DT Midstream (NYSE: DTM) reports $112M Q2 profit, $0.88 dividend
Rhea-AI Filing Summary
DT Midstream, Inc. reported what it called strong second‑quarter 2026 results, with net income of $112 million, or $1.09 per diluted share, and Operating Earnings equal to reported earnings. Adjusted EBITDA was $305 million for the quarter and $613 million for the first six months of 2026, compared with $557 million for the same period in 2025. Pipeline segment Adjusted EBITDA was $200 million and Gathering segment Adjusted EBITDA was $105 million in the quarter. Second‑quarter Distributable Cash Flow was $174 million, with year‑to‑date DCF of $448 million.
The Board declared a quarterly cash dividend of $0.88 per share, payable October 15, 2026 to shareholders of record on September 21, 2026. Management reaffirmed 2026 Adjusted EBITDA guidance of $1,155–$1,225 million and an early 2027 Adjusted EBITDA outlook of $1,225–$1,295 million, and highlighted an organic growth project backlog of about $3.4 billion of capital through 2030, including approximately $2.0 billion of projects that have reached final investment decision.
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8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Net Income: $112 million
Q2 2026 Diluted EPS: $1.09
Q2 2026 Adjusted EBITDA: $305 million
+5 more
8 metrics
Q2 2026 Net Income
$112 million
Net Income Attributable to DT Midstream for the quarter ended June 30, 2026
Q2 2026 Diluted EPS
$1.09
Net Income Attributable to DT Midstream per diluted share for Q2 2026
Q2 2026 Adjusted EBITDA
$305 million
Consolidated Adjusted EBITDA for the quarter ended June 30, 2026
Six Months 2026 Net Income
$242 million
Net Income Attributable to DT Midstream for six months ended June 30, 2026; $215 million for six months 2025
Six Months 2026 Adjusted EBITDA
$613 million
Adjusted EBITDA for six months ended June 30, 2026 versus $557 million for six months 2025
Q2 2026 Distributable Cash Flow
$174 million
Distributable Cash Flow for the quarter ended June 30, 2026; $274 million in Q1 2026
Quarterly Dividend
$0.88 per share
Cash dividend on common stock payable October 15, 2026 to holders of record September 21, 2026
2026 Adjusted EBITDA Guidance
$1,155–$1,225 million
Reaffirmed full‑year 2026 Adjusted EBITDA guidance range
Key Terms
Adjusted EBITDA, Distributable Cash Flow, Operating Earnings, Final Investment Decision, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the quarter was $305 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Distributable Cash Flow financial
"Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees..."
Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.
Operating Earnings financial
"Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations."
Operating earnings are the profit a company generates from its core business activities after subtracting everyday costs like wages, rent, and materials but before interest, taxes and one‑time gains or losses. Think of it as the result of running the business day to day—like a household’s monthly budget outcome before mortgage interest or a sudden unexpected bill—and investors use it to judge how healthy and repeatable a company’s core profit is.
Final Investment Decision financial
"Reached FID on Haynesville System expansion, increasing LEAP capacity by 200 MMcf/d..."
A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.
maintenance capital investment financial
"Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets..."
equity method investees financial
"Plus: EBITDA from equity method investees (1)"
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.
Earnings Snapshot
Net income: $112 million · Guidance included
Quarter ended June 30, 2026
Net income
$112 million
Six months 2026 net income was $242 million versus $215 million for six months 2025.
Diluted EPS
$1.09
Six months 2026 diluted EPS was $2.36 compared with $2.10 for six months 2025.
Adjusted EBITDA
$305 million
Adjusted EBITDA was $613 million for six months 2026 and $557 million for six months 2025.
Distributable Cash Flow
$174 million
Distributable Cash Flow was $448 million for six months 2026 and $407 million for six months 2025.
Guidance
The company reaffirmed 2026 Adjusted EBITDA guidance of $1,155–$1,225 million and an early 2027 Adjusted EBITDA outlook of $1,225–$1,295 million, plus 2026 Operating Earnings of $455–$495 million, Operating EPS of $4.42–$4.82 and Distributable Cash Flow of $830–$890 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were DT Midstream (DTM) Q2 2026 earnings and EPS?
DT Midstream reported Q2 2026 net income of $112 million, or $1.09 per diluted share. Operating Earnings matched reported earnings, and management described the quarter’s performance as strong in its earnings release headline.
How much Adjusted EBITDA did DT Midstream (DTM) generate in Q2 and year-to-date 2026?
DT Midstream generated Adjusted EBITDA of $305 million in Q2 2026 and $613 million for the first six months of 2026. The company reported Adjusted EBITDA of $557 million for the first six months of 2025 for comparison.
What dividend did DT Midstream (DTM) declare and when will it be paid?
The Board declared a quarterly cash dividend of $0.88 per share on DT Midstream common stock. The dividend is payable on October 15, 2026, to stockholders of record at the close of business on September 21, 2026.
What is DT Midstream’s (DTM) 2026 Adjusted EBITDA guidance range?
DT Midstream reaffirmed 2026 Adjusted EBITDA guidance of $1,155–$1,225 million. It also provided an early 2027 Adjusted EBITDA outlook of $1,225–$1,295 million, alongside guidance for 2026 Operating Earnings, Operating EPS and Distributable Cash Flow ranges.
What Distributable Cash Flow did DT Midstream (DTM) report for Q2 and the first half of 2026?
Distributable Cash Flow was $174 million for Q2 2026 and $448 million for the first six months of 2026. For the first six months of 2025, DT Midstream reported Distributable Cash Flow of $407 million, based on its non‑GAAP reconciliation.
What growth project backlog does DT Midstream (DTM) report through 2030?
DT Midstream reports an organic project backlog of approximately $3.4 billion in capital over 2026–2030. About $2.0 billion of this backlog has reached final investment decision, with more than 80% of total commitments in the pipeline segment.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026
Commission File Number: 1-40392
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(State or other jurisdiction of incorporation or organization)
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(I.R.S Employer Identification No.)
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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
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading
Symbol(s)
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Name of Exchange on
which Registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange
Act (17 CFR 240.12b-2).
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. ☐
| Item 2.02. |
Results of Operations and Financial Condition.
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DT Midstream, Inc. (“DT Midstream”) is furnishing the Securities and Exchange Commission with its earnings release issued July 30, 2026, announcing
financial results for the quarter ended June 30, 2026. A copy of the earnings release, including supplemental financial information, is furnished as Exhibit 99.1 and incorporated by reference.
| Item 7.01. |
Regulation FD Disclosure.
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In DT Midstream’s earnings release issued on July 30, 2026, DT Midstream also announced that its Board of Directors has declared a
quarterly cash dividend of $0.88 per share of common stock. The dividend is payable to DT Midstream’s stockholders of record as of September 21, 2026, and is expected to be paid on October 15, 2026.
DT Midstream is furnishing the SEC with its slide presentation issued July 30, 2026. A copy of the slide presentation is furnished as
Exhibit 99.2 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended,
except as shall be expressly set forth in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
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Description
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99.1
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Earnings Release of DT Midstream dated July 30, 2026.
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99.2
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Slide Presentation of DT Midstream dated July 30, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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Forward-Looking Statements:
This Current Report on Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read
in conjunction with the “Forward-Looking Statements” section in DT Midstream’s Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DT Midstream that discuss important factors that could
cause DT Midstream’s actual results to differ materially. DT Midstream expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date: July 30, 2026
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DT MIDSTREAM, INC.
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/s/ Jeffrey Jewell
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Name: Jeffrey Jewell
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Title: Chief Financial Officer
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Exhibit 99.1
NEWS RELEASE
DT Midstream Reports Strong Second Quarter 2026 Results
DETROIT, July 30, 2026 – DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2026 reported net income of $112 million, or $1.09 per diluted share and Operating Earnings of $112 million, or $1.09 per
diluted share. Adjusted EBITDA for the quarter was $305 million.
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable October 15, 2026 to stockholders of
record at the close of business September 21, 2026.
“We delivered another strong quarter, with the business progressing in line with our full-year plan,” said David Slater, Executive Chairman and CEO. “We continue to advance
our organic growth backlog, with $2 billion of projects now commercialized.”
Slater noted the following significant business updates:
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Executed new long-term contracts supporting a Haynesville system expansion, including Phase 5 of LEAP, which will add 200 MMcf/d of capacity
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Reached a final investment decision on the first phase of Viking Gas Transmission modernization
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Filed the FERC 7(c) application for the Guardian Pipeline “G3” expansion project in late June
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“Our second quarter performance keeps us firmly on track to meet our financial goals for 2026 and we are reaffirming our 2026 Adjusted EBITDA guidance of $1.155 to $1.225
billion and our 2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion,” said Jeff Jewell, Executive Vice President and CFO.
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live
internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.660.6232, and the toll number is 929.203.0890; the conference
ID is 1318681. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
# # #
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and
surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company
offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.
Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream
management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and
investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and gains or losses from
financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT
Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors
to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to
investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary
substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by
reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash
interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, and dividends and distributions from equity method investees to, Net Income
Attributable to DT Midstream, further adjusted for certain items we consider non-routine and other non-cash items. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual
obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings
after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations
presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our
net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net
income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.
In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation
of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable
efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting
principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is
not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities
laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other
matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,”
“target,” “anticipate,” “will,” “would,” “could,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” “continue,” “intend,” “goal,” “potential,” and other words of similar meaning. The absence of such words, expressions or statements,
however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance,
future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are 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, transportation, sand mining, and water services; 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 our ability to 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; 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 One Big Beautiful Bill Act; changes
in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and 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 greenhouse gas 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, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with
the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not place undue reliance on any 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.
Investor Relations
Todd Lohrmann, DT Midstream, 313.774.2424
investor_relations@dtmidstream.com
DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
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Three Months Ended
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June 30,
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March 31,
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2026
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2026
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (1)
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Operating Earnings
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (1)
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Operating Earnings
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(millions)
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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Net Income Attributable to DT Midstream
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$
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112
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$
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—
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$
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—
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$
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112
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$
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130
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$
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—
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$
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—
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$
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130
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Six Months Ended
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June 30,
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June 30,
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| 2026 | 2025 | |||||||||||||||||||||||||||||||
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Reported
Earnings |
Pre-tax Adjustments
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Income
Taxes (1) |
Operating Earnings
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Reported
Earnings |
Pre-tax Adjustments
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Income
Taxes (1)
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Operating Earnings
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(millions)
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||||||||||||||||||||||||||||||||
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Adjustments
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$
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—
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$
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—
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—
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—
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Net Income Attributable to DT Midstream
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$
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242
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$
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—
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$
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—
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$
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242
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$
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215
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$
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—
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$
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—
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$
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215
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| (1) |
Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments
and deductibility of specific operating adjustments
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DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited)
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Three Months Ended
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March 31,
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2026
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2026
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (2)
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Operating Earnings
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (2)
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Operating Earnings
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(per share)
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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Net Income Attributable to DT Midstream
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$
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1.09
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$
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—
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$
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—
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$
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1.09
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$
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1.27
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$
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—
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$
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—
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$
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1.27
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Six Months Ended
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June 30,
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June 30,
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (2) |
Operating Earnings
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Reported
Earnings
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Pre-tax Adjustments
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Income
Taxes (2)
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Operating Earnings
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(per share)
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Adjustments
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$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
2.36
|
$
|
—
|
$
|
—
|
$
|
2.36
|
$
|
2.10
|
$
|
—
|
$
|
—
|
$
|
2.10
|
||||||||||||||||
| (1) |
Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
|
| (2) |
Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments
and deductibility of specific operating adjustments
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2026
|
2026
|
2026
|
2025
|
|||||||||||||
|
Consolidated
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
112
|
$
|
130
|
$
|
242
|
$
|
215
|
||||||||
|
Plus: Interest expense
|
42
|
40
|
82
|
80
|
||||||||||||
|
Plus: Income tax expense
|
53
|
36
|
89
|
69
|
||||||||||||
|
Plus: Depreciation and amortization
|
68
|
69
|
137
|
126
|
||||||||||||
|
Plus: EBITDA from equity method investees (1)
|
66
|
78
|
144
|
137
|
||||||||||||
|
Less: Gain from financing activities
|
(1
|
)
|
—
|
(1
|
)
|
—
|
||||||||||
|
Less: Interest income
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(1
|
)
|
||||||||
|
Less: Earnings from equity method investees
|
(33
|
)
|
(43
|
)
|
(76
|
)
|
(67
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||||||
|
Adjusted EBITDA
|
$
|
305
|
$
|
308
|
$
|
613
|
$
|
557
|
||||||||
| (1) |
Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees
to EBITDA from equity method investees follows:
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2026
|
2026
|
2026
|
2025
|
|||||||||||||
|
(millions)
|
||||||||||||||||
|
Earnings from equity method investees
|
$
|
33
|
$
|
43
|
$
|
76
|
$
|
67
|
||||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
20
|
21
|
41
|
41
|
||||||||||||
|
Plus: Interest expense attributable to equity method investees
|
13
|
14
|
27
|
29
|
||||||||||||
|
EBITDA from equity method investees
|
$
|
66
|
$
|
78
|
$
|
144
|
$
|
137
|
||||||||
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2026
|
2026
|
2026
|
2025
|
|||||||||||||
|
Pipeline
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
86
|
$
|
108
|
$
|
194
|
$
|
185
|
||||||||
|
Plus: Interest expense
|
14
|
14
|
28
|
24
|
||||||||||||
|
Plus: Income tax expense
|
41
|
30
|
71
|
59
|
||||||||||||
|
Plus: Depreciation and amortization
|
28
|
29
|
57
|
56
|
||||||||||||
|
Plus: EBITDA from equity method investees (1)
|
66
|
78
|
144
|
137
|
||||||||||||
|
Less: Gain from financing activities
|
(1
|
)
|
—
|
(1
|
)
|
—
|
||||||||||
|
Less: Interest income
|
—
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
|||||||||
|
Less: Earnings from equity method investees
|
(33
|
)
|
(43
|
)
|
(76
|
)
|
(67
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||||||
|
Adjusted EBITDA
|
$
|
200
|
$
|
214
|
$
|
414
|
$
|
391
|
||||||||
| (1) |
Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees
to EBITDA from equity method investees follows:
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2026
|
2026
|
2026
|
2025
|
|||||||||||||
|
(millions)
|
||||||||||||||||
|
Earnings from equity method investees
|
$
|
33
|
$
|
43
|
$
|
76
|
$
|
67
|
||||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
20
|
21
|
41
|
41
|
||||||||||||
|
Plus: Interest expense attributable to equity method investees
|
13
|
14
|
27
|
29
|
||||||||||||
|
EBITDA from equity method investees
|
$
|
66
|
$
|
78
|
$
|
144
|
$
|
137
|
||||||||
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited)
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
||||||||||||
|
|
2026
|
2026
|
2026
|
2025
|
||||||||||||
|
Gathering
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
26
|
$
|
22
|
$
|
48
|
$
|
30
|
||||||||
|
Plus: Interest expense
|
28
|
26
|
54
|
56
|
||||||||||||
|
Plus: Income tax expense
|
12
|
6
|
18
|
10
|
||||||||||||
|
Plus: Depreciation and amortization
|
40
|
40
|
80
|
70
|
||||||||||||
|
Less: Interest income
|
(1
|
)
|
—
|
(1
|
)
|
—
|
||||||||||
|
Adjusted EBITDA
|
$
|
105
|
$
|
94
|
$
|
199
|
$
|
166
|
||||||||
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
||||||||||||
|
|
2026
|
2026
|
2026
|
2025
|
||||||||||||
|
Consolidated
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
112
|
$
|
130
|
$
|
242
|
$
|
215
|
||||||||
|
Plus: Interest expense
|
42
|
40
|
82
|
80
|
||||||||||||
|
Plus: Income tax expense
|
53
|
36
|
89
|
69
|
||||||||||||
|
Plus: Depreciation and amortization
|
68
|
69
|
137
|
126
|
||||||||||||
|
Less: Gain from financing activities
|
(1
|
)
|
—
|
(1
|
)
|
—
|
||||||||||
|
Less: Earnings from equity method investees
|
(33
|
)
|
(43
|
)
|
(76
|
)
|
(67
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||||||
|
Plus: Dividends and distributions from equity method investees
|
40
|
56
|
96
|
78
|
||||||||||||
|
Less: Cash interest expense
|
(77
|
)
|
—
|
(77
|
)
|
(76
|
)
|
|||||||||
|
Less: Cash taxes
|
(3
|
)
|
(2
|
)
|
(5
|
)
|
(2
|
)
|
||||||||
|
Less: Maintenance capital investment (1)
|
(24
|
)
|
(11
|
)
|
(35
|
)
|
(14
|
)
|
||||||||
|
Less: Other non-cash adjustments
|
(2
|
)
|
—
|
(2
|
)
|
—
|
||||||||||
|
Distributable Cash Flow
|
$
|
174
|
$
|
274
|
$
|
448
|
$
|
407
|
||||||||
| (1) |
Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
|
# # #
Exhibit 99.2
