DT Midstream, Inc. (DTM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DTM SEC filings page.
DT Midstream, Inc. (DTM) reported $1.3B in revenue over the twelve months to Jun 30, 2026, up 18.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
DT Midstream combines high operating margins with recurring infrastructure reinvestment, so accounting earnings translate into less discretionary cash than they first suggest.
The business converted$867M of operating cash into only$441M of free cash flow in FY2025, making reinvestment the main difference between reported profit and cash available for other uses. That gap is consistent with$426M of capital expenditures, while operating margin stayed near50% from FY2023 through FY2025; growth therefore came with substantial reinvestment rather than margin expansion.
Long-term debt rose only from
The current ratio recovered from 0.6x in FY2023 to 1.1x in FY2025, improving short-term coverage. Dividends reached
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of DT Midstream, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
DT Midstream, Inc. has an operating margin of 49.4%, meaning the company retains $49 of operating profit per $100 of revenue. This strong profitability earns a score of 97/100, reflecting efficient cost management and pricing power. This is down from 49.9% the prior year.
DT Midstream, Inc.'s revenue surged 26.7% year-over-year to $1.2B, reflecting rapid business expansion. This strong growth earns a score of 78/100.
DT Midstream, Inc. has elevated debt relative to equity (D/E of 0.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 15/100, reflecting increased financial risk.
DT Midstream, Inc.'s current ratio of 1.07 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
DT Midstream, Inc. converts 35.5% of revenue into free cash flow ($441.0M). This strong cash generation earns a score of 94/100.
DT Midstream, Inc.'s ROE of 9.3% shows moderate profitability relative to equity, earning a score of 57/100. This is up from 7.6% the prior year.
DT Midstream, Inc. scores 1.89, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($12.6B) relative to total liabilities ($5.2B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
DT Midstream, Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, DT Midstream, Inc. generates $1.97 in operating cash flow ($867.0M OCF vs $441.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
DT Midstream, Inc. earns $3.63 in operating income for every $1 of interest expense ($614.0M vs $169.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
DT Midstream, Inc. generated $343.0M in revenue in Q2 2026. This represents an increase of 11.0% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.
DT Midstream, Inc.'s EBITDA was $241.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.6% from the same quarter a year earlier. Against the prior quarter it is up 2.6%.
DT Midstream, Inc. reported $112.0M in net income in Q2 2026. This represents an increase of 4.7% from the same quarter a year earlier. Against the prior quarter it is down 13.8%.
DT Midstream, Inc. earned $1.09 per diluted share (EPS) in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is down 14.2%.
Cash & Balance Sheet
DT Midstream, Inc. generated $117.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 12.5% from the same quarter a year earlier. Against the prior quarter it is down 42.1%.
DT Midstream, Inc. held $172.0M in cash against $3.3B in long-term debt as of Q2 2026.
DT Midstream, Inc. paid $0.88 per share in dividends in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
DT Midstream, Inc.'s operating margin was 50.4% in Q2 2026, reflecting core business profitability. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
DT Midstream, Inc.'s net profit margin was 32.6% in Q2 2026, showing the share of revenue converted to profit. This is down 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.0 percentage points.
DT Midstream, Inc.'s ROE was 2.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
DT Midstream, Inc. invested $105.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 29.6% from the same quarter a year earlier. Against the prior quarter it is up 34.6%.
Not reported for Q2 2026.
Not reported for Q2 2026.
DTM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $343.0M+11.0% | $336.0M+10.9% | $317.0M+27.3% | $314.0M+26.6% | $309.0M+26.6% | $303.0M+26.3% | $249.0M+2.0% | $248.0M+6.0% |
| Operating Income | $173.0M+11.6% | $166.0M+12.2% | $156.0M+38.1% | $155.0M+27.0% | $155.0M+19.2% | $148.0M+19.4% | $113.0M-5.8% | $122.0M-1.6% |
| EBITDA | $241.0M+10.6% | $235.0M+11.4% | $223.0M+34.3% | $220.0M+25.7% | $218.0M+19.1% | $211.0M+21.3% | $166.0M-1.8% | $175.0M+2.9% |
| Interest Expense | $42.0M+5.0% | $40.0M0.0% | $49.0M+6.5% | $40.0M+5.3% | $40.0M+2.6% | $40.0M0.0% | $46.0M+17.9% | $38.0M0.0% |
| Income Tax | $53.0M+55.9% | $36.0M+2.9% | $40.0M-7.0% | $35.0M+16.7% | $34.0M+3.0% | $35.0M+12.9% | $43.0M+2050.0% | $30.0M-9.1% |
| Net Income | $112.0M+4.7% | $130.0M+20.4% | $111.0M+52.1% | $115.0M+30.7% | $107.0M+11.5% | $108.0M+11.3% | $73.0M-39.7% | $88.0M-3.3% |
| EPS (Basic) | $1.10+4.8% | $1.28+19.6% | $1.09+49.3% | $1.14+25.3% | $1.05+6.1% | $1.07+7.0% | $0.73-41.6% | $0.91-3.2% |
| EPS (Diluted) | $1.09+4.8% | $1.27+19.8% | $1.08+47.9% | $1.13+25.6% | $1.04+6.1% | $1.06+7.1% | $0.73-41.1% | $0.90-4.3% |
| Diluted Shares (Avg) | 103M+0.1% | 103M+0.2% | N/A | 103M+4.6% | 103M+4.7% | 103M+4.9% | N/A | 98M+0.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
DTM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.2B+1.3% | $10.2B+0.7% | $10.1B+1.5% | $10.1B+17.2% | $10.1B+12.2% | $10.1B+12.6% | $9.9B+10.6% | $8.6B-3.1% |
| Current Assets | $409.0M+40.5% | $404.0M+29.5% | $318.0M+2.6% | $322.0M+29.3% | $291.0M+13.7% | $312.0M+36.2% | $310.0M+14.0% | $249.0M+24.5% |
| Cash & Equivalents | $172.0M+132.4% | $150.0M+80.7% | $54.0M-20.6% | $98.0M+27.3% | $74.0M+1.4% | $83.0M+102.4% | $68.0M+21.4% | $77.0M+156.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $184.0M+12.2% | $186.0M+10.7% | $186.0M+8.1% | $175.0M+27.7% | $164.0M+14.7% | $168.0M+23.5% | $172.0M+11.7% | $137.0M-6.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $781.0M0.0% | $781.0M+0.6% | $781.0M+0.6% | $781.0M+65.1% | $781.0M+65.1% | $776.0M+64.1% | $776.0M+64.1% | $473.0M0.0% |
| Total Liabilities | $5.3B+2.7% | $5.3B+2.1% | $5.2B+0.6% | $5.2B+23.3% | $5.1B+10.7% | $5.2B+10.9% | $5.2B+9.9% | $4.2B-8.8% |
| Current Liabilities | $298.0M-10.0% | $321.0M-15.7% | $296.0M-30.5% | $349.0M+33.2% | $331.0M+8.2% | $381.0M+18.3% | $426.0M-1.8% | $262.0M-38.2% |
| Non-Current Liabilities | $5.0B+3.6% | $4.9B+3.6% | $4.9B+3.4% | $4.9B+22.7% | $4.8B+10.8% | $4.8B+10.3% | $4.7B+11.1% | $4.0B-5.9% |
| Long-Term Debt | $3.3B+0.2% | $3.3B+0.2% | $3.3B+0.2% | $3.3B+24.2% | $3.3B+8.2% | $3.3B+8.2% | $3.3B+8.3% | $2.7B-12.7% |
| Total Equity | $4.8B+2.3% | $4.8B+2.4% | $4.7B+2.4% | $4.7B+11.5% | $4.7B+11.3% | $4.6B+11.4% | $4.6B+11.8% | $4.2B+3.4% |
| Retained Earnings | $888.0M+15.3% | $867.0M+16.1% | $827.0M+14.4% | $801.0M+10.3% | $770.0M+8.5% | $747.0M+8.9% | $723.0M+9.4% | $726.0M+19.4% |
Not reported in any period shown, so not listed: Inventory.
DTM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $222.0M+20.0% | $280.0M+13.4% | $161.0M+5.9% | $274.0M+33.7% | $185.0M+12.1% | $247.0M+2.5% | $152.0M-17.4% | $205.0M-8.9% |
| Depreciation & Amortization | $68.0M+7.9% | $69.0M+9.5% | $67.0M+26.4% | $65.0M+22.6% | $63.0M+18.9% | $63.0M+26.0% | $53.0M+8.2% | $53.0M+15.2% |
| Stock-Based Compensation | N/A | $6.0M0.0% | N/A | N/A | N/A | $6.0M+20.0% | N/A | N/A |
| Capital Expenditures | $105.0M+29.6% | $78.0M+9.9% | $131.0M+45.6% | $143.0M+76.5% | $81.0M0.0% | $71.0M-27.6% | $90.0M-40.0% | $81.0M-59.7% |
| Free Cash Flow | $117.0M+12.5% | $202.0M+14.8% | $30.0M-51.6% | $131.0M+5.6% | $104.0M+23.8% | $176.0M+23.1% | $62.0M+82.4% | $124.0M+416.7% |
| Investing Cash Flow | -$104.0M-48.6% | -$68.0M-25.9% | -$118.0M+90.8% | -$130.0M-137.6% | -$70.0M+2.8% | -$54.0M+23.9% | -$1.3B-903.1% | $346.0M+280.2% |
| Financing Cash Flow | -$96.0M+22.6% | -$116.0M+34.8% | -$87.0M-107.7% | -$120.0M+78.1% | -$124.0M-103.3% | -$178.0M+3.8% | $1.1B+3843.3% | -$547.0M-1039.6% |
| Dividends Paid | $89.0M+7.2% | $83.0M+10.7% | $83.0M+16.9% | $83.0M+16.9% | $83.0M+16.9% | $75.0M+11.9% | $71.0M+6.0% | $71.0M+6.0% |
Not reported in any period shown, so not listed: Share Buybacks.
DTM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 50.4%+0.3pp | 49.4%+0.6pp | 49.2%+3.8pp | 49.4%+0.2pp | 50.2%-3.1pp | 48.8%-2.8pp | 45.4%-3.8pp | 49.2%-3.8pp |
| Net Margin | 32.6%-2.0pp | 38.7%+3.1pp | 35.0%+5.7pp | 36.6%+1.1pp | 34.6%-4.7pp | 35.6%-4.8pp | 29.3%-20.3pp | 35.5%-3.4pp |
| Return on Equity | 2.3%+0.1pp | 2.7%+0.4pp | 2.3%+0.8pp | 2.5%+0.4pp | 2.3%0.0pp | 2.3%0.0pp | 1.6%-1.3pp | 2.1%-0.1pp |
| Return on Assets | 1.1%0.0pp | 1.3%+0.2pp | 1.1%+0.4pp | 1.1%+0.1pp | 1.1%0.0pp | 1.1%0.0pp | 0.7%-0.6pp | 1.0%0.0pp |
| Current Ratio | 1.37+0.5x | 1.26+0.4x | 1.07+0.3x | 0.920.0x | 0.880.0x | 0.82+0.1x | 0.73+0.1x | 0.95+0.5x |
| Debt-to-Equity | 0.700.0x | 0.700.0x | 0.700.0x | 0.71+0.1x | 0.710.0x | 0.720.0x | 0.720.0x | 0.63-0.1x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
| FCF Margin | 34.1%+0.5pp | 60.1%+2.0pp | 9.5%-15.4pp | 41.7%-8.3pp | 33.7%-0.8pp | 58.1%-1.5pp | 24.9%+11.0pp | 50.0%+39.7pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| DT Midstream, Inc. DTM | FY2025 | $1.2B | $441.0M | 35.5% | $12.6B | 63/100 |
| Plains All American Pipeline, L.P. Common Units PAA | FY2025 | $44.3B | $1.8B | 4.0% | $17.6B | 37/100 |
| Western Midstream Partners, LP WES | FY2025 | $3.8B | $1.2B | 30.7% | $18.7B | 54/100 |
| Viper Energy, Inc. VNOM | FY2025 | $1.4B | -$206.0M | -14.8% | $8.6B | 56/100 |
Where DT Midstream, Inc. Ranks
Frequently Asked Questions
What is DT Midstream, Inc.'s annual revenue?
DT Midstream, Inc. (DTM) reported $1.2B in total revenue for fiscal year 2025. This represents a 26.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is DT Midstream, Inc.'s revenue growing?
DT Midstream, Inc. (DTM) revenue grew by 26.7% year-over-year, from $981.0M to $1.2B in fiscal year 2025.
Is DT Midstream, Inc. profitable?
Yes, DT Midstream, Inc. (DTM) reported a net income of $441.0M in fiscal year 2025, with a net profit margin of 35.5%.
What is DT Midstream, Inc.'s EBITDA?
DT Midstream, Inc. (DTM) had EBITDA of $872.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does DT Midstream, Inc. have?
As of fiscal year 2025, DT Midstream, Inc. (DTM) had $54.0M in cash and equivalents against $3.3B in long-term debt.
What is DT Midstream, Inc.'s operating margin?
DT Midstream, Inc. (DTM) had an operating margin of 49.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is DT Midstream, Inc.'s net profit margin?
DT Midstream, Inc. (DTM) had a net profit margin of 35.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does DT Midstream, Inc. pay dividends?
Yes, DT Midstream, Inc. (DTM) paid $3.28 per share in dividends during fiscal year 2025.
What is DT Midstream, Inc.'s return on equity (ROE)?
DT Midstream, Inc. (DTM) has a return on equity of 9.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is DT Midstream, Inc.'s free cash flow?
DT Midstream, Inc. (DTM) generated $441.0M in free cash flow during fiscal year 2025. This represents a 6.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is DT Midstream, Inc.'s operating cash flow?
DT Midstream, Inc. (DTM) generated $867.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are DT Midstream, Inc.'s total assets?
DT Midstream, Inc. (DTM) had $10.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are DT Midstream, Inc.'s capital expenditures?
DT Midstream, Inc. (DTM) invested $426.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is DT Midstream, Inc.'s current ratio?
DT Midstream, Inc. (DTM) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
What is DT Midstream, Inc.'s debt-to-equity ratio?
DT Midstream, Inc. (DTM) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is DT Midstream, Inc.'s return on assets (ROA)?
DT Midstream, Inc. (DTM) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is DT Midstream, Inc.'s P/E ratio?
DT Midstream, Inc. (DTM) trades at 26.9x earnings, its market capitalization divided by net income of $468.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $12.6B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is DT Midstream, Inc.'s price-to-sales ratio?
DT Midstream, Inc. (DTM) trades at 9.6x sales, its market capitalization divided by revenue of $1.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $12.6B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is DT Midstream, Inc.'s Altman Z-Score?
DT Midstream, Inc. (DTM) has an Altman Z-Score of 1.89, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is DT Midstream, Inc.'s Piotroski F-Score?
DT Midstream, Inc. (DTM) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are DT Midstream, Inc.'s earnings high quality?
DT Midstream, Inc. (DTM) has an earnings quality ratio of 1.97x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can DT Midstream, Inc. cover its interest payments?
DT Midstream, Inc. (DTM) has an interest coverage ratio of 3.63x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is DT Midstream, Inc.?
DT Midstream, Inc. (DTM) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.