DT Midstream (DTM) financial statements
DT Midstream reported revenue of $1.2B in fiscal 2025, up 16.2% a year over 6 years.
Net income was $441M and the operating margin 49.4%, against 51.8% in 2019.
Free cash flow was $441M, and the company returned $324M in dividends.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DT Midstream's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $504M | $754M | $840M | $920M | $922M | $981M | $1.2B |
| Operating income | $261M | $414M | $402M | $478M | $471M | $489M | $614M |
| Interest expense | $75M | $113M | $112M | $137M | $150M | $153M | $161M |
| Pre-tax income | $292M | $440M | $422M | $482M | $500M | $504M | $598M |
| Income tax | $72M | $116M | $104M | $100M | $104M | $137M | $144M |
| Net income | $204M | $312M | $307M | $370M | $384M | $354M | $441M |
| EPS (diluted) | $2.11 | $3.23 | $3.16 | $3.81 | $3.94 | $3.60 | $4.30 |
| Diluted shares | 97M | 97M | 97M | 97M | 98M | 98M | 102M |
| Operating margin | 51.8% | 54.9% | 47.9% | 52.0% | 51.1% | 49.8% | 49.4% |
| Net margin | 40.5% | 41.4% | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% |
Balance sheet
Fiscal years, from DT Midstream's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $46M | $42M | $132M | $61M | $56M | $68M | $54M |
| Receivables | — | $123M | $169M | $161M | $154M | $172M | $186M |
| Total current assets | — | $483M | $360M | $262M | $272M | $310M | $318M |
| Property, plant and equipment | — | $3.5B | $3.5B | $3.8B | $4.4B | $5.5B | $5.8B |
| Goodwill | $471M | $473M | $473M | $473M | $473M | $776M | $781M |
| Total assets | $7.8B | $8.3B | $8.2B | $8.8B | $9.0B | $9.9B | $10.1B |
| Total current liabilities | — | $3.3B | $177M | $614M | $434M | $426M | $296M |
| Long-term debt | — | $0 | $3.0B | $3.1B | $3.1B | $3.3B | $3.3B |
| Total liabilities | — | $4.1B | $4.1B | $4.7B | $4.7B | $5.2B | $5.2B |
| Shareholders' equity | $3.7B | $4.2B | $3.9B | $4.0B | $4.1B | $4.6B | $4.7B |
| Net debt | -$46M | -$42M | $2.9B | $3.0B | $3.0B | $3.3B | $3.3B |
Cash flow
Fiscal years, from DT Midstream's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $390M | $597M | $572M | $725M | $798M | $763M | $867M |
| Capital spending | $211M | $518M | $140M | $338M | $772M | $350M | $426M |
| Free cash flow | $179M | $79M | $432M | $387M | $26M | $413M | $441M |
| Stock-based compensation | $6M | $6M | $12M | $17M | $20M | $23M | $26M |
| Dividends paid | $0 | $0 | $58M | $244M | $263M | $280M | $324M |
| Share buybacks (net) | — | $0 | $0 | -$3M | $0 | — | — |
| Net borrowing | $0 | $0 | $3.0B | -$5M | $0 | $245M | $0 |
| Free cash flow margin | 35.5% | 10.5% | 51.4% | 42.1% | 2.8% | 42.1% | 35.5% |
| Dividends per share | — | — | $0.60 | $2.51 | $2.70 | $2.85 | $3.16 |
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Open DTM in InvestinglyQuestions
What was DT Midstream's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does DT Midstream generate?
$441M in fiscal 2025 (operating cash flow minus capital spending).
From DT Midstream's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.