DT Midstream, Inc.

Listed Company

DTMCIK 0001842022NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.24B

Net Income

$441.00M

Total Assets

$10.08B

Equity

$4.74B

Shares Out

102.01M

Op. Cash Flow

$867.00M

Business

DT Midstream, Inc. is an owner, operator and developer of an integrated portfolio of natural gas midstream assets that transports, stores and gathers natural gas. It provides pipeline and storage transportation, gathering services, treatment, compression, dehydration, ancillary water and sand services, and related facility operations. The company reports and manages its activities through two business segments: Pipeline and Gathering. Its assets and services connect production basins and demand centers across the Midwest, Appalachian Basin, Gulf Coast and Eastern Canada via interstate and intrastate pipelines, storage systems and gathering networks.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	1,243	981	922	920	840
Operation and maintenance	329	244	245	267	231
Depreciation and amortization	258	209	182	170	166
Taxes other than income	42	39	28	28	24
Asset (gains) losses and impairments, net	0	0	−4	−23	17
Operating Income	614	489	471	478	402
Interest expense	161	153	150	137	—
Interest income	−2	−7	−1	−3	−4
Earnings from equity method investees	−138	−162	−177	−150	−126
Loss from financing activities	0	5	0	13	0
Other income	−5	−4	−1	−1	−2
Income Before Income Taxes	598	504	500	482	422
Income Tax Expense	144	137	104	100	104
Net Income	454	367	396	382	318
Less: Net Income Attributable to Noncontrolling Interests	13	13	12	12	11
Net Income Attributable to DT Midstream	441	354	384	370	307
Net Income Attributable to DT Midstream (in dollars per share)	4.34	3.63	3.97	3.83	3.17
Net Income Attributable to DT Midstream (in dollars per share)	4.3	3.6	3.94	3.81	3.16
Basic (in shares)	102	98	97	97	97
Diluted (in shares)	103	98	98	97	97

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	54	68	56	61	132
Accounts receivable (net of $ allowance for expected credit loss for each period end)	186	172	154	161	169
Deferred property taxes	42	33	31	22	25
Taxes receivable	2	8	15	0	—
Prepaid expenses and other	34	29	16	18	—
Total Current Assets	318	310	272	262	360
Investments in equity method investees	1,253	1,297	1,762	2,200	1,691
Property, plant, and equipment	6,958	6,525	5,282	4,534	4,109
Accumulated depreciation	−1,192	−998	−848	−728	−619
Net Property, plant, and equipment	5,766	5,527	4,434	3,806	3,490
Goodwill	781	776	473	473	473
Long-term notes receivable related party	4	4	4	4	—
Operating lease right-of-use assets	46	49	38	31	36
Intangible assets, net	1,862	1,921	1,968	2,025	2,082
Other	50	51	31	32	32
Total Other Assets	2,743	2,801	2,514	2,565	2,625
Total Assets	10,080	9,935	8,982	8,833	8,166
Accounts payable	65	77	94	119	22
Short-term borrowings	0	150	165	330	0
Operating lease liabilities	16	16	13	16	16
Dividends payable	83	75	67	62	58
Interest payable	11	12	10	10	4
Property taxes payable	48	42	34	29	24
Accrued compensation	25	19	18	20	17
Contract liabilities	25	18	18	4	—
Other	23	17	15	24	26
Total Current Liabilities	296	426	434	614	177
Long-Term Debt, net	3,324	3,319	3,065	3,059	3,036
Deferred income taxes	1,270	1,129	1,031	923	856
Operating lease liabilities	32	36	27	19	21
Contract liabilities	160	135	111	28	—
Regulatory liabilities	90	90	0	—	—
Other	30	34	34	36	55
Total Other Liabilities	1,582	1,424	1,203	1,006	932
Total Liabilities	5,202	5,169	4,702	4,679	4,145
Commitments and Contingencies (Note 12)	—	—	—	—	—
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	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	1	1	1	1
Additional paid-in capital	3,915	3,911	3,485	3,469	3,450
Retained earnings	827	723	661	547	431
Accumulated other comprehensive loss	−7	−8	−8	−10	−10
Total DT Midstream Equity	4,736	4,627	4,139	4,007	3,872
Noncontrolling interests	142	139	141	147	149
Total Equity	4,878	4,766	4,280	4,154	4,021
Total Liabilities and Equity	10,080	9,935	8,982	8,833	8,166

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	26	23	20	17	12
Amortization of operating lease right-of-use assets	17	18	18	19	18
Deferred income taxes	137	120	110	70	104
Dividends from equity method investees	138	161	196	181	129
Accounts receivable, net	−24	11	7	8	−43
Accounts payable	−13	11	−5	7	4
Contract liabilities	26	23	97	3	6
Other current and noncurrent assets and liabilities	−14	−23	−46	22	−23
Net cash and cash equivalents from operating activities	867	763	798	725	572
Plant and equipment expenditures	−426	−350	−772	−338	−140
Acquisition accounted for as a business combination (and purchase price adjustment)	10	−1,198	0	0	0
Distributions from equity method investees	49	472	427	17	9
Contributions to equity method investees	−5	−5	−7	−5	−11
Other investing activities	0	0	1	2	2
Net cash and cash equivalents used for investing activities	−372	−1,081	−351	−854	123
Issuance of long-term debt, net of discount and issuance costs	0	644	0	591	3,047
Repayment of long-term debt	0	−399	0	−596	−5
Borrowings under the Revolving Credit Facility	330	385	540	370	25
Repayment of borrowings under the Revolving Credit Facility	−480	−400	−705	−40	−25
Payment of Revolving Credit Facility issuance costs	0	−3	0	−3	−7
Issuance of common stock, net of issuance costs	0	406	0	0	—
Contributions from noncontrolling interests	7	0	0	—	—
Distributions to noncontrolling interests	−17	−17	−18	−14	−16
Dividends paid on common stock	−324	−280	−263	−244	−58
Other financing activities	−25	−6	−6	−6	0
Net cash and cash equivalents from (used for) financing activities	−509	330	−452	58	−605
Net Increase (Decrease) in Cash and Cash Equivalents	−14	12	−5	−71	90
Interest, net of interest capitalized	152	140	140	125	103
Plant and equipment expenditures in accounts payable and other accrued liabilities	50	44	80	99	10

Filings

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