$DTM

DT Midstream, Inc.

CIK:0001842022|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Operating revenues	$ 343	$ 309	$ 679	$ 612
Operating Expenses
Operation and maintenance	90	80	175	158
Depreciation and amortization	68	63	137	126
Taxes other than income	12	11	27	25
Asset losses and impairments, net	0	0	1	0
Operating Income	173	155	339	303
Other (Income) and Deductions
Interest expense	42	40	82	80
Interest income	(1)	0	(2)	(1)
Earnings from equity method investees	(33)	(30)	(76)	(67)
Gain from financing activities	(1)	0	(1)	0
Other income	(3)	0	(3)	0
Income Before Income Taxes	169	145	339	291
Income Tax Expense	53	34	89	69
Net Income	116	111	250	222
Less: Net Income Attributable to Noncontrolling Interests	4	4	8	7
Net Income Attributable to DT Midstream	$ 112	$ 107	$ 242	$ 215
Basic Earnings per Common Share
Net Income Attributable to DT Midstream (in dollars per share)	$ 1.10	$ 1.05	$ 2.37	$ 2.12
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream (in dollars per share)	$ 1.09	$ 1.04	$ 2.36	$ 2.10
Weighted Average Common Shares Outstanding
Basic (in shares)	102.0	101.6	102.0	101.5
Diluted (in shares)	102.6	102.5	102.7	102.5

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income	$ 250	$ 222
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	137	126
Stock-based compensation	12	12
Amortization of operating lease right-of-use assets	8	9
Deferred income taxes	80	61
Earnings from equity method investees	(76)	(67)
Dividends from equity method investees	75	59
Gain from financing activities	(1)	0
Changes in assets and liabilities:
Accounts receivable, net	2	(1)
Accounts payable	(2)	(13)
Contract liabilities	7	11
Other current and noncurrent assets and liabilities	10	13
Net cash and cash equivalents from operating activities	502	432
Investing Activities
Plant and equipment expenditures	(183)	(152)
Acquisition accounted for as a business combination (and purchase price adjustment)	0	10
Distributions from equity method investees	21	19
Contributions to equity method investees	(10)	(2)
Other investing activities	0	1
Net cash and cash equivalents used for investing activities	(172)	(124)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	149	0
Repayment of long-term debt	(148)	0
Borrowings under the Revolving Credit Facility	90	165
Repayment of borrowings under the Revolving Credit Facility	(90)	(290)
Distributions to noncontrolling interests	(9)	(9)
Contributions from noncontrolling interests	1	5
Dividends paid on common stock	(172)	(158)
Stock-based compensation tax withholding payments	(33)	(15)
Net cash and cash equivalents used for financing activities	(212)	(302)
Net Increase in Cash and Cash Equivalents	118	6
Cash and Cash Equivalents at Beginning of Period	54	68
Cash and Cash Equivalents at End of Period	172	74
Cash paid for:
Interest, net of interest capitalized	77	76
Income taxes, net of refunds received	5	2
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$ 56	$ 68

Consolidated Statements of Financial Position - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current Assets

Cash and cash equivalents

$ 172

$ 54

Accounts receivable (net of $— allowance for expected credit loss for each period end)

184

186

Notes receivable — related party

Deferred property taxes

Prepaid expenses and other

Total Current Assets

409

318

Investments

Investments in equity method investees

1,243

1,253

Property

Property, plant, and equipment

7,148

6,958

Accumulated depreciation

(1,297)

(1,192)

Net Property, plant, and equipment

5,851

5,766

Other Assets

Goodwill

781

Long-term notes receivable — related party

Operating lease right-of-use assets

Intangible assets, net

1,832

1,862

Other

Total Other Assets

2,704

2,743

Total Assets

^[1]

10,207

10,080

Current Liabilities

Accounts payable

Operating lease liabilities

Dividends payable

Interest payable

Property taxes payable

Accrued compensation

Contract liabilities

Other

Total Current Liabilities

298

296

Long-Term Debt, net

3,326

3,324

Other Liabilities

Deferred income taxes

1,350

1,270

Operating lease liabilities

Contract liabilities

162

160

Regulatory liabilities

Other

Total Other Liabilities

1,662

1,582

Total Liabilities

^[2]

5,286

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 June 30, 2026 and December 31, 2025)

Common stock ($0.01 par value, 550,000,000 shares authorized, and 102,015,296 and 101,673,925 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

Additional paid-in capital

3,897

3,915

Retained earnings

888

827

Accumulated other comprehensive loss

(7)

Total DT Midstream Equity

4,779

4,736

Noncontrolling interests

142

Total Equity

4,921

4,878

Total Liabilities and Equity

$ 10,207

$ 10,080

[1]	(a) Our consolidated assets include $932 million and $943 million at June 30, 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.
[2]	(b) Our consolidated liabilities include $8 million and $16 million at June 30, 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.