DTM

MKT CAP:$14B

DT Midstream, Inc.

Market Cap

$14B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$134.24+$13.25 (+10.95%)

Apr 17, 2026

Company Details

DT Midstream, Inc. provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. It develops, owns, and operates an integrated portfolio of interstate pipelines, intrastate...

CEO

David J. Slater

IPO Date

Jul 1, 2021

Website

www.dtmidstream.com

Key Metrics TTM

Revenue

$1.1B

+21.3% YoY

Net Income

$410M

EPS (Diluted)

$4.08

Free Cash Flow

$399M

Revenue / Share

$10.93

Gross Margin

59.1%

Operating Margin

50.1%

Net Margin

36.5%

FCF Margin

35.5%

P/S

12.2x

P/E

33.4x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 19, 2026

$1.2BEPS $4.43

Q4 2025

Feb 19, 2026

$317MEPS $1.08

Q3 2025

Oct 30, 2025

$314M+26.6%EPS $1.12

Q3 2024

Oct 29, 2024

$248MEPS $0.90

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$215M	$112M	$104M
Q2 22	$227M	$122M	$114M
Q4 23	$244M	$126M	$120M
Q1 24	$240M	$136M	$124M
Q2 24	$244M	$139M	$130M
Q3 24	$248M	$132M	$122M
Q3 25	$314M	$230M	$155M
Q4 25	$317M	$163M	$156M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q4 23	—	—
Q1 24	6.4x	15.2x
Q2 24	7.1x	16.8x
Q3 24	8.0x	19.5x
Q3 25	11.0x	29.0x
Q4 25	10.9x	29.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$234M	$214M
Q2 22	$145M	$110M
Q4 23	$184M	$34M
Q1 24	$241M	$143M
Q2 24	$165M	$84M
Q3 24	$205M	$124M
Q3 25	$289M	$146M
Q4 25	$176M	$45M

Capital Expenditures

Quarter	CapEx
Q1 22	$20M
Q2 22	$35M
Q4 23	$150M
Q1 24	$98M
Q2 24	$81M
Q3 24	$81M
Q3 25	$143M
Q4 25	$131M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+13.5%	+2.7%
Q3 24	+9.3%	+11.5%
Q3 25	+28.7%	+28.2%
Q4 25	+32.1%	+38.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	1.9%
Q2 22	$4M	1.8%
Q4 23	$5M	2.0%
Q1 24	$5M	2.1%
Q2 24	$6M	2.5%
Q3 24	$6M	2.4%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Gathering Segment	Pipeline Segment
Q1 22	$138M	$77M
Q2 22	$144M	$83M
Q4 23	$138M	$106M
Q1 24	$133M	$107M
Q2 24	$135M	$109M
Q3 24	$136M	$112M
Q3 25	$145M	$169M
Q4 25	$144M	$173M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$281M	$0	$281M
Q2 22	$345M	$0	$345M
Q3 22	$355M	$0	$355M
Q4 22	$61M	$0	$61M
Q1 23	$95M	$0	$95M
Q2 23	$45M	$0	$45M
Q3 23	$30M	$0	$30M
Q4 23	$56M	$0	$56M
Q1 24	$41M	$0	$41M
Q2 24	$73M	$0	$73M
Q3 24	$77M	$0	$77M
Q4 24	$68M	$0	$68M
Q1 25	$83M	$0	$83M
Q2 25	$74M	$0	$74M
Q3 25	$98M	$0	$98M
Q4 25	$54M	$0	$54M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	97M	—	—
Q2 22	97M	+0.1%	—
Q4 23	97M	-0.1%	—
Q1 24	98M	+0.8%	—
Q2 24	98M	+0.2%	+0.9%
Q3 24	98M	+0.1%	+0.9%
Q3 25	103M	+4.6%	+5.7%
Q4 25	103M	+0.3%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$767.9K	280
Q2 22	$810.7K	280
Q4 23	$607.0K	402
Q1 24	$597.0K	402
Q2 24	$607.0K	402
Q3 24	$616.9K	402
Q3 25	$564.7K	556
Q4 25	$539.1K	588

Revenue / Employee