3B
$1.3B
Property, plant, and equipment
$7.1B
$7.0B
$6.9B
$6.7B
Accumulated depreciation
($1.3B)
($1.2B)
($1.1B)
($1.1B)
Net Property, plant, and equipment
$5.9B
$5.8B
$5.7B
$5.6B
Goodwill
$781.0M
$781.0M
$781.0M
$781.0M
Long-term notes receivable — related party
$0
$0
$4.0M
$4.0M
Operating lease right-of-use assets
$44.0M
$44.0M
$50.0M
$50.0M
Intangible assets, net
$1.8B
$1.8B
$1.9B
$1.9B
Other
$47.0M
$48.0M
$49.0M
$49.0M
Total Other Assets
$2.7B
$2.7B
$2.8B
$2.8B
Total Assets
$10.2B
$10.2B
$10.1B
$10.0B
Accounts payable
$70.0M
$57.0M
$96.0M
$84.0M
Operating lease liabilities
$19.0M
$17.0M
$17.0M
$16.0M
Dividends payable
$90.0M
$89.0M
$83.0M
$83.0M
Interest payable
$11.0M
$49.0M
$49.0M
$11.0M
Property taxes payable
$41.0M
$47.0M
$30.0M
$36.0M
Accrued compensation
$17.0M
$11.0M
$19.0M
$14.0M
Contract liabilities
$30.0M
$24.0M
$22.0M
$20.0M
Other
$20.0M
$27.0M
$33.0M
$42.0M
Total Current Liabilities
$298.0M
$321.0M
$349.0M
$331.0M
Long-Term Debt, net
$3.3B
$3.3B
$3.3B
$3.3B
Deferred income taxes
$1.4B
$1.3B
$1.2B
$1.2B
Operating lease liabilities
$28.0M
$29.0M
$36.0M
$37.0M
Contract liabilities
$162.0M
$162.0M
$157.0M
$144.0M
Regulatory liabilities
$90.0M
$90.0M
$90.0M
$90.0M
Other
$32.0M
$30.0M
$29.0M
$27.0M
Total Other Liabilities
$1.7B
$1.6B
$1.5B
$1.5B
Total Liabilities
$5.3B
$5.3B
$5.2B
$5.1B
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of June 30, 2026 and December 31, 2025)
0
0
0
0
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 June 30, 2026 and December 31, 2025, respectively)
1.0M
1.0M
1.0M
1.0M
Additional paid-in capital
$3.9B
$3.9B
$3.9B
$3.9B
Retained earnings
$888.0M
$867.0M
$801.0M
$770.0M
Accumulated other comprehensive loss
($7.0M)
($7.0M)
($7.0M)
($7.0M)
Total DT Midstream Equity
$4.8B
$4.8B
$4.7B
$4.7B
Noncontrolling interests
$142.0M
$142.0M
$142.0M
$142.0M
Total Equity
$4.9B
$4.9B
$4.8B
$4.8B
Total Liabilities and Equity
$10.2B
$10.2B
$10.1B
$10.0B
Cash flow statement
DT Midstream Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Income
$454.0M
$367.0M
$396.0M
$382.0M
Depreciation and amortization
$258.0M
$209.0M
$182.0M
$170.0M
Stock-based compensation
$26.0M
$23.0M
$20.0M
$17.0M
Amortization of operating lease right-of-use assets
$17.0M
$18.0M
$18.0M
$19.0M
Deferred income taxes
$137.0M
$120.0M
$110.0M
$70.0M
Earnings from equity method investees
($138.0M)
($162.0M)
($177.0M)
($150.0M)
Dividends from equity method investees
$138.0M
$161.0M
$196.0M
$181.0M
Loss from financing activities
$0
$5.0M
$0
$13.0M
Accounts receivable, net
($24.0M)
$11.0M
$7.0M
$8.0M
Accounts payable
($13.0M)
$11.0M
($5.0M)
$7.0M
Contract liabilities
$26.0M
$23.0M
$97.0M
—
Other current and noncurrent assets and liabilities
($14.0M)
($23.0M)
($46.0M)
$25.0M
Net cash and cash equivalents from operating activities
$867.0M
$763.0M
$798.0M
$725.0M
Plant and equipment expenditures
($426.0M)
($350.0M)
($772.0M)
($338.0M)
Acquisition accounted for as a business combination (and purchase price adjustment)
$10.0M
($1.2B)
—
—
Distributions from equity method investees
$49.0M
$472.0M
$427.0M
$17.0M
Contributions to equity method investees
($5.0M)
($5.0M)
($7.0M)
($5.0M)
Other investing activities
$0
$0
$1.0M
$0
Net cash and cash equivalents used for investing activities
($372.0M)
($1.1B)
($351.0M)
($854.0M)
Issuance of long-term debt, net of discount and issuance costs
$0
$644.0M
$0
$591.0M
Repayment of long-term debt
$0
($399.0M)
$0
($596.0M)
Borrowings under the Revolving Credit Facility
$330.0M
$385.0M
$540.0M
$370.0M
Repayment of borrowings under the Revolving Credit Facility
($480.0M)
($400.0M)
($705.0M)
($40.0M)
Payment of Revolving Credit Facility issuance costs
$0
($3.0M)
$0
($3.0M)
Issuance of common stock, net of issuance costs
$0
$406.0M
—
—
Contributions from noncontrolling interests
$7.0M
—
—
—
Distributions to noncontrolling interests
($17.0M)
($17.0M)
($18.0M)
($14.0M)
Dividends paid on common stock
($324.0M)
($280.0M)
($263.0M)
($244.0M)
Other financing activities
($25.0M)
($6.0M)
($6.0M)
($3.0M)
Net cash and cash equivalents from (used for) financing activities
($509.0M)
$330.0M
($452.0M)
$58.0M
Net Increase (Decrease) in Cash and Cash Equivalents
($14.0M)
$12.0M
($5.0M)
($71.0M)
Cash and Cash Equivalents at Beginning of Period
$68.0M
$56.0M
$61.0M
$132.0M
Cash and Cash Equivalents at End of Period
$54.0M
$68.0M
$56.0M
$61.0M
Interest, net of interest capitalized
$152.0M
$140.0M
$140.0M
$125.0M
Plant and equipment expenditures in accounts payable and other accrued liabilities
$50.0M
$44.0M
$80.0M
$99.0M
DT Midstream Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net Income
$250.0M
$134.0M
$340.0M
$222.0M
Depreciation and amortization
$137.0M
$69.0M
$191.0M
$126.0M
Stock-based compensation
$12.0M
$6.0M
$19.0M
$12.0M
Amortization of operating lease right-of-use assets
$8.0M
$4.0M
$13.0M
$9.0M
Deferred income taxes
$80.0M
$33.0M
$99.0M
$61.0M
Earnings from equity method investees
($76.0M)
($43.0M)
($101.0M)
($67.0M)
Dividends from equity method investees
$75.0M
$41.0M
$105.0M
$59.0M
Gain from financing activities
($1.0M)
—
$0
—
Accounts receivable, net
$2.0M
$0
($13.0M)
($1.0M)
Accounts payable
($2.0M)
($3.0M)
($15.0M)
($13.0M)
Contract liabilities
$7.0M
$1.0M
$23.0M
$11.0M
Other current and noncurrent assets and liabilities
$10.0M
$14.0M
$8.0M
$13.0M
Net cash and cash equivalents from operating activities
$502.0M
$280.0M
$706.0M
$432.0M
Plant and equipment expenditures
($183.0M)
($78.0M)
($295.0M)
($152.0M)
Acquisition accounted for as a business combination (and purchase price adjustment)
$0
—
—
—
Distributions from equity method investees
$21.0M
$15.0M
$34.0M
$19.0M
Contributions to equity method investees
($10.0M)
($5.0M)
($3.0M)
($2.0M)
Other investing activities
$0
—
—
$1.0M
Net cash and cash equivalents used for investing activities
($172.0M)
($68.0M)
($254.0M)
($124.0M)
Issuance of long-term debt, net of discount and issuance costs
$149.0M
—
—
—
Repayment of long-term debt
($148.0M)
—
$0
—
Borrowings under the Revolving Credit Facility
$90.0M
$90.0M
$235.0M
$165.0M
Repayment of borrowings under the Revolving Credit Facility
($90.0M)
($90.0M)
($385.0M)
($290.0M)
Distributions to noncontrolling interests
($9.0M)
($5.0M)
($14.0M)
($9.0M)
Contributions from noncontrolling interests
$1.0M
$1.0M
$7.0M
$5.0M
Dividends paid on common stock
($172.0M)
($83.0M)
($241.0M)
($158.0M)
Stock-based compensation tax withholding payments
($33.0M)
($29.0M)
—
—
Net cash and cash equivalents used for financing activities
($212.0M)
($116.0M)
($422.0M)
($302.0M)
Net Increase in Cash and Cash Equivalents
$118.0M
$96.0M
$30.0M
$6.0M
Cash and Cash Equivalents at Beginning of Period
$54.0M
$54.0M
$68.0M
$68.0M
Cash and Cash Equivalents at End of Period
$172.0M
$150.0M
$98.0M
$74.0M
Interest, net of interest capitalized
$77.0M
$0
$75.0M
$76.0M
Income taxes, net of refunds received
$5.0M
$2.0M
$3.0M
$2.0M
Plant and equipment expenditures in accounts payable and other accrued liabilities