DT Midstream, Inc 10-Q for FY2026 Q3

DT Midstream, Inc. (DTM)

10-Q 2026-10-29 For: 2026-09-30

Added on October 29, 2026

About this 10-Q

DT Midstream, Inc filed this 10-Q on October 29, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

DT Midstream reported nine months ended September 30, 2026 operating revenues of 1,015 million and net income attributable to DT Midstream of 360 million, versus 926 million and 330 million in 2025; available liquidity was approximately 1.2 billion. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $336M; up 7.0% from $314M a year earlier
Net income: $118M; up 2.6% from net income of $115M a year earlier
Diluted EPS: $1.16; up 2.7% from $1.13 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						102,015,296


		Page
	Definitions	1
	Filing Format	4
	Forward-Looking Statements	4
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	DT Midstream Consolidated Financial Statements (Unaudited)	6
	Notes to Consolidated Financial Statements (Unaudited)	13
	Note 1 — Description of the Business and Basis of Presentation	13
	Note 2 — Significant Accounting Policies	15
	Note 3 — New Accounting Pronouncements	17
	Note 4 — Revenue	18
	Note 5 — Goodwill	20
	Note 6 — Earnings Per Share and Dividends	20
	Note 7 — Income Taxes	21
	Note 8 — Fair Value	21
	Note 9 — Debt	22
	Note 10 — Commitments and Contingencies	24
	Note 11 — Segment and Related Information	25

	Note 12 — Regulatory Matters	28
	Note 13 — Subsequent Event	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	37
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38

Item 4.	Mine Safety Disclosure	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
	Signature	41


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	(millions, except per share amounts)
Revenues
Operating revenues	$	336	$	314	$	1,015	$	926
Operating Expenses
Operation and maintenance	89		84		264		242
Depreciation and amortization	71		65		208		191
Taxes other than income	11		10		38		35
Asset losses and impairments, net	2		—		3		—
Operating Income	163		155		502		458
Other (Income) and Deductions
Interest expense	40		40		122		120
Interest income	(2)		(1)		(4)		(2)
Earnings from equity method investees	(34)		(34)		(110)		(101)
Gain from financing activities	(1)		—		(2)		—
Other income	(3)		(3)		(6)		(3)
Income Before Income Taxes	163		153		502		444
Income Tax Expense	41		35		130		104
Net Income	122		118		372		340
Less: Net Income Attributable to Noncontrolling Interests	4		3		12		10
Net Income Attributable to DT Midstream	$	118	$	115	$	360	$	330

Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$	1.16	$	1.14	$	3.54	$	3.25

Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$	1.16	$	1.13	$	3.51	$	3.22

Weighted Average Common Shares Outstanding
Basic	102.0		101.6		102.0		101.6
Diluted	102.7		102.5		102.7		102.5


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	(millions)
Net Income	$	122	$	118	$	372	$	340
Other comprehensive income, net of tax
Foreign currency translation, net of tax	—		—		—		1
Total other comprehensive income, net of tax	—		—		—		1
Comprehensive income	122		118		372		341
Less: Comprehensive income attributable to noncontrolling interests	4		3		12		10
Comprehensive Income Attributable to DT Midstream	$	118	$	115	$	360	$	331


	September 30,		December 31,

	2026		2025
	(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	231	$	54
Accounts receivable (net of $— allowance for expected credit loss for each period end)	185		186
Notes receivable — related party	4		—
Deferred property taxes	10		42

Prepaid expenses and other	39		36
	469		318
Investments
Investments in equity method investees	1,220		1,253

Property
Property, plant, and equipment	7,308		6,958
Accumulated depreciation	(1,351)		(1,192)
	5,957		5,766
Other Assets
Goodwill	781		781
Long-term notes receivable — related party	—		4
Operating lease right-of-use assets	41		46
Intangible assets, net	1,817		1,862

Other	47		50
	2,686		2,743
Total Assets (a)	$	10,332	$	10,080


				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, 2025	101,674	$	1	$	3,915	$	827	$	(7)	$	142	$	4,878
Net Income	—	—		—		130		—		4		134
Dividends declared on common stock ($0.880 per common share)	—	—		—		(89)		—		—		(89)
Contributions from noncontrolling interests	—	—		—		—		—		1		1
Distributions to noncontrolling interests	—	—		—		—		—		(5)		(5)
Stock-based compensation	340	—		(23)		(1)		—		—		(24)


Balance, March 31, 2026	102,014	$	1	$	3,892	$	867	$	(7)	$	142	$	4,895
Net Income	—	—		—		112		—		4		116
Dividends declared on common stock ($0.880 per common share)	—	—		—		(90)		—		—		(90)

Distributions to noncontrolling interests	—	—		—		—		—		(4)		(4)
Stock-based compensation	1	—		5		(1)		—		—		4


Balance, June 30, 2026	102,015	$	1	$	3,897	$	888	$	(7)	$	142	$	4,921
Net Income	—	—		—		118		—		4		122
Dividends declared on common stock ($0.880 per common share)	—	—		—		(90)		—		—		(90)

Distributions to noncontrolling interests	—	—		—		—		—		(6)		(6)
Stock-based compensation	—	—		8		—		—		—		8


Balance, September 30, 2026	102,015	$	1	$	3,905	$	916	$	(7)	$	140	$	4,955


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

Equity Method Investee	2026		2025		2026	2025


	(millions)
NEXUS	$	853	$	867	50%	50%
Vector	145		134		40%	40%
Millennium	222		252		52.5%	52.5%
Total Investments in equity method investees	$	1,220	$	1,253


	2026
	(millions)
Balance as of January 1	$	185
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	36
Revenue recognized that was included in the balance at the beginning of the period	(27)

Balance as of September 30	$	194


	(millions)
Remainder of 2026	$	9
2027	25
2028	20
2029	20
2030	20
2031 and thereafter	100
Total	$	194


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





2025
March 31	$	0.820	$	83	April 2025
June 30	$	0.820	$	83	July 2025
September 30	$	0.820	$	83	October 2025
December 31	$	0.820	$	83	January 2026
2026
March 31	$	0.880	$	89	April 2026
June 30	$	0.880	$	90	July 2026
September 30	$	0.880	$	90	October 2026


	September 30, 2026								December 31, 2025
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(millions)
Cash equivalents (a)	$	193	$	—	$	193	$	—	$	23	$	—	$	23	$	—
Notes receivable — related party (b)	4		—		—		4		—		—		—		—
Long-term notes receivable — related party (b)	—		—		—		—		4		—		—		4

Long-term debt (c)	$	3,277	$	—	$	2,968	$	150	$	3,324	$	—	$	3,318	$	—


			Maturity	September 30,		December 31,
Title	Type	Interest Rate	Date	2026		2025
				(millions)
2029 Notes	Senior Unsecured Notes (a)	4.125%	2029	$	920	$	1,100
2031 Notes	Senior Unsecured Notes (a)	4.375%	2031	980		1,000
2032 Notes	Senior Unsecured Notes (b)	4.300%	2032	600		600
2034 Notes	Senior Unsecured Notes (a)	5.800%	2034	650		650
Guardian Term Loan	Unsecured Term Loan	Variable (c)	2033	150		—
Long-term debt principal				3,300		3,350
Unamortized debt discount				(1)		(1)
Unamortized debt issuance costs				(22)		(25)

Long-term debt, net				$	3,277	$	3,324


	Three Months Ended September 30, 2026
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	182	$	161	$	343	$	(7)	$	336
Operating Expenses
Operation and maintenance	36		60		96		(7)		89
Depreciation and amortization	29		42		71		—		71
Taxes other than income	8		3		11		—		11
Asset losses and impairments, net	2		—		2		—		2
Other (Income) and Deductions
Interest expense	14		26		40		—		40
Interest income	(1)		(1)		(2)		—		(2)
Earnings from equity method investees	(34)		—		(34)		—		(34)
Gain from financing activities	—		(1)		(1)		—		(1)
Other income	(2)		(1)		(3)		—		(3)
Income tax expense	33		8		41		—		41
Less: Net Income Attributable to Noncontrolling Interests	4		—		4		—		4
Net Income Attributable to DT Midstream	$	93	$	25	$	118	$	—	$	118

Capital expenditures	$	60	$	31	$	91	$	—	$	91


	Three Months Ended September 30, 2025
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	169	$	145	$	314	$	—	$	314
Operating Expenses
Operation and maintenance	32		52		84		—		84
Depreciation and amortization	27		38		65		—		65
Taxes other than income	7		3		10		—		10

Other (Income) and Deductions
Interest expense	14		26		40		—		40
Interest income	—		(1)		(1)		—		(1)
Earnings from equity method investees	(34)		—		(34)		—		(34)

Other income	—		(3)		(3)		—		(3)
Income tax expense	28		7		35		—		35
Less: Net Income Attributable to Noncontrolling Interests	3		—		3		—		3
Net Income Attributable to DT Midstream	$	92	$	23	$	115	$	—	$	115

Capital expenditures	$	63	$	80	$	143	$	—	$	143


	September 30,
	2026
	(millions)
Total availability
Revolving Credit Facility, expiring December 2029	$	1,000
Amounts outstanding
Revolving Credit Facility borrowings	—
Letters of credit (a)	17
	17
Net availability	$	983


	Nine Months Ended September 30, 2026
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	550	$	485	$	1,035	$	(20)	$	1,015
Operating Expenses
Operation and maintenance	110		174		284		(20)		264
Depreciation and amortization	86		122		208		—		208
Taxes other than income	25		13		38		—		38
Asset losses and impairments, net	2		1		3		—		3
Other (Income) and Deductions
Interest expense	42		80		122		—		122
Interest income	(2)		(2)		(4)		—		(4)
Earnings from equity method investees	(110)		—		(110)		—		(110)
Gain from financing activities	(1)		(1)		(2)		—		(2)
Other income	(5)		(1)		(6)		—		(6)
Income tax expense	104		26		130		—		130
Less: Net Income Attributable to Noncontrolling Interests	12		—		12		—		12
Net Income Attributable to DT Midstream	$	287	$	73	$	360	$	—	$	360

Capital expenditures	$	150	$	124	$	274	$	—	$	274

	September 30, 2026
Investments in equity method investees	$	1,220	$	—	$	1,220	$	—	$	1,220
Total Assets	$	5,516	$	4,816	$	10,332	$	—	$	10,332


	Nine Months Ended September 30, 2025
	Pipeline		Gathering		Total Reportable Segments		Eliminations		Total Consolidated
	(millions)
Revenues
Operating revenues	$	514	$	412	$	926	$	—	$	926
Operating Expenses
Operation and maintenance	98		144		242		—		242
Depreciation and amortization	83		108		191		—		191
Taxes other than income	23		12		35		—		35

Other (Income) and Deductions
Interest expense	38		82		120		—		120
Interest income	(1)		(1)		(2)		—		(2)
Earnings from equity method investees	(101)		—		(101)		—		(101)

Other income	—		(3)		(3)		—		(3)
Income tax expense	87		17		104		—		104
Less: Net Income Attributable to Noncontrolling Interests	10		—		10		—		10
Net Income Attributable to DT Midstream	$	277	$	53	$	330	$	—	$	330

Capital expenditures	$	107	$	188	$	295	$	—	$	295

	December 31, 2025
Investments in equity method investees	$	1,253	$	—	$	1,253	$	—	$	1,253
Total Assets	$	5,297	$	4,783	$	10,080	$	—	$	10,080


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)

3.3						Second Amended and Restated Bylaws of DT Midstream, Inc., effective May 9, 2025 (incorporated by reference to Exhibit 3.3 to DT Midstream's Quarterly Report on Form 10-Q filed July 31, 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)

10.1						Credit Agreement, dated as of April 30, 2026, among Guardian Pipeline, L.L.C., the Lenders party thereto and PNC Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to DT Midstream's Quarterly Report on Form 10-Q filed July 30, 2026)

						(ii) Exhibits filed herewith:

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


Exhibit Number						Description

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

101.DEF						XBRL Taxonomy Extension Definition Linkbase

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:	October 29, 2026
			DT MIDSTREAM, INC.

		By:	/S/ JOSEPH P. FINLAND
			Joseph P. Finland Chief Accounting Officer
			(Duly Authorized Officer)


/S/ DAVID J. SLATER	Date:	October 29, 2026
David J. Slater Chief Executive Officer, and Executive Chairman of DT Midstream, Inc.


/S/ JEFFREY A. JEWELL	Date:	October 29, 2026
Jeffrey A. Jewell Executive Vice President, and Chief Financial Officer of DT Midstream, Inc.


Operation (1)	Section 104 S&S Citations	Section 104(b) Orders	Section 104(d) Citations and Orders	Section 110(b)(2) Violations	Section 107(a) Orders	Total Dollar Value of Proposed MSHA Assessments (2)		Total Number of Mining Related Fatalities	Received Notice of Pattern of Violations Under Section 104(e)	Received Notice of Potential to Have Pattern Under Section 104(e)	Legal Actions Pending as of the Last Day of Period	Legal Actions Initiated During Period	Legal Actions Resolved During Period
DTM GEN6 Proppants, LLC ID: 1601585	1	—	—	—	—	$	—	—	No	No	—	—	—
Total	1	—	—	—	—	$	—	—	No	No	—	—	—