DT Midstream, Inc.DTM
DT Midstream, Inc. Segments Disclosure
SEGMENT AND RELATED INFORMATION
We set strategic goals, allocate resources, and evaluate performance based on the following two segments: Pipeline and Gathering. Our Chief Operating Decision Maker (CODM) has been identified as our Chief Executive Officer. Our CODM regularly evaluates financial information regarding these segments in deciding how to allocate resources and in assessing our operating and financial performance. We manage and report our operations primarily according to the nature of our products and services. Our plants, pipelines and other fixed assets are located in the U.S. and Canada.
The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. The Pipeline segment also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The DTM Interstate Transportation assets and results of operations after the December 31, 2024 acquisition date are presented in our Pipeline segment.
The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers’ wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation, as well as associated ancillary services. The Clean Fuels Gathering assets and results of operations after the July 1, 2024 acquisition date are presented in our Gathering segment.
Our CODM uses Net Income Attributable to DT Midstream to allocate resources, including employees, property, and financial or capital resources, for each segment predominantly in the annual budget and forecasting process. Our CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The CODM also uses Net Income Attributable to DT Midstream to assess the performance for each segment by comparing the results of each segment. Net Income Attributable to DT Midstream is an important performance measure of the core profitability of our operations and forms the basis of our internal and external financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results.
Inter-segment billing for goods and services exchanged between segments is based upon contracted prices of the provider. Inter-segment billings were not significant for the years ended December 31, 2025, 2024 and 2023.
Financial data for our business segments follows:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Pipeline | Gathering | Total Reportable Segments | Eliminations | Total Consolidated | |||||||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Operating revenues | $ | 687 | $ | 556 | $ | 1,243 | $ | — | $ | 1,243 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Operation and maintenance | 134 | 195 | 329 | — | 329 | ||||||||||||||||||||||||
| Depreciation and amortization | 111 | 147 | 258 | — | 258 | ||||||||||||||||||||||||
| Taxes other than income | 27 | 15 | 42 | — | 42 | ||||||||||||||||||||||||
| Other (Income) and Deductions | |||||||||||||||||||||||||||||
| Interest expense | 51 | 110 | 161 | — | 161 | ||||||||||||||||||||||||
| Interest income | (1) | (1) | (2) | — | (2) | ||||||||||||||||||||||||
| Earnings from equity method investees | (138) | — | (138) | — | (138) | ||||||||||||||||||||||||
| Other income | (1) | (4) | (5) | — | (5) | ||||||||||||||||||||||||
| Income Tax Expense | 121 | 23 | 144 | — | 144 | ||||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 13 | — | 13 | — | 13 | ||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 370 | $ | 71 | $ | 441 | $ | — | $ | 441 | |||||||||||||||||||
| Capital expenditures | $ | 176 | $ | 250 | $ | 426 | $ | — | $ | 426 | |||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Investments in equity method investees | $ | 1,253 | $ | — | $ | 1,253 | $ | — | $ | 1,253 | |||||||||||||||||||
| Total Assets | $ | 5,297 | $ | 4,783 | $ | 10,080 | $ | — | $ | 10,080 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Pipeline | Gathering | Total Reportable Segments | Eliminations | Total Consolidated | |||||||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Operating revenues | $ | 443 | $ | 538 | $ | 981 | $ | — | $ | 981 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Operation and maintenance | 68 | 176 | 244 | — | 244 | ||||||||||||||||||||||||
| Depreciation and amortization | 74 | 135 | 209 | — | 209 | ||||||||||||||||||||||||
| Taxes other than income | 22 | 17 | 39 | — | 39 | ||||||||||||||||||||||||
| Other (Income) and Deductions | |||||||||||||||||||||||||||||
| Interest expense | 47 | 106 | 153 | — | 153 | ||||||||||||||||||||||||
| Interest income | (4) | (3) | (7) | — | (7) | ||||||||||||||||||||||||
| Earnings from equity method investees | (162) | — | (162) | — | (162) | ||||||||||||||||||||||||
| Loss from financing activities | 3 | 2 | 5 | — | 5 | ||||||||||||||||||||||||
| Other income | (1) | (3) | (4) | — | (4) | ||||||||||||||||||||||||
| Income Tax Expense | 107 | 30 | 137 | — | 137 | ||||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 13 | — | 13 | — | 13 | ||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 276 | $ | 78 | $ | 354 | $ | — | $ | 354 | |||||||||||||||||||
| Capital expenditures | 73 | $ | 277 | $ | 350 | $ | — | $ | 350 | ||||||||||||||||||||
Acquisition accounted for as a business combination | $ | 1,198 | $ | — | $ | 1,198 | $ | — | $ | 1,198 | |||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Investments in equity method investees | $ | 1,297 | $ | — | $ | 1,297 | $ | — | $ | 1,297 | |||||||||||||||||||
| Total Assets | $ | 5,274 | $ | 4,661 | $ | 9,935 | $ | — | $ | 9,935 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Pipeline | Gathering | Total Reportable Segments | Eliminations | Total Consolidated | |||||||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Operating revenues | $ | 377 | $ | 545 | $ | 922 | $ | — | $ | 922 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Operation and maintenance | 55 | 190 | 245 | — | 245 | ||||||||||||||||||||||||
| Depreciation and amortization | 69 | 113 | 182 | — | 182 | ||||||||||||||||||||||||
| Taxes other than income | 15 | 13 | 28 | — | 28 | ||||||||||||||||||||||||
| Asset (gains) losses and impairments, net | (4) | — | (4) | — | (4) | ||||||||||||||||||||||||
| Other (Income) and Deductions | |||||||||||||||||||||||||||||
| Interest expense | 55 | 95 | 150 | — | 150 | ||||||||||||||||||||||||
| Interest income | (1) | — | (1) | — | (1) | ||||||||||||||||||||||||
| Earnings from equity method investees | (177) | — | (177) | — | (177) | ||||||||||||||||||||||||
| Other income | — | (1) | (1) | — | (1) | ||||||||||||||||||||||||
| Income Tax Expense | 75 | 29 | 104 | — | 104 | ||||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 12 | — | 12 | — | 12 | ||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 278 | $ | 106 | $ | 384 | $ | — | $ | 384 | |||||||||||||||||||
| Capital expenditures and acquisitions | $ | 255 | $ | 517 | $ | 772 | $ | — | $ | 772 | |||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||||||||
| Investments in equity method investees | $ | 1,762 | $ | — | $ | 1,762 | $ | — | $ | 1,762 | |||||||||||||||||||
| Total Assets | $ | 4,439 | $ | 4,543 | $ | 8,982 | $ | — | $ | 8,982 | |||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 25, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.