DT Midstream (DTM) Q4 2025 earnings summary

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.