DT Midstream (DTM) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $108 million and Adjusted EBITDA reached $280 million, driven by the integration of Midwest pipeline assets and robust segment performance.

• Operating revenues rose to $303 million for Q1 2025, up 26% year-over-year, supported by the Midwest Pipeline Acquisition and new long-term contracts.

• Integration of newly acquired interstate pipelines is progressing on schedule, with all financial activities transitioned as of April 1, 2025.

• Organic project backlog of approximately $2.3 billion supports 5–7% long-term Adjusted EBITDA growth, with all in-flight projects progressing on schedule and on budget.

• The company maintains a strategy focused on disciplined capital deployment, long-term contracts, and growth in low-carbon opportunities.

Financial highlights

• Q1 2025 Adjusted EBITDA was $280 million, up from $235 million in Q4 2024 and $245 million in Q1 2024.

• Net income attributable to DT Midstream was $108 million, up from $97 million in Q1 2024 and $94 million in Q4 2024.

• Distributable Cash Flow for Q1 2025 was $250 million, up from $133 million in Q4 2024 and $227 million in Q1 2024.

• Dividend of $0.82 per share declared for Q2 2025, up from $0.735 in Q1 2024.

• Operating EPS for Q1 2025 was $1.06, compared to $0.99 in Q1 2024 and $0.94 in Q4 2024.

Outlook and guidance

• 2025 Adjusted EBITDA guidance reaffirmed at $1,095–$1,155 million, with early 2026 outlook of $1,155–$1,225 million.

• 2025 Operating EPS guidance is $4.05–$4.45; Distributable Cash Flow guidance is $740–$800 million.

• 2025 capital expenditures expected at $470–$550 million, with $400–$460 million for growth and $70–$90 million for maintenance.

• No external financing needed for organic growth; projects are self-funded within cash flow.

• Confident in long-term growth, citing robust demand from LNG exports, data centers, and utility-scale power generation.