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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
DT Midstream
DT Midstream (DTM) investor relations material
DT Midstream Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record 2025 results with adjusted EBITDA of $1.138 billion, up 17% year-over-year, surpassing guidance midpoint, driven by pipeline segment growth and successful Midwest pipeline acquisition integration.
Delivered record high gathering volumes and reached investment grade status with all major credit rating agencies.
Maintained a high-quality, demand-based contract portfolio (95% demand-based, 8-year average tenure) and delivered a 280% total shareholder return since spin-off, with 12% CAGR in adjusted EBITDA and a growing dividend.
Maintained a strong, diversified asset base with 70% of adjusted EBITDA from the pipeline segment and 30% from gathering.
Reported net income for 2025 was $441 million, or $4.30 per diluted share.
Financial highlights
2025 adjusted EBITDA reached $1.138 billion, up 17% year-over-year; Q4 adjusted EBITDA was $293 million, a $5 million sequential increase.
Distributable Cash Flow for 2025 was $831 million, up 14% year-over-year.
Operating Earnings for 2025 were $441 million, up 18% year-over-year; Operating EPS was $4.30, up 13%.
Pipeline segment adjusted EBITDA grew 27% to $786 million; gathering segment was $352 million, up 1%.
Board declared a quarterly dividend of $0.88 per share, a 7.3% increase year-over-year, with a 2025 coverage ratio of 2.6x.
Outlook and guidance
2026 adjusted EBITDA guidance: $1.155–$1.225 billion (midpoint +6% over 2025 original guidance); 2027 early outlook: $1.225–$1.295 billion.
2026 growth capital guidance: $420–$570 million, with $390 million already committed; 2027 growth investments expected to exceed 2026, with $430 million committed.
Organic project backlog increased 50% to $3.4 billion over five years, 75% pipeline-focused, with $1.6 billion already committed.
2026 Operating EPS guidance is $4.42–$4.82; Distributable Cash Flow is $830–$890 million.
Dividend expected to continue growing in line with adjusted EBITDA, maintaining coverage above 2.0x.
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Brownfield vs greenfield: impact on risk and returns
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Next DT Midstream earnings date
Q1 202629 Apr, 2026
DT Midstream
Next DT Midstream earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
DT Midstream Inc. is an energy infrastructure company that owns and operates natural gas pipelines, storage facilities, and gathering systems. The company provides transportation and storage solutions for natural gas, serving customers in the energy and utility sectors. DT Midstream’s operations focus on reliable and efficient infrastructure, supporting the delivery of natural gas across key U.S. markets. The company is headquartered in Detroit, Michigan, and its shares are listed on the NYSE.
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