NYSE : DTM
DT Midstream, Inc. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 126.98 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.95B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
DT Midstream, Inc. (DTM) reported revenue of 1.33B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.33B | 1.24B | 981.00M | 922.00M | 920.00M | 840.00M |
| Cost of Revenue | 328.00M | 306.00M | 220.00M | 222.00M | 244.00M | 191.00M |
| Gross Profit | 1.00B | 937.00M | 761.00M | 700.00M | 676.00M | 649.00M |
| Selling, General & Admin | 23.00M | 23.00M | 24.00M | 23.00M | 23.00M | 20.00M |
| Other Operating Expenses | 45.00M | 42.00M | 39.00M | 28.00M | 28.00M | 24.00M |
| Operating Expenses | 343.00M | 323.00M | 272.00M | 233.00M | 221.00M | 210.00M |
| Operating Income | 661.00M | 614.00M | 489.00M | 467.00M | 455.00M | 439.00M |
| Interest Expense | -163.00M | -161.00M | -153.00M | -150.00M | -137.00M | -112.00M |
| Interest & Investment Income | 4.00M | 2.00M | 7.00M | 1.00M | 3.00M | 4.00M |
| Earnings From Equity Investments | 147.00M | 138.00M | 162.00M | 177.00M | 150.00M | 126.00M |
| Other Non Operating Income (Expenses) | 8.00M | 5.00M | 3.00M | 1.00M | 1.00M | 2.00M |
| EBT Excluding Unusual Items | 657.00M | 598.00M | 508.00M | 496.00M | 472.00M | 459.00M |
| Gain (Loss) on Sale of Assets | 17.00M | 2.00M | ||||
| Legal Settlements | 6.00M | |||||
| Other Unusual Items | 2.00M | -4.00M | -13.00M | -39.00M | ||
| Pretax Income | 656.00M | 598.00M | 504.00M | 500.00M | 482.00M | 422.00M |
| Income Tax Expense | 170.00M | 144.00M | 137.00M | 104.00M | 100.00M | 104.00M |
| Earnings From Continuing Operations | 486.00M | 454.00M | 367.00M | 396.00M | 382.00M | 318.00M |
| Minority Interest in Earnings | -15.00M | -13.00M | -13.00M | -12.00M | -12.00M | -11.00M |
| Net Income | 471.00M | 441.00M | 354.00M | 384.00M | 370.00M | 307.00M |
| Net Income to Common | 471.00M | 441.00M | 354.00M | 384.00M | 370.00M | 307.00M |
| Shares Outstanding (Basic) | 101.90M | 101.60M | 97.60M | 96.90M | 96.70M | 96.70M |
| Shares Outstanding (Diluted) | 102.65M | 102.50M | 98.40M | 97.50M | 97.20M | 96.90M |
| EPS (Basic) | 4.62 | 4.34 | 3.63 | 3.96 | 3.83 | 3.17 |
| EPS (Diluted) | 4.59 | 4.30 | 3.60 | 3.94 | 3.81 | 3.16 |
| Free Cash Flow | 533.00M | 441.00M | 413.00M | 26.00M | 387.00M | 432.00M |
| Free Cash Flow Per Share | 5.19 | 4.30 | 4.20 | 0.27 | 3.98 | 4.46 |
| Dividend Per Share | 3.46 | 3.28 | 2.94 | 2.76 | 2.56 | 1.20 |
| Gross Margin | 75.38% | 75.38% | 77.57% | 75.92% | 73.48% | 77.26% |
| Operating Margin | 49.62% | 49.40% | 49.85% | 50.65% | 49.46% | 52.26% |
| Profit Margin | 35.36% | 35.48% | 36.09% | 41.65% | 40.22% | 36.55% |
| Free Cash Flow Margin | 40.02% | 35.48% | 42.10% | 2.82% | 42.07% | 51.43% |
| EBITDA | 936.00M | 872.00M | 698.00M | 649.00M | 625.00M | 605.00M |
| EBITDA Margin | 70.27% | 70.15% | 71.15% | 70.39% | 67.94% | 72.02% |
| D&A For EBITDA | 275.00M | 258.00M | 209.00M | 182.00M | 170.00M | 166.00M |
| EBIT | 661.00M | 614.00M | 489.00M | 467.00M | 455.00M | 439.00M |
| EBIT Margin | 49.62% | 49.40% | 49.85% | 50.65% | 49.46% | 52.26% |
| Effective Tax Rate | 25.91% | 24.08% | 27.18% | 20.80% | 20.75% | 24.64% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 231.00M | 54.00M | 68.00M | 56.00M | 61.00M | 132.00M |
| Cash & Short-Term Investments | 231.00M | 54.00M | 68.00M | 56.00M | 61.00M | 132.00M |
| Accounts Receivable | 185.00M | 186.00M | 172.00M | 154.00M | 161.00M | 169.00M |
| Other Receivables | 2.00M | 8.00M | 15.00M | |||
| Receivables | 189.00M | 188.00M | 180.00M | 169.00M | 161.00M | 178.00M |
| Prepaid Expenses | 38.00M | 34.00M | 29.00M | 16.00M | 18.00M | |
| Other Current Assets | 11.00M | 42.00M | 33.00M | 31.00M | 22.00M | 50.00M |
| Total Current Assets | 469.00M | 318.00M | 310.00M | 272.00M | 262.00M | 360.00M |
| Property, Plant & Equipment | 6.00B | 5.81B | 5.58B | 4.47B | 3.84B | 3.53B |
| Long-Term Investments | 1.22B | 1.25B | 1.30B | 1.76B | 2.20B | 1.69B |
| Goodwill | 781.00M | 781.00M | 776.00M | 473.00M | 473.00M | 473.00M |
| Other Intangible Assets | 1.82B | 1.86B | 1.92B | 1.97B | 2.02B | 2.08B |
| Long-Term Deferred Charges | 12.00M | 6.00M | 7.00M | 6.00M | ||
| Other Long-Term Assets | 35.00M | 44.00M | 44.00M | 25.00M | 32.00M | 32.00M |
| Total Assets | 10.33B | 10.08B | 9.94B | 8.98B | 8.83B | 8.17B |
| Accounts Payable | 144.00M | 65.00M | 77.00M | 94.00M | 119.00M | 22.00M |
| Accrued Expenses | 99.00M | 84.00M | 73.00M | 62.00M | 59.00M | 45.00M |
| Short-Term Debt | 150.00M | 165.00M | 330.00M | |||
| Current Portion of Long-Term Debt | 10.00M | |||||
| Current Portion of Leases | 18.00M | 16.00M | 16.00M | 13.00M | 16.00M | 16.00M |
| Current Unearned Revenue | 28.00M | 25.00M | 18.00M | 18.00M | 4.00M | |
| Other Current Liabilities | 114.00M | 106.00M | 92.00M | 82.00M | 86.00M | 84.00M |
| Total Current Liabilities | 403.00M | 296.00M | 426.00M | 434.00M | 614.00M | 177.00M |
| Long-Term Debt | 3.28B | 3.32B | 3.32B | 3.06B | 3.06B | 3.04B |
| Long-Term Leases | 24.00M | 32.00M | 36.00M | 27.00M | 19.00M | 21.00M |
| Long-Term Unearned Revenue | 166.00M | 160.00M | 135.00M | 111.00M | 28.00M | |
| Long-Term Deferred Tax Liabilities | 1.39B | 1.27B | 1.13B | 1.03B | 923.00M | 856.00M |
| Other Long-Term Liabilities | 121.00M | 120.00M | 124.00M | 34.00M | 36.00M | 55.00M |
| Total Liabilities | 5.38B | 5.20B | 5.17B | 4.70B | 4.68B | 4.14B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 3.90B | 3.92B | 3.91B | 3.48B | 3.47B | 3.45B |
| Retained Earnings | 916.00M | 827.00M | 723.00M | 661.00M | 547.00M | 431.00M |
| Comprehensive Income & Other | -7.00M | -7.00M | -8.00M | -8.00M | -10.00M | -10.00M |
| Total Common Equity | 4.82B | 4.74B | 4.63B | 4.14B | 4.01B | 3.87B |
| Minority Interest | 140.00M | 142.00M | 139.00M | 141.00M | 147.00M | 149.00M |
| Shareholders' Equity | 4.96B | 4.88B | 4.77B | 4.28B | 4.15B | 4.02B |
| Total Liabilities & Equity | 10.33B | 10.08B | 9.94B | 8.98B | 8.83B | 8.17B |
| Total Debt | 3.32B | 3.37B | 3.52B | 3.27B | 3.42B | 3.08B |
| Net Cash (Debt) | -3.09B | -3.32B | -3.45B | -3.21B | -3.36B | -2.95B |
| Net Cash Per Share | -30.08 | -32.37 | -35.09 | -32.96 | -34.60 | -30.45 |
| Filing Date Shares Outstanding | 102.02M | 101.72M | 101.36M | 96.98M | 96.89M | 96.74M |
| Total Common Shares Outstanding | 102.02M | 101.67M | 101.32M | 96.97M | 96.75M | 96.73M |
| Working Capital | 66.00M | 22.00M | -116.00M | -162.00M | -352.00M | 183.00M |
| Book Value Per Share | 47.20 | 46.58 | 45.66 | 42.68 | 41.41 | 40.03 |
| Tangible Book Value | 2.22B | 2.09B | 1.93B | 1.70B | 1.51B | 1.32B |
| Tangible Book Value Per Share | 21.73 | 20.59 | 19.05 | 17.51 | 15.60 | 13.61 |
| Land | 105.00M | 105.00M | 96.00M | 97.00M | 97.00M | |
| Machinery | 73.00M | 60.00M | 40.00M | 32.00M | 23.00M | |
| Construction In Progress | 187.00M | 321.00M | 279.00M | 389.00M | 23.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 471.00M | 441.00M | 354.00M | 384.00M | 370.00M | 307.00M |
| Depreciation & Amortization | 292.00M | 275.00M | 227.00M | 200.00M | 189.00M | 184.00M |
| Loss (Gain) From Sale of Assets | -17.00M | 17.00M | ||||
| Loss (Gain) on Equity Investments | -147.00M | -138.00M | -162.00M | -177.00M | -150.00M | -126.00M |
| Stock-Based Compensation | 26.00M | 26.00M | 23.00M | 20.00M | 17.00M | 12.00M |
| Other Operating Activities | 313.00M | 288.00M | 299.00M | 318.00M | 276.00M | 244.00M |
| Change in Accounts Receivable | -10.00M | -24.00M | 11.00M | 7.00M | 8.00M | -43.00M |
| Change in Accounts Payable | 5.00M | -13.00M | 11.00M | -5.00M | 7.00M | -6.00M |
| Change in Unearned Revenue | 12.00M | 26.00M | 23.00M | 97.00M | 3.00M | 6.00M |
| Change in Other Net Operating Assets | -24.00M | -14.00M | -23.00M | -46.00M | 22.00M | -23.00M |
| Operating Cash Flow | 938.00M | 867.00M | 763.00M | 798.00M | 725.00M | 572.00M |
| Capital Expenditures | -405.00M | -426.00M | -350.00M | -772.00M | -338.00M | -140.00M |
| Cash Acquisitions | 10.00M | -1.20B | ||||
| Investment in Securities | 43.00M | 44.00M | 467.00M | 420.00M | -540.00M | -2.00M |
| Other Investing Activities | 1.00M | 24.00M | 265.00M | |||
| Investing Cash Flow | -362.00M | -372.00M | -1.08B | -351.00M | -854.00M | 123.00M |
| Short-Term Debt Issued | 330.00M | 385.00M | 540.00M | 370.00M | 25.00M | |
| Long-Term Debt Issued | 644.00M | 591.00M | 3.05B | |||
| Total Debt Issued | 334.00M | 330.00M | 1.03B | 540.00M | 961.00M | 3.07B |
| Short-Term Debt Repaid | -480.00M | -400.00M | -705.00M | -40.00M | -3.20B | |
| Long-Term Debt Repaid | -399.00M | -596.00M | -5.00M | |||
| Total Debt Repaid | -382.00M | -480.00M | -799.00M | -705.00M | -636.00M | -3.21B |
| Net Debt Issued (Repaid) | -48.00M | -150.00M | 230.00M | -165.00M | 325.00M | -133.00M |
| Issuance of Common Stock | 406.00M | 110.00M | ||||
| Common Dividends Paid | -345.00M | -324.00M | -280.00M | -263.00M | -244.00M | -559.00M |
| Other Financing Activities | -42.00M | -35.00M | -26.00M | -24.00M | -23.00M | -23.00M |
| Financing Cash Flow | -443.00M | -509.00M | 330.00M | -452.00M | 58.00M | -605.00M |
| Net Cash Flow | 133.00M | -14.00M | 12.00M | -5.00M | -71.00M | 90.00M |
| Free Cash Flow | 533.00M | 441.00M | 413.00M | 26.00M | 387.00M | 432.00M |
| Free Cash Flow Margin | 40.02% | 35.48% | 42.10% | 2.82% | 42.07% | 51.43% |
| Free Cash Flow Per Share | 5.19 | 4.30 | 4.20 | 0.27 | 3.98 | 4.46 |
| Levered Free Cash Flow | 263.25M | 156.12M | 88.00M | -380.88M | 210.75M | 528.38M |
| Unlevered Free Cash Flow | 365.12M | 256.75M | 183.62M | -287.12M | 296.38M | 598.38M |
| Cash Interest Paid | 156.00M | 152.00M | 140.00M | 140.00M | 125.00M | 103.00M |
| Cash Income Tax Paid | 11.00M | 5.00M | 12.00M | 22.00M | 24.00M | 3.00M |
| Change in Working Capital | -17.00M | -25.00M | 22.00M | 53.00M | 40.00M | -66.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.46B | 12.17B | 10.07B | 5.31B | 5.35B | 4.64B |
| Enterprise Value | 15.55B | 15.59B | 12.86B | 8.66B | 8.24B | 7.75B |
| Last Close Price | 124.34 | 117.35 | 94.54 | 50.03 | 47.78 | 39.58 |
| PE Ratio | 26.61 | 27.59 | 28.46 | 13.84 | 14.45 | 15.12 |
| Forward PE | 24.69 | 26.00 | 25.23 | 15.09 | 13.90 | 14.18 |
| PS Ratio | 9.42 | 9.79 | 10.27 | 5.76 | 5.81 | 5.53 |
| PB Ratio | 2.63 | 2.50 | 2.11 | 1.24 | 1.29 | 1.15 |
| P/TBV Ratio | 5.66 | 5.81 | 5.22 | 3.13 | 3.54 | 3.52 |
| P/FCF Ratio | 23.54 | 27.59 | 24.39 | 204.38 | 13.81 | 10.74 |
| P/OCF Ratio | 13.38 | 14.04 | 13.20 | 6.66 | 7.37 | 8.11 |
| PEG Ratio | 1.64 | 2.27 | 2.29 | 1.89 | 1.99 | 3.54 |
| EV/Sales Ratio | 11.74 | 12.54 | 13.11 | 9.39 | 8.95 | 9.23 |
| EV/EBITDA Ratio | 16.71 | 17.88 | 18.42 | 13.34 | 13.18 | 12.81 |
| EV/EBIT Ratio | 23.66 | 25.39 | 26.30 | 18.54 | 18.10 | 17.66 |
| EV/FCF Ratio | 29.34 | 35.34 | 31.14 | 333.08 | 21.28 | 17.95 |
| Debt / Equity Ratio | 0.67 | 0.69 | 0.74 | 0.76 | 0.82 | 0.77 |
| Debt / EBITDA Ratio | 3.46 | 3.77 | 4.88 | 4.87 | 5.28 | 4.93 |
| Debt / FCF Ratio | 6.23 | 7.65 | 8.53 | 125.77 | 8.85 | 7.14 |
| Net Debt / Equity Ratio | 0.62 | 0.68 | 0.72 | 0.75 | 0.81 | 0.73 |
| Net Debt / EBITDA Ratio | 3.30 | 3.81 | 4.95 | 4.95 | 5.38 | 4.88 |
| Net Debt / FCF Ratio | 5.79 | 7.52 | 8.36 | 123.61 | 8.69 | 6.83 |
| Asset Turnover | 0.13 | 0.12 | 0.10 | 0.10 | 0.11 | 0.10 |
| Quick Ratio | 1.03 | 0.82 | 0.58 | 0.52 | 0.36 | 1.70 |
| Current Ratio | 1.16 | 1.07 | 0.73 | 0.63 | 0.43 | 2.03 |
| Return on Equity (ROE) | 9.92% | 9.41% | 8.11% | 9.39% | 9.35% | 7.71% |
| Return on Assets (ROA) | 4.05% | 3.84% | 3.23% | 3.28% | 3.35% | 3.32% |
| Return on Invested Capital (ROIC) | 6.06% | 5.68% | 4.53% | 4.93% | 4.98% | 4.60% |
| Return on Capital Employed (ROCE) | 6.70% | 6.30% | 5.10% | 5.50% | 5.50% | 5.50% |
| Earnings Yield | 3.76% | 3.62% | 3.51% | 7.23% | 6.92% | 6.62% |
| FCF Yield | 4.25% | 3.62% | 4.10% | 0.49% | 7.24% | 9.31% |
| Dividend Yield | 2.88% | 2.74% | 2.96% | 5.04% | 4.63% | 2.50% |
| Payout Ratio | 76.69% | 73.47% | 79.10% | 68.49% | 65.95% | 182.09% |
| Buyback Yield / Dilution | -0.71% | -4.17% | -0.92% | -0.31% | -0.31% | -0.21% |
| Total Shareholder Return | 2.15% | -1.43% | 2.03% | 4.73% | 4.32% | 2.29% |