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$128.54 +$1.64 (1.29%) Close
DT Midstream, Inc. logo

DT Midstream, Inc.

dtmidstream.com

How Do They Make Money?

revenue
SegmentShareRevenue
Pipeline
55%
FY2022: 37%
Gathering
45%
FY2022: 63%

Do Revenues Turn Into Profits?

Yes. It kept 35 cents of every revenue dollar as net income in FY2025 and turned 35 cents into free cash flow.

Operating income, FY2025
49% of revenue
▲ +26% vs FY2024 ($489M, 50%)
Net income, FY2025
35% of revenue
▲ +25% vs FY2024 ($354M, 36%)
Free cash flow, FY2025
35% of revenue
▲ +7% vs FY2024 ($413M, 42%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +11%
vs $309M in Q2 FY2025
Net income
▲ +5%
vs $107M in Q2 FY2025
Pipeline share of revenue vs 57.0% in Q2 FY2025

Growing. Revenue grew 48% in 4 years, from $840M in FY2021 to $1.2B in FY2025, about 10% a year.

Revenue over time
Pipeline Gathering
$2B$1B$0
FY2021 FY2022 FY2023 FY2024 FY2025

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