Dt Midstream Inc. (DTM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.15	$1.09	-5.2%	—	$343M	—
Q4 25	$1.15	$1.08	-6.1%	—	$317M	—
Q3 25	$1.04	$1.13	+8.7%	—	$314M	—
Q2 25	$0.98	$1.04	+6.1%	—	$309M	—
Q1 25	$1.08	$1.06	-1.9%	—	$303M	—
Q4 24	$0.92	$0.94	+2.2%	—	$249M	—
Q3 24	$0.96	$0.9	-6.2%	—	$248M	—
Q2 24	$0.93	$0.98	+5.4%	—	$244M	—
Q1 24	$0.94	$0.99	+5.3%	—	$240M	—
Q4 23	$0.89	$1.24	+39.3%	—	$244M	—
Q3 23	$0.91	$0.94	+3.3%	—	$234M	—
Q2 23	$0.87	$0.93	+6.9%	—	$224M	—
Q1 23	$0.93	$0.84	-9.7%	—	$220M	—
Q4 22	$0.98	$0.93	-5.1%	—	$243M	—
Q3 22	$0.87	$0.9	+3.4%	—	$235M	—
Q2 22	$0.88	$0.8	-9.1%	—	$227M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.34	—	—	$1.2B	—
FY24	—	$3.63	—	—	$981M	—
FY23	—	$3.97	—	—	$922M	—
FY22	—	$3.83	—	—	$920M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$485M	$504M	$754M	$840M	$920M	$922M	$981M	$1.2B
YoY change	—	+3.92%	+49.6%	+11.4%	+9.52%	+0.22%	+6.4%	+26.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	485M	504M	754M	840M	920M	922M	981M	1.2B
Cost of revenue	81M	93M	152M	166M	170M	182M	209M	258M
Gross profit	404M	411M	602M	674M	750M	740M	772M	985M
Gross margin	83.3%	81.5%	79.8%	80.2%	81.5%	80.3%	78.7%	79.2%
Research & development	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—
Operating income	273M	262M	412M	419M	455M	467M	489M	614M
Operating margin	56.3%	52%	54.6%	49.9%	49.5%	50.7%	49.8%	49.4%
Non-operating income, net	118M	97M	132M	111M	174M	182M	166M	143M
Pretax income	331M	292M	440M	422M	482M	500M	504M	598M
Income tax	72M	72M	116M	104M	100M	104M	137M	144M
Net income	259M	220M	324M	318M	382M	396M	367M	454M
Net margin	53.4%	43.7%	43%	37.9%	41.5%	43%	37.4%	36.5%
EBITDA	481M	478M	720M	735M	785M	846M	884M	1B
EPS	2.38	2.11	3.22	3.17	3.83	3.97	3.63	4.34
Diluted EPS	2.38	2.11	3.22	3.16	3.81	3.94	3.6	4.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	234M	244M	240M	244M	248M	249M	303M	309M	314M	317M	336M	343M
Cost of revenue	46M	49M	50M	53M	53M	53M	63M	63M	65M	67M	69M	68M
Gross profit	188M	195M	190M	191M	195M	196M	240M	246M	249M	250M	267M	275M
Gross margin	80.3%	79.9%	79.2%	78.3%	78.6%	78.7%	79.2%	79.6%	79.3%	78.9%	79.5%	80.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	123M	120M	124M	130M	122M	113M	148M	155M	155M	156M	167M	173M
Operating margin	52.6%	49.2%	51.7%	53.3%	49.2%	45.4%	48.8%	50.2%	49.4%	49.2%	49.7%	50.4%
Non-operating income, net	42M	45M	46M	42M	40M	38M	37M	30M	37M	39M	42M	36M
Pretax income	127M	126M	131M	133M	121M	119M	146M	145M	153M	154M	170M	169M
Income tax	33M	2M	31M	33M	30M	43M	35M	34M	35M	40M	36M	53M
Net income	94M	124M	100M	100M	91M	76M	111M	111M	118M	114M	134M	116M
Net margin	40.2%	50.8%	41.7%	41%	36.7%	30.5%	36.6%	35.9%	37.6%	36%	39.9%	33.8%
EBITDA	215M	218M	225M	230M	216M	213M	253M	253M	262M	266M	284M	283M
EPS	0.94	—	1	0.99	0.91	—	1.07	1.05	1.14	—	1.28	1.1
Diluted EPS	0.94	—	0.99	0.98	0.9	—	1.06	1.04	1.13	—	1.27	1.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	4.6B	5.3B	5.3B	9.7B	12.2B	12.4B
Enterprise value	—	—	—	7.6B	8.7B	8.5B	13.2B	15.5B	15.8B
Shares outstanding	96.9M	96.9M	96.9M	96.7M	96.7M	96.9M	97.6M	101.6M	101.6M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	14.6	14	13.4	26.4	26.8	26.8
P/S	—	—	—	5.52	5.81	5.76	9.89	9.78	9.53
P/B	—	—	—	1.15	1.29	1.24	2.04	2.49	2.61
EV/EBITDA	—	—	—	10.3	11.1	10.1	14.9	15	17.2
EV/Sales	—	—	—	9.04	9.46	9.25	13.4	12.5	12.1
Earnings yield	—	—	—	6.85%	7.15%	7.46%	3.78%	3.73%	3.73%
FCF yield	—	—	—	9.31%	7.24%	0.49%	4.26%	3.63%	1.03%
PEG	—	—	—	—	—	—	—	—	5.63

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.3%	81.5%	79.8%	80.2%	81.5%	80.3%	78.7%	79.2%	80.2%
Operating margin	56.3%	52%	54.6%	49.9%	49.5%	50.7%	49.8%	49.4%	50.4%
Net margin	53.4%	43.7%	43%	37.9%	41.5%	43%	37.4%	36.5%	35.7%
ROE	—	5.91%	7.66%	7.91%	9.2%	9.25%	7.7%	9.31%	9.9%
ROA	—	2.83%	3.88%	3.89%	4.32%	4.41%	3.69%	4.5%	4.03%
ROIC	—	2.97%	4.1%	4.53%	4.8%	4.94%	4.33%	5.69%	5.98%
Return on tangible assets	—	8.96%	10.4%	10.4%	9.96%	9.66%	8.08%	9.47%	9.68%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	0.09	0.15	2.03	0.43	0.63	0.73	1.07	1.37
Quick ratio	—	0.09	0.15	2.03	0.43	0.63	0.73	1.07	1.37
Debt / equity	—	0.8	0.76	0.77	0.82	0.76	0.74	0.69	0.69
Debt / assets	—	0.38	0.39	0.38	0.39	0.36	0.35	0.33	0.33
Net debt / EBITDA	—	6.11	4.41	4.01	4.28	3.8	3.91	3.21	2.92
Interest coverage	5.8	4.89	4.89	4.77	4.52	4.33	4.29	4.71	4.96
Effective tax rate	21.8%	24.7%	26.4%	24.6%	20.7%	20.8%	27.2%	24.1%	25.4%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.01	5.2	7.78	8.69	9.51	9.51	10.1	12.2	12.9
EPS (basic)	2.38	2.11	3.22	3.17	3.83	3.97	3.63	4.34	4.34
EPS (diluted)	2.38	2.11	3.22	3.16	3.81	3.94	3.6	4.3	4.56
Book value per share	—	38.4	43.6	41.6	43	44.2	48.8	48	46.8
FCF per share	1.89	1.85	0.82	4.47	4	0.27	4.23	4.34	4.68
Cash per share	—	0.47	0.43	1.37	0.63	0.58	0.7	0.53	1.69
Capex per share	—	—	—	—	—	—	—	4.19	4.45

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	34.3%	34.9%
Capex / operating cash flow	—	—	—	—	—	—	—	49.1%	48.8%
Payout ratio	—	0%	0%	175.8%	63.9%	66.4%	76.3%	71.4%	74.6%
Dividend yield	—	—	—	12%	4.57%	4.95%	2.89%	2.66%	2.89%

Yield

2.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.88

ex-dividend Sep 21, 2026

Payout ratio

75%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 21, 2026	$0.88
Jun 15, 2026	$0.88
Mar 16, 2026	$0.88
Dec 15, 2025	$0.82
Sep 15, 2025	$0.82
Jun 16, 2025	$0.82
Mar 17, 2025	$0.82
Dec 16, 2024	$0.735

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	46M	42M	132M	61M	56M	68M	54M
Receivables	110M	126M	169M	161M	154M	172M	186M
Inventory	—	—	—	—	—	—	—
Total current assets	300M	483M	360M	262M	272M	310M	318M
Property, plant & equipment	3.1B	3.5B	3.5B	3.8B	4.5B	5.6B	5.8B
Goodwill & intangibles	5.3B	5.2B	5.1B	5B	4.9B	5.4B	5.3B
Total assets	7.8B	8.3B	8.2B	8.8B	9B	9.9B	10.1B
Accounts payable	49M	39M	22M	119M	94M	77M	65M
Short-term debt	2.9B	3.2B	26M	346M	178M	166M	16M
Total current liabilities	3.4B	3.3B	177M	614M	434M	426M	296M
Long-term debt	31M	28M	3.1B	3.1B	3.1B	3.4B	3.4B
Total liabilities	4.1B	4.1B	4.1B	4.7B	4.7B	5.2B	5.2B
Shareholders' equity	3.7B	4.2B	4B	4.2B	4.3B	4.8B	4.9B
Total debt	3B	3.2B	3.1B	3.4B	3.3B	3.5B	3.4B
Net debt	2.9B	3.2B	3B	3.4B	3.2B	3.5B	3.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	30M	56M	41M	73M	77M	68M	83M	74M	98M	54M	150M	172M
Receivables	146M	154M	136M	143M	137M	172M	168M	164M	175M	186M	186M	184M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	200M	272M	229M	256M	249M	310M	312M	291M	322M	318M	404M	409M
Property, plant & equipment	4.4B	4.5B	4.5B	4.6B	4.6B	5.6B	5.6B	5.7B	5.8B	5.8B	5.8B	5.9B
Goodwill & intangibles	4.9B	4.9B	4.9B	4.8B	4.8B	5.4B	5.4B	5.3B	5.3B	5.3B	5.3B	5.2B
Total assets	8.9B	9B	9B	9B	8.6B	9.9B	9.9B	10B	10.1B	10.1B	10.2B	10.2B
Accounts payable	124M	94M	68M	59M	67M	77M	67M	84M	96M	65M	57M	70M
Short-term debt	140M	178M	70M	87M	15M	166M	79M	41M	17M	16M	17M	19M
Total current liabilities	424M	434M	322M	306M	262M	426M	381M	331M	349M	296M	321M	298M
Long-term debt	3.1B	3.1B	3.1B	3.1B	2.7B	3.4B	3.4B	3.4B	3.4B	3.4B	3.4B	3.4B
Total liabilities	4.6B	4.7B	4.6B	4.6B	4.2B	5.2B	5.2B	5.1B	5.2B	5.2B	5.3B	5.3B
Shareholders' equity	4.2B	4.3B	4.3B	4.3B	4.4B	4.8B	4.8B	4.8B	4.8B	4.9B	4.9B	4.9B
Total debt	3.2B	3.3B	3.2B	3.2B	2.7B	3.5B	3.4B	3.4B	3.4B	3.4B	3.4B	3.4B
Net debt	3.2B	3.2B	3.1B	3.1B	2.6B	3.5B	3.4B	3.3B	3.3B	3.3B	3.2B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	259M	220M	324M	318M	382M	396M	367M	454M
Depreciation & amortization	81M	110M	169M	184M	189M	200M	227M	275M
Stock-based compensation	—	—	6M	12M	17M	20M	23M	26M
Change in working capital	19M	-51M	-37M	-66M	40M	53M	22M	-25M
Operating cash flow	429M	348M	571M	569M	711M	779M	764M	867M
Capital expenditure	—	—	—	—	—	—	—	-426M
Investing cash flow	-550M	-2.4B	-201M	254M	-533M	-6M	-1.2B	-421M
Dividends paid	—	0	0	-559M	-244M	-263M	-280M	-324M
Share repurchases	—	—	0	0	-3M	0	—	—
Financing cash flow	349M	2.2B	113M	-3.8B	58M	-452M	330M	-509M
Net change in cash	228M	183M	483M	-3B	236M	321M	-109M	-63M
Free cash flow	183M	179M	79M	432M	387M	26M	413M	441M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	94M	124M	100M	100M	91M	76M	111M	111M	118M	114M	134M	116M
Depreciation & amortization	51M	53M	54M	58M	57M	58M	67M	68M	69M	71M	73M	72M
Stock-based compensation	5M	5M	5M	6M	6M	6M	6M	6M	7M	7M	6M	6M
Change in working capital	19M	13M	24M	-3M	5M	0	-1M	0	-7M	-28M	12M	5M
Operating cash flow	198M	214M	212M	191M	178M	183M	216M	185M	274M	161M	280M	222M
Capital expenditure	—	—	—	—	—	—	—	-81M	-143M	-131M	-78M	-105M
Investing cash flow	0	-1M	-1M	0	-3M	-1.2B	-1M	-72M	-144M	-133M	-83M	-110M
Dividends paid	-67M	-67M	-67M	-71M	-71M	-71M	-75M	-83M	-83M	-83M	-83M	-89M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	282M	-30M	-345M	-151M	-657M	717M	-298M	-294M	-120M	-87M	-206M	-335M
Net change in cash	480M	183M	-134M	40M	-482M	-299M	-83M	-181M	10M	-59M	-9M	-223M
Free cash flow	24M	34M	143M	84M	124M	62M	176M	104M	131M	30M	202M	117M

Dt Midstream Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement