Key Highlights

  • Earnings of USD 1.16 per diluted share beat the consensus estimate of USD 1.13, matching operating earnings.
  • Net income reached USD 118 million, up from USD 112 million last quarter, and adjusted EBITDA was USD 301 million.
  • Revenue of USD 339.88 million beat the consensus estimate of USD 337.63 million; distributable Cash Flow was USD 270 million.
  • Adjusted EBITDA guidance for 2026 is USD 1,185 million to USD 1,225 million, and committed projects total USD 2.4 billion.

DT Midstream, Inc. (NYSE:DTM) reported third quarter 2026 Earnings of USD 1.16 per diluted share, above the consensus estimate of USD 1.13, with reported Net Income and operating earnings both at USD 118 million. Revenue of USD 339.88 million exceeded the consensus estimate of USD 337.63 million. Adjusted EBITDA, a non-GAAP measure, was USD 301 million, USD 4 million below the second quarter, as Gathering segment results fell USD 6 million on lower Northeast volumes while the Pipeline segment gained USD 2 million.

Segment and Cash Flow Detail

Pipeline adjusted EBITDA was USD 202 million and Gathering was USD 99 million. For the first nine months, net income rose to USD 360 million from USD 330 million, earnings per diluted share to USD 3.51 from USD 3.22, and adjusted EBITDA to USD 914 million from USD 845 million. Gathering volumes in the quarter averaged 2.17 billion cubic feet per day in the Haynesville and 1.25 billion cubic feet per day in the Northeast.

Distributable cash flow was USD 270 million in the quarter compared with USD 174 million in the second quarter, and USD 718 million for nine months versus USD 669 million. Maintenance Capital Investment was USD 19 million, and interest expense was USD 40 million.

Raised Guidance and Backlog Commitments

Chairman and Chief Executive Officer David Slater highlighted USD 2.4 billion of committed projects, and the chief financial officer said year to date results are ahead of plan. The company narrowed 2026 adjusted EBITDA guidance to USD 1,185 million to USD 1,225 million, which represents 7% growth at the midpoint, and lifted distributable cash flow guidance to USD 860 million to USD 890 million. The 2027 adjusted EBITDA early outlook of USD 1,225 million to USD 1,295 million was reaffirmed, and growth capital for 2026 was cut to USD 375 million to USD 425 million.

Three projects reached final investment decision, lifting committed capital to about USD 2.4 billion, or 70% of a USD 3.4 billion project backlog. The Midwestern MIST Southbound Phase 1 expansion adds roughly 300 million cubic feet per day, a 20% capacity increase, and a new lateral serves a 900 megawatt power plant in Indiana. Together they involve USD 275 million to USD 325 million of investment. The second phase of Guardian modernization involves USD 130 million to USD 150 million.

Dates and Figures to Track

Management projects fourth quarter adjusted EBITDA below the third quarter because of offline capacity, added Stonewall expenses and Northeast producer curtailments in October. The lateral is scheduled to enter service in the first half of 2028, MIST S1 in the fourth quarter of 2029, and Guardian Phase 2 in the third quarter of 2030. A federal regulatory certificate order for the Guardian G3 expansion is anticipated in 2027.

The board declared a Dividend of USD 0.88 per share payable January 15, 2027 to holders of record on December 15, 2026. Year end Leverage is guided to about 2.8x on Balance Sheet and 3.4x proportionate, and formal 2027 guidance and a 2028 early outlook are slated for the year end call.