DT Midstream, Inc. (DTM) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy DTM?
Source: SeekingAlpha
Adjusted EBITDA for 2025 $1.138 billion, a 17% increase over the prior year, driven by the Midwest pipeline acquisition and higher LEAP and storage revenue.
Pipeline Segment Growth 27% growth in 2025, driven by the Midwest pipeline acquisition and higher LEAP and storage revenue.
Fourth Quarter Adjusted EBITDA $293 million, a $5 million increase from the prior quarter, driven by increased seasonal demand on JV pipelines and higher LEAP revenue.
Total Gathering Volumes Record high in total gathering volumes with the Haynesville averaging above 1.9 Bcf per day, slightly down from the third quarter due to upstream maintenance. Average volumes in the Northeast ramped to approximately 1.3 Bcf per day.
Dividend Growth Quarterly dividend of $0.88 per share, a 7.3% increase from the prior year, reflecting a strong coverage ratio of 2.6x for 2025.
Investment-Grade Credit Ratings Achieved investment-grade credit ratings across all three rating agencies in 2025, with a year-end forecast for on-balance sheet leverage of 2.9x and proportional leverage of 3.5x.
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Analyst Views on DTM
Wall Street analysts forecast DTM stock price to fall
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 139.360
Low
114.00
Averages
126.86
High
137.00
Current: 139.360
Low
114.00
Averages
126.86
High
137.00
About DTM
DT Midstream, Inc. is an owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment, and surface facilities. The Company transports clean natural gas for utilities, power plants, marketers, large industrial customers, and energy producers. Its segments include Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. It also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers’ wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
DT Midstream Reports 26.7% Revenue Growth for Full Year
- Profitability Improvement: DT Midstream Inc. reported a full-year profit of $441 million, translating to earnings per share of $4.30, which marks a significant increase from last year's $354 million and $3.60 per share, indicating strong performance in profitability.
- Significant Revenue Growth: The company's annual revenue surged by 26.7%, rising from $981 million to $1.243 billion, reflecting its success in meeting market demand and enhancing operational efficiency.
- Improved Financial Health: With the dual growth in profits and revenue, DT Midstream's financial health has significantly improved, providing stronger funding support for future investments and expansions.
- Enhanced Market Competitiveness: The improvement in the company's performance not only strengthens its competitive position within the industry but also lays a solid foundation for future strategic development, potentially attracting more investor interest.
See More
DT Midstream Reports Record 2025 Earnings with Strong Growth Outlook
- Record Performance: DT Midstream's adjusted EBITDA for 2025 reached $1.138 billion, reflecting a 17% year-over-year increase, with the Pipeline segment alone growing by 27%, showcasing the company's robust market performance and profitability.
- Project Expansion Plans: The company has increased its organic project backlog by approximately 50% to $3.4 billion over the next five years, with pipeline projects comprising about 75%, providing strong support for future revenue growth.
- Dividend Growth: The Board declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the prior year, reflecting the company's commitment to generating cash flow and returning value to shareholders.
- Optimistic Market Outlook: Management anticipates 2026 adjusted EBITDA guidance in the range of $1.155 billion to $1.225 billion, indicating confidence in future growth, particularly against the backdrop of accelerating demand in the power and LNG markets.
See More
DT Midstream Announces 7.3% Increase in Quarterly Dividend
- Dividend Increase: DT Midstream has declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the previous $0.82, indicating the company's robust performance in profitability and cash flow management, thereby boosting investor confidence.
- Yield Information: The forward yield of this dividend stands at 2.64%, providing investors with a relatively stable return, reflecting the company's competitiveness and attractiveness in the current market environment.
- Shareholder Arrangement: The dividend is payable on April 15, with a record date of March 16 and an ex-dividend date also on March 16, ensuring that shareholders receive their earnings promptly, further solidifying the relationship between the company and its investors.
- Market Performance Signal: The dividend increase is seen as another sign of an old bull market, indicating that the company maintains strong financial health amid economic recovery and market stability, potentially attracting more long-term investor interest.
See More
DT Midstream Reports Q4 Earnings Miss with Strong Guidance
- Earnings Performance: DT Midstream reported a Q4 Non-GAAP EPS of $1.08, missing expectations by $0.07, indicating challenges in profitability that may affect investor confidence.
- Adjusted EBITDA Guidance: The company projects its 2026 Adjusted EBITDA to be between $1.155 billion and $1.225 billion, reflecting a 6% growth from the original 2025 guidance, showcasing potential for future growth but requiring attention to market conditions.
- Project Backlog Growth: DT Midstream increased its organic project backlog by approximately 50% to $3.4 billion over the next five years, with pipeline projects comprising 75% of this backlog, indicating a proactive approach to business expansion.
- Dividend Increase: The company raised its dividend by 7% from Q4 2025 to $0.88 per share, set to be paid on April 15, 2026, which aims to enhance shareholder returns and attract more investor interest.
See More
DT Midstream Reports Record 2025 Results with 17% EBITDA Growth
- Significant Performance Growth: DT Midstream achieved an Adjusted EBITDA of $1.138 billion in 2025, reflecting a 17% year-over-year increase, which underscores the company's robust growth momentum in the natural gas pipeline sector and further solidifies its market position.
- Stable Net Income: The company reported a net income of $111 million for Q4 2025, translating to $1.08 per diluted share, while the full-year net income reached $441 million, indicating a stable performance in profitability that enhances investor confidence.
- Dividend Increase: DT Midstream announced a 7% increase in its Q4 2025 dividend to $0.88 per share, payable on April 15, 2026, which not only rewards shareholders but also reflects the company's strong cash flow and profitability.
- Investment Decisions: The company has made final investment decisions on the expansion of Viking Gas Transmission and the next phase of the interstate pipeline modernization program, with an organic project backlog of approximately $3.4 billion over the next five years, demonstrating confidence in future growth.
See More
DT Midstream to Announce Q4 Earnings on February 19
- Earnings Announcement Schedule: DT Midstream is set to announce its Q4 earnings on February 19 before market open, with a consensus EPS estimate of $1.15, reflecting a 22.3% year-over-year growth potential, indicating ongoing profitability strength.
- Historical Performance Review: Over the past two years, DT Midstream has beaten EPS estimates 75% of the time, although it has not surpassed revenue estimates, highlighting the company's stability in earnings amidst challenges in revenue growth.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen one upward revision and four downward adjustments, while revenue estimates experienced one upward revision and three downward changes, indicating mixed market sentiment regarding the company's future performance, which could impact investor confidence.
- Market Context Analysis: DT Midstream is viewed as another sign of an old bull market; despite facing challenges in revenue expectations, its performance in the energy, clean technology, and utilities sectors continues to attract attention, potentially sustaining investor interest.
See More
DT Midstream Reports 26.7% Revenue Growth for Full Year
- Profitability Improvement: DT Midstream Inc. reported a full-year profit of $441 million, translating to earnings per share of $4.30, which marks a significant increase from last year's $354 million and $3.60 per share, indicating strong performance in profitability.
- Significant Revenue Growth: The company's annual revenue surged by 26.7%, rising from $981 million to $1.243 billion, reflecting its success in meeting market demand and enhancing operational efficiency.
- Improved Financial Health: With the dual growth in profits and revenue, DT Midstream's financial health has significantly improved, providing stronger funding support for future investments and expansions.
- Enhanced Market Competitiveness: The improvement in the company's performance not only strengthens its competitive position within the industry but also lays a solid foundation for future strategic development, potentially attracting more investor interest.
See More
DT Midstream Reports Record 2025 Earnings with Strong Growth Outlook
- Record Performance: DT Midstream's adjusted EBITDA for 2025 reached $1.138 billion, reflecting a 17% year-over-year increase, with the Pipeline segment alone growing by 27%, showcasing the company's robust market performance and profitability.
- Project Expansion Plans: The company has increased its organic project backlog by approximately 50% to $3.4 billion over the next five years, with pipeline projects comprising about 75%, providing strong support for future revenue growth.
- Dividend Growth: The Board declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the prior year, reflecting the company's commitment to generating cash flow and returning value to shareholders.
- Optimistic Market Outlook: Management anticipates 2026 adjusted EBITDA guidance in the range of $1.155 billion to $1.225 billion, indicating confidence in future growth, particularly against the backdrop of accelerating demand in the power and LNG markets.
See More
DT Midstream Announces 7.3% Increase in Quarterly Dividend
- Dividend Increase: DT Midstream has declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the previous $0.82, indicating the company's robust performance in profitability and cash flow management, thereby boosting investor confidence.
- Yield Information: The forward yield of this dividend stands at 2.64%, providing investors with a relatively stable return, reflecting the company's competitiveness and attractiveness in the current market environment.
- Shareholder Arrangement: The dividend is payable on April 15, with a record date of March 16 and an ex-dividend date also on March 16, ensuring that shareholders receive their earnings promptly, further solidifying the relationship between the company and its investors.
- Market Performance Signal: The dividend increase is seen as another sign of an old bull market, indicating that the company maintains strong financial health amid economic recovery and market stability, potentially attracting more long-term investor interest.
See More
DT Midstream Reports Q4 Earnings Miss with Strong Guidance
- Earnings Performance: DT Midstream reported a Q4 Non-GAAP EPS of $1.08, missing expectations by $0.07, indicating challenges in profitability that may affect investor confidence.
- Adjusted EBITDA Guidance: The company projects its 2026 Adjusted EBITDA to be between $1.155 billion and $1.225 billion, reflecting a 6% growth from the original 2025 guidance, showcasing potential for future growth but requiring attention to market conditions.
- Project Backlog Growth: DT Midstream increased its organic project backlog by approximately 50% to $3.4 billion over the next five years, with pipeline projects comprising 75% of this backlog, indicating a proactive approach to business expansion.
- Dividend Increase: The company raised its dividend by 7% from Q4 2025 to $0.88 per share, set to be paid on April 15, 2026, which aims to enhance shareholder returns and attract more investor interest.
See More
DT Midstream Reports Record 2025 Results with 17% EBITDA Growth
- Significant Performance Growth: DT Midstream achieved an Adjusted EBITDA of $1.138 billion in 2025, reflecting a 17% year-over-year increase, which underscores the company's robust growth momentum in the natural gas pipeline sector and further solidifies its market position.
- Stable Net Income: The company reported a net income of $111 million for Q4 2025, translating to $1.08 per diluted share, while the full-year net income reached $441 million, indicating a stable performance in profitability that enhances investor confidence.
- Dividend Increase: DT Midstream announced a 7% increase in its Q4 2025 dividend to $0.88 per share, payable on April 15, 2026, which not only rewards shareholders but also reflects the company's strong cash flow and profitability.
- Investment Decisions: The company has made final investment decisions on the expansion of Viking Gas Transmission and the next phase of the interstate pipeline modernization program, with an organic project backlog of approximately $3.4 billion over the next five years, demonstrating confidence in future growth.
See More
DT Midstream to Announce Q4 Earnings on February 19
- Earnings Announcement Schedule: DT Midstream is set to announce its Q4 earnings on February 19 before market open, with a consensus EPS estimate of $1.15, reflecting a 22.3% year-over-year growth potential, indicating ongoing profitability strength.
- Historical Performance Review: Over the past two years, DT Midstream has beaten EPS estimates 75% of the time, although it has not surpassed revenue estimates, highlighting the company's stability in earnings amidst challenges in revenue growth.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen one upward revision and four downward adjustments, while revenue estimates experienced one upward revision and three downward changes, indicating mixed market sentiment regarding the company's future performance, which could impact investor confidence.
- Market Context Analysis: DT Midstream is viewed as another sign of an old bull market; despite facing challenges in revenue expectations, its performance in the energy, clean technology, and utilities sectors continues to attract attention, potentially sustaining investor interest.
See More
