DTMNYSENatural Gas TransmissionUS GAAP · USD

DT Midstream, Inc.

DT Midstream, Inc. owns and operates natural gas transmission, gathering, storage, and related compression and treatment assets in the United States. The company earns revenue primarily through long-term firm service contracts that move gas from producing basins to downstream pipelines and end markets, with a growing footprint in the Midwest, Appalachia, Haynesville, and Gulf Coast corridors.

Kysy yhtiöstä
Liikevaihto1 243milj. USD
+26,7 %v/v
Liikevoitto (EBIT)614milj. USD
+25,6 %v/v
EBIT-marginaali49,4%
−0,5 %-yks.v/v
Nettotulos441milj. USD
+24,6 %v/v
Vapaa kassavirta441milj. USD
+6,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

02505007501 0001 250milj. USD2020: 754 milj. USD2020: EBIT 414 milj. USD20202021: 840 milj. USD2021: EBIT 402 milj. USD20212022: 920 milj. USD2022: EBIT 478 milj. USD20222023: 922 milj. USD2023: EBIT 471 milj. USD20232024: 981 milj. USD2024: EBIT 489 milj. USD20242025: 1 243 milj. USD2025: EBIT 614 milj. USD20251 243614
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: DT Midstream, Inc.

Liiketoiminta

Osuus liikevaihdosta
Pipeline transportation60 %

Interstate and intrastate pipeline capacity that moves natural gas under long-term firm service contracts.

Gathering and compression25 %

Field gathering systems, laterals, compression, and related facilities that connect production to transmission lines.

Storage and treatment10 %

Storage systems and treatment plants that support gas quality, balancing, and deliverability.

Equity method investments5 %

Non-consolidated midstream interests that contribute earnings and strategic network access.

Asiakkaat

DT Midstream sells primarily to natural gas producers, shippers, and other midstream counterparties that need reliable takeaway, gathering, and delivery capacity. A key customer, Expand Energy, represents a significant portion of revenues, while other customers include investment-grade and sub-investment-grade counterparties that may be required to post security or prepay. The business is tied to production activity in specific basins, so customer demand depends on drilling, well completions, and the economics of moving gas to market.

Natural gas producers

Producers in the Haynesville, Marcellus, and other basins buy gathering and transportation to move new production to market.

Shippers and marketers

Counterparties contract for firm pipeline capacity and storage to manage deliverability and market access.

Key anchor customer Expand Energy

A major customer in the Haynesville and Marcellus that contributes a significant portion of revenue and supports contracted volumes.

Midstream and utility counterparties

Other pipeline and infrastructure users buy interconnectivity, balancing, and downstream access services.

Strategia

DT Midstream is focused on disciplined capital deployment into maintenance, expansions, and selected growth projects that meet risk-adjusted return hurdles. Management is emphasizing long-term firm service contracts, balance-sheet flexibility, and projects such as Blue Union Gathering, Appalachia Gathering, Clean Fuels Gathering, Stonewall, and LEAP to grow cash flows. The strategy is to deepen the natural gas-centric network while keeping leverage and liquidity manageable.

Disciplined growth capital deploymentLyhyt aikaväli

Management wants expansions that are accretive and pay back on a risk-adjusted basis.

Long-term firm service contractingKeskipitkä aikaväli

Contracted revenue reduces volume volatility and supports cash flow visibility.

Balance-sheet flexibilityLyhyt aikaväli

The business is capital intensive and needs access to funding for maintenance and growth.

Maantiede

DT Midstream's business is concentrated in the United States, with assets and customer exposure in the Midwest, Northeastern U.S., Gulf Coast, and Appalachia. The company also notes interconnections with pipelines in Canada and a minor equity method investment in Vector, but these are not the core of the business. Geographic concentration matters because throughput depends on basin production, downstream interconnects, and regional pipeline capacity.

Riskit

DT Midstream is exposed to basin production declines, customer concentration, and dependence on third-party pipeline interconnects that it does not control. As a midstream operator, it also faces project execution risk, regulatory and tariff-related cost pressure, and valuation risk tied to goodwill and long-lived assets. These risks can reduce throughput, delay growth projects, or impair earnings if contracted volumes or market assumptions weaken.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration with Expand Energy1Dependence on third-party pipelines and downstream facilities2Natural gas production decline in asset footprint3Expansion project execution risk4Goodwill impairment5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentration with Expand EnergyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A loss or reduction in volumes from a key customer could materially reduce demand and revenue.

    Kohdistuu: Haynesville and Marcellus volumes

  2. Dependence on third-party pipelines and downstream facilitiesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Interconnect outages, maintenance, or reduced pressure can restrict transportation and lower revenues.

    KohdistuuMidwestern U.SCanadaNortheastern U.SGulf Coast interconnects
  3. Natural gas production decline in asset footprintVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Lower drilling activity or basin depletion reduces gathered and transported volumes.

    Kohdistuu: Core gathering and pipeline corridors

  4. Expansion project execution riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Cost overruns, delays, or weak customer commitments can hurt returns and cash flow.

    KohdistuuBlue Union GatheringAppalachia GatheringLEAPStonewall
  5. Goodwill impairmentVaikutus: KeskitasoTodennäköisyys: Matala

    A decline in projected cash flows or valuation multiples could trigger non-cash write-downs.

    Kohdistuu: Annual impairment testing

Kysy Clarifolta: DT Midstream, Inc.

Kirjanpito

Harkinnanvaraiset erät
Goodwill impairment

Annual testing uses significant judgment on discount rates, growth, and market multiples.

Vaikutus: A write-down would reduce earnings and reported equity.

Purchase accounting

Acquisitions require fair value allocation that affects depreciation and future results.

Vaikutus: Can change amortization, depreciation, and gain/loss recognition.

Long-lived asset impairment

Pipeline and gathering assets must be tested if triggering events occur.

Vaikutus: Potential non-cash charge if expected cash flows fall.

Interest rate sensitivity on floating-rate debt

Borrowings under the revolving credit facility reprice with SOFR.

Vaikutus: Affects interest expense and net income.

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Antero Midstream Corp

AM · Natural Gas Transmission

Summit Midstream Corp

SMC · Natural Gas Transmission

EQT Corp

EQT · Crude Petroleum & Natural Gas

NGL Energy Partners LP

NGL · Natural Gas Transmission

Western Midstream Partners, LP

WES · Natural Gas Transmission

Hess Midstream LP

HESM · Crude Petroleum & Natural Gas

Päivitetty: 24.9.2026

DT Midstream, Inc. (DTM) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo