DTM (DT Midstream, Inc.) Stock Financials & Earnings | Market Cap Arena

DTM (DT Midstream, Inc.) Stock Financials & Earnings | Market Cap Arena

DTMDT Midstream, Inc.

Mkt Cap$14B

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

Revenue (TTM)$1.2B

Net Income (TTM)$441M

EPS (TTM)$4.30

Free Cash Flow (TTM)$623M

Gross Margin58.0%

Op. Margin49.4%

Net Margin35.5%

FCF Margin50.1%

P/S Ratio (TTM)11.5x

P/E Ratio (TTM)32.5x

YoY Rev Growth+26.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$220M	$119M	$110M
Q2 23	$224M	$120M	$114M
Q3 23	$234M	$130M	$123M
Q4 23	$244M	$126M	$120M
Q1 24	$240M	$136M	$124M
Q2 24	$244M	$139M	$130M
Q3 24	$248M	$132M	$122M
Q4 24	$249M	$121M	$113M
Q1 25	$303M	$162M	$148M
Q2 25	$309M	$166M	$155M
Q3 25	$314M	$230M	$155M
Q4 25	$317M	$163M	$156M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	15.5x	38.7x
Q2 23	15.5x	38.7x
Q3 23	15.6x	41.2x
Q4 23	15.5x	37.3x
Q1 24	15.2x	35.8x
Q2 24	14.9x	35.4x
Q3 24	14.7x	35.6x
Q4 24	14.6x	40.5x
Q1 25	13.7x	39.2x
Q2 25	12.9x	38.1x
Q3 25	12.2x	35.5x
Q4 25	11.5x	32.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$244M	$16M
Q2 23	$145M	-$48M
Q3 23	$225M	$24M
Q4 23	$184M	$34M
Q1 24	$241M	$143M
Q2 24	$165M	$84M
Q3 24	$205M	$124M
Q4 24	$152M	$62M
Q1 25	$247M	$176M
Q2 25	$185M	$256M
Q3 25	$289M	$146M
Q4 25	$176M	$45M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$228M
Q2 23	$193M
Q3 23	$201M
Q4 23	$150M
Q1 24	$98M
Q2 24	$81M
Q3 24	$81M
Q4 24	$90M
Q1 25	$71M
Q2 25	$71M
Q3 25	$143M
Q4 25	$131M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+2.3%	-0.9%
Q2 23	-1.3%	-2.7%
Q3 23	-0.4%	-2.6%
Q4 23	+0.4%	-2.4%
Q1 24	+9.1%	+5.5%
Q2 24	+8.9%	+3.6%
Q3 24	+6.0%	+13.5%
Q4 24	+2.0%	+9.7%
Q1 25	+26.3%	+33.6%
Q2 25	+26.6%	+35.1%
Q3 25	+26.6%	+26.2%
Q4 25	+27.3%	+18.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$5M	2.3%
Q2 23	$5M	2.2%
Q3 23	$5M	2.1%
Q4 23	$5M	2.0%
Q1 24	$5M	2.1%
Q2 24	$6M	2.5%
Q3 24	$6M	2.4%
Q4 24	$6M	2.4%
Q1 25	$6M	2.0%
Q2 25	$6M	1.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Gathering Segment	Pipeline Segment
Q1 23	$135M	$85M
Q2 23	$134M	$90M
Q3 23	$138M	$96M
Q4 23	$138M	$106M
Q1 24	$133M	$107M
Q2 24	$135M	$109M
Q3 24	$136M	$112M
Q4 24	$134M	$115M
Q1 25	$134M	$169M
Q2 25	$133M	$176M
Q3 25	$145M	$169M
Q4 25	$144M	$173M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	97M	-0.5%
Q2 23	97M	+0.0%
Q3 23	98M	+0.1%
Q4 23	97M	-0.5%
Q1 24	98M	+0.8%
Q2 24	98M	+0.2%
Q3 24	98M	+0.1%
Q4 24	101M	+2.8%
Q1 25	103M	+1.7%
Q2 25	103M	+0.0%
Q3 25	103M	+0.0%
Q4 25	103M	+0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	$3M	280
FY 22	$3M	362
FY 23	$2M	402
FY 24	$2M	556
FY 25	$2M	588