DT Midstream, Inc 10-Q for FY2025 Q2

DT Midstream, Inc. (DTM)

10-Q 2025-07-31 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

DT Midstream, Inc filed this 10-Q on July 31, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $309M; up 26.6% from $244M a year earlier
Net income: $107M; up 11.5% from net income of $96M a year earlier
Diluted EPS: $1.04; up 6.1% from $0.98 a year earlier

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Delaware						38-2663964
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)


Description						Shares
Common stock, par value $0.01						101,592,505


		Page
	Definitions	1
	Filing Format	4
	Forward-Looking Statements	4
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	DT Midstream Con solidated Financial Stateme nts (Unaudited)	6
	Notes to Consolidated Financial Statements (Unaudited)	12
	Note 1 — Description of the Business and Basis of Presentation	12
	Note 2 — Significant Accounting Policies	14
	Note 3 — New Accounting Pronouncements	16
	Note 4 — Revenue	16
	Note 5 — Goodwill	18
	Note 6 — Earnings Per Share and Dividends	18
	Note 7 — Income Taxes	19
	Note 8 — Fair Value	20
	Note 9 — Debt	21
	Note 10 — Commitments and Contingencies	22
	Note 11 — Segment and Related Information	23
	Note 12 — Acquisition	26
	Note 13 — Regulatory Matters	26
	Note 14 — Subsequent Event	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36

Item 4.	Mine Safety Disclosure	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signature	39


AFUDC						Allowance for funds used during construction, represents the cost of financing construction projects for FERC-regulated businesses, including the estimated cost of debt and authorized return on equity

Appalachia Gathering						A 152-mile gathering system that gathers Marcellus shale natural gas and delivers to the Texas Eastern Pipeline and Stonewall

ASC 606						The Accounting Standards Codification of Revenue from Contracts with Customers issued by the FASB

ASC 980						The Accounting Standards Codification of Regulated Operations issued by the FASB

ASU						Accounting Standards Update issued by the FASB

Bcf						Billion cubic feet of natural gas



Blue Union Gathering						A 427-mile gathering system that gathers shale natural gas from the Haynesville formation of Louisiana and Texas and delivers to markets in the Gulf Coast region; ancillary services include water impoundment, water transportation, water disposal and sand

Bluestone						A 65-mile gathering lateral pipeline, and two compression facilities, that gathers Marcellus shale natural gas and delivers to Millennium and the Tennessee Pipeline



CAD						Canadian Dollar ($)

Chicago Hub						A major natural gas market and transportation hub located in the Chicago area, serving as a critical interconnection point for multiple interstate pipelines

Clean Fuels Gathering						A 77-mile gathering system that gathers and treats abandoned coal mine methane into pipeline quality gas

Columbia Pipeline						Columbia Gas Transmission, LLC, owned by TC Energy Corporation and Global Infrastructure Partners

Credit Agreement						DT Midstream's credit agreement which provides for the Revolving Credit Facility

DT Midstream						DT Midstream, Inc. and our consolidated subsidiaries

DTM Interstate Transportation						DTM Interstate Transportation, LLC, the consolidated subsidiary of DT Midstream which is comprised of Guardian, Midwestern and Viking

Expand Energy						Expand Energy Corporation and/or its affiliates

FASB						Financial Accounting Standards Board

FERC						Federal Energy Regulatory Commission

GAAP						Generally Accepted Accounting Principles in the United States

Generation						A 29-mile intrastate pipeline in northern Ohio and owned by NEXUS

GHG						Greenhouse gas

Guardian						Guardian Pipeline, L.L.C., a 263-mile interstate pipeline which connects to the Chicago Hub and serves key Wisconsin demand centers

Inflation Reduction Act						The Inflation Reduction Act of 2022 (H.R. 5374)

Investment Grade Event						As defined in the indentures for the 2032 Notes and 2034 Notes and the Credit Agreement

LEAP						Louisiana Energy Access Project, a 211-mile gathering lateral pipeline that gathers Haynesville shale natural gas and delivers to markets in the Gulf Coast region

LNG						Liquefied natural gas


Michigan System						A 335-mile pipeline system in northern Michigan

Midwest Pipeline Acquisition						The transaction with ONEOK, which closed on December 31, 2024, pursuant to which DTM Interstate Transportation acquired 100% of the equity interests in each of Guardian, Midwestern and Viking

Midwestern						Midwestern Gas Transmission Company, a 402-mile bi-directional interstate pipeline which connects Appalachia supply to the Midwest market region between Tennessee and the Chicago Hub

Millennium						Millennium Pipeline Intermediate Holdings LLC, a joint venture that, through its wholly owned subsidiary, Millennium Pipeline Company, LLC, owns a 266-mile interstate transportation pipeline and compression facilities serving markets in the northeast and supply from the northeast Marcellus region, in which DT Midstream owns a 52.5% interest

MVC						Minimum volume commitment

NEXUS						NEXUS Gas Transmission, LLC, a joint venture that owns (i) a 256-mile interstate transportation pipeline and three compression facilities that transports Utica and Marcellus shale natural gas to Ohio, Michigan and Ontario market centers and (ii) Generation, in which DT Midstream owns a 50% interest

Ohio Utica Gathering						A 20-mile gathering system, including compression and dehydration facilities, that gathers Utica shale natural gas from producer wells and delivers to a nearby processing plant

OBBBA						One Big Beautiful Bill Act, which was signed into law on July 4, 2025

ONEOK						ONEOK, Inc., a publicly traded energy company engaged in the gathering, processing, storage, and transportation of natural gas, including through its ownership of ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company

Revolving Credit Facility						DT Midstream's revolving credit facility issued under the Credit Agreement

SEC						Securities and Exchange Commission

SOFR						Secured Overnight Financing Rate

South Romeo						South Romeo Gas Storage Company, LLC, a joint venture which owns the Washington 28 Storage Complex, in which DT Midstream owns a 50% interest

Stonewall						A 68-mile gathering lateral pipeline, in which DT Midstream owns an 85% interest, that gathers Marcellus and Utica shale natural gas and delivers to the Columbia Pipeline

Susquehanna Gathering						A 198-mile gathering system that gathers Marcellus shale natural gas and delivers to Bluestone

Tennessee Pipeline						Tennessee Gas Pipeline Company, LLC, owned by Kinder Morgan, Inc.

Term Loan Facility						DT Midstream's term loan facility issued under the Credit Agreement, which was repaid in 2024

Texas Eastern Pipeline						Texas Eastern Transmission, LP, owned by Enbridge Inc.

Tioga Gathering						A 3-mile gathering system that gathers shale natural gas to the Eastern Gas Transmission system

U.S.						United States of America

USD						United States Dollar ($)

Vector						Vector Pipeline LP, a joint venture that owns a 348-mile interstate transportation pipeline and five compression facilities connecting Illinois, Michigan, and Ontario market centers, in which DT Midstream owns a 40% interest

VIE						Variable Interest Entity

Viking						Viking Gas Transmission Company, a 674-mile bi-directional interstate pipeline which serves key utility customers in Minnesota, Wisconsin and North Dakota


Washington 10 Storage Complex						An interstate storage system located in Michigan with 94 Bcf of storage capacity, in which DT Midstream owns a 91% interest, and associated compression facilities

2029 Notes						Senior unsecured notes of $1.1 billion in aggregate principal amount due June 2029

2031 Notes						Senior unsecured notes of $1.0 billion in aggregate principal amount due June 2031

2032 Notes						Senior notes of $600 million in aggregate principal amount due April 2032

2034 Notes						Senior notes of $650 million in aggregate principal amount due December 2034


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(millions, except per share amounts)
Revenues
Operating revenues	$	309	$	244	$	612	$	484

Operating Expenses
Operation and maintenance	80		52		158		106
Depreciation and amortization	63		53		126		103
Taxes other than income	11		9		25		21

Operating Income	155		130		303		254
Other (Income) and Deductions
Interest expense	40		39		80		79
Interest income	—		—		(1)		(1)
Earnings from equity method investees	(30)		(39)		(67)		(85)

Other (income) and expense	—		(3)		—		(3)
Income Before Income Taxes	145		133		291		264
Income Tax Expense	34		33		69		64
Net Income	111		100		222		200
Less: Net Income Attributable to Noncontrolling Interests	4		4		7		7
Net Income Attributable to DT Midstream	$	107	$	96	$	215	$	193

Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$	1.05	$	0.99	$	2.12	$	1.99

Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$	1.04	$	0.98	$	2.10	$	1.97

Weighted Average Common Shares Outstanding
Basic	101.6		97.1		101.5		97.1
Diluted	102.5		97.9		102.5		97.8


	June 30,		December 31,

	2025		2024
	(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	74	$	68
Accounts receivable (net of $— allowance for expected credit loss for each period end)	164		172



Deferred property taxes	17		33

Prepaid expenses and other	36		37
	291		310
Investments
Investments in equity method investees	1,288		1,297

Property
Property, plant, and equipment	6,697		6,525
Accumulated depreciation	(1,092)		(998)
	5,605		5,527
Other Assets
Goodwill	781		776
Long-term notes receivable — related party	4		4
Operating lease right-of-use assets	50		49
Intangible assets, net	1,892		1,921

Other	49		51
	2,776		2,801
Total Assets	$	9,960	$	9,935


				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount										Total
	(dollars in millions, shares in thousands)
Balance, December 31, 2024	101,325	$	1	$	3,911	$	723	$	(8)	$	139	$	4,766
Net Income	—	—		—		108		—		3		111
Dividends declared on common stock ($0.820 per common share)	—	—		—		(83)		—		—		(83)
Contributions from noncontrolling interests	—	—		—		—		—		2		2
Distributions to noncontrolling interests	—	—		—		—		—		(4)		(4)
Stock-based compensation	266	—		(10)		(1)		—		—		(11)

Other comprehensive income, net of tax	—	—		—		—		1		—		1
Balance, March 31, 2025	101,591	$	1	$	3,901	$	747	$	(7)	$	140	$	4,782
Net Income	—	—		—		107		—		4		111
Dividends declared on common stock ($0.820 per common share)	—	—		—		(83)		—		—		(83)
Contributions from noncontrolling interests	—	—		—		—		—		3		3
Distributions to noncontrolling interests	—	—		—		—		—		(5)		(5)
Stock-based compensation	2	—		8		(1)		—		—		7


Balance, June 30, 2025	101,593	$	1	$	3,909	$	770	$	(7)	$	142	$	4,815


	Investments As of				% Owned As of
	June 30,		December 31,		June 30,	December 31,

Equity Method Investee	2025		2024		2025	2024


	(millions)
NEXUS	$	887	$	880	50%	50%
Vector	133		134		40%	40%
Millennium	268		283		52.5%	52.5%
Total investments in equity method investees	$	1,288	$	1,297


	2025
	(millions)
Balance as of January 1	$	153
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	31
Revenue recognized that was included in the balance at the beginning of the period	$	(20)

Balance as of June 30	$	164


	(millions)
Remainder of 2025	$	10
2026	21
2027	20
2028	19
2029	18
2030 and thereafter	76
Total	$	164


Dividends Declared	Dividend Amount				Dividend Payment Date
(quarter ended)	(per-share)		(millions)





2024
March 31	$	0.735	$	71	April 2024
June 30	$	0.735	$	71	July 2024
September 30	$	0.735	$	71	October 2024
December 31	$	0.735	$	75	January 2025
2025
March 31	$	0.820	$	83	April 2025
June 30	$	0.820	$	83	July 2025


	June 30, 2025								December 31, 2024
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(millions)
Cash equivalents (a)	$	13	$	—	$	13	$	—	$	—	$	—	$	—	$	—
Long-term notes receivable — related party	4		—		—		4		4		—		—		4
Short-term borrowings (a)	25		—		25		—		150		—		150		—
Long-term debt (b)	$	3,321	$	—	$	3,234	$	—	$	3,319	$	—	$	3,136	$	—


			Maturity	June 30,		December 31,
Title	Type	Interest Rate	Date	2025		2024
				(millions)
2029 Notes	Senior Notes (a)	4.125%	2029	$	1,100	$	1,100
2031 Notes	Senior Notes (a)	4.375%	2031	1,000		1,000
2032 Notes	Senior Notes (b), (c)	4.300%	2032	600		600
2034 Notes	Senior Notes (a), (c)	5.800%	2034	650		650
Long-term debt principal				3,350		3,350
Unamortized debt discount				(1)		(1)
Unamortized debt issuance costs				(28)		(30)

Long-term debt, net				$	3,321	$	3,319


	Three Months Ended June 30, 2025
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	176	$	133	$	309	$	—	$	309
Operating Expenses
Operation and maintenance	34		46		80		—		80
Depreciation and amortization	28		35		63		—		63
Taxes other than income	7		4		11		—		11

Other (Income) and Deductions
Interest expense	11		29		40		—		40

Earnings from equity method investees	(30)		—		(30)		—		(30)


Income tax expense	29		5		34		—		34
Less: Net Income Attributable to Noncontrolling Interests	4		—		4		—		4
Net Income Attributable to DT Midstream	$	93	$	14	$	107	$	—	$	107

Capital expenditures	$	20	$	61	$	81	$	—	$	81


	Three Months Ended June 30, 2024
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	109	$	135	$	244	$	—	$	244
Operating Expenses
Operation and maintenance	15		37		52		—		52
Depreciation and amortization	19		34		53		—		53
Taxes other than income	5		4		9		—		9

Other (Income) and Deductions
Interest expense	12		27		39		—		39

Earnings from equity method investees	(39)		—		(39)		—		(39)

Other income	(2)		(1)		(3)		—		(3)
Income tax expense	24		9		33		—		33
Less: Net Income Attributable to Noncontrolling Interests	4		—		4		—		4
Net Income Attributable to DT Midstream	$	71	$	25	$	96	$	—	$	96

Capital expenditures	$	18	$	63	$	81	$	—	$	81


	Six Months Ended June 30, 2025
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	345	$	267	$	612	$	—	$	612
Operating Expenses
Operation and maintenance	66		92		158		—		158
Depreciation and amortization	56		70		126		—		126
Taxes other than income	16		9		25		—		25

Other (Income) and Deductions
Interest expense	24		56		80		—		80
Interest income	(1)		—		(1)		—		(1)
Earnings from equity method investees	(67)		—		(67)		—		(67)


Income tax expense	59		10		69		—		69
Less: Net Income Attributable to Noncontrolling Interests	7		—		7		—		7
Net Income Attributable to DT Midstream	$	185	$	30	$	215	$	—	$	215

Capital expenditures	$	44	$	108	$	152	$	—	$	152

	June 30, 2025
Investments in equity method investees	$	1,288	$	—	$	1,288	$	—	$	1,288
Total Assets	$	5,262	$	4,698	$	9,960	$	—	$	9,960


	Six Months Ended June 30, 2024
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	216	$	268	$	484	$	—	$	484
Operating Expenses
Operation and maintenance	31		75		106		—		106
Depreciation and amortization	37		66		103		—		103
Taxes other than income	11		10		21		—		21

Other (Income) and Deductions
Interest expense	25		54		79		—		79
Interest income	(1)		—		(1)		—		(1)
Earnings from equity method investees	(85)		—		(85)		—		(85)

Other income	(2)		(1)		(3)		—		(3)
Income tax expense	48		16		64		—		64
Less: Net Income Attributable to Noncontrolling Interests	7		—		7		—		7
Net Income Attributable to DT Midstream	$	145	$	48	$	193	$	—	$	193

Capital expenditures	$	39	$	140	$	179	$	—	$	179

	December 31, 2024
Investments in equity method investees	$	1,297	$	—	$	1,297	$	—	$	1,297
Total Assets	$	5,274	$	4,661	$	9,935	$	—	$	9,935


Exhibit Number						Description

						(i) Exhibits incorporated by reference:

3.1						Certificate of Incorporation of DT Midstream, Inc. (incorporated by reference to Exhibit 3.1 to DT Midstream's Current Report on Form 8-K filed July 1, 2021)

3.2						Certificate of Amendment to the Certificate of Incorporation of DT Midstream, Inc. (incorporated by reference to Exhibit 3.1 to DT Midstream's Current Report on Form 8-K filed May 9, 2025)

4.1						Indenture, dated as of June 9, 2021, among DT Midstream, Inc., the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Form 8-K filed June 10, 2021)

4.2						Indenture, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Current Report on Form 8-K filed April 11, 2022)

4.3						Pari Passu Intercreditor Agreement, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors, Barclays Bank PLC, as Credit Agreement Agent, and U.S. Bank Trust Company, National Association, as Notes Collateral Agent (incorporated by reference to Exhibit 4.2 to DT Midstream's Current Report on Form 8-K filed April 11, 2022)

4.4						First Supplemental Indenture, dated as of August 12, 2024, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as Trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.4 to DT Midstream's Quarterly Report on Form 10-Q filed on October 29, 2024)

4.5						Indenture, dated as of December 6, 2024, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as Trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.1 to DT Midstream's Current Report on Form 8-K filed on December 6, 2024)

4.6						First Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)

4.7						Second Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.2 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)

4.8						First Supplemental Indenture, dated as of January 30, 2025, among DT Midstream, Inc., the Guaranteeing Subsidiaries and U.S. Bank Trust Company, National Association, as trustee and Notes Collateral Agent (incorporated by reference to Exhibit 4.3 to DT Midstream's Annual Report on Form 10-K filed February 26, 2025)

						(ii) Exhibits filed herewith:

3.3						Second Amended and Restated Bylaws of DT Midstream, Inc., effective May 9, 2025

31.1						Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report

31.2						Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report

95.1						Mine Safety Disclosure

101.INS						XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH						XBRL Taxonomy Extension Schema

101.CAL						XBRL Taxonomy Extension Calculation Linkbase


Exhibit Number						Description
101.DEF						XBRL Taxonomy Extension Definition Database

101.LAB						XBRL Taxonomy Extension Label Linkbase

101.PRE						XBRL Taxonomy Extension Presentation Linkbase

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

						(iii) Exhibits furnished herewith:

32.1						Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report

32.2						Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report


Date:	July 31, 2025
			DT MIDSTREAM, INC.

		By:	/S/ JEFFREY A. JEWELL
			Jeffrey A. Jewell Chief Financial and Accounting Officer
			(Duly Authorized Officer)


/S/ DAVID J. SLATER	Date:	July 31, 2025
David J. Slater President and Chief Executive Officer of DT Midstream, Inc.