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NYSE · Utilities

DT Midstream, Inc. (DTM)

As-reported financials and SEC filings for DT Midstream, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About DT Midstream, Inc.

DT Midstream, Inc. operates natural gas pipelines and related midstream infrastructure. The company provides transportation, storage, and gathering services for natural gas primarily in the Midwest and other regions. It serves energy producers and other customers involved in the natural gas supply chain.

Snapshot

Revenue
$1.24B
Revenue growth (YoY)
26.7%
Net income
$441.0M
Diluted EPS
$4.30
Gross margin
Operating margin
49.4%
Net margin
35.5%
FCF margin
35.5%
ROE
9.0%
net income / fiscal-year-end equity
P/E
28.4×
trailing when available, otherwise FY EPS
Market cap
$13.21B
Long-term debt / equity
0.68×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at DT Midstream

  • Revenue grew 26.7% to $1.2B in FY2025, faster than the 6.4% the year before.
  • Operating margin is 49.4% in FY2025, +1.5 pp against 47.9% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $343M, up 11.0% from Q2 FY2025.
  • Free cash flow was $441M in FY2025, 35.5% of revenue.
  • Net income rose 24.6% to $441M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where DT Midstream’s fundamentals sit among the 98 Utilities companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin49.4%
99th percentile of 86
Net margin35.5%
99th percentile of 91
FCF margin35.5%
Highest of 76
Revenue growth (YoY)+26.7%
91st percentile of 94
ROE9.0%
56th percentile of 89
P/E28.4×
84th percentile of 83
Long-term debt / equity0.68×
16th percentile of 84
Short interest5.06d
53rd percentile of 98

DT Midstream’s FCF margin of 35.5% is the highest of the 76 Utilities companies reporting it. DT Midstream’s operating margin of 49.4% ranks in the 99th percentile of the 86 Utilities companies reporting it. DT Midstream’s net margin of 35.5% ranks in the 99th percentile of the 91 Utilities companies reporting it.

2 reported insider purchases (code P) totaling $218,313 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+5 quant / multi-strat
Initiated / added
4
0 new, 4 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$334.7M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$165.4M1.1MReduced
Gotham Asset ManagementQ2 2026$63.0M429.5KAdded
Point72 Asset ManagementquantQ2 2026$49.7M338.5KAdded
AQR Capital ManagementquantQ2 2026$31.2M212.4KAdded
Two Sigma InvestmentsquantQ2 2026$12.0M81.5KReduced
Millennium ManagementquantQ2 2026$8.1M54.9KAdded
Bridgewater AssociatesQ2 2026$5.3M36.5KReduced

No longer held by: D. E. Shaw (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
2
2 insiders
Bought (90d)
$218K
code P value
Sells (90d)
0
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-08-07
filed 2026-08-10
Pickle Elaine MDirectorBuy1.5K$132.61$199K
2026-08-05
Jewell Jeffrey AExecutive V.P., CFOBuy145$133.78$19K
2026-05-15
Jewell Jeffrey AExecutive V.P., CFOBuy150$147.73$22K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
4.8M
settled 2026-08-14
Change vs prior
+16.3%
vs previous settlement
Days to cover
5.06
at avg daily volume
Avg daily volume
938.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-144.8M+16.3%5.06
2026-07-314.1M-5.0%4.83
2026-07-154.3M+8.1%6.66
2026-06-304.0M-0.7%4.56
2026-06-154.0M+18.3%6.70
2026-05-293.4M-11.7%5.32
2026-05-153.8M+2.0%5.37
2026-04-303.8M+9.0%4.00

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.24B$981.0M$922.0M$920.0M$840.0M
Gross profit
Operating income$614.0M$489.0M$471.0M$478.0M$402.0M
Net income$441.0M$354.0M$384.0M$370.0M$307.0M
Diluted EPS$4.30$3.60$3.94$3.81$3.16

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$867.0M$763.0M$798.0M$725.0M$572.0M
Capital expenditure$426.0M$350.0M$772.0M$338.0M$140.0M
Free cash flow$441.0M$413.0M$26.0M$387.0M$432.0M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$343.0M11.0%$112.0M$1.09
Q1 FY2026$336.0M10.9%$130.0M$1.27
Q4 FY2025$317.0M27.3%$111.0M$1.08
Q3 FY2025$314.0M26.6%$115.0M$1.13
Q2 FY2025$309.0M26.6%$107.0M$1.04
Q1 FY2025$303.0M26.3%$108.0M$1.06
Q4 FY2024$249.0M2.0%$73.0M$0.73
Q3 FY2024$248.0M6.0%$88.0M$0.90

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorUtilities
SIC industryNatural Gas Transmission
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2021
SEC CIK1842022

Selected SEC filings

10-K2026-02-19
View on EDGAR →
10-Q2026-07-30
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-12
View on EDGAR →
8-K2026-05-07
View on EDGAR →
8-K2026-04-30
View on EDGAR →

Largest Utilities peers

All Utilities companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.