# DT Midstream, Inc. (DTM)

Informational only - not investment advice.

CIK: 0001842022
SIC: 4922 Natural Gas Transmission
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4922 Natural Gas Transmission](/industry/4922/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1842022
Filing source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001842022-26-000003 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001842022.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,243,000,000 USD | 2025 | verified |
| Net income | 441,000,000 USD | 2025 | verified |
| Assets | 10,080,000,000 USD | 2025 | verified |
| Free cash flow | 441,000,000 USD | 2025 | computed |
| Net margin | 35.48% | 2025 | computed |
| Operating margin | 49.40% | 2025 | computed |
| Revenue YoY | +26.71% | 2025 | computed |
| ROE | 9.31% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DTM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 35.5% | 18.0% | 100 | 9 |
| Revenue growth | 26.7% | 13.8% | 75 | 9 |
| FCF margin | 35.5% | 8.4% | 88 | 9 |
| ROE | 9.3% | 15.1% | 29 | 8 |
| ROA | 4.4% | 4.4% | 50 | 9 |
| Liabilities / equity | 1.10 | 2.18 | 0 | 8 |
| Current ratio | 1.07 | 0.69 | 75 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4922 Natural Gas Transmission, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1243000000 | USD | 2025 | 2026-02-19 |
| Net income | 441000000 | USD | 2025 | 2026-02-19 |
| Assets | 10080000000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001842022.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 504,000,000 | 754,000,000 | 840,000,000 | 920,000,000 | 922,000,000 | 981,000,000 | 1,243,000,000 |
| Net income | 204,000,000 | 312,000,000 | 307,000,000 | 370,000,000 | 384,000,000 | 354,000,000 | 441,000,000 |
| Operating income | 261,000,000 | 414,000,000 | 402,000,000 | 478,000,000 | 471,000,000 | 489,000,000 | 614,000,000 |
| Diluted EPS | 2.11 | 3.23 | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 |
| Operating cash flow | 390,000,000 | 597,000,000 | 572,000,000 | 725,000,000 | 798,000,000 | 763,000,000 | 867,000,000 |
| Capital expenditures | 211,000,000 | 518,000,000 | 140,000,000 | 338,000,000 | 772,000,000 | 350,000,000 | 426,000,000 |
| Dividends paid | 0.00 | 0.00 | 58,000,000 | 244,000,000 | 263,000,000 | 280,000,000 | 324,000,000 |
| Assets | 7,787,000,000 | 8,342,000,000 | 8,166,000,000 | 8,833,000,000 | 8,982,000,000 | 9,935,000,000 | 10,080,000,000 |
| Liabilities |  | 4,114,000,000 | 4,145,000,000 | 4,679,000,000 | 4,702,000,000 | 5,169,000,000 | 5,202,000,000 |
| Stockholders' equity |  |  | 3,872,000,000 | 4,007,000,000 | 4,139,000,000 | 4,627,000,000 | 4,736,000,000 |
| Cash and cash equivalents |  | 42,000,000 | 132,000,000 | 61,000,000 | 56,000,000 | 68,000,000 | 54,000,000 |
| Free cash flow | 179,000,000 | 79,000,000 | 432,000,000 | 387,000,000 | 26,000,000 | 413,000,000 | 441,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 40.48% | 41.38% | 36.55% | 40.22% | 41.65% | 36.09% | 35.48% |
| Operating margin | 51.79% | 54.91% | 47.86% | 51.96% | 51.08% | 49.85% | 49.40% |
| Return on equity |  |  | 7.93% | 9.23% | 9.28% | 7.65% | 9.31% |
| Return on assets | 2.62% | 3.74% | 3.76% | 4.19% | 4.28% | 3.56% | 4.38% |
| Liabilities / equity |  |  | 1.07 | 1.17 | 1.14 | 1.12 | 1.10 |
| Current ratio |  | 0.15 | 2.03 | 0.43 | 0.63 | 0.73 | 1.07 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001842022.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.16 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.84 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.93 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 234,000,000 | 91,000,000 | 0.94 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 244,000,000 | 121,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 240,000,000 | 97,000,000 | 0.99 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 244,000,000 | 96,000,000 | 0.98 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 248,000,000 | 88,000,000 | 0.90 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 249,000,000 | 73,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 303,000,000 | 108,000,000 | 1.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 309,000,000 | 107,000,000 | 1.04 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 314,000,000 | 115,000,000 | 1.13 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 317,000,000 | 111,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 336,000,000 | 130,000,000 | 1.27 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 343,000,000 | 112,000,000 | 1.09 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Risk Factors

Verbatim Item 1A Risk Factors from DTM's latest 10-K: [/company/DTM/risk-factors/](/company/DTM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000009/dtm-20260630.htm

Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes financial information prepared in accordance with GAAP. The following sections discuss the operating performance and future outlook of our segments. Segment information includes intercompany revenues and expenses, as well as other income and deductions that are eliminated, as presented in Note 11 "Segment and Related Information" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended June 30, 2026 to the three months ended March 31, 2026, and the six months ended June 30, 2026 to the six months ended June 30, 2025, as applicable. The following table summarizes our consolidated financial results:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","March 31,","","","","June 30,","","June 30,"],["","2026","","2026","","","","2026","","2025"],["","(millions, except per share amounts)"],["Operating revenues","$","343","","","$","336","","","","","$","679","","","$","612"],["Net Income Attributable to DT Midstream","112","","","130","","","","","242","","","215"],["Diluted Earnings per Common Share","$","1.09","","","$","1.27","","","","","$","2.36","","","$","2.10"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","March 31,","","","","June 30,","","June 30,"],["","2026","","2026","","","","2026","","2025"],["","(millions)"],["Net Income Attributable to DT Midstream"],["Pipeline","$","86","","","$","108","","","","","$","194","","","$","185"],["Gathering","26","","","22","","","","","48","","","30"],["Total","$","112","","","$","130","","","","","$","242","","","$","215"]]
[[/GREPCENT_TABLE]]

Pipeline

The Pipeline segment consists of our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities. This segment also includes our equity method investments. Pipeline results and outlook are discussed below:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","March 31,","","","","June 30,","","June 30,"],["","2026","","2026","","","","2026","","2025"],["","(millions)"],["Operating revenues","$","183","","","$","185","","","","","$","368","","$","345"],["Operation and maintenance","39","","","35","","","","","74","","66"],["Depreciation and amortization","28","","","29","","","","","57","","56"],["Taxes other than income","8","","","9","","","","","17","","16"],["Operating Income","108","","","112","","","","","220","","207"],["Interest expense","14","","","14","","","","","28","","24"],["Interest income","\u2014","","","(1)","","","","","(1)","","(1)"],["Earnings from equity method investees","(33)","","","(43)","","","","","(76)","","(67)"],["Gain from financing activities","(1)","","","\u2014","","","","","(1)","","\u2014"],["Other income","(3)","","","\u2014","","","","","(3)","","\u2014"],["Income tax expense","41","","","30","","","","","71","","59"],["Net Income","90","","","112","","","","","202","","192"],["Less: Net Income Attributable to Noncontrolling Interests","4","","","4","","","","","8","","7"],["Net Income Attributable to DT Midstream","$","86","","","$","108","","","","","$","194","","$","185"]]
[[/GREPCENT_TABLE]]

29

Operating revenues decreased $2 million for the three months ended June 30, 2026 primarily due to lower short-term contract revenue and lower recovery of operational flow order fees, which are offset in operation and maintenance expense, on LEAP of $4 million, partially offset by higher Stonewall inter-segment revenue from the MVP expansion of $3 million. Operating revenues increased $23 million for the six months ended June 30, 2026 primarily due to higher LEAP revenue of $14 million from new customer contracts and higher recovery of operational flow order fees, which are offset in operation and maintenance expense, higher Stonewall inter-segment revenue from the MVP expansion of $12 million, and higher Viking short-term firm service revenue contracts of $3 million, partially offset by lower Stonewall volumes of $5 million.

Operation and maintenance expense increased $4 million for the three months ended June 30, 2026 primarily due to timing of pipeline integrity evaluations, partially offset by higher operational flow order fees on LEAP in the prior period. Operation and maintenance expense increased $8 million for the six months ended June 30, 2026 primarily due to higher production-related operating expenses and operational flow order fees on LEAP of $5 million.

Earnings from equity method investees decreased $10 million for the three months ended June 30, 2026 primarily due to lower seasonal short-term contract revenues of $7 million at Millennium and higher operating expenses of $3 million at NEXUS. Earnings from equity method investees increased $9 million for the six months ended June 30, 2026 primarily due to higher seasonal short-term contract revenues at Millennium of $5 million and at NEXUS of $3 million.

Income tax expense increased $11 million for the three months ended June 30, 2026 due to an increase in the effective tax rate, partially offset by lower income before income taxes. Income tax expense increased $12 million for the six months ended June 30, 2026 due to an increase in the effective tax rate and higher income before income taxes. See Note 7, "Income Taxes" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Pipeline Outlook

We believe our long-term agreements with customers and the location and connectivity of our pipeline assets position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include expansion opportunities on the DTM Interstate Transportation assets, further expansion at LEAP and Stonewall, new contracts at the Washington 10 Storage Complex and additional growth related to our equity method investments.

30

Gathering

The Gathering segment includes gathering systems, related treatment plants and compression and surface facilities. Gathering results and outlook are discussed below:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","March 31,","","","","June 30,","","June 30,"],["","2026","","2026","","","","2026","","2025"],["","(millions)"],["Operating revenues","$","168","","","$","156","","","","","$","324","","","$","267"],["Operation and maintenance","59","","","55","","","","","114","","","92"],["Depreciation and amortization","40","","","40","","","","","80","","","70"],["Taxes other than income","4","","","6","","","","","10","","","9"],["Asset losses and impairments, net","\u2014","","","1","","","","","1","","","\u2014"],["Operating Income","65","","","54","","","","","119","","","96"],["Interest expense","28","","","26","","","","","54","","","56"],["Interest income","(1)","","","\u2014","","","","","(1)","","","\u2014"],["Income tax expense","12","","","6","","","","","18","","","10"],["Net Income Attributable to DT Midstream","$","26","","","$","22","","","","","$","48","","","$","30"]]
[[/GREPCENT_TABLE]]

Operating revenues increased $12 million for the three months ended June 30, 2026 primarily due to higher volumes of $6 million and higher recovery of production-related operating expenses of $4 million on Blue Union Gathering, and higher Appalachia Gathering volumes due to the MVP expansion of $5 million, partially offset by lower Susquehanna Gathering volumes of $2 million. Operating revenues increased $57 million for the six months ended June 30, 2026 primarily due to higher volumes of $27 million and higher recovery of production-related operating expenses of $4 million on Blue Union Gathering, higher Appalachia Gathering volumes of $16 million, higher Tioga Gathering volumes of $7 million, and higher volumes and deficiency fees on Ohio Utica Gathering of $5 million, partially offset by lower Susquehanna Gathering volumes of $4 million.

Operation and maintenance expense increased $4 million for the three months ended June 30, 2026 primarily due to higher production-related operating expenses at Blue Union Gathering of $3 million. Operation and maintenance expense increased $22 million for the six months ended June 30, 2026 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $12 million and higher production-related operating expenses at Blue Union Gathering of $10 million.

Depreciation and amortization expense increased $10 million for the six months ended June 30, 2026 primarily due to assets placed into service at Blue Union Gathering, Clean Fuels Gathering, Ohio Utica Gathering, and Appalachia Gathering.

Income tax expense increased $6 million for the three months ended June 30, 2026 due to an increase in the effective tax rate and higher income before income taxes. Income tax expense increased $8 million for the six months ended June 30, 2026 due to higher income before income taxes and an increase in the effective tax rate. See Note 7, "Income Taxes" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Gathering Outlook

We believe our long-term agreements with producers and the quality of the natural gas reserves in the Marcellus/Utica and Haynesville formations position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include further expansions at Blue Union Gathering, Appalachia Gathering, Ohio Utica Gathering, and Tioga Gathering.

31

ENVIRONMENTAL MATTERS

We are subject to U.S. federal, state, and local laws and environmental regulations, including laws and regulations relating to pipeline safety, climate change and GHG emissions. Additional compliance costs may result as the effects of various substances on the environment and human health are studied and laws and regulations are developed and implemented. Actual costs to comply with such laws and regulations could vary substantially from our expectations. Pending or future legislation or regulation could have a material impact on our operations and financial position. Potential impacts include unplanned expenditures for environmental equipment, such as pollution control equipment, financing costs related to additional capital expenditures, and the replacement costs of aging pipelines and other facilities.

For further discussion of environmental matters, see Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

CAPITAL RESOURCES AND LIQUIDITY

Cash Requirements

Our principal liquidity requirements are to finance our operations, fund capital expenditures, satisfy our indebtedness obligations, and pay approved dividends. We believe we will have sufficient internal and external capital resources to fund anticipated capital and operating requirements.

[[GREPCENT_TABLE]]
[["","","","Six Months Ended"],["","","","June 30,"],["","","","","","2026","","2025"],["","","","(millions)"],["Cash and Cash Equivalents at Beginning of Period","","","","","$","54","","","$","68"],["Net cash and cash equivalents from operating activities","","","","","502","","","432"],["Net cash and cash equivalents used for investing activities","","","","","(172)","","","(124)"],["Net cash and cash equivalents used for financing activities","","","","","(212)","","","(302)"],["Net Increase in Cash and Cash Equivalents","","","","","118","","","6"],["Cash and Cash Equivalents at End of Period","","","","","$","172","","","$","74"]]
[[/GREPCENT_TABLE]]

For purposes of the following discussion, any increases

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm
Complete FY 2025 MD&A: /company/DTM/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the midstream industry and our business and financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors."

OVERVIEW

Our Business

We are an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through our Pipeline segment, which includes interstate pipelines, intrastate pipelines, storage systems, and gathering lateral pipelines, and through our Gathering segment. We also own joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets.

Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.

We have an established history of stable, long-term growth with contractual cash flows from customers that include natural gas producers, local distribution companies, electric power generators, industrials, and national marketers.

Our Strategy

See discussion of our strategy under Part I, Items 1. and 2. "Business and Properties—Our Strategy" of this Form 10-K.

RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes financial information prepared in accordance with GAAP. The following sections discuss the operating performance and future outlook of our segments. Segment information includes intercompany revenues and expenses, as well as other income and deductions that are eliminated in the Consolidated Financial Statements.

For purposes of the following discussion, any increases or decreases refer to the comparison of the year ended December 31, 2025 to the year ended December 31, 2024, or the year ended December 31, 2024 to the year ended December 31, 2023, as applicable. The following table summarizes our consolidated financial results:

[[GREPCENT_TABLE]]
[["","","","","","","","","","","Year Ended December 31,"],["","","","","","","","","","","2025","","2024","","2023"],["","","(millions, except per share amounts)"],["Operating revenues","","","","","","","","","","$","1,243","","","$","981","","","$","922"],["Net Income Attributable to DT Midstream","","","","","","","","","","441","","","354","","","384"],["Diluted Earnings per Common Share","","","","","","","","","","$","4.30","","","$","3.60","","","$","3.94"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","Year Ended December 31,"],["","","","","","","","","","","","2025","","2024","","2023"],["","","","(millions)"],["Net Income Attributable to DT Midstream"],["Pipeline","","","","","","","","","","","$","370","","","$","276","","","$","278"],["Gathering","","","","","","","","","","","71","","","78","","","106"],["Total","","","","","","","","","","","$","441","","","$","354","","","$","384"]]
[[/GREPCENT_TABLE]]

42

Pipeline

The Pipeline segment consists of our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities. This segment also includes our equity method investments. The Midwest Pipeline Acquisition assets and results of operations after the December 31, 2024 acquisition date are presented in our Pipeline segment. Pipeline results and outlook are discussed below:

[[GREPCENT_TABLE]]
[["","","","","","","","","","","Year Ended December 31,"],["","","","","","","","","","","2025","","2024","","2023"],["","","(millions)"],["Operating revenues","","","","","","","","","","$","687","","","$","443","","","$","377"],["Operation and maintenance","","","","","","","","","","134","","","68","","","55"],["Depreciation and amortization","","","","","","","","","","111","","","74","","","69"],["Taxes other than income","","","","","","","","","","27","","","22","","","15"],["Asset (gains) losses and impairments, net","","","","","","","","","","\u2014","","","\u2014","","","(4)"],["Operating Income","","","","","","","","","","415","","","279","","","242"],["Interest expense","","","","","","","","","","51","","","47","","","55"],["Interest income","","","","","","","","","","(1)","","","(4)","","","(1)"],["Earnings from equity method investees","","","","","","","","","","(138)","","","(162)","","","(177)"],["Loss from financing activities","","","","","","","","","","\u2014","","","3","","","\u2014"],["Other income","","","","","","","","","","(1)","","","(1)","","","\u2014"],["Income tax expense","","","","","","","","","","121","","","107","","","75"],["Net Income","","","","","","","","","","383","","","289","","","290"],["Less: Net Income Attributable to Noncontrolling Interests","","","","","","","","","","13","","","13","","","12"],["Net Income Attributable to DT Midstream","","","","","","","","","","$","370","","","$","276","","","$","278"]]
[[/GREPCENT_TABLE]]

Operating revenues increased $244 million for the year ended December 31, 2025 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition of $212 million, new LEAP contracts of $31 million and higher long-term storage revenue at Washington 10 Storage Complex of $9 million, partially offset by lower Bluestone volumes of $7 million. Operating revenues increased $66 million for the year ended December 31, 2024 primarily due to new LEAP long-term firm service revenue contracts of $55 million, higher long-term contracting rates and volumes at the Washington 10 Storage Complex of $9 million and higher volumes at Stonewall of $9 million, partially offset by lower volumes at Bluestone of $8 million.

Operation and maintenance expense increased $66 million for the year ended December 31, 2025 primarily due to effects from the Midwest Pipeline Acquisition, including increases in direct operations of $25 million, increases in corporate overhead and the acquisition's impact on corporate overhead segment mix of $36 million, as well as production-related operating expenses from the LEAP expansion of $9 million. Operation and maintenance expense increased $13 million for the year ended December 31, 2024 primarily due to higher production-related operating expenses from the expansion of LEAP and acquisition related costs for the Midwest Pipeline Acquisition.

Depreciation and amortization expense increased $37 million for the year ended December 31, 2025 primarily due to the Midwest Pipeline Acquisition. Depreciation and amortization expense increased $5 million for the year ended December 31, 2024 primarily due to new LEAP assets placed into service.

Taxes other than income increased $5 million for the year ended December 31, 2025 primarily due to an increase in property taxes due to the Midwest Pipeline Acquisition. Taxes other than income increased $7 million for the year ended December 31, 2024 primarily due to LEAP assets placed into service.

Asset (gains) losses and impairments, net decreased $4 million for the year ended December 31, 2024 due to a one-time gain realized from an insurance settlement that occurred in the prior year.

43

Interest expense increased $4 million for the year ended December 31, 2025 primarily due to higher interest expense from the 2034 Notes issued in the three months ended December 31, 2024, partially offset by lower interest expense related to the Term Loan Facility and lower interest expense related to the Bridge Facility. Interest expense decreased $8 million for the year ended December 31, 2024 primarily due to lower outstanding borrowings under the Revolving Credit Facility and the repayment of the Term Loan Facility during 2024, partially offset by lower capitalized interest driven by lower construction in progress during 2024 and higher interest related to the Bridge Facility and 2034 Notes.

Earnings from equity method investees decreased $24 million for the year ended December 31, 2025 primarily due to higher interest expense from senior unsecured notes issued by Millennium in the three months ended September 30, 2024 of $16 million and higher property taxes, lower short-term revenue and higher maintenance expenses at Millennium of $7 million. Earnings from equity method investees decreased $15 million for the year ended December 31, 2024 primarily due to higher interest expense from new senior unsecured notes at Millennium and a full year of interest expense from senior unsecured notes at NEXUS.

Loss from financing activities increased $3 million for the year ended December 31, 2024 primarily due to the repayment of our remaining Term Loan Facility that occurred during the year.

Income tax expense increased $14 million for the year ended December 31, 2025 due to an increase in income before income taxes, partially offset by deferred tax remeasurements for changes in state tax rates and apportionment factors related to the Midwest Pipeline Acquisition in 2024. Income tax expense increased $32 million for the year ended December 31, 2024 primarily due to higher income before income taxes and deferred tax remeasurement adjustments for changes in state tax rates and apportionment factors due to the Midwest Pipeline Acquisition and enacted state legislation.

Pipeline Outlook

We believe our long-term agreements with customers and the location and connectivity of our pipeline assets position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include expansion opportunities on the DTM Interstate Transportation assets, further expansion at LEAP and Stonewall, new contracts at the Washington 10 Storage Complex and additional growth related to our equity method investments.

44

Gathering

The Gathering segment includes gathering systems, related treatment plants and compression and surface facilities. The Clean Fuels Gathering assets and results of operations after the July 1, 2024 acquisition date are presented in our Gathering segment. Gathering results and outlook are discussed below:

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Operating revenues increased $18 million for the year ended December 31, 2

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DTM/mda/fy2025/
All MD&A years: /company/DTM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DTM/mda/fy2024/): filed 2025-02-26; accession 0001842022-25-000003 (https://www.sec.gov/Archives/edgar/data/1842022/000184202225000003/dtm-20241231.htm)
- [FY 2023 MD&A](/company/DTM/mda/fy2023/): filed 2024-02-16; accession 0001842022-24-000003 (https://www.sec.gov/Archives/edgar/data/1842022/000184202224000003/dtm-20231231.htm)
- [FY 2022 MD&A](/company/DTM/mda/fy2022/): filed 2023-02-16; accession 0001842022-23-000006 (https://www.sec.gov/Archives/edgar/data/1842022/000184202223000006/dtm-20221231.htm)
- [FY 2021 MD&A](/company/DTM/mda/fy2021/): filed 2022-02-25; accession 0001842022-22-000006 (https://www.sec.gov/Archives/edgar/data/1842022/000184202222000006/dtm-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4922 Natural Gas Transmission) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DTM.md · JSON record: /company/DTM.json · verified financials: /company/DTM/financials.json / /company/DTM/financials.csv · machine TOC for the whole site: /llms.txt