DT Midstream (DTM) Q1 2026 profit hits $130M with $308M EBITDA
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
DT Midstream reported a strong start to 2026, with first quarter net income of $130 million, or $1.27 per diluted share. Operating Earnings matched reported earnings, and Adjusted EBITDA reached $308 million, supported by $214 million from the Pipeline segment and $94 million from Gathering.
Distributable Cash Flow was $274 million, reflecting solid cash generation. The Board declared a quarterly dividend of $0.88 per share, payable July 15, 2026 to stockholders of record on June 15, 2026.
The company highlighted a roughly $3.4 billion organic project backlog through 2030 and approved new pipeline investments, including the Vector 2028 expansion and Millennium R2R project. DT Midstream reaffirmed 2026 guidance, targeting Adjusted EBITDA of $1,155–$1,225 million, Operating EPS of $4.42–$4.82, and Distributable Cash Flow of $830–$890 million, with capital investment of $490–$570 million.
Positive
- None.
Negative
- None.
Insights
DT Midstream posts solid Q1, maintains multi‑year growth plan.
DT Midstream delivered Q1 2026 net income of $130 million and Adjusted EBITDA of $308 million, up from $280 million in Q1 2025. Cash generation was strong, with Distributable Cash Flow of $274 million, supporting a quarterly dividend of $0.88 per share.
Management reaffirmed full-year 2026 guidance, including Adjusted EBITDA of $1,155–$1,225 million and Operating EPS of $4.42–$4.82, and provided a 2027 Adjusted EBITDA outlook of $1,225–$1,295 million. A roughly $3.4 billion organic backlog and new projects such as the Vector 2028 and Millennium R2R expansions underpin this visibility.
Key dependencies include timely execution of capital projects, regulatory milestones and sustaining demand from power, LNG and industrial customers. Upcoming markers include in‑service dates for modernization and expansion projects between 2027 and 2028, which will show whether growth is tracking the current plan.
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
Q1 2026 net income: $130 million
Q1 2026 diluted EPS: $1.27 per share
Q1 2026 Adjusted EBITDA: $308 million
+5 more
8 metrics
Q1 2026 net income
$130 million
Net Income Attributable to DT Midstream for the quarter ended March 31, 2026
Q1 2026 diluted EPS
$1.27 per share
Net Income Attributable to DT Midstream per diluted share, Q1 2026
Q1 2026 Adjusted EBITDA
$308 million
Consolidated Adjusted EBITDA for the quarter ended March 31, 2026
Q1 2026 Distributable Cash Flow
$274 million
Consolidated Distributable Cash Flow for the quarter ended March 31, 2026
Pipeline segment Adjusted EBITDA
$214 million
Pipeline segment Adjusted EBITDA for Q1 2026
Gathering segment Adjusted EBITDA
$94 million
Gathering segment Adjusted EBITDA for Q1 2026
Quarterly dividend
$0.88 per share
Cash dividend on common stock payable July 15, 2026
2026 Adjusted EBITDA guidance
$1,155–$1,225 million
Full-year 2026 Adjusted EBITDA guidance range
Key Terms
Adjusted EBITDA, Distributable Cash Flow, Operating Earnings, equity method investees, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the quarter was $308 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
"Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow"
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 were $130 million, or $1.27 per diluted share."
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.
equity method investees financial
"Plus: EBITDA from equity method investees (1) $ 78"
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.
maintenance capital investment financial
"Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets"
take-or-pay agreements financial
"Fully contracted by long-term take-or-pay agreements"
A take-or-pay agreement is a contract in which a buyer promises to either take an agreed quantity of a product or service from a seller or, if they do not, pay a predefined fee anyway. For investors it matters because these deals create steady, predictable revenue for sellers while locking buyers into payments that can affect their cash flow and credit risk, similar to paying a subscription or reserving a service whether you use it or not.
Earnings Snapshot
Net income: $130 million · Guidance included
Q1 2026
Net income
$130 million
+$22 million vs Q1 2025
Diluted EPS
$1.27
+$0.21 vs Q1 2025
Adjusted EBITDA
$308 million
+$28 million vs Q1 2025
Distributable Cash Flow
$274 million
+$24 million vs Q1 2025
Guidance
For 2026, DT Midstream guides to Adjusted EBITDA of $1,155–$1,225 million, Operating Earnings of $455–$495 million, Operating EPS of $4.42–$4.82, Distributable Cash Flow of $830–$890 million, and capital investment of $490–$570 million.
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): April 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 April 30, 2026, announcing
financial results for the quarter ended March 31, 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 April 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 June 15, 2026, and is expected to be paid on July 15, 2026.
DT Midstream is furnishing the SEC with its slide presentation issued April 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 April 30, 2026.
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99.2
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Slide Presentation of DT Midstream dated April 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.
Date: April 30, 2026
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DT MIDSTREAM, INC.
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(Registrant)
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by
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/s/ Jeffrey Jewell
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Name:
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Jeffrey Jewell | ||
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Title:
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Chief Financial Officer | ||
Exhibit 99.1
NEWS RELEASE
DT Midstream Reports Strong First Quarter 2026 Results
DETROIT, Apr. 30, 2026 – DT Midstream, Inc. (NYSE: DTM) today announced first quarter 2026 reported net income of $130 million, or $1.27 per diluted
share. For the first quarter of 2026, Operating Earnings were $130 million, or $1.27 per diluted share. Adjusted EBITDA for the quarter was $308 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 July 15, 2026 to
stockholders of record at the close of business June 15, 2026.
“Our first quarter results give us a great start to the year,” said David Slater, Executive Chairman and CEO. “And I am pleased that we were able to
advance new interstate pipeline growth projects.”
Slater noted the following significant business updates:
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DTM has approved investment in the Vector Pipeline 2028 expansion project and the Millennium Pipeline R2R project
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Successfully completed non-binding open seasons for an expansion of Midwestern Gas Transmission and an additional expansion of Vector Pipeline; both open seasons received
customer interest exceeding the offered capacity
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Placed into service a new power plant lateral from Midwestern Gas Transmission
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“Our first quarter results place us on track to deliver our financial goals for 2026,” 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 888.596.4144, and the toll number is 646.968.2525;
the passcode is 7282929. 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 loss
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, certain items we consider non-routine and
dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. 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.
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,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” 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; 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 put 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
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DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
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Three Months Ended
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March 31,
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December 31,
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2026
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2025
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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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||||||||||||||||||||||||||
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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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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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$
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111
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$
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—
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$
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—
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$
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111
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Three Months Ended
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March 31,
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March 31,
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2026
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2025
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|||||||||||||||||||||||||
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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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Adjustments
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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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130 |
$
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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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$
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108 |
$
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— |
$
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— |
$
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108 | ||||||||||
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(1)
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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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December 31,
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2026
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2025
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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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1.27
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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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$
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1.08
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$
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—
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$
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—
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$
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1.08
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Three Months Ended
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March 31,
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March 31,
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2026
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2025
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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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Net Income Attributable to DT Midstream
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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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$
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1.06
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$
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—
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$
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—
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$
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1.06
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(1)
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Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
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(2)
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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 Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2026
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2025
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2025
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Consolidated
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(millions)
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Net Income Attributable to DT Midstream
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$
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130
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$
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111
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$
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108
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Plus: Interest expense
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40
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41
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40
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|||||||||
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Plus: Income tax expense
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36
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40
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35
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Plus: Depreciation and amortization
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69
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67
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63
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Plus: EBITDA from equity method investees (1)
|
78
|
70
|
73
|
|||||||||
|
Less: Interest income
|
(1
|
)
|
—
|
(1
|
)
|
|||||||
|
Less: Earnings from equity method investees
|
(43
|
)
|
(37
|
)
|
(37
|
)
|
||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||||
|
Other
|
—
|
2
|
—
|
|||||||||
|
Adjusted EBITDA
|
$
|
308
|
$
|
293
|
$
|
280
|
||||||
|
(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
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2026
|
2025
|
2025
|
||||||||||
|
(millions)
|
||||||||||||
|
Earnings from equity method investees
|
$
|
43
|
$
|
37
|
$
|
37
|
||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
21
|
19
|
22
|
|||||||||
|
Plus: Interest expense attributable to equity method investees
|
14
|
14
|
14
|
|||||||||
|
EBITDA from equity method investees
|
$
|
78
|
$
|
70
|
$
|
73
|
||||||
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited)
|
||||||||||||
|
Three Months Ended
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2026
|
2025
|
2025
|
||||||||||
|
Pipeline
|
(millions)
|
|||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
108
|
$
|
93
|
$
|
92
|
||||||
|
Plus: Interest expense
|
14
|
13
|
13
|
|||||||||
|
Plus: Income tax expense
|
30
|
34
|
30
|
|||||||||
|
Plus: Depreciation and amortization
|
29
|
28
|
28
|
|||||||||
|
Plus: EBITDA from equity method investees (1)
|
78
|
70
|
73
|
|||||||||
|
Less: Interest income
|
(1
|
)
|
—
|
(1
|
)
|
|||||||
|
Less: Earnings from equity method investees
|
(43
|
)
|
(37
|
)
|
(37
|
)
|
||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||||
|
Adjusted EBITDA
|
$
|
214
|
$
|
200
|
$
|
197
|
||||||
|
(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
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2026
|
2025
|
2025
|
||||||||||
|
(millions)
|
||||||||||||
|
Earnings from equity method investees
|
$
|
43
|
$
|
37
|
$
|
37
|
||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
21
|
19
|
22
|
|||||||||
|
Plus: Interest expense attributable to equity method investees
|
14
|
14
|
14
|
|||||||||
|
EBITDA from equity method investees
|
$
|
78
|
$
|
70
|
$
|
73
|
||||||
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited)
|
||||||||||||
|
Three Months Ended
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2026
|
2025
|
2025
|
||||||||||
|
Gathering
|
(millions)
|
|||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
22
|
$
|
18
|
$
|
16
|
||||||
|
Plus: Interest expense
|
26
|
28
|
27
|
|||||||||
|
Plus: Income tax expense
|
6
|
6
|
5
|
|||||||||
|
Plus: Depreciation and amortization
|
40
|
39
|
35
|
|||||||||
|
Other
|
—
|
2
|
—
|
|||||||||
|
Adjusted EBITDA
|
$
|
94
|
$
|
93
|
$
|
83
|
||||||
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
|
||||||||||||
|
Three Months Ended
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2026
|
2025
|
2025
|
||||||||||
|
Consolidated
|
(millions)
|
|||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
130
|
$
|
111
|
$
|
108
|
||||||
|
Plus: Interest expense
|
40
|
41
|
40
|
|||||||||
|
Plus: Income tax expense
|
36
|
40
|
35
|
|||||||||
|
Plus: Depreciation and amortization
|
69
|
67
|
63
|
|||||||||
|
Less: Earnings from equity method investees
|
(43
|
)
|
(37
|
)
|
(37
|
)
|
||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||||
|
Plus: Dividends and distributions from equity method investees
|
56
|
48
|
48
|
|||||||||
|
Less: Cash interest expense
|
—
|
(76
|
)
|
—
|
||||||||
|
Less: Cash taxes
|
(2
|
)
|
(2
|
)
|
2
|
|||||||
|
Less: Maintenance capital investment (1)
|
(11
|
)
|
(29
|
)
|
(8
|
)
|
||||||
|
Distributable Cash Flow
|
$
|
274
|
$
|
162
|
$
|
250
|
||||||
|
(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
FAQ
How did DT Midstream (DTM) perform financially in Q1 2026?
DT Midstream reported net income of $130 million in Q1 2026, or $1.27 per diluted share. Adjusted EBITDA was $308 million, and Distributable Cash Flow reached $274 million, reflecting strong earnings and cash generation from its pipeline and gathering businesses.
What dividend did DT Midstream (DTM) declare with its Q1 2026 results?
DT Midstream’s Board declared a quarterly cash dividend of $0.88 per share of common stock. The dividend is payable on July 15, 2026, to stockholders of record at the close of business on June 15, 2026, funded by the company’s strong cash flow profile.
What is DT Midstream’s 2026 financial guidance for Adjusted EBITDA and earnings?
For 2026, DT Midstream forecasts Adjusted EBITDA of $1,155–$1,225 million and Operating Earnings of $455–$495 million. That corresponds to Operating EPS guidance of $4.42–$4.82, illustrating management’s outlook for continued earnings strength.
What are DT Midstream’s 2026 Distributable Cash Flow and capital investment plans?
DT Midstream expects 2026 Distributable Cash Flow of $830–$890 million. Planned capital investment totals $490–$570 million, split between $420–$480 million of growth capital for expansion projects and $70–$90 million of maintenance capital to sustain its asset base.
How large is DT Midstream’s organic project backlog and what does it include?
DT Midstream reports an organic capital project backlog of about $3.4 billion for 2026–2030. This includes pipeline and gathering projects such as the Vector 2028 Pipeline expansion and Millennium R2R project, targeting growing power, LNG, and industrial natural gas demand.
What are DT Midstream’s segment contributions to Q1 2026 Adjusted EBITDA?
In Q1 2026, total Adjusted EBITDA was $308 million, with the Pipeline segment contributing $214 million and the Gathering segment contributing $94 million. This mix highlights the company’s emphasis on long‑haul pipelines alongside its growing gathering operations.
Does DT Midstream provide an early outlook for 2027 performance?
Yes. DT Midstream offers an early 2027 outlook for Adjusted EBITDA of $1,225–$1,295 million. This forward view is supported by its multi‑year project backlog, contracted revenue base, and planned in‑service dates for pipeline modernization and expansion projects.