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DT Midstream (DTM)
NYSE:DTM
Earnings Data
Report Date
May 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.18Last Year’s EPS
1.06Same Quarter Last Year
Moderate Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call conveyed a strongly positive operational and financial picture: record adjusted EBITDA (+17%), robust pipeline segment growth (+27%), a materially expanded and pipeline‑weighted organic backlog ($3.4B, +~50%), successful on‑time/on‑budget project execution, and investment‑grade ratings with continued dividend growth (+7.3%). Management acknowledged market volatility, weather‑driven production curtailments, project approval/timing risks, and limited disclosure on the gross backlog, but framed these as manageable within a disciplined capital allocation approach. Overall, highlights substantially outweigh the lowlights and management expressed confidence in delivering growth and funding the backlog from cash flows.Company Guidance
Record Annual Adjusted EBITDA and Strong Year‑over‑Year Growth
Adjusted EBITDA for 2025 was $1.138 billion, a 17% increase versus prior year. Fourth-quarter adjusted EBITDA was $293 million, up $5 million sequentially.
Pipeline Segment Outperformance
Pipeline segment grew 27% in 2025, driven by the Midwest pipeline acquisition and higher LEAP and storage revenue. Pipeline now represents ~70% of the business (up from 50% at spin).
Material Backlog Expansion — $3.4B Organic Backlog (+~50%)
Updated organic project backlog increased by approximately 50% to $3.4 billion over the next five years, with ~75% of the backlog allocated to pipeline projects. Approximately $1.6 billion of the $3.4 billion is currently committed/FID.
Successful Project Commercialization and FIDs
Reached FID on two new pipeline projects (Viking expansion and Phase 2 Interstate modernization). Vector expansion secured binding open season support to add ~400 MMcf/d westbound capacity into Chicago (targeted in service Q4 2028). Millennium R2R has obtained contractual support and targets full service in Q1 2027.
Strong Construction Execution — On Time and On Budget
LEAP Phase 4 expansion placed in service early and on budget, increasing LEAP capacity to 2.1 Bcf/day. Stonewall Mountain Valley expansion and Phase III Appalachia gathering were placed in service early and on budget.
Operational Records and Throughput
Record high gathering volumes in 2025: Haynesville averaged >1.9 Bcf/day (slightly down sequentially due to upstream maintenance); Northeast averaged ~1.3 Bcf/day. Storage complex recorded all‑time high withdrawals and many pipelines experienced record peak‑day throughputs.
Strong Balance Sheet and Credit Profile
Achieved investment‑grade credit ratings across all three rating agencies. Year‑end 2026 forecast on‑balance sheet leverage of 2.9x and proportional leverage of 3.5x; committed capital positions (~$390M for 2026, ~$430M for 2027) expected to be funded by cash flows.
Shareholder Returns and Dividend Growth
Since spin (~5 years), total shareholder return ~280% and compounded annual adjusted EBITDA growth of ~12%. Board declared quarterly dividend of $0.88/share, a 7.3% increase year‑over‑year, with a 2025 dividend coverage ratio of 2.6x (policy floor >2x).
Forward Guidance and Multi‑Year Outlook
2026 adjusted EBITDA guidance range (midpoint implying ~6% growth vs the company’s 2025 original guidance midpoint). 2027 early outlook midpoint also implies ~6% growth over 2026 midpoint. Management expects elevated organic growth in the latter part of the decade driven by pipeline projects.
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 |
|---|---|---|---|
Feb 19, 2026 | $133.48 | $132.33 | -0.86% |
Oct 30, 2025 | $105.69 | $108.94 | +3.08% |
Jul 31, 2025 | $99.95 | $101.25 | +1.30% |
Apr 30, 2025 | $96.36 | $95.06 | -1.35% |
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 May 05, 2026, Before Open (Confirmed).
What is DT Midstream (DTM) earnings time?
DT Midstream (DTM) earnings time is at May 05, 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 (Q1) is 1.18.