DT Midstream, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data DT Midstream, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	504	754	840	920	922	981	1,243
Operating income	261	414	402	478	471	489	614
Interest expense	75	113	112	137	150	153	161
Interest income	8	9	4	3	1	7	2
Other non-operating income	0	22	2	1	1	4	5
Pre-tax income	292	440	422	482	500	504	598
Income tax	72	116	104	100	104	137	144
Net income to minority interests	16	12	11	12	12	13	13
Net income	204	312	307	370	384	354	441
EBITDA	354	566	568	648	653	698	872
EPS, basic	2.11	3.23	3.17	3.83	3.97	3.63	4.34
EPS, diluted	2.11	3.23	3.16	3.81	3.94	3.60	4.30
Shares, basic (weighted)	96.7	96.7	96.7	96.7	96.9	97.6	102
Shares, diluted (weighted)	96.7	96.7	96.9	97.2	97.5	98.4	103
Dividend per share			1.20	2.56	2.76	2.94	3.28

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46	42	132	61	56	68	54
Receivables		123	169	161	154	172	186
Other current assets		17	25	18	16	29	36
Total current assets		483	360	262	272	310	318
Property, plant and equipment		3,470	3,490	3,806	4,434	5,527	5,766
Lease right-of-use assets		45	36	31	38	49	46
Goodwill	471	473	473	473	473	776	781
Intangible assets		2,140	2,082	2,025	1,968	1,921	1,862
Other non-current assets		2,698	2,625	2,565	2,514	2,801	2,743
Total assets	7,787	8,342	8,166	8,833	8,982	9,935	10,080
Accounts payable		29	22	119	94	77	65
Accrued liabilities			17	20	18	19	25
Deferred revenue				4	18	18	25
Short-term debt		0	10	0	165	150	0
Total current liabilities		3,288	177	614	434	426	296
Long-term debt		0	3,036	3,059	3,065	3,319	3,324
Lease liabilities		28	21	19	27	36	32
Other non-current liabilities		826	932	1,006	1,203	1,424	1,582
Total liabilities		4,114	4,145	4,679	4,702	5,169	5,202
Total debt		0	3,046	3,059	3,065	3,350	3,324
Paid-in capital			3,450	3,469	3,485	3,911	3,915
Retained earnings		751	431	547	661	723	827
Other comprehensive income		-11	-10	-10	-8	-8	-7
Shareholders' equity			3,872	4,007	4,139	4,627	4,736
Minority interests			149	147	141	139	142
Total equity	3,724	4,228	4,021	4,154	4,280	4,766	4,878
Total liabilities and equity		8,342	8,166	8,833	8,982	9,935	10,080
Shares outstanding			96.7	96.8	97	101	102

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	220	324	318	382	396	367	454
Depreciation and amortization	93	152	166	170	182	209	258
Stock-based compensation	6	6	12	17	20	23	26
Deferred income tax	68	111	104	70	110	120	137
Change in receivables	-20	-16	-43	8	7	11	-24
Cash from operations	390	597	572	725	798	763	867
Capital expenditures	-211	-518	-140	-338	-772	-350	-426
Acquisitions	-2,296	0	0	0	0	-1,198	10
Cash from investing	-2,561	-714	123	-854	-351	-1,081	-372
Debt issued	0	0	3,047	591	0	644	0
Debt repaid	0	0	-5	-596	0	-399	0
Stock issued				0	0	406	0
Share buybacks		0	0	-3	0
Dividends paid	0	0	-58	-244	-263	-280	-324
Cash from financing	2,191	113	-605	58	-452	330	-509
Net change in cash	20	-4	90	-71	-5	12	-14
Free cash flow	179	79	432	387	26	413	441
Interest paid	75	113	103	125	140	140	152
Income taxes paid	8	3	3	24	22	12	5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $122.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	49.6%	Operating income / revenue.
EBITDA margin	70.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	49.3%	Pre-tax income / revenue.
Net margin	35.7%	Net income / revenue.
FCF margin	36.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	71.5%	Cash from operations / revenue.
Effective tax rate	25.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	34.9%	Capital expenditures / revenue.
D&A / revenue	20.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	24.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	19.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	41.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	1.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.58x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.6%	Total debt / total assets.
Liabilities / assets	51.8%	Total liabilities / total assets.
Net debt	$3.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.99x	Operating income / interest expense.
Working capital	$111.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	0.22x	Revenue / average property, plant and equipment.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
FCF conversion	102.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	48.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.77	Revenue / diluted weighted shares.
FCF per share	$4.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.13	Cash from operations / diluted weighted shares.
Book value per share	$46.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.23	Tangible book value / shares outstanding.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	72.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	70.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.47B	Share price x shares outstanding.
Enterprise value	$15.63B	Market cap + total debt - cash - short-term investments.
P/E	26.7x	Market cap / net income. Only when net income is positive.
P/S	9.52x	Market cap / revenue.
P/B	2.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.76x	Market cap / tangible book value, when positive.
P/FCF	26.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.3x	Market cap / cash from operations, when positive.
EV/Sales	11.9x	Enterprise value / revenue.
EV/EBIT	24.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.8%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.
PEG	6.48x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DT Midstream, Inc.'s revenue in fiscal 2025?

DT Midstream, Inc. reported revenue of $1.24B for fiscal 2025, 26.7% higher than the year before.

Was DT Midstream, Inc. profitable in fiscal 2025?

Yes. Net income was $441.0M, a net margin of 35.5%.

How much free cash flow did DT Midstream, Inc. generate in fiscal 2025?

Cash from operations of $867.0M minus capital expenditures of $426.0M left free cash flow of $441.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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