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EarningsQ2 2026 Earnings Report
DTM Q2 2026 EPS Results
Actual EPS$1.09
Consensus EPS$1.17
Beat/MissMissed by -$0.08
One Year Ago EPS$1.04
DTM Q2 2026 Revenue Results
Actual Revenue$343.00M
Expected Revenue$325.84M
Beat/MissBeat by +$17.16M
YoY Revenue Growth+11.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DTM Upcoming Earnings
DT Midstream's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DTM Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed positive commercial momentum: record Haynesville throughput, FIDs on ~$300 million of projects, strong backlog commercialization (60% of $3.4B) and reaffirmed guidance. Financials were largely stable (adjusted EBITDA $305M, down only ~$3M QoQ) and the balance sheet/credit posture improved. Near-term headwinds include seasonal maintenance, timing-driven lower Northeast volumes, and multi-year uncertainty on large interstate projects (MIST/G4) due to regulatory and commercialization timelines. Overall, the positives (commercial wins, record volumes, project milestones, healthy balance sheet and guidance reaffirmation) outweigh the modest near-term operational and timing challenges.Company Guidance
Backlog Commercialization Progress
Commercialized 60% of a $3.4 billion organic project backlog, with more than 80% of the commercialized backlog committed to pipeline projects, demonstrating strong conversion of demand into contracted growth.
New FIDs and Organic Growth
Reached FID on approximately $300 million of new organic growth projects including: Haynesville/LEAP expansion (+200 MMcf/d, bringing LEAP to 2.3 Bcf/d; in-service H2 2028), Viking modernization (in-service Q4 2028), Appalachia gathering expansion (+100 MMcf/d; in-service Q4 2027), and a NEXUS interconnect (380 MMcf/d). Combined with prior interconnects, adds over 0.5 Bcf/d of demand pull to the NEXUS mainline.
Operational Records and Volume Strength
Haynesville gathering volumes averaged a quarterly record of 2.2 Bcf/d. Northeast volumes averaged 1.38 Bcf/d. Management expects Haynesville volumes to remain in line with Q2 in Q3.
Solid Financial Results and Guidance Reaffirmed
Reported adjusted EBITDA of $305 million for Q2 (a $3 million decrease QoQ, ~1.0% decline). Company reaffirmed 2026 adjusted EBITDA guidance range and its 2027 early outlook. Growth capital was $86 million in Q2 (in line with plan) with committed capital expected at approximately $425 million in 2026 and ~$560 million in 2027.
Balance Sheet and Credit Improvement
Management described the balance sheet as very healthy; two rating agencies raised leverage downgrade thresholds (Moody's: 4.0x to 4.25x proportionate; Fitch: 4.0x to 4.5x on-balance-sheet), indicating improved credit flexibility.
Regulatory and Project Milestones
Received FERC approval for Guardian Phase 1 and filed the FERC 7(c) application for Guardian G3, showing progress on key interstate expansion and modernization initiatives.
DTM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed