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/interstate pipeline assets and robust segment performance.

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

• Integration of acquired pipelines is complete, with all financial activities transitioned and construction started on new power plant lateral projects.

• $2.3 billion organic growth project backlog progressing, with all in-flight projects on schedule and on budget.

• Strategy focuses 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: $108 million, up from $97 million in Q1 2024 and $73 million in Q4 2024.

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

• Diluted EPS for Q1 2025 was $1.06, compared to $0.99 in Q1 2024 and $0.73 in Q4 2024.

• Q1 dividend of $0.82 per share declared, up from $0.735 in Q1 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.

• Management expects continued growth from long-term firm revenue contracts and expansion opportunities in both Pipeline and Gathering segments.