DT Midstream (DTM) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong financial results, with net income of $130 million and Adjusted EBITDA of $308 million, driven by robust demand, cold winter conditions, and growth in both Pipeline and Gathering segments.

• Approved investments in Vector Pipeline 2028 expansion and Millennium R2R project, both anchored by long-term contracts, and completed a new power plant lateral on time and under budget.

• Commercialized a new interconnect on NEXUS to serve a data center, strengthening long-term asset value and meeting strong customer demand in open seasons.

• Market fundamentals remain strong, with increasing demand from utilities, power generation, and data centers in the Midwest and Northeast.

• Maintained disciplined capital deployment and continued progress toward net zero carbon emissions by 2050.

Financial highlights

• Q1 2026 Adjusted EBITDA was $308 million, up from $293 million in Q4 2025 and $280 million in Q1 2025; net income was $130 million, up from $111 million in Q4 2025 and $108 million in Q1 2025.

• Operating revenues were $336 million, up from $317 million sequentially and $303 million year-over-year.

• Distributable Cash Flow for Q1 2026 was $274 million, up from $162 million in Q4 2025 and $250 million in Q1 2025.

• EPS for Q1 2026 was $1.27, compared to $1.08 in Q4 2025 and $1.06 in Q1 2025.

• Q1 dividend of $0.88 per share was declared, unchanged from the prior quarter.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance reaffirmed at $1,155–$1,225 million, with early 2027 outlook at $1,225–$1,295 million.

• 2026 Operating EPS guidance is $4.42–$4.82; Distributable Cash Flow guidance is $830–$890 million.

• 2026 capital investment guidance is $490–$570 million, with $420–$480 million for growth capital and $70–$90 million for maintenance capital.

• Q2 expected to be in line with full-year guidance but lower than Q1 due to seasonality, rate step-downs, and planned maintenance.

• Plans to grow dividends in line with cash flow growth, subject to board approval.