DT Midstream, Inc. (DTM) Financial Statements

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DT Midstream financial statements at a glance

DT Midstream reported revenue of $1.24 billion for fiscal year 2025 (ended December 31, 2025), up 26.7% from fiscal year 2024. Net income was $441.00 million, a net margin of 35.5%.

At the end of fiscal year 2025 it had total assets of $10.08 billion, total liabilities of $5.20 billion and shareholders' equity of $4.74 billion, with cash and short-term investments of $54.00 million and total debt of $3.37 billion.

Its operations brought in $867.00 million of cash; capital spending was $426.00 million, leaving free cash flow of $441.00 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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DT Midstream, Inc.

DTMUnited States
Energy
USD (Local)

Income Statement

Annual • USD

Total Revenue
1.24B
Prev Year: 981.00M
YoY: +26.7%
Operating Revenue
1.24B
Prev Year: 981.00M
YoY: +26.7%
Interest Income
2.00M
Prev Year: 7.00M
YoY: -71.4%
Non-operating Interest Income
2.00M
Prev Year: 7.00M
YoY: -71.4%
Other Taxes
42.00M
Prev Year: 39.00M
YoY: +7.7%
Cost of Revenue
258.00M
Prev Year: 209.00M
YoY: +23.4%
Gross Profit
985.00M
Prev Year: 772.00M
YoY: +27.6%
Operating Expense
371.00M
Prev Year: 283.00M
YoY: +31.1%
Operating Income
614.00M
Prev Year: 489.00M
YoY: +25.6%
Net Non Operating Interest Income Expense
-159.00M
Prev Year: -151.00M
YoY: -5.3%
Non-operating Interest Expense
161.00M
Prev Year: 153.00M
YoY: +5.2%
Other Income Expense
143.00M
Prev Year: 166.00M
YoY: -13.9%
Equity in Earnings of Affiliates
138.00M
Prev Year: 162.00M
YoY: -14.8%
Other Non-operating Income (expense)
5.00M
Prev Year: 4.00M
YoY: +25.0%
Pre-tax Income
598.00M
Prev Year: 504.00M
YoY: +18.7%
Provision for Income Taxes
144.00M
Prev Year: 137.00M
YoY: +5.1%
Net Income Common Stockholders
441.00M
Prev Year: 354.00M
YoY: +24.6%
Net Income
441.00M
Prev Year: 354.00M
YoY: +24.6%
Net Income Including Non-Controlling Interests
454.00M
Prev Year: 367.00M
YoY: +23.7%
Net Income from Continuing Operations
454.00M
Prev Year: 367.00M
YoY: +23.7%
Noncontrolling Interests
-13.00M
Prev Year: -13.00M
YoY: 0.0%
Diluted NI Available to Com Stockholders
441.00M
Prev Year: 354.00M
YoY: +24.6%
Total Operating Income as Reported
614.00M
Prev Year: 489.00M
YoY: +25.6%
Basic EPS
-
Total Expenses
629.00M
Prev Year: 492.00M
YoY: +27.8%
Diluted EPS
-
Interest Expense
161.00M
Prev Year: 153.00M
YoY: +5.2%
Weighted Average Shares (basic)
-
Net Interest Income
-159.00M
Prev Year: -151.00M
YoY: -5.3%
Weighted Average Shares (diluted)
-
Net Income from Continuing and Discontinued Operation
441.00M
Prev Year: 354.00M
YoY: +24.6%
Normalized Income
441.00M
Prev Year: 354.00M
YoY: +24.6%
EBIT
759.00M
Prev Year: 657.00M
YoY: +15.5%
EBITDA
1.03B
Prev Year: 884.00M
YoY: +17.0%
Reconciled Cost of Revenue
258.00M
Prev Year: 209.00M
YoY: +23.4%
Reconciled Depreciation
275.00M
Prev Year: 227.00M
YoY: +21.1%
Net Income from Continuing Operation Net Minority Interest
441.00M
Prev Year: 354.00M
YoY: +24.6%
Normalized EBITDA
1.03B
Prev Year: 884.00M
YoY: +17.0%
Tax Rate for Calcs
0.241
Prev Year: 0
Values in USD

DT Midstream key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$1.2B$981.0M$922.0M$920.0M$840.0M
Gross profit$985.0M$772.0M$740.0M$750.0M$674.0M
Operating income$614.0M$489.0M$467.0M$455.0M$419.0M
Net income$441.0M$354.0M$384.0M$370.0M$307.0M
Diluted EPS––$3.94$3.81$3.16
Total assets$10.1B$9.9B$9.0B$8.8B$8.2B
Total liabilities$5.2B$5.2B$4.7B$4.7B$4.1B
Shareholders' equity$4.7B$4.6B$4.1B$4.0B$3.9B
Cash and short-term investments$54.0M$68.0M$56.0M$61.0M$132.0M
Total debt$3.4B$3.5B$3.3B$3.4B$3.1B
Operating cash flow$867.0M$763.0M$798.0M$725.0M$572.0M
Capital spending$426.0M$350.0M$772.0M$338.0M$140.0M
Free cash flow$441.0M$413.0M$26.0M$387.0M$432.0M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2018.

Questions and answers

What was DT Midstream's revenue in fiscal year 2025?

$1.24 billion, up 26.7% from $981.00 million in fiscal year 2024.

How much profit does DT Midstream make?

DT Midstream reported net income of $441.00 million for fiscal year 2025 (35.5% of revenue); operating income was $614.00 million.

How much cash and debt does DT Midstream have?

At the end of fiscal year 2025: cash and short-term investments of $54.00 million and total debt of $3.37 billion.

What is DT Midstream's free cash flow?

$441.00 million in fiscal year 2025 (operating cash flow of $867.00 million minus capital spending of $426.00 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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