DT Midstream (DTM)
NYSE:DTM
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Earnings Data
Report Date
Aug 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.15Last Year’s EPS
1.04Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly constructive growth story: multiple approved projects, oversubscribed open seasons, higher sequential adjusted EBITDA, high asset utilization (LEAP full), and a robust balance sheet supporting elevated investment plans. Offsetting risks included seasonal Q1 strength that may not repeat, project dependencies on FIDs and regulatory approvals, and competitive and producer/price risks in the basins. Overall, the positive project momentum, commercial wins, and financial strength outweigh the execution and seasonality risks.Company Guidance
Adjusted EBITDA Growth
Delivered adjusted EBITDA of $308 million in Q1 2026, representing a $15 million increase versus the prior quarter (approximately +5.1%), driven by stronger Pipeline segment performance and seasonal demand.
Pipeline Segment and Gathering Performance
Pipeline segment EBITDA was $14 million higher than the prior quarter (seasonally stronger JV and interstate pipeline results, plus higher Stonewall and LEAP revenue). Gathering segment EBITDA rose $1 million versus the prior quarter driven by higher volumes on Blue Union and Appalachia gathering.
Project Approvals and Backlog
DTM approved investment in two new Pipeline projects: Vector mainline expansion (~+400 MMcf/d, anchored by 20-year negotiated rate contracts, expected in-service Q4 2028) and Millennium R2R (70 MMcf/d, supported by long-term contracts, expected in-service Q1 2027). Company continues to advance a $3.4 billion project backlog.
Successful Open Seasons and Commercial Interest
Midwestern Pipeline nonbinding open season (northbound and southbound) was oversubscribed for up to 1.5 Bcf/d of incremental capacity. Vector’s 2030 nonbinding open season (300–500 MMcf/d westbound into Chicago) was also oversubscribed, indicating robust demand and strong customer interest.
New Customer Connects and Recontracting
Commercialized a new 250 MMcf/d interconnect on NEXUS to serve a behind-the-meter data center power facility; recontracted ~30% of Midwestern system capacity with term extensions of 5–25 years, increasing asset durability.
Operational and Growth Capex Discipline
Placed Midwestern lateral to serve AES Indiana in service on time and under budget; Q1 growth capital investment was $72 million (in line with plan) with expected ramp weighted to H2. DTM expects to invest $80–$100 million on the Vector 2028 project and has increased committed capital to approximately $400 million (2026) and $440 million (2027).
High Utilization and Asset Optionality
LEAP running at design capacity of 2.1 Bcf/d with the ability to expand toward 4 Bcf/d; Haynesville gathering volumes averaged 2.09 Bcf/d and Northeast volumes averaged 1.42 Bcf/d in Q1, reflecting strong basin activity and connectivity advantages (Blue Union, LEAP optionality).
Financial Strength and Shareholder Return
Management reaffirmed full-year 2026 adjusted EBITDA guidance and early 2027 outlook; Board approved Q1 dividend of $0.88 per share (unchanged) and reiterated commitment to grow the dividend in line with adjusted EBITDA. Management highlighted an investment-grade balance sheet with headroom (on-balance-sheet top threshold at 4x and Moody’s off-balance-sheet adjustment to 4.25).
DTM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DTM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 30, 2026 | $138.79 | $147.99 | +6.63% |
Feb 19, 2026 | $132.63 | $131.48 | -0.86% |
Oct 30, 2025 | $105.01 | $108.24 | +3.07% |
Jul 31, 2025 | $99.31 | $100.61 | +1.30% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does DT Midstream (DTM) report earnings?
DT Midstream (DTM) is schdueled to report earning on Aug 04, 2026, Before Open (Confirmed).
What is DT Midstream (DTM) earnings time?
DT Midstream (DTM) earnings time is at Aug 04, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DTM EPS forecast?
DTM EPS forecast for the fiscal quarter 2026 (Q2) is 1.15.