DTM DT Midstream, Inc.
Price Chart
Executive Summary
DT Midstream reported Q1 2026 net income of $130M ($1.27 diluted EPS) and Adjusted EBITDA of $308M, up from $293M in Q4 2025. The company reaffirmed its 2026 Adjusted EBITDA guidance of $1.155-$1.225B and 2027 early outlook of $1.225-$1.295B, while advancing new pipeline projects (Vector 2028, Millennium R2R) and completing a power plant lateral. Results are in line with the trajectory set in the prior record year, with no material surprise vs consensus.
Actionable Insight
Results confirm DTM is on track to meet its 2026 guidance of $1.155-$1.225B Adjusted EBITDA, representing ~6% growth from 2025. The $3.4B project backlog (75% pipeline) and successful open seasons for Midwestern/Vector expansions signal sustained organic growth into 2028-2030. Monitor binding open season conversions and FERC filings for G3 Guardian expansion as catalysts. The stock's 45% analyst bullish rating and $14.2B market cap suggest limited upside surprise from in-line execution — watch for guidance raises or new FID announcements for material moves.
Key Facts
- Q1 2026 net income of $130M ($1.27 diluted EPS), up from $111M ($1.08) in Q4 2025 and $108M ($1.06) in Q1 2025
- Adjusted EBITDA of $308M, up from $293M in Q4 2025 and $280M in Q1 2025
- Reaffirmed 2026 Adjusted EBITDA guidance of $1.155-$1.225B and 2027 early outlook of $1.225-$1.295B
- Approved investment in Vector 2028 Pipeline expansion ($80-$100M) and Millennium R2R project
- Recontracted ~30% of Midwestern Pipeline capacity with 5-25 year term extensions
- Quarterly dividend maintained at $0.88/share, payable July 15, 2026
- Distributable Cash Flow of $274M, up from $162M in Q4 2025
- Haynesville throughput up 25% YoY to 1.42 Bcf/d; Northeast throughput up 10% YoY
Financial Impact
Q1 2026 net income $130M, Adjusted EBITDA $308M, DCF $274M — all showing sequential and year-over-year growth. No consensus estimates provided for Q1 2026 to calculate surprise.
Risk Factors
- Execution risk on $3.4B project backlog — delays or cost overruns could pressure returns
- Regulatory risk from FERC rate case filings (Guardian 2H 2026, Midwestern 2H 2027)
- Customer concentration — reliance on Expand Energy and other producers for Haynesville volumes
- Interest rate sensitivity — $14B market cap with 2.9x on-balance sheet leverage
- Geopolitical risk from LNG export demand shifts and tariff impacts on natural gas flows
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-017997 |
| Document: ef20071895_ex99-2.htm | 0001140361-26-017997 |
| Document: ef20071895_8k.htm | 0001140361-26-017997 |
| Document: 0001140361-26-017997-index-headers.html | 0001140361-26-017997 |
| Document: 0001140361-26-017997-index.html | 0001140361-26-017997 |
| Document: 0001140361-26-017997.txt | 0001140361-26-017997 |
| 8-K Data (Synthetic) | 0001140361-26-017997 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Apr 30, 2026
5w ago
|
8-K
| $147.99 $139.98 | ▼ −5.41% | ▼ −10.64% | $141.38 (−4.47%) |
|
Apr 16, 2026
7w ago
|
Press Release
| $131.76 $145.99 | ▲ +10.80% | ▲ +4.98% | $141.38 (+7.30%) |
|
Mar 26, 2026
10w ago
|
DEFA14A
| $137.13 $134.65 | ▼ −1.81% | ▼ −12.47% | $141.38 (+3.10%) |
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Feb 25, 2026
15w ago
|
Insider Cluster
| $136.40 $136.15 | ▼ −0.18% | ▲ +5.05% | $141.38 (+3.65%) |
US Market Status
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