DT Midstream (DTM) Q2 2026 earnings summary

Executive summary

• Strong execution on strategy with robust demand from LNG, power generation, and data centers driving new commercial opportunities and organic growth across the footprint.

• Achieved Q2 2026 net income of $112 million and Adjusted EBITDA of $305 million, with strong performance in both pipeline and gathering segments.

• Continued execution of a natural gas-focused strategy and disciplined capital deployment, supported by firm revenue contracts and a well-capitalized balance sheet.

• Advanced multiple organic growth projects, including Haynesville System expansion and Viking Phase 1 Modernization, with significant capital committed through 2030.

• Focus on operational reliability, customer service, and environmental stewardship, with a goal of net zero carbon emissions by 2050.

Financial highlights

• Q2 2026 Adjusted EBITDA was $305 million, with $200 million from pipeline and $105 million from gathering segments.

• Net income for Q2 2026 was $112 million; operating earnings were $112 million, and operating EPS was $1.09.

• Operating revenues for Q2 2026 were $343 million, up from $309 million in Q2 2025.

• Distributable cash flow for Q2 2026 was $174 million, impacted by higher cash interest expense.

• Board approved a Q2 dividend of $0.88 per share, unchanged from the prior quarter.

Outlook and guidance

• 2026 Adjusted EBITDA guidance reaffirmed at $1.155–$1.225 billion; 2027 early outlook at $1.225–$1.295 billion.

• 2026 operating EPS guidance is $4.42–$4.82; distributable cash flow expected at $830–$890 million.

• Capital investment for 2026 projected at $490–$570 million, with $420–$480 million for growth and $70–$90 million for maintenance.

• Q3 expected to be in line with full-year guidance but lower than Q2 due to maintenance and lower Northeast volumes.

• Dividend growth is expected to align with cash flow growth, subject to board approval.