📈 Price History

Ratio Health

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— Good

— Average

— Poor

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📊 Sector Averages

About

DT Midstream, Inc., together with its subsidiaries, provides integrated natural gas services in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding DTM

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	134.5K	$18.1M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses definitive language like 'we are confident', 'right on track', 'highly confident' and provides specific numbers (record 1.74 Bcf/d Haynesville volumes, $600 million FID projects, $2.3 billion backlog with 50% FID'd)

Q3 2025

Confident Specific

Management repeatedly used phrases like 'strong quarter financially', 'another strong quarter', 'increasing midpoint of guidance', 'record high throughput', and provided specific numbers for capacity additions and project timings, indicating a confident and specific tone.

Q4 2025

Confident Specific

Management uses specific figures like 17% EBITDA growth, $3.4 billion backlog (50% increase), and calls it a 'generational investment opportunity'. They cite concrete project milestones (LEAP Phase Four, Stonewall Mountain Valley) and provide granular guidance ranges.

Q1 2026 latest

Confident Specific

Management used definitive language like 'very strong demand', 'oversubscribed', 'extremely strong market environment', and 'stronger than ever' to describe fundamentals. They provided concrete numbers on project sizes, volumes, and capital commitments, reinforcing a positive and assured tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for DT Midstream is strengthened after this call. The company delivered a strong Q1 with record utilization across assets, driven by cold weather and robust demand. The project backlog is advancing with new FIDs on Vector and Millennium expansions, and the oversubscribed open seasons on Midwestern and Vector signal accelerating demand from utilities and power generation. Management's confident tone and reaffirmed guidance suggest downside risk is limited. Key catalysts to watch next quarter include FID on the Midwestern expansion, progress on binding commitments from the open seasons, and any updates on the LEAP pipeline expansion given growing LNG interest. The balance sheet remains strong, supporting a higher capital deployment trajectory without leverage concerns.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED DT Midstream Q1 2026 EBITDA $308M, $3.4B backlog, strong demand tailwinds

Revenue & Profitability

Q1 2026 Adjusted EBITDA was $308 million, $15 million higher than the prior quarter. Growth capital investment was $72 million. The board approved a quarterly dividend of $0.88 per share, unchanged from the prior quarter. No net income or operating income figures were provided. Full-year 2026 Adjusted EBITDA guidance and 2027 early outlook were reaffirmed.

Outlook

Management sees extremely strong demand fundamentals driven by data center load growth, utility-scale power generation, and U.S. LNG exports. Recent geopolitical instability has renewed focus on energy reliability, favoring U.S. LNG. Utilities are converting opportunities into signed load faster than expected, and pipeline capacity is increasingly constrained. The strong oversubscription of Midwestern and Vector open seasons supports this view.

Growth Drivers

Key growth drivers include the Vector mainline expansion (400 MMcf/d, Q4 2028), Millennium R2R project (70 MMcf/d, Q1 2027), a new 900 MW power plant lateral on Midwestern (265 MMcf/d, H1 2028), and a NEXUS interconnect for a data center (250 MMcf/d). The Midwestern and Vector open seasons (up to 1.5 Bcf/d and 300-500 MMcf/d, respectively) were oversubscribed. LEAP pipeline (running full at 2.1 Bcf/d) can expand to 4 Bcf/d.

Balance Sheet & CapEx

Growth capital committed: approximately $400 million in 2026 and $440 million in 2027. The Vector project has an expected DTM investment of $80-100 million. Q1 growth capital was $72 million, with a ramp expected in the second half of 2026. The Midwestern Gas Transmission power plant lateral was placed in service on time and under budget.

Margins

Margin trajectory was not directly discussed. Q1 2026 was strong due to cold winter and operational optimization, but Q2 is expected to be lower due to seasonality, rate step-down on Guardian Pipeline, and planned maintenance. Full-year guidance is reaffirmed, implying margin stability despite quarterly fluctuations. No specific margin percentages or cost structure details were provided.

Key Risks

Risks mentioned include potential producer production recalibration in Q3 if natural gas prices remain low (Haynesville and Appalachia). Seasonality and the Guardian rate step-down are near-term headwinds for Q2. Regulatory and political opposition remain risks for downstream projects into New England. Dependence on customers reaching FID for new power plants was noted for the Midwestern lateral. Gas price volatility could impact short-term volumes.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Strong Q2 results driven by robust demand from LNG, power, and data centers, with record Haynesville volumes and $300 million in new organic growth projects. Adjusted EBITDA was $305 million, and full-year guidance is reaffirmed amid a constructive market outlook.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw record demand and strong financial results, with Adjusted EBITDA up $15M sequentially and major new pipeline projects approved under long-term contracts. Market fundamentals remain robust, driven by utility, power, and data center demand, supporting a positive outlook.

Q4 2025 Q4 2025 2026-02-19

Record 2025 results featured 17% adjusted EBITDA growth, a 50% increase in organic project backlog to $3.4 billion, and a 7.3% dividend hike. Strong pipeline segment performance and robust market fundamentals support 6% annual EBITDA growth guidance through 2027.

Q3 2025 Q3 2025 2025-10-30

Raised 2025 adjusted EBITDA guidance to $1.13B and distributable cash flow to $800–$830M, citing strong Haynesville and Northeast volumes, early project completions, and robust demand from LNG, data centers, and industrials. Capital guidance reduced on efficiency gains.

Q2 2025 Q2 2025 2025-07-31

Q2 adjusted EBITDA was $277 million, with record Haynesville volumes and reaffirmed 2025/2026 guidance. $600 million in new FID projects were announced, capital commitments increased, and investment grade status was achieved. Strong demand growth and favorable regulatory trends support a robust outlook.

📊 Analysis Methodology

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