At a glance
DT Midstream Inc is worth $12.73B, about 29 times its fiscal 2025 earnings. Revenue grew 26.7% to $1.24B in fiscal 2025, with 35.5% kept as profit; over 5 years it has grown 10.5% a year. It pays a 3.48% dividend yield, raised every year for at least 4 years, and returned $1.17B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.2% over the past year with dividends reinvested and +26.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
DT Midstream owns and operates pipelines and storage that move natural gas from where it is produced to where it is used. It is a "midstream" company: the middle link between gas wells and the utilities, power plants and factories that use the gas. Its systems connect the Marcellus and Utica shale areas of the Appalachian Basin to markets in the Midwest, the Northeast and Eastern Canada. They also connect the Haynesville shale to Gulf Coast markets and liquefied natural gas (LNG) export terminals.
The company earns fees for gathering, moving and storing gas. Its customers include gas producers, local gas utilities, power generators, industrial users and marketers. Most contracts are "firm service" deals. These are long-term agreements with fixed charges that customers owe whether or not gas flows, which steadies cash flow and limits exposure to gas prices. About 92% of Pipeline revenue in 2025 came from these contracts. One customer, Expand Energy, provided about 45% of operating revenue that year.
Revenue was $1.24 billion for the year ended December 31, 2025. The Pipeline segment brought in about 55%. It includes interstate pipelines such as Guardian, Midwestern and Viking, the LEAP and Bluestone lines that feed gas into larger pipelines, and a Michigan storage complex. It also holds stakes in the Millennium, NEXUS and Vector pipelines. The Gathering segment brought in about 45%. It collects and treats gas from producers' wells, including on its Haynesville System.
Price history
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DTM +21.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Pipeline | $687.0M | 55.3% |
| Gathering | $556.0M | 44.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $336.0M, up 7% from a year earlier, and net income was $118.0M (+2.6%).
- For fiscal 2025, revenue was $1.24B (+26.7% year over year; +10.5% a year from FY2020 to FY2025) with a 35.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.5% good |
|---|---|
| Operating margin | 49.4% good |
| Free cash flow margin | 35.5% good |
| Return on equity (FY2025) | 9.3% watch |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-3.05B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $754.0M | $312.0M | $79.0M |
| FY2021 | $840.0M | $307.0M | $432.0M |
| FY2022 | $920.0M | $370.0M | $387.0M |
| FY2023 | $922.0M | $384.0M | $26.0M |
| FY2024 | $981.0M | $354.0M | $413.0M |
| FY2025 | $1.24B | $441.0M | $441.0M |
Valuation snapshot
| Market value | $12.73B |
|---|---|
| P/E ratio | 29 |
| Dividend yield | 3.48% |
Rank among 1514 US companies
Market value at each year end
DT Midstream’s market value went from $4.64B at the end of 2021 to $12.73B on Oct 28, 2026, about 2.7 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.73B | +4.6% |
| 2025 | $12.17B | +26.0% |
| 2024 | $9.66B | +81.8% |
| 2023 | $5.31B | -0.6% |
| 2022 | $5.35B | +15.2% |
| 2021 | $4.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DTM price data to Oct 28, 2026 | +7.0% | +21.2% | +38.0% | +26.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.0% |
| 2025 | +24.1% |
| 2024 | +89.0% |
| 2023 | +4.8% |
| 2022 | +20.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14.4% over that stretch · deepest drop along the way 19.8%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 4 open-market purchases ($266K) and 1 sales ($272K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 26, 2026 | Peter I Tumminello Director | sell | $272K |
| Aug 7, 2026 | Elaine M Pickle Director | buy | $199K |
| Feb 25, 2026 | Jeffrey A Jewell Executive V.P., CFO | buy | $25K |
| May 15, 2026 | Jeffrey A Jewell Executive V.P., CFO | buy | $22K |
| Aug 5, 2026 | Jeffrey A Jewell Executive V.P., CFO | buy | $19K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.78% | Mar 31, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in DTM
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 5.29% |
| ENFR Alerian Energy Infrastructure ETF | 5.24% |
| CSD Invesco S&P Spin-Off ETF | 5% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 4.87% |
| UMI USCF Midstream Energy Income Fund ETF | 4.86% |
| EINC VanEck Energy Income ETF | 4.71% |
| MLPX Global X MLP & Energy Infrastructure ETF | 4.47% |
| USAI Pacer American Energy Independence ETF | 3.62% |
What could go wrong
- One customer provides nearly half of revenue. Expand Energy accounted for about 45% of operating revenue for the year ended December 31, 2025. If it ships less gas or renews its contracts on weaker terms, revenue and profits could fall.
- Business is tied to a few gas regions. Its assets depend on gas from the Appalachian and Haynesville basins and on demand in a few regions. Slower drilling, gas sent to other markets or a shift to other fuels could reduce volumes.
- Expiring contracts may renew on worse terms. Most customer contracts are long-term, with fixed charges owed whether or not gas flows. When they expire, customers may refuse similar terms. Cash flow would then be less stable and more exposed to gas prices.
- Growth projects can run late or disappoint. Expansions such as the Guardian G3 project face regulatory, environmental, legal and political risks, plus opposition from various groups. Delays or cost overruns could reduce cash flow and limit future growth.
- Sizable debt and interest-rate exposure. Total debt was about $3.3 billion against $172 million of cash as of June 30, 2026. Higher interest rates could raise borrowing costs, squeeze cash flow and limit the ability to pay dividends.
- Federal and state regulators set many rules. The Federal Energy Regulatory Commission (FERC) and state agencies oversee its pipelines and storage. Rule changes, or FERC deciding to regulate its gathering lines, could lower revenue and raise operating costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
DT Midstream has raised its dividend every year since it became a public company: at least four straight increases from fiscal 2021 to 2025. Dividends per share rose from $2.56 in 2022 to $3.28 in 2025. The yield was 3.48% as of October 28, 2026. In 2025, dividends used about 74% of both net income and free cash flow (the cash left after capital spending). That cover has varied. In 2023, free cash flow was just $26 million, against $263 million of dividends paid. Buybacks have been tiny, about $3 million over five years, and the share count rose 5.5% from September 2021 to June 2026.
The stock's record in downturns is short. It did not trade during the 2008 crisis or the 2020 crash. Between the market's January 2022 peak and its October 2022 low, the stock gained 14.4%. Along the way it fell 19.8% in June 2022 and took about two months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does DT Midstream make money?
Mainly by charging fees to gather, transport and store natural gas for producers, utilities, power plants, industrial users and marketers. Its Pipeline segment brought in about 55% of the $1.24 billion of revenue for the year ended December 31, 2025, and Gathering about 45%. About 92% of Pipeline revenue came from firm service contracts, which pay fixed charges whether or not gas flows. It also earns income from part-owned pipelines such as Millennium, NEXUS and Vector.
Does DT Midstream raise its dividend every year?
Yes, so far. DT Midstream raised its annual dividend in each year from 2022 through 2025, a streak of at least four increases. Dividends per share were $2.56 in 2022, $2.76 in 2023, $2.94 in 2024 and $3.28 in 2025. The 2025 dividend used about 74% of both net income and free cash flow. The yield was 3.48% as of October 28, 2026. Free cash flow has been uneven, and past increases do not guarantee future ones.
Who is DT Midstream's biggest customer?
Expand Energy. It accounted for about 45% of DT Midstream's operating revenue for the year ended December 31, 2025, and the company names it as its one key customer. That share does not count revenue of the part-owned joint venture pipelines. If Expand Energy ships less gas or renews its contracts on weaker terms, revenue and profits could fall.
How much debt does DT Midstream have?
About $3.3 billion as of June 30, 2026, against $172 million of cash and investments. That leaves net debt of about $3.2 billion. Equity was about $4.8 billion and total assets about $10.2 billion. In 2025 the company received an investment-grade credit rating from all three major rating agencies, which generally lowers borrowing costs. Even so, higher interest rates could raise interest expense and squeeze the cash available for dividends.
How has DT Midstream stock performed?
Strongly over five years, though not smoothly. As of October 28, 2026, the share price return was 21.2% over one year and about 26% a year over five years. Its strongest calendar year was 2024, up about 89%. Its weakest full year was 2023, up 4.8%. In the year to October 28, 2026, it fell as much as 20.6% from a peak. On that date it traded at 29 times 2025 earnings, with a 3.48% dividend yield.