DT Midstream (NYSE: DTM) grows Q1 2026 profit and cash flow on pipeline and gathering gains

Rhea-AI Filing Summary

DT Midstream reported solid first-quarter 2026 growth, supported by long-term gas contracts across its pipeline and gathering network. Operating revenues rose to $336 million, while net income attributable to DT Midstream increased to $130 million and diluted EPS reached $1.27.

The Pipeline segment earned $108 million of net income, helped by LEAP expansion contracts and stronger contributions from joint ventures such as NEXUS, Vector and Millennium. The Gathering segment generated $22 million of net income, driven by higher volumes and new contracts at Blue Union, Appalachia, Tioga and Ohio Utica systems.

Cash from operating activities grew to $280 million, more than covering capital expenditures of $78 million and common dividends of $83 million. Long-term debt stood at $3.33 billion, with a consolidated net leverage ratio of 2.7x and about $1.1 billion of available liquidity, giving the company capacity to fund its 2026 capital program of approximately $490–$570 million.

Positive

• Double-digit earnings growth with diversified segment contribution: Net income attributable to DT Midstream rose to $130 million and diluted EPS to $1.27, with both Pipeline and Gathering segments showing higher revenues and operating income versus the prior-year quarter.
• Strong cash generation and conservative leverage: Operating cash flow of $280 million exceeded capital expenditures and dividends, while long-term debt of $3.33 billion corresponded to a 2.7x consolidated net leverage ratio, below the 5.0x covenant limit and supported by roughly $1.1 billion of available liquidity.

Negative

• None.

Insights

Midstream equity analyst

DT Midstream posted broad-based Q1 growth with conservative leverage and ample liquidity.

DT Midstream increased operating revenues to $336 million and net income attributable to the company to $130 million. Both Pipeline and Gathering contributed, with volume and contract-driven gains at LEAP, Blue Union, Appalachia, Tioga and Ohio Utica systems supporting higher segment earnings.

Cash from operations of $280 million comfortably funded capital spending of $78 million and common dividends of $83 million. Long-term debt of $3.33 billion translated to a consolidated net leverage ratio of 2.7 to 1 as of March 31, 2026, below the 5.0x covenant under the Revolving Credit Facility.

Contract liabilities of $186 million and fixed consideration on remaining performance obligations of $1.28 billion provide visibility into future revenue streams across both segments. The new $150 million Guardian term loan maturing in 2033 modestly extends the debt maturity profile while maintaining predominantly fixed-rate senior notes through 2034.

Key Figures

Operating revenues: $336 million Net income attributable to DT Midstream: $130 million Diluted EPS: $1.27 per share +5 more

8 metrics

Operating revenues $336 million Three months ended March 31, 2026

Net income attributable to DT Midstream $130 million Three months ended March 31, 2026

Diluted EPS $1.27 per share Three months ended March 31, 2026

Cash from operating activities $280 million Three months ended March 31, 2026

Capital expenditures $78 million Plant and equipment expenditures, Q1 2026

Long-term debt, net $3.33 billion As of March 31, 2026

Consolidated net leverage ratio 2.7 to 1 Covenant metric under Credit Agreement, March 31, 2026

Fixed consideration on remaining performance obligations $1.28 billion Expected future revenue as of March 31, 2026

Key Terms

AFUDC, Variable Interest Entity, Minimum volume commitment, Equity method investees, +2 more

6 terms

AFUDC financial

"AFUDC | Allowance for funds used during construction, represents the cost of financing construction projects for FERC-regulated businesses"

Allowance for Funds Used During Construction (AFUDC) is an accounting method that adds the cost of financing — typically interest and sometimes a return — to the value of a long-term project while it’s being built, rather than charging that cost immediately as an expense. Think of it like capitalizing the loan interest on a house while it’s under construction so the cost becomes part of the asset; this raises reported asset value and delays expense recognition, which can make current earnings look stronger and affect future regulated rates and investor returns.

Variable Interest Entity financial

"We evaluate whether an entity is a VIE whenever reconsideration events occur. We consolidate VIEs for which we are the primary beneficiary."

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

Minimum volume commitment financial

"Firm service revenue contracts are typically long-term and structured using fixed demand charges or MVCs with fixed deficiency fee rates."

A minimum volume commitment is a promise by a buyer, underwriter or market maker to trade or buy at least a specified number of shares or securities over a set period. It matters to investors because it guarantees a baseline level of demand and liquidity—similar to a store agreeing to buy a minimum stock of a product—reducing the chance of thin trading, big price swings, or difficulty selling holdings.

Equity method investees financial

"Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee."

Equity method investees are companies in which an investor owns a substantial minority stake and can influence decisions but does not control them, typically through holding around 20–50% of voting shares. The investor records its share of the investee’s profits or losses on its own income statement and adjusts the carrying value of the investment, similar to reporting your share of profits from a jointly owned shop. For investors, these holdings matter because they affect reported earnings, balance-sheet exposure, and the firm’s economic risk without full consolidation of the investee’s assets and liabilities.

Revolving Credit Facility financial

"Revolving Credit Facility | DT Midstream's revolving credit facility issued under the Credit Agreement"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Consolidated net leverage ratio financial

"As of March 31, 2026, the consolidated net leverage ratio was 2.7 to 1 and we were in compliance with the financial covenant."

The consolidated net leverage ratio measures how much debt a company carries compared with the cash it generates from core operations, calculated by taking total borrowings minus cash and dividing by annual operating profit. Like comparing a household’s mortgage balance to its yearly income, it tells investors how many years of operating profit would be needed to pay off net debt and thus gauges financial risk, flexibility to invest, and capacity to weather downturns.

Earnings Snapshot

Operating revenues: $336 million

Q1 2026

Operating revenues $336 million

Net income attributable to DT Midstream $130 million

Diluted EPS $1.27 per share

Cash from operating activities $280 million

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended March 31, 2026

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40392

DT Midstream, Inc.

Delaware						38-2663964
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Registrant's address of principal executive offices: 500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279

Registrant's telephone number, including area code: (313) 402-8532

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Exchange on which Registered

Common stock, par value $0.01

DTM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

☐

☐

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒

Number of shares of common stock outstanding as of March 31, 2026:

Description						Shares
Common stock, par value $0.01						102,014,118

TABLE OF CONTENTS

						Page
			Definitions			1
			Filing Format			4
			Forward-Looking Statements			4
PART I — FINANCIAL INFORMATION
Item 1.			Financial Statements
			DT Midstream Consolidated Financial Statements (Unaudited)			6
			Notes to Consolidated Financial Statements (Unaudited)			12
			Note 1 — Description of the Business and Basis of Presentation			12
			Note 2 — Significant Accounting Policies			14
			Note 3 — New Accounting Pronouncements			16
			Note 4 — Revenue			16
			Note 5 — Goodwill			18
			Note 6 — Earnings Per Share and Dividends			19
			Note 7 — Income Taxes			19
			Note 8 — Fair Value			20
			Note 9 — Debt			21
			Note 10 — Commitments and Contingencies			22
			Note 11 — Segment and Related Information			23
			Note 12 — Regulatory Matters			25
			Note 13 — Subsequent Events			25
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			32
Item 4.			Controls and Procedures			33
PART II — OTHER INFORMATION
Item 1.			Legal Proceedings			34
Item 1A.			Risk Factors			34
Item 4.			Mine Safety Disclosure			34
Item 5.			Other Information			34
Item 6.			Exhibits			35
			Signature			37

DEFINITIONS

Unless the context otherwise requires, references to "we," "us," "our," "Registrant," or the "Company" and words of similar importance refer to DT Midstream and, unless otherwise specified, our consolidated subsidiaries and our unconsolidated joint ventures. As used in this Form 10-Q, the terms and definitions below have the following meanings:

AFUDC

Allowance for funds used during construction, represents the cost of financing construction projects for FERC-regulated businesses, including the estimated cost of debt and authorized return on equity

Appalachia Gathering

A 154-mile gathering system that gathers Marcellus shale natural gas and delivers to the Texas Eastern Pipeline and Stonewall

ASC 606

The Accounting Standards Codification of Revenue from Contracts with Customers issued by the FASB

ASC 980

The Accounting Standards Codification of Regulated Operations issued by the FASB

ASU

Accounting Standards Update issued by the FASB

Bcf

Billion cubic feet of natural gas

Birdsboro

A 14-mile interstate pipeline transporting gas supply to a gas-fired power plant in Pennsylvania

Blue Union Gathering

A 443-mile gathering system that gathers shale natural gas from the Haynesville formation of Louisiana and Texas and delivers to markets in the Gulf Coast region; ancillary services include water impoundment, water transportation, water disposal and sand

Bluestone

A 65-mile gathering lateral pipeline, and two compression facilities, that gathers Marcellus shale natural gas and delivers to Millennium and the Tennessee Pipeline

Bridge Facility

The $700 million 364-day bridge loan facility committed by Barclays Bank PLC

CAD

Canadian Dollar ($)

Chicago Hub

A major natural gas market and transportation hub located in the Chicago area, serving as a critical interconnection point for multiple interstate pipelines

Clean Fuels Gathering

A 93-mile gathering system that gathers and treats coal mine methane into pipeline quality gas

Columbia Pipeline

Columbia Gas Transmission, LLC, owned by TC Energy Corporation and Global Infrastructure Partners

Credit Agreement

DT Midstream's credit agreement which provides for the Revolving Credit Facility

DT Midstream

DT Midstream, Inc. and our consolidated subsidiaries

DTM Interstate Transportation

DTM Interstate Transportation, LLC, the consolidated subsidiary of DT Midstream which is comprised of Guardian, Midwestern and Viking

Expand Energy

Expand Energy Corporation and/or its affiliates

FASB

Financial Accounting Standards Board

FERC

Federal Energy Regulatory Commission

GAAP

Generally Accepted Accounting Principles in the United States

Generation

A 25-mile intrastate pipeline in northern Ohio and owned by NEXUS

GHG

Greenhouse gas

Guardian

Guardian Pipeline, L.L.C., a 263-mile interstate pipeline which connects to the Chicago Hub and serves key Upper Midwest demand centers

Inflation Reduction Act

The Inflation Reduction Act of 2022 (H.R. 5374)

Investment Grade Event

As defined in the indentures for the 2032 Notes and 2034 Notes and the Credit Agreement

1

DEFINITIONS

LEAP

Louisiana Energy Access Project, a 221-mile gathering lateral pipeline that gathers Haynesville shale natural gas and delivers to markets in the Gulf Coast region

LNG

Liquefied natural gas

Michigan System

A 335-mile pipeline system in northern Michigan

Midwestern

Midwestern Gas Transmission Company, a 402-mile bi-directional interstate pipeline which connects Appalachia supply to the Midwest market region between Tennessee and the Chicago Hub

Millennium

Millennium Pipeline Intermediate Holdings LLC, a joint venture that, through its wholly owned subsidiary, Millennium Pipeline Company, LLC, owns a 266-mile interstate transportation pipeline and compression facilities serving markets in the northeast and supply from the northeast Marcellus region, in which DT Midstream owns a 52.5% interest

MVC

Minimum volume commitment

MVP

Mountain Valley Pipeline, a 303-mile natural gas pipeline owned by Mountain Valley Pipeline, LLC which spans from West Virginia to Virginia and transports natural gas from the Marcellus and Utica shale regions to markets in the southeastern United States

NEXUS

NEXUS Gas Transmission, LLC, a joint venture that owns (i) a 256-mile interstate transportation pipeline and three compression facilities that transports Utica and Marcellus shale natural gas to Ohio, Michigan and Ontario market centers and (ii) Generation, in which DT Midstream owns a 50% interest

OBBBA

One Big Beautiful Bill Act, which was signed into law on July 4, 2025

Ohio Utica Gathering

A 26-mile gathering system, including compression and dehydration facilities, that gathers Utica shale natural gas from producer wells and delivers to a nearby processing plant

ONEOK

ONEOK, Inc., a publicly traded energy company engaged in the gathering, processing, storage, and transportation of natural gas, including through its ownership of ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company

Revolving Credit Facility

DT Midstream's revolving credit facility issued under the Credit Agreement

SEC

Securities and Exchange Commission

SOFR

Secured Overnight Financing Rate

South Romeo

South Romeo Gas Storage Company, LLC, a joint venture which owns the Washington 28 Storage Complex, in which DT Midstream owns a 50% interest

Stonewall

A 68-mile gathering lateral pipeline, in which DT Midstream owns an 85% interest, that gathers Marcellus and Utica shale natural gas and delivers to the Columbia Pipeline

Susquehanna Gathering

A 198-mile gathering system that gathers Marcellus shale natural gas and delivers to Bluestone

Tennessee Pipeline

Tennessee Gas Pipeline Company, LLC, owned by Kinder Morgan, Inc.

Term Loan Facility

DT Midstream's term loan facility issued under the Credit Agreement, which was repaid in 2024

Texas Eastern Pipeline

Texas Eastern Transmission, LP, owned by Enbridge Inc.

Tioga Gathering

A 4-mile gathering system that gathers shale natural gas to the Eastern Gas Transmission system

U.S.

United States of America

USD

United States Dollar ($)

Vector

Vector Pipeline LP, a joint venture that owns a 348-mile interstate transportation pipeline and five compression facilities connecting Illinois, Indiana, Michigan, and Ontario market centers, in which DT Midstream owns a 40% interest

VIE

Variable Interest Entity

2

DEFINITIONS

Viking

Viking Gas Transmission Company, a 674-mile bi-directional interstate pipeline which serves key utility customers in Minnesota, Wisconsin and North Dakota

Washington 10 Storage Complex

An interstate storage system located in Michigan with 94 Bcf of storage capacity, in which DT Midstream owns a 91% interest, and associated compression facilities

2029 Notes

Senior unsecured notes of $1.1 billion in aggregate principal amount due June 2029

2031 Notes

Senior unsecured notes of $1.0 billion in aggregate principal amount due June 2031

2032 Notes

Senior unsecured notes of $600 million in aggregate principal amount due April 2032

2034 Notes

Senior unsecured notes of $650 million in aggregate principal amount due December 2034

3

FILING FORMAT

This Form 10-Q should be read in its entirety. This Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in DT Midstream's 2025 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DT Midstream. Words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "may," and other words of similar meaning in connection with a discussion of future operating or financial performance may signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following:

•changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business;

•industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;

•changes in global trade policies and tariffs;

•global and domestic supply chain disruptions;

•actions taken by third-party operators, producers, processors, transporters and gatherers;

•changes in expected production from Expand Energy and other third parties in our areas of operation;

•demand for natural gas gathering, transmission, storage, and transportation;

•the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels;

•our ability to successfully and timely implement our business plan;

•our ability to complete organic growth projects on time and on budget;

•our ability to finance, complete, or successfully integrate acquisitions;

•our ability to realize the anticipated benefits from acquisitions and manage the risks associated with acquisition activity;

•the price and availability of debt and equity financing;

•restrictions in our existing and any future credit facilities and indentures;

•the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure;

•changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event;

•operating hazards, environmental risks and other risks incidental to gathering, storing and transporting natural gas;

•geologic and reservoir risks and considerations;

•natural disasters, adverse weather conditions, casualty losses and other matters beyond our control;

•the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects;

•the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East;

4

FORWARD-LOOKING STATEMENTS

•labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel;

•large customer defaults;

•changes in tax status, as well as changes in tax rates and regulations;

•the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the OBBBA;

•changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and GHG emissions;

•changes in laws, regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations;

•our ability to qualify for federal income tax credits;

•our ability to develop low carbon business opportunities and deploy GHG reducing technologies;

•changes in insurance markets impacting costs and the level and types of coverage available;

•the timing and extent of changes in commodity prices;

•the success of our risk management strategies;

•the suspension, reduction or termination of our customers’ obligations under our commercial agreements;

•disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent;

•the effects of future litigation; and

•the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

5

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

DT Midstream, Inc.

Consolidated Statements of Operations

(Unaudited)

			Three Months Ended
			March 31,
			2026						2025
			(millions, except per share amounts)
Revenues
Operating revenues			$	336					$	303
Operating Expenses
Operation and maintenance			85						78
Depreciation and amortization			69						63
Taxes other than income			15						14
Asset losses and impairments, net			1						—
Operating Income			166						148
Other (Income) and Deductions
Interest expense			40						40
Interest income			(1)						(1)
Earnings from equity method investees			(43)						(37)
Income Before Income Taxes			170						146
Income Tax Expense			36						35
Net Income			134						111
Less: Net Income Attributable to Noncontrolling Interests			4						3
Net Income Attributable to DT Midstream			$	130					$	108
Basic Earnings per Common Share
Net Income Attributable to DT Midstream			$	1.28					$	1.07
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream			$	1.27					$	1.06
Weighted Average Common Shares Outstanding
Basic			101.8						101.4
Diluted			102.7						102.5

See Notes to Consolidated Financial Statements (Unaudited)

6

DT Midstream, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended
			March 31,
			2026						2025
			(millions)
Net Income			$	134					$	111
Other comprehensive income, net of tax
Foreign currency translation, net of tax			—						1
Total other comprehensive income, net of tax			—						1
Comprehensive income			134						112
Less: Comprehensive income attributable to noncontrolling interests			4						3
Comprehensive Income Attributable to DT Midstream			$	130					$	109

See Notes to Consolidated Financial Statements (Unaudited)

7

DT Midstream, Inc.

Consolidated Statements of Financial Position

(Unaudited)

			March 31,						December 31,
			2026						2025
			(millions)
ASSETS
Current Assets
Cash and cash equivalents			$	150					$	54
Accounts receivable (net of $— allowance for expected credit loss for each period end)			186						186
Notes receivable — related party			4						—
Deferred property taxes			32						42
Prepaid expenses and other			32						36
			404						318
Investments
Investments in equity method investees			1,245						1,253
Property
Property, plant, and equipment			7,030						6,958
Accumulated depreciation			(1,244)						(1,192)
			5,786						5,766
Other Assets
Goodwill			781						781
Long-term notes receivable — related party			—						4
Operating lease right-of-use assets			44						46
Intangible assets, net			1,847						1,862
Other			48						50
			2,720						2,743
Total Assets (a)			$	10,155					$	10,080

__________________________________

(a) Our consolidated assets include $939 million and $943 million at March 31, 2026 and December 31, 2025, respectively, of certain assets that can be used only to settle obligations of the VIE. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.

See Notes to Consolidated Financial Statements (Unaudited)

8

DT Midstream, Inc.

Consolidated Statements of Financial Position

(Unaudited)

			March 31,						December 31,
			2026						2025
			(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	57					$	65
Operating lease liabilities			17						16
Dividends payable			89						83
Interest payable			49						11
Property taxes payable			47						48
Accrued compensation			11						25
Contract liabilities			24						25
Other			27						23
			321						296
Long-Term Debt, net			3,325						3,324
Other Liabilities
Deferred income taxes			1,303						1,270
Operating lease liabilities			29						32
Contract liabilities			162						160
Regulatory liabilities			90						90
Other			30						30
			1,614						1,582
Total Liabilities (b)			5,260						5,202
Commitments and Contingencies (Note 10)
Stockholders' Equity
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2026 and December 31, 2025)			—						—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 102,014,118 and 101,673,925 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)			1						1
Additional paid-in capital			3,892						3,915
Retained earnings			867						827
Accumulated other comprehensive loss			(7)						(7)
Total DT Midstream Equity			4,753						4,736
Noncontrolling interests			142						142
Total Equity			4,895						4,878
Total Liabilities and Equity			$	10,155					$	10,080

__________________________________

(b) Our consolidated liabilities include $10 million and $16 million at March 31, 2026 and December 31, 2025, respectively, of certain liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.

See Notes to Consolidated Financial Statements (Unaudited)

9

DT Midstream, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended
			March 31,
			2026						2025
			(millions)
Operating Activities
Net Income			$	134					$	111
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization			69						63
Stock-based compensation			6						6
Amortization of operating lease right-of-use assets			4						4
Deferred income taxes			33						33
Earnings from equity method investees			(43)						(37)
Dividends from equity method investees			41						30
Changes in assets and liabilities:
Accounts receivable, net			—						4
Accounts payable			(3)						(10)
Interest payable			38						38
Accrued compensation			(14)						(11)
Contract liabilities			1						3
Other current and noncurrent assets and liabilities			14						13
Net cash and cash equivalents from operating activities			280						247
Investing Activities
Plant and equipment expenditures			(78)						(71)
Distributions from equity method investees			15						18
Contributions to equity method investees			(5)						(1)
Net cash and cash equivalents used for investing activities			(68)						(54)
Financing Activities
Borrowings under the Revolving Credit Facility			90						35
Repayment of borrowings under the Revolving Credit Facility			(90)						(120)
Distributions to noncontrolling interests			(5)						(4)
Contributions from noncontrolling interests			1						2
Dividends paid on common stock			(83)						(75)
Stock-based compensation tax withholding payments			(29)						(16)
Net cash and cash equivalents used for financing activities			(116)						(178)
Net Increase in Cash and Cash Equivalents			96						15
Cash and Cash Equivalents at Beginning of Period			54						68
Cash and Cash Equivalents at End of Period			$	150					$	83
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized			$	—					$	—
Income taxes, net of refunds received			2						(2)
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities			$	45					$	48

See Notes to Consolidated Financial Statements (Unaudited)

10

DT Midstream, Inc.

Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

															Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests
			Common Stock
			Shares						Amount																														Total
			(dollars in millions, shares in thousands)
Balance, December 31, 2025			101,674						$	1					$	3,915					$	827					$	(7)					$	142					$	4,878
Net Income			—						—						—						130						—						4						134
Dividends declared on common stock ($0.880 per common share)			—						—						—						(89)						—						—						(89)
Contributions from noncontrolling interests			—						—						—						—						—						1						1
Distributions to noncontrolling interests			—						—						—						—						—						(5)						(5)
Stock-based compensation			340						—						(23)						(1)						—						—						(24)
Balance, March 31, 2026			102,014						$	1					$	3,892					$	867					$	(7)					$	142					$	4,895

															Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests
			Common Stock
			Shares						Amount																														Total
			(dollars in millions, shares in thousands)
Balance, December 31, 2024			101,325						$	1					$	3,911					$	723					$	(8)					$	139					$	4,766
Net Income			—						—						—						108						—						3						111
Dividends declared on common stock ($0.820 per common share)			—						—						—						(83)						—						—						(83)
Contributions from noncontrolling interests			—						—						—						—						—						2						2
Distributions to noncontrolling interests			—						—						—						—						—						(4)						(4)
Stock-based compensation			266						—						(10)						(1)						—						—						(11)
Other comprehensive income, net of tax			—						—						—						—						1						—						1
Balance, March 31, 2025			101,591						$	1					$	3,901					$	747					$	(7)					$	140					$	4,782

See Notes to Consolidated Financial Statements (Unaudited)

11

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 1 — DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

DT Midstream is an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through two segments: (i) Pipeline, which includes interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities, and (ii) Gathering, which includes gathering systems, related treatment plants, and compression and surface facilities. Our Pipeline segment also includes joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets.

Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin, and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.

Basis of Presentation

The Consolidated Financial Statements and Notes to Consolidated Financial Statements are prepared under GAAP.

These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We believe the assumptions underlying these financial statements are reasonable.

In our opinion, the accompanying unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary to present a fair statement of our financial position as of March 31, 2026, results of operations for the three months ended March 31, 2026 and 2025, statement of changes in stockholders' equity for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The Consolidated Statement of Financial Position as of December 31, 2025 was derived from audited annual financial statements but does not include all disclosures required by GAAP. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2026. The Consolidated Financial Statements should be read in conjunction with DT Midstream's Consolidated Financial Statements and Notes to Consolidated Financial Statements included in DT Midstream's 2025 Annual Report on Form 10-K.

Cash Management

Our sources of liquidity include cash generated from operations and available borrowings under our Revolving Credit Facility.

Principles of Consolidation

We consolidate all majority-owned subsidiaries and investments in entities in which we have a controlling influence. Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. When we do not influence the operating policies of an investee, the equity investment is measured at fair value, if readily determinable, or if not readily determinable, at cost less impairment, if applicable. We eliminate all intercompany balances and transactions.

We evaluate whether an entity is a VIE whenever reconsideration events occur. We consolidate VIEs for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. We perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

We own an 85% interest in the Stonewall VIE and are the primary beneficiary, therefore Stonewall is consolidated. We own a 50% interest in the South Romeo VIE and are the primary beneficiary, therefore South Romeo is consolidated.

12

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of March 31, 2026 and December 31, 2025. All assets and liabilities of a consolidated VIE are included in the table when it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. The assets and liabilities of consolidated VIEs that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIEs' obligations have been excluded from the table below.

			March 31,						December 31,
			2026						2025
			(millions)
ASSETS (a)
Cash			$	19					$	20
Accounts receivable			9						10
Other current assets			6						3
Intangible assets, net			450						454
Property, plant and equipment, net			430						431
Goodwill			25						25
			$	939					$	943
LIABILITIES (a)
Accounts payable and other current liabilities			$	7					$	13
Other noncurrent liabilities			3						3
			$	10					$	16

_____________________________________

(a)Amounts shown are 100% of the consolidated VIEs' assets and liabilities.

Related Parties

Transactions between DT Midstream and our equity method investees have been presented as related party transactions in the accompanying Consolidated Financial Statements.

Equity Method Investments

Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. Under the equity method of accounting, investments are recorded at historical cost as an asset and adjusted for capital contributions, dividends and distributions received, and our share of the investee's earnings or losses, which are recorded as earnings from equity method investees on the Consolidated Statements of Operations. Equity method investments and related activity are included in the Pipeline segment.

Our equity method investments are periodically evaluated for certain factors that may be indicative of other-than-temporary impairment. As of March 31, 2026 and December 31, 2025, our carrying amounts of investments in equity method investees exceeded our share of the underlying equity in the net assets of the investees by $316 million and $320 million, respectively. The difference will be amortized over the life of the underlying assets. As of both March 31, 2026 and December 31, 2025, our consolidated retained earnings balance did not have undistributed earnings from equity method investments. We use the cumulative earnings approach to classify proceeds received from equity method investees as dividends or distributions on the Consolidated Statements of Cash Flows.

Earnings from equity method investees include:

			Three Months Ended
			March 31,
			2026						2025
									(millions)
NEXUS			$	18					$	15
Vector			12						12
Millennium			13						10
Total earnings from equity method investees			$	43					$	37

13

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Equity method investees are described below:

						Investments As of												% Owned As of
						March 31,						December 31,						March 31,						December 31,
Equity Method Investee						2026						2025						2026						2025
						(millions)
NEXUS						$	864					$	867					50%						50%
Vector						139						134						40%						40%
Millennium						242						252						52.5%						52.5%
Total investments in equity method investees						$	1,245					$	1,253

The following table presents summarized financial information of our non-consolidated equity method investees. The amounts included below represent 100% of the results of continuing operations of such entities, including the portion owned by other parties.

Summarized income statement data is as follows:

												March 31,
																								2026						2025
						(millions)
Operating revenues																								$	217					$	209
Operating expenses																								$	94					$	95
Net Income																								$	97					$	85

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks and highly liquid money market investments with remaining maturities of three months or less, when purchased. Cash equivalents are stated at cost, which approximates fair value.

Financing Receivables

Financing receivables are primarily composed of trade accounts receivable and notes receivable, which are stated at net realizable value.

We regularly monitor the credit quality of our financing receivables by reviewing counterparty credit quality indicators and monitoring for triggering events, such as a credit rating downgrade or bankruptcy. We have three internal grades of credit quality, with internal grade 1 as the lowest risk and internal grade 3 as the highest risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through March 31, 2026. As of March 31, 2026, the notes receivable — related party of $4 million, which originated prior to 2021, were classified as internal grade 1. There are no notes receivable on nonaccrual status and no past due financing receivables as of March 31, 2026.

For trade accounts receivable, the customer allowance for expected credit loss is calculated based on specific review of future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, historical loss rates, customer trends and other relevant factors that may affect our ability to collect are also considered. Receivables are written off on a specific identification basis and determined based on the particular circumstances of the associated receivable. Uncollectible expense (recovery) was zero for each of the years ended March 31, 2026 and 2025.

Our collections on accounts receivable from customers are current, and no material rate of historical loss was noted, which resulted in no allowance for expected credit loss as of March 31, 2026 or December 31, 2025. Any balance would be shown as a deduction from the respective financing receivable's balance in the Consolidated Statements of Financial Position.

14

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Property, Plant, and Equipment

Property is stated at cost and includes construction-related labor, materials, overhead and capitalized interest. Property for FERC-regulated entities includes debt and equity AFUDC. Debt AFUDC represents capitalized interest. Equity AFUDC represents the capitalization of the estimated average cost of equity during construction projects and is recorded as a credit to allowance for funds used during construction in our Consolidated Statements of Operations. Expenditures for maintenance and repairs are charged to expense when incurred. Property, plant and equipment is depreciated over its estimated useful life using the straight-line method.

Certain regulated properties are accounted for under ASC 980, which in some cases requires that the cost of regulated property retired or sold, plus removal costs, less salvage, be charged to accumulated depreciation. For regulated property, depreciation studies to assess the estimated useful lives of the asset are typically conducted as part of rate proceedings or tariff filings. Changes in economic lives, if applicable, are implemented prospectively as of the approved effective date. Our regulated properties are depreciated using the straight-line method based on composite depreciation rates applied to functional groups of properties with similar economic lives.

Intangible Assets

Intangible assets with finite useful lives are amortized on a straight-line basis over the periods benefited.

Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.

Goodwill

DT Midstream has goodwill resulting from business combinations. For each reporting unit with goodwill, we perform an impairment test annually or whenever events or circumstances indicate that the value of goodwill may be impaired.

Operation and Maintenance

Operation and maintenance is primarily comprised of costs for labor and employee benefits, outside services, materials, compression, purchased natural gas, operating lease costs, office costs, and other operating and maintenance costs.

Depreciation and Amortization

Depreciation, depletion and amortization is related to property, plant and equipment and other intangible assets, net, used in our pipeline and gathering businesses.

Lessor Accounting

A lease exists when we have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain time period and consideration received. The right to control is deemed to occur when we have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. All of our leases are classified as operating leases. Lease income is recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant contract. Lease income is reported in Operating revenues in our Consolidated Statements of Operations.

Other Significant Accounting Policies

There have been no changes to the summary of other significant accounting policies previously identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

15

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS

Recently Issued Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments require enhanced disclosures of specified costs and expenses included in significant expense captions in the income statement, including purchases of inventory, employee compensation, depreciation, amortization, and other key amounts. The FASB subsequently issued ASU No. 2025-01 in January 2025 to clarify the effective date of ASU No. 2024-03. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard's adoption on our Consolidated Financial Statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the guidance by replacing the stage-based capitalization model with a “probable-to-complete” threshold, aligning impairment testing with the long-lived asset model under ASC 360, and requiring enhanced disclosures for significant internal-use software projects. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard's adoption on our Consolidated Financial Statements.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The amendments provide a scope exception from derivative accounting for certain non-exchange traded contracts with underlyings based on operations or activities specific to one of the parties to the contract and clarify the application of revenue recognition guidance when entities receive share-based noncash consideration from customers in exchange for goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard's adoption on our Consolidated Financial Statements, however, the adoption of this standard is not expected to have a significant impact on our Consolidated Financial Statements.

In December 2025, the FASB issued ASU No. 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements. The amendments clarify the types of interim financial statements subject to ASC 270, reorganize interim disclosure requirements by consolidating cross‑Topic disclosures into a single framework, and introduce a disclosure principle requiring entities to describe material events occurring after the most recent annual reporting period. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard's adoption on our interim financial reporting and interim disclosures.

NOTE 4 — REVENUE

Disaggregation of Revenue

The following is a summary of revenues disaggregated by segment:

			Three Months Ended
			March 31,
			2026						2025
			(millions)
Pipeline (a)			$	185					$	169
Gathering			156						134
Elimination of inter-segment revenue			(5)						—
Total Operating revenues			$	336					$	303

__________________________________

(a) Includes revenues outside the scope of ASC 606 primarily related to contracts accounted for as leases of $19 million and $21 million for the three months ended March 31, 2026 and 2025, respectively.

16

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Nature of Services

We primarily provide two types of revenue services: firm service and interruptible service.

Firm service revenue contracts provide for fixed revenue commitments regardless of actual volumes of natural gas that flow, which leads to more stable operating performance, revenues and cash flows and limits our exposure to natural gas price fluctuations. Firm service revenue contracts are typically long-term and structured using fixed demand charges or MVCs with fixed deficiency fee rates. Contracts structured using fixed demand charges contain a performance obligation of a stand-ready series of distinct services that are substantially the same with the same pattern of transfer to the customer, therefore revenue is recognized ratably over time. Contracts structured using MVCs with fixed deficiency fee rates require customers to transport or store a minimum volume of natural gas over a specified time period. If a customer fails to meet its MVCs for the specified time period, the contract consideration includes a fixed rate for the actual volumes gathered, transported or stored, and a deficiency fee for the shortfall between the MVCs and the actual volumes gathered, transported, or stored. If a customer exceeds its MVC for the specified time period, the contract consideration is based on fixed rates for the actual volumes gathered, transported, or stored. The contract consideration is allocated to each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the service obligation. Revenues are generally recognized over time based on the output measure of natural gas volumes gathered, transported, or stored, with the recognition of the deficiency fee revenue in the period when it is known the customer cannot make up the deficient volumes in the specified time period.

Interruptible service revenue contracts typically contain fixed rates, with total consideration dependent on actual natural gas volumes that flow. Interruptible service revenues are recognized over time based on the output measure of natural gas volumes gathered, transported, or stored. Certain of our contracts allow for the recovery of production-related operating expenses, which are offsetting in revenue and operating expense.

Contract Liabilities

The following is a summary of contract liability activity:

			2026
			(millions)
Balance as of January 1			$	185
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period			10
Revenue recognized that was included in the balance at the beginning of the period			(9)
Balance as of March 31			$	186

Contract liabilities generally represent amounts paid by or receivable from customers for which the associated performance obligation has not yet been satisfied. Contract liabilities associated with these services are recognized upon delivery of the service to the customer.

During the quarter ended March 31, 2026, we modified certain contracts with customers that extended the term of the agreement and the period over which the performance obligations are satisfied. This resulted in an extension of the period that deferred revenue associated with the contracts will be recognized.

The following table presents contract liability amounts as of March 31, 2026 that are expected to be recognized as revenue in future periods:

			(millions)
Remainder of 2026			$	18
2027			23
2028			22
2029			22
2030			21
2031 and thereafter			80
Total			$	186

17

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under ASC 606, we do not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which the amount of revenue recognized depends upon our invoices for actual volumes gathered, transported, or stored, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.

Such contracts consist of various types of performance obligations, including providing midstream services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related contract consideration is variable at the contract inception. Contract lengths vary from cancellable to multi-year.

The following table presents revenue amounts related to fixed consideration associated with unsatisfied performance obligations as of March 31, 2026 that are expected to be recognized as revenue in future periods:

			(millions)
Remainder of 2026			$	195
2027			234
2028			188
2029			157
2030			132
2031 and thereafter			374
Total			$	1,280

Costs to Obtain or Fulfill a Contract

We recognize an asset from the costs incurred to obtain a revenue contract only if we expect to recover those costs. In addition, the costs to fulfill a revenue contract are capitalized if the costs are specifically identifiable to a revenue contract, would result in enhancing resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. These capitalized costs are amortized on a systematic basis consistent with the pattern of transfer of the services to which such costs relate.

As of March 31, 2026 and December 31, 2025, we had capitalized costs to obtain or fulfill a contract of $16 million and $17 million, respectively, which are included in other current assets and other noncurrent assets in the accompanying Consolidated Statements of Financial Position. During the three months ended March 31, 2026, and 2025 we recognized less than $1 million of amortization expense related to such capitalized costs.

NOTE 5 — GOODWILL

We have goodwill that resulted from business combinations. The carrying value of goodwill is evaluated for impairment on an annual basis or whenever events or circumstances indicate that the value of goodwill may be impaired. We performed our prior year annual impairment test as of October 1, 2025 and determined that the estimated fair value of each reporting unit exceeded its carrying value, and no impairment existed. No additions, impairments or other changes occurred during the three months ended March 31, 2026.

The following is a summary of the carrying value of goodwill by reporting unit:

			March 31,						December 31,
			2026						2025
			(millions)
Pipeline			$	361					$	361
Gathering			420						420
Total Goodwill			$	781					$	781

While we believe the estimates and assumptions in the estimated fair value are reasonable, the actual results may differ from projections. To the extent projected results or cash flows are revised downward, the reporting unit may be required to write down all or a portion of its goodwill, which would adversely impact our earnings.

18

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 6 — EARNINGS PER SHARE AND DIVIDENDS

Basic earnings per share is calculated by dividing Net Income attributable to DT Midstream by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares, using the treasury stock method. Restricted stock units and performance share awards, including dividend equivalents on those grants, are potentially dilutive and, if dilutive, are included in the determination of weighted-average shares outstanding. Restricted stock units and performance share awards do not receive cash dividends, as such, these awards are not considered participating securities.

The following is a reconciliation of basic and diluted earnings per share:

			Three Months Ended
			March 31,
			2026						2025
			(millions, except per share amounts)
Basic and Diluted Earnings per Common Share
Net Income Attributable to DT Midstream			$	130					$	108
Average number of common shares outstanding — basic			101.8						101.4
Incremental shares attributable to:
Average dilutive restricted stock units and performance share awards			0.9						1.1
Average number of common shares outstanding — diluted			102.7						102.5
Basic Earnings per Common Share			$	1.28					$	1.07
Diluted Earnings per Common Share			$	1.27					$	1.06

We declared the following cash dividends:

Dividends Declared						Dividend Amount												Dividend Payment Date
(quarter ended)						(per-share)						(millions)
2025
March 31						$	0.820					$	83					April 2025
June 30						$	0.820					$	83					July 2025
September 30						$	0.820					$	83					October 2025
December 31						$	0.820					$	83					January 2026
2026
March 31						$	0.880					$	89					April 2026

NOTE 7 — INCOME TAXES

Effective Tax Rates

We record income taxes during the interim period using an estimated annual effective tax rate and recognize specific events discretely as they occur.

The interim period effective tax rate of DT Midstream was 21% for the three months ended March 31, 2026 and 24% for the three months ended March 31, 2025.

The current period interim effective tax rate did not differ materially from the federal statutory rate of 21% due to the effect of state income taxes being offset by the discrete tax benefit related to stock-based compensation recognized during the quarter. The difference between the prior period interim effective tax rate and the federal statutory rate was primarily driven by state income taxes.

19

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 8 — FAIR VALUE

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. We make certain assumptions we believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. We believe we use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.

Significant Accounting Policy – Fair Value

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. We classify fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access as of the reporting date.

•Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the assets or liabilities or indirectly observable through corroboration with observable market data.

•Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments:

			March 31, 2026																								December 31, 2025
			Carrying						Fair Value																		Carrying						Fair Value
			Amount						Level 1						Level 2						Level 3						Amount						Level 1						Level 2						Level 3
			(millions)
Cash equivalents (a)			$	124					$	—					$	124					$	—					$	23					$	—					$	23					$	—
Notes receivable — related party (b)			4						—						—						4						0						0						0						0
Long-term notes receivable — related party (b)			—						—						—						—						4						—						—						4
Long-term debt (c)			$	3,325					$	—					$	3,274					$	—					$	3,324					$	—					$	3,318					$	—

______________________________________

(a)Cash equivalents are stated at cost, which approximates fair value.

(b)Long‑term related party notes receivable were reclassified to short‑term during the three months ended March 31, 2026 due to contractual maturity occurring within the next twelve months.

(c)Carrying value represents principal of $3.4 billion, net of unamortized debt discounts and issuance costs.

20

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 9 — DEBT

Long-Term Debt

The following is a summary of long-term debt:

																		Maturity						March 31,						December 31,
Title						Type						Interest Rate						Date						2026						2025
																								(millions)
2029 Notes						Senior Notes (a)						4.125%						2029						$	1,100					$	1,100
2031 Notes						Senior Notes (a)						4.375%						2031						1,000						1,000
2032 Notes						Senior Notes (b)						4.300%						2032						600						600
2034 Notes						Senior Notes (a)						5.800%						2034						650						650
Long-term debt principal																								3,350						3,350
Unamortized debt discount																								(1)						(1)
Unamortized debt issuance costs																								(24)						(25)
Long-term debt, net																								$	3,325					$	3,324

______________________________

(a) Interest payable semi-annually in arrears each June 15 and December 15.

(b) Interest payable semi-annually in arrears each April 15 and October 15.

Short-Term Credit Arrangements and Borrowings

The following table presents the availability under the Revolving Credit Facility:

			March 31,
			2026
			(millions)
Total availability
Revolving Credit Facility, expiring December 2029			$	1,000
Amounts outstanding
Revolving Credit Facility borrowings			—
Letters of credit (a)			17
			17
Net availability			$	983

______________________________

(a) This amount includes $16 million of letters of credit issued to third-party creditors on behalf of Millennium to support its outstanding debt obligations.

Borrowings under the Revolving Credit Facility, if any, are used for general corporate purposes, acquisitions, and letter of credit issuances to support our operations and liquidity. Revolving Credit Facility issuance and amendment costs, net of amortization, of $5 million and $6 million as of March 31, 2026 and December 31, 2025, respectively, are included in other noncurrent assets in our Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility.

The Credit Agreement covering the Revolving Credit Facility includes a financial covenant requiring us to maintain a maximum consolidated net leverage ratio. The maximum consolidated net leverage ratio is set at 5 to 1 (except, that the Company may elect to temporarily step up the maximum consolidated net leverage ratio to 5.5 to 1 for a period of up to three fiscal quarters after the consummation of an acquisition or investment involving consideration exceeding $50 million). The consolidated net leverage ratio means the ratio of net debt determined in accordance with GAAP to annual consolidated EBITDA, as defined in the Credit Agreement. The Credit Agreement definition of annual consolidated EBITDA excludes EBITDA from equity method investees, but includes dividends and distributions from equity method investees. As of March 31, 2026, the consolidated net leverage ratio was 2.7 to 1 and we were in compliance with the financial covenant.

21

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 10 — COMMITMENTS AND CONTINGENCIES

From time to time, we are subject to legal, administrative and environmental proceedings before various courts, arbitration panels and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that we can estimate and are considered probable of loss. The amount or range of reasonably possible losses is not anticipated to, either individually or in the aggregate, materially adversely affect our business, financial condition and results of operations.

Guarantees

In certain limited circumstances, we enter into contractual guarantees. We may guarantee another entity's obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. We did not have any guarantees of other parties' obligations as of March 31, 2026.

Surety Bonds

In certain limited circumstances, we enter into contracts that require us to obtain external surety bonds to secure our payment and performance. We agree to indemnify the issuers of these surety bonds for amounts, if any, paid by them under these agreements. In the event that any surety bonds are called for non-performance, we would be obligated to reimburse the issuer of the surety bond. The maximum potential indemnification under our surety bond agreements as of March 31, 2026 is $11 million.

Vector Line of Credit

We are the lender under a revolving term credit facility to Vector, the borrower, in the amount of CAD $70 million. The credit facility was executed in response to the passage of Canadian regulations requiring oil and gas pipelines to demonstrate their financial ability to respond to a catastrophic event and exists for the sole purpose of satisfying these regulations. Vector may only draw upon the facility if the funds are required to respond to a catastrophic event. The maximum potential payout as of March 31, 2026 is USD $50 million. The funding of a loan under the terms of the revolving term credit facility is considered remote.

Clean Fuels Gathering Contingent Payments

A gas supply agreement at Clean Fuels Gathering requires contingent payments from DT Midstream of up to $34 million upon the completion of certain milestones, including cumulative production and income tax credits, and variable payments under a sharing mechanism. One milestone was achieved in 2024 related to verification of gas production volumes and $10 million was paid and recorded as a prepaid asset. No additional milestones have been achieved as of March 31, 2026. The remaining unamortized prepaid asset is $1 million and $7 million in current and long-term other assets, respectively, in DT Midstream's Consolidated Statements of Financial Position as of March 31, 2026.

Contingent Liability

In order to comply with certain state environmental regulations, we have an obligation to restore pipeline right-of-way slope failures that may arise in the ordinary course of business in the Utica and Marcellus formations. We completed evaluations of all locations, which were prioritized based on the severity and proximity of the slope failures, and used updated cost information to assess the adequacy of the estimate for the contingent liability accrual. As of March 31, 2026 and December 31, 2025, we had accrued contingent liabilities of $2 million and $2 million, respectively, for future slope restoration expenditures. The accrual is included in other current liabilities and other liabilities in the Consolidated Statements of Financial Position. While restoration is ongoing, we believe the accrued amounts are sufficient to cover estimated future expenditures.

22

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Stonewall Litigation

On November 27, 2024, Antero Resources Corporation ("Antero") filed a lawsuit against Stonewall regarding the application of certain rate provisions under the Agreement between the parties dated June 20, 2014. On December 12, 2025, the Third Division of the Business Court of Texas issued an Order granting Antero’s Motion for Summary Judgment related to one aspect of the dispute. On January 12-16, 2026, trial was held on the remaining issues. On April 2, 2026, an Order was issued related to the application of the aforementioned rate provisions resulting in no damages awarded to Antero. Both parties have the right to appeal this order and to seek attorney’s fees, which the Court can award on a discretionary basis under Texas’s Declaratory Judgment Act.

Stonewall intends to continue to defend against Antero’s claim. The Company deems the probability of loss to be remote at this time, and we have not recorded a contingent liability.

NOTE 11 — SEGMENT AND RELATED INFORMATION

We set strategic goals, allocate resources, and evaluate performance based on the following two segments: Pipeline and Gathering.

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 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.

Inter-segment billing for goods and services exchanged between segments is based upon contracted prices of the provider.

23

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Financial data for our business segments follows:

			Three Months Ended March 31, 2026
			Pipeline						Gathering						Total Reportable Segments						Eliminations						Total Consolidated
			(millions)
Revenues
Operating revenues			$	185					$	156					$	341					$	(5)					$	336
Operating Expenses
Operation and maintenance			35						55						90						(5)						85
Depreciation and amortization			29						40						69						—						69
Taxes other than income			9						6						15						—						15
Asset (gains) losses and impairments, net			—						1						1												1
Other (Income) and Deductions
Interest expense			14						26						40						—						40
Interest income			(1)						—						(1)						—						(1)
Earnings from equity method investees			(43)						—						(43)						—						(43)
Income tax expense			30						6						36						—						36
Less: Net Income Attributable to Noncontrolling Interests			4						—						4						—						4
Net Income Attributable to DT Midstream			$	108					$	22					$	130					$	—					$	130
Capital expenditures			$	34					$	44					$	78					$	—					$	78
			March 31, 2026
Investments in equity method investees			$	1,245					$	—					$	1,245					$	—					$	1,245
Total Assets			$	5,351					$	4,804					$	10,155					$	—					$	10,155

			Three Months Ended March 31, 2025
			Pipeline						Gathering						Total Reportable Segments						Eliminations						Total Consolidated
			(millions)
Revenues
Operating revenues			$	169					$	134					$	303					$	—					$	303
Operating Expenses
Operation and maintenance			32						46						78						—						78
Depreciation and amortization			28						35						63						—						63
Taxes other than income			9						5						14						—						14
Other (Income) and Deductions
Interest expense			13						27						40						—						40
Interest income			(1)						—						(1)						—						(1)
Earnings from equity method investees			(37)						—						(37)						—						(37)
Income tax expense			30						5						35						—						35
Less: Net Income Attributable to Noncontrolling Interests			3						—						3						—						3
Net Income Attributable to DT Midstream			$	92					$	16					$	108					$	—					$	108
Capital expenditures			$	24					$	47					$	71					$	—					$	71
			December 31, 2025
Investments in equity method investees			$	1,253					$	—					$	1,253					$	—					$	1,253
Total Assets			$	5,297					$	4,783					$	10,080					$	—					$	10,080

24

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 12 — REGULATORY MATTERS

Significant Accounting Policy – Regulation

Guardian, Midwestern and Viking are subject to rate regulation and accounting requirements of FERC. The regulated operations of each of these subsidiaries have rates that are (i) established by independent, third-party regulators, (ii) set at levels that will recover our costs when considering the demand and competition for our services and (iii) charged to and collectible from our customers. Accordingly, we follow the accounting for regulated operations as defined in ASC 980 for these pipelines, which results in differences in the application of GAAP between our regulated and non-regulated businesses. During the rate-making process, FERC sets the framework for what we can charge to and collect from our customers for our services and establish the manner that our costs are accounted for, including allowing us to defer recognition of certain costs and permitting cost recovery through rates over time as opposed to expensing such costs as incurred. Examples include costs for fuel and losses, contributions in aid of construction, charges for depreciation, gains or losses on disposition of assets and deferral of tax benefits related to changes in tax rates.

Regulatory Assets and Liabilities

Under ASC 980, our regulated operations are required to record regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Future regulatory changes could result in changes in the amounts of regulatory assets and liabilities or the discontinuance of this accounting treatment for regulatory assets and liabilities and may require the write-off of the portion of any regulatory asset or liability that is no longer probable of recovery through regulated rates. Actions by regulatory authorities could also have an effect on the amounts we charge to and collect from our customers. Any difference in the amounts recoverable or deferred is recorded as income or expense at the time of regulatory action.

Continued applicability of regulatory accounting treatment requires that rates be designed to recover specific costs of providing regulated services and be charged to and collected from customers. We believe that currently available facts support the continued use of regulatory accounting and that all regulatory assets and liabilities are recoverable or refundable in the current regulatory environment. Regulatory assets are included in Other Assets – Other on our Consolidated Statements of Financial Position.

Rate Case Settlements

The FERC approval dates for the most recent FERC rate proceedings for Guardian, Midwestern and Viking were February 15, 2023, May 3, 2022 and July 31, 2024, respectively. As of March 31, 2026, there were no open FERC rate proceedings for these pipelines. The most recent approved rate proceeding for Guardian included a max tariff rate reduction of approximately 13% which was effective April 1, 2025, and an additional 5% reduction effective April 1, 2026.

NOTE 13 — SUBSEQUENT EVENTS

Dividend Declaration

On April 30, 2026, we announced that our Board of Directors declared a quarterly dividend of $0.88 per share of common stock. The dividend is payable to our stockholders of record as of June 15, 2026 and is expected to be paid on July 15, 2026.

Guardian Term Loan

On April 30, 2026, Guardian entered into an unsecured term loan credit agreement pursuant to which it borrowed $150 million. The term loan matures on April 30, 2033 and bears interest at a variable rate equal to SOFR plus 1.95%. Total debt issuance costs related to the term loan are expected to be approximately $1 million. The credit agreement contains customary covenants, including a maximum leverage ratio of 4.5 to 1.

25

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our results of operations and financial condition should be read in conjunction with our unaudited Consolidated Financial Statements and the Notes to Consolidated Financial Statements, which are included under Part I, Item 1 of this quarterly report, and the historical consolidated financial statements and notes thereto, which are included in the DT Midstream 2025 Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the midstream industry and our business and financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors."

OVERVIEW

Our Business

We are an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through our Pipeline segment, which includes interstate pipelines, intrastate pipelines, storage systems, and gathering lateral pipelines, and through our Gathering segment. We also own joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets.

Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.

We have an established history of stable, long-term growth with contractual cash flows from customers that include natural gas producers, local distribution companies, electric power generators, industrials, and national marketers.

STRATEGY

Our principal business objective is to safely and reliably operate and develop midstream natural gas assets across our premier footprint. Our proven leadership and highly engaged employees have an excellent track record. Prospectively, we intend to continue this track record by executing on our natural gas-centric business strategy focused on disciplined capital deployment and supported by a flexible, well capitalized balance sheet. Additionally, we intend to develop low carbon business opportunities and deploy GHG reducing technologies as part of our goal of being leading environmental stewards in the midstream industry. We are executing on a plan to achieve net zero carbon emissions by 2050.

Our strategy is premised on the following principles:

•operate our assets in a sustainable and responsible manner;

•provide exceptional service to our customers;

•disciplined capital deployment in assets supported by strong fundamentals;

•capitalize on asset integration and utilization opportunities;

•pursue economically attractive opportunities; and

•grow cash flows supported by long-term firm revenue contracts.

26

RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes financial information prepared in accordance with GAAP. The following sections discuss the operating performance and future outlook of our segments. Segment information includes intercompany revenues and expenses, as well as other income and deductions that are eliminated, as presented in Note 11 "Segment and Related Information" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2026 to the three months ended December 31, 2025, and the three months ended March 31, 2026 to the three months ended March 31, 2025, as applicable. The following table summarizes our consolidated financial results:

																														Three Months Ended
																														March 31,						December 31,						March 31,
																														2026						2025						2025
						(millions, except per share amounts)
Operating revenues																														$	336					$	317					$	303
Net Income Attributable to DT Midstream																														130						111						108
Diluted Earnings per Common Share																														$	1.27					$	1.08					$	1.06

																																	Three Months Ended
																																	March 31,						December 31,						March 31,
																																	2026						2025						2025
									(millions)
Net Income Attributable to DT Midstream
Pipeline																																	$	108					$	93					$	92
Gathering																																	22						18						16
Total																																	$	130					$	111					$	108

Pipeline

The Pipeline segment consists of our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities. This segment also includes our equity method investments. Pipeline results and outlook are discussed below:

			Three Months Ended
			March 31,						December 31,						March 31,
			2026						2025						2025
			(millions)
Operating revenues			$	185					$	173					$	169
Operation and maintenance			35						36						32
Depreciation and amortization			29						28						28
Taxes other than income			9						4						9
Operating Income			112						105						100
Interest expense			14						13						13
Interest income			(1)						—						(1)
Earnings from equity method investees			(43)						(37)						(37)
Other income			—						(1)						—
Income tax expense			30						34						30
Net Income			112						96						95
Less: Net Income Attributable to Noncontrolling Interests			4						3						3
Net Income Attributable to DT Midstream			$	108					$	93					$	92

27

Operating revenues increased $12 million compared to the three months ended December 31, 2025 primarily due to higher revenue on LEAP of $7 million, of which $4 million was production-related and $3 million was from recovery of operational flow order fees, which are offset in operation and maintenance expense, and higher Stonewall inter-segment revenue from the MVP expansion of $5 million. Operating revenues increased $16 million compared to the three months ended March 31, 2025 primarily due to new contracts for the LEAP expansion of $6 million and production-related revenue of $5 million and higher Stonewall inter-segment revenue from the MVP expansion of $5 million.

Operation and maintenance expense decreased $1 million compared to the three months ended December 31, 2025 primarily due to lower operating expenses on DTM Interstate Transportation of $3 million, partially offset by higher operational flow order fees on LEAP of $3 million. Operation and maintenance expense increased $3 million compared to the three months ended March 31, 2025 primarily due to higher operational flow order fees on LEAP of $3 million.

Taxes other than income increased $5 million compared to the three months ended December 31, 2025 primarily due to assets placed into service at LEAP, franchise tax adjustments in the prior period at Millennium and property and payroll tax adjustments in the prior period at LEAP.

Earnings from equity method investees increased $6 million compared to the three months ended December 31, 2025 primarily due to higher seasonal short-term contract revenues and lower expenses of $3 million at Millennium and higher seasonal short-term contract revenues of $2 million at Vector. Earnings from equity method investees increased $6 million compared to the three months ended March 31, 2025 primarily due to higher seasonal short-term contract revenues of $4 million at Millennium and higher seasonal short-term contract revenues of $3 million at Nexus.

Income tax expense decreased $4 million compared to the three months ended December 31, 2025 primarily due to a decrease in the effective tax rate, partially offset by higher income before income taxes. Income tax expense was unchanged compared to the three months ended March 31, 2025 primarily due to a decrease in the effective tax rate, offset by higher income before income taxes.

Pipeline Outlook

We believe our long-term agreements with customers and the location and connectivity of our pipeline assets position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include expansion opportunities on the DTM Interstate Transportation assets, further expansion at LEAP and Stonewall, new contracts at the Washington 10 Storage Complex and additional growth related to our equity method investments.

28

Gathering

The Gathering segment includes gathering systems, related treatment plants and compression and surface facilities. Gathering results and outlook are discussed below:

			Three Months Ended
			March 31,						December 31,						March 31,
			2026						2025						2025
			(millions)
Operating revenues			$	156					$	144					$	134
Operation and maintenance			55						51						46
Depreciation and amortization			40						39						35
Taxes other than income			6						3						5
Asset (gains) losses and impairments, net			1						—						—
Operating Income			54						51						48
Interest expense			26						28						27
Interest income			—						(1)						—
Other income			—						(1)						—
Income tax expense			6						6						5
Net Income Attributable to DT Midstream			$	22					$	19					$	16

Operating revenues increased $12 million compared to the three months ended December 31, 2025 primarily due to higher Appalachia Gathering volumes of $7 million, higher volumes and deficiency fees at Ohio Utica Gathering of $4 million and higher Blue Union Gathering volumes of $2 million. Operating revenues increased $22 million compared to the three months ended March 31, 2025 primarily due to higher volumes of $8 million and new contracts of $4 million at Blue Union Gathering, higher Appalachia Gathering volumes of $5 million, higher Tioga Gathering volumes of $4 million and higher volumes and deficiency fees at Ohio Utica Gathering of $3 million.

Operation and maintenance expense increased $4 million compared to the three months ended December 31, 2025 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $5 million, partially offset by lower operating expenses at Blue Union Gathering of $3 million. Operation and maintenance expense increased $9 million compared to the three months ended March 31, 2025 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $5 million and maintenance expenses at Blue Union Gathering of $4 million.

Depreciation and amortization expense increased $5 million compared to the three months ended March 31, 2025 primarily due to assets placed into service at Blue Union Gathering, Clean Fuels Gathering and Ohio Utica Gathering.

Taxes other than income increased $3 million compared to the three months ended December 31, 2025 primarily due to assets placed into service at Blue Union Gathering and a property tax adjustment in the prior period at Blue Union Gathering.

Income tax expense was unchanged compared to the three months ended December 31, 2025 primarily due to a decrease in the effective tax rate, offset by higher income before income taxes. Income tax expense increased $1 million compared to the three months ended March 31, 2025 primarily due to higher income before income taxes, partially offset by a decrease in the effective tax rate.

Gathering Outlook

We believe our long-term agreements with producers and the quality of the natural gas reserves in the Marcellus/Utica and Haynesville formations position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include further expansions at Blue Union Gathering, Appalachia Gathering, Ohio Utica Gathering, and Tioga Gathering.

29

ENVIRONMENTAL MATTERS

We are subject to U.S. federal, state, and local laws and environmental regulations, including laws and regulations relating to pipeline safety, climate change and GHG emissions. Additional compliance costs may result as the effects of various substances on the environment and human health are studied and laws and regulations are developed and implemented. Actual costs to comply with such laws and regulations could vary substantially from our expectations. Pending or future legislation or regulation could have a material impact on our operations and financial position. Potential impacts include unplanned expenditures for environmental equipment, such as pollution control equipment, financing costs related to additional capital expenditures, and the replacement costs of aging pipelines and other facilities.

For further discussion of environmental matters, see Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

CAPITAL RESOURCES AND LIQUIDITY

Cash Requirements

Our principal liquidity requirements are to finance our operations, fund capital expenditures, satisfy our indebtedness obligations, and pay approved dividends. We believe we will have sufficient internal and external capital resources to fund anticipated capital and operating requirements.

									Three Months Ended
									March 31,
															2026						2025
									(millions)
Cash and Cash Equivalents at Beginning of Period															$	54					$	68
Net cash and cash equivalents from operating activities															280						247
Net cash and cash equivalents used for investing activities															(68)						(54)
Net cash and cash equivalents used for financing activities															(116)						(178)
Net Increase in Cash and Cash Equivalents															96						15
Cash and Cash Equivalents at End of Period															$	150					$	83

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025.

Operating Activities

Cash flows from our operating activities can be impacted in the short term by the natural gas volumes gathered or transported through our systems under interruptible service revenue contracts, changing natural gas prices, seasonality, weather fluctuations, dividends received from equity method investees, working capital changes and the financial condition of our customers. Our preference to enter into firm service revenue contracts leads to more stable operating performance, revenues and cash flows and limits our exposure to natural gas price fluctuations.

Net cash and cash equivalents from operating activities increased $33 million for the three months ended March 31, 2026 primarily due to an increase in operating income of $24 million after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, and a decrease in dividends received from equity method investees of $11 million, partially offset by a decrease in cash paid for income taxes, net of refunds received, of $4 million.

Investing Activities

Cash outflows associated with our investing activities are primarily the result of plant and equipment expenditures, acquisitions, and contributions to equity method investees. Cash inflows from our investing activities are generated from proceeds from sale or collection of notes receivable, distributions received from equity method investees, and proceeds from asset sales.

30

Net cash and cash equivalents used for investing activities increased $14 million for the three months ended March 31, 2026 primarily due to an increase in plant and equipment expenditures of $7 million, higher contributions to equity method investees of $4 million and lower distributions received from equity method investees of $3 million.

Financing Activities

DT Midstream paid cash dividends on common stock of $83 million and $75 million during the three months ended March 31, 2026 and 2025, respectively. See Note 6, "Earnings Per Share and Dividends" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Net cash and cash equivalents used for financing activities decreased $62 million for the three months ended March 31, 2026 primarily due to lower net repayments under the Revolving Credit Facility of $85 million, partially offset by higher payroll taxes paid related to vested stock-based compensation of $13 million and higher dividends paid on common stock of $8 million.

Outlook

We expect to continue executing on our natural gas-centric business strategy focused on disciplined capital deployment and supported by a flexible, well capitalized balance sheet. Other than the impact of the items discussed below on our debt and equity capitalization, we are not aware of any trends, other demands, commitments, events or uncertainties that are reasonably likely to materially impact our liquidity position.

Our working capital requirements will be primarily driven by changes in accounts receivable, accounts payable and taxes payable. We continue our efforts to identify opportunities to improve cash flows through working capital initiatives and obtaining long-term firm service revenue contracts from customers.

Our sources of liquidity include cash and cash equivalents generated from operating activities and available borrowings under our Revolving Credit Facility. As of March 31, 2026, we had $17 million of letters of credit outstanding and no borrowings outstanding under our Revolving Credit Facility. We had approximately $1.1 billion of available liquidity as of March 31, 2026, consisting of cash and cash equivalents and available borrowings under our Revolving Credit Facility.

We expect to pay regular cash dividends to DT Midstream common stockholders in the future. Any payment of future dividends is subject to approval by the Board of Directors and may depend on our future earnings, cash flows, capital requirements, financial condition, and the effect a dividend payment would have on our compliance with relevant financial covenants. Over the long term, we expect to grow our dividend with cash flow growth.

We believe we will have sufficient operating flexibility, cash resources and funding sources to maintain adequate liquidity amounts and to meet future operating cash, capital expenditure and debt servicing requirements. However, our business is capital intensive, and an inability to access adequate capital could adversely impact future earnings and cash flows.

The Credit Agreement covering the Revolving Credit Facility includes a financial covenant that DT Midstream must maintain. We are in compliance with this covenant as of March 31, 2026. See Note 9, "Debt" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

CAPITAL INVESTMENTS

Capital spending within our Company is primarily for ongoing maintenance and expansion of our existing assets, and if identified, attractive growth opportunities. We have been disciplined in our capital deployment and make growth investments that meet our criteria in terms of strategy, management skills, and identified risks and expected returns. All potential investments are analyzed for their rates of return and cash payback on a risk-adjusted basis. Our total capital investments were $83 million for the three months ended March 31, 2026, inclusive of $5 million in contributions to equity method investees and $78 million in plant and equipment expenditures. These were primarily related to investments on Blue Union Gathering, Midwestern, Appalachia Gathering, and Guardian. We anticipate total capital investments, inclusive of contributions to equity method investees and plant and equipment expenditures, for the year ended December 31, 2026 of approximately $490 million to $570 million.

31

OFF-BALANCE SHEET ARRANGEMENTS

We are party to off-balance sheet arrangements, which include our equity method investments. See Note 1, "Description of the Business and Basis of Presentation—Principles of Consolidation" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further discussion of the nature, purpose and other details of such agreements.

Other off-balance sheet arrangements include the Vector line of credit and our surety bonds, which are discussed in Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

NEW ACCOUNTING PRONOUNCEMENTS

See Note 3, "New Accounting Pronouncements" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Item 3 Quantitative and Qualitative Disclosures About Market Risk

Market Price Risk

Our gathering business is dependent on the continued availability of natural gas production and reserves in our geographical areas of operation. Low prices for natural gas, including those resulting from regional basis differentials, could adversely affect development of additional reserves and future natural gas production that is accessible by our pipeline and storage assets. We manage our exposure through the use of short, medium, and long-term transportation, gathering, and storage contracts. Consequently, our existing operations and cash flows have limited direct exposure to natural gas price risk.

Credit Risk

We are exposed to credit risk, which is the risk of loss resulting from nonpayment or nonperformance under a contract. We manage our exposure to credit risk associated with customers through credit analysis, credit approval, credit limits and monitoring procedures. For certain transactions, we may request letters of credit, cash collateral, prepayments or guarantees as forms of credit support. Our FERC tariffs require tariff customers that do not meet specified credit standards to provide three months of credit support, however, we are exposed to credit risk beyond this three-month period when our tariffs do not require our customers to provide additional credit support. For some long-term contracts with associated system construction or expansion, we have entered into negotiated credit agreements that provide for enhanced forms of credit support if certain customer credit standards are not met.

We depend on a key customer, Expand Energy, in the Haynesville formation in the Gulf Coast and in the Marcellus formation in the Northeastern U.S. for a significant portion of our revenues. The loss of, or reduction in volumes from, this key customer could result in a decline in demand for our services and materially adversely affect our business, financial condition and results of operations.

Our key customer, Expand Energy, is investment grade. We engage with other customers that are sub-investment grade. These customers are otherwise considered creditworthy or are required to make prepayments or provide security to satisfy credit concerns. We regularly monitor for bankruptcy proceedings that may impact our customers and had no bankruptcy proceedings during the three months ended March 31, 2026.

Interest Rate Risk

We are subject to interest rate risk in connection with floating rate debt borrowings under our Revolving Credit Facility. Our exposure to interest rate risk arises primarily from changes in SOFR. As of March 31, 2026, we had no floating rate debt borrowings outstanding under our Revolving Credit Facility. See Note 9, "Debt" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

We are subject to interest rate risk in connection with our goodwill impairment assessment. See "Critical Accounting Estimates" under Part II, Item 7 of the Annual Report on Form 10-K for the year ended December 31, 2025.

32

International Markets Risk

While virtually all of our business is in the United States, we also have an equity method investment in Vector, which has operations in Canada, in addition to the United States. Rapidly changing global trade policies, such as tariffs, may increase capital expenditures, operating costs and market uncertainty. We continue to monitor regulatory developments.

Summary of Sensitivity Analysis

A sensitivity analysis was performed on the fair values of our long-term debt obligations. The sensitivity analysis involved increasing and decreasing interest rates as of March 31, 2026 by a hypothetical 10% and calculating the resulting change in the fair values. We have no debt maturing until 2029, as described in Note 9, "Debt" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. The hypothetical losses related to long-term debt would be realized only if we transferred all of our fixed-rate long-term debt to other creditors. The results of the sensitivity analysis are as follows:

Assuming a 10% Increase in Rates

Assuming a 10% Decrease in Rates

Change in the Fair Value of

Activity

As of March 31, 2026

(millions)

Interest rate risk

$

(78)

$

80

Long-term debt

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures

Management of DT Midstream carried out an evaluation, under the supervision and with the participation of DT Midstream's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DT Midstream's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2026, which is the end of the period covered by this report. Based on this evaluation, DT Midstream's CEO and CFO have concluded that such disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed by DT Midstream in reports that it files or submits under the Exchange Act (i) is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to DT Midstream's management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Due to the inherent limitations in the effectiveness of any disclosure controls and procedures, management cannot provide absolute assurance that the objectives of our disclosure controls and procedures will be attained.

(b) Changes in internal control over financial reporting

There have been no changes in DT Midstream's internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, DT Midstream's internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

For information on legal proceedings and matters related to DT Midstream, see Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors

There are various risks associated with the operations of DT Midstream's businesses. To provide a framework to understand the operating environment of DT Midstream, a brief explanation of the significant risks associated with DT Midstream's businesses is provided in Part I, Item 1A. "Risk Factors" in DT Midstream's 2025 Annual Report on Form 10-K. There have been no material changes to our risk factors since the Form 10-K. Although DT Midstream has identified and disclosed key risk factors, others could emerge in the future.

Item 4. Mine Safety Disclosure

Our sand mining facility in Louisiana is subject to regulation by the Federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is filed as Exhibit 95.1 to this Form 10-Q.

Item 5. Other Information

During the three months ended March 31, 2026, none of the Company’s directors or executive officers adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

34

Item 6. Exhibits

Exhibit Number						Description
						(i) Exhibits incorporated by reference:
3.1						Certificate of Incorporation of DT Midstream, Inc. (incorporated by reference to Exhibit 3.1 to DT Midstream's Current Report on Form 8-K filed July 1, 2021)
3.2						Certificate of Amendment to the Certificate of Incorporation of DT Midstream, Inc. (incorporated by reference to Exhibit 3.1 to DT Midstream's Current Report on Form 8-K filed May 9, 2025)
3.3						Second Amended and Restated Bylaws of DT Midstream, Inc., effective May 9, 2025 (incorporated by reference to Exhibit 3.3 to DT Midstream's Current Report on Form 10-Q filed July 31, 2025)
4.1						Indenture, dated as of June 9, 2021, among DT Midstream, Inc., the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Form 8-K filed June 10, 2021)
4.2						Indenture, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Current Report on Form 8-K filed April 11, 2022)
4.3						Pari Passu Intercreditor Agreement, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors, Barclays Bank PLC, as Credit Agreement Agent, and U.S. Bank Trust Company, National Association, as Notes Collateral Agent (incorporated by reference to Exhibit 4.2 to DT Midstream's Current Report on Form 8-K filed April 11, 2022)
4.4						First Supplemental Indenture, dated as of August 12, 2024, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as Trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.4 to DT Midstream's Quarterly Report on Form 10-Q filed on October 29, 2024)
4.5						Indenture, dated as of December 6, 2024, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as Trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.1 to DT Midstream's Current Report on Form 8-K filed on December 6, 2024)
4.6						First Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)
4.7						Second Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.2 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)
4.8						First Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.3 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)
						(ii) Exhibits filed herewith:
31.1						Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report
31.2						Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report
95.1						Mine Safety Disclosure
101.INS						XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						XBRL Taxonomy Extension Schema

35

Exhibit Number						Description
101.CAL						XBRL Taxonomy Extension Calculation Linkbase
101.DEF						XBRL Taxonomy Extension Definition Database
101.LAB						XBRL Taxonomy Extension Label Linkbase
101.PRE						XBRL Taxonomy Extension Presentation Linkbase
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
						(iii) Exhibits furnished herewith:
32.1						Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report
32.2						Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report

36

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

Date:			April 30, 2026
									DT MIDSTREAM, INC.
						By:			/S/ JOSEPH P. FINLAND
									Joseph P. Finland Chief Accounting Officer
									(Duly Authorized Officer)

37

FAQ

How did DT Midstream (DTM) perform financially in Q1 2026?

DT Midstream delivered higher Q1 2026 results, with operating revenues of $336 million and net income attributable to the company of $130 million. Diluted earnings per share reached $1.27, reflecting stronger contributions from both the Pipeline and Gathering segments compared with the prior year.

How did DT Midstream’s Pipeline and Gathering segments contribute to Q1 2026 results?

The Pipeline segment generated $185 million of operating revenues and $108 million of net income attributable to DT Midstream, supported by LEAP and joint ventures. The Gathering segment produced $156 million of operating revenues and $22 million of net income, driven by higher volumes and new contracts across several gathering systems.

What was DT Midstream’s cash flow and capital spending in Q1 2026?

Cash from operating activities was $280 million in Q1 2026, up from $247 million a year earlier. The company invested $78 million in plant and equipment and contributed $5 million to equity method investees, for total capital investments of $83 million during the quarter.

What is DT Midstream’s debt and leverage position as of March 31, 2026?

As of March 31, 2026, DT Midstream had $3.33 billion of long-term debt, primarily senior notes maturing between 2029 and 2034. The consolidated net leverage ratio was 2.7 to 1, comfortably within the 5.0x maximum under the company’s Revolving Credit Facility covenant.

How much liquidity does DT Midstream (DTM) have available?

DT Midstream reported approximately $1.1 billion of liquidity as of March 31, 2026, consisting of $150 million of cash and cash equivalents and $983 million of unused capacity under its $1.0 billion Revolving Credit Facility, net of $17 million of outstanding letters of credit.

What future revenue visibility does DT Midstream report from contracts?

DT Midstream reported contract liabilities of $186 million and fixed consideration on remaining performance obligations totaling $1.28 billion as of March 31, 2026. These amounts are expected to be recognized as revenue over periods extending beyond 2031 under long-term firm service agreements.

Did DT Midstream declare dividends related to Q1 2026?

For the quarter ended March 31, 2026, DT Midstream declared a cash dividend of $0.88 per common share, totaling $89 million. The company also announced a subsequent quarterly dividend of $0.88 per share, payable July 15, 2026 to shareholders of record on June 15, 2026.