DT Midstream (DTM) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $336 million, net income was $118 million and diluted EPS was $1.16; Adjusted EBITDA was $301 million.

• Nine-month revenue reached $1.015 billion, net income was $360 million and operating cash flow was $777 million.

• Strong year-to-date performance lifted 2026 Adjusted EBITDA guidance; the 2027 early outlook was reaffirmed.

• Three organic projects reached FID in Q3; ~$2.4 billion of projects were committed, representing ~70% of the $3.4 billion backlog.

Financial highlights

• Q3 Adjusted EBITDA was $301 million versus $305 million in Q2; Pipeline contributed $202 million and Gathering $99 million.

• Q3 net income was $118 million versus $112 million in Q2; diluted EPS was $1.16 versus $1.09.

• Q3 Distributable Cash Flow was $270 million versus $174 million in Q2; Q2 cash interest expense affected the sequential comparison.

• Nine-month Adjusted EBITDA was $914 million versus $845 million; Distributable Cash Flow was $718 million versus $669 million.

• Q3 revenue was $336 million versus $314 million year over year; nine-month revenue was $1.015 billion versus $926 million.

Outlook and guidance

• 2026 Adjusted EBITDA guidance increased to $1.185 billion–$1.225 billion, with the midpoint implying 7% year-over-year growth.

• 2026 Distributable Cash Flow guidance is $860 million–$890 million; total capital investment guidance is $450 million–$510 million, including $375 million–$425 million of growth capital.

• 2027 Adjusted EBITDA early outlook was reaffirmed at $1.225 billion–$1.295 billion; formal 2027 guidance and a 2028 early outlook were planned for the year-end call.

• Q4 Adjusted EBITDA is expected below Q3; Stonewall offline capacity, incremental expenses, producer curtailments and downstream outages are expected to weigh on Northeast volumes.

• Northeast gathering is expected broadly flat near term, with low-single-digit longer-term growth as regional demand develops.