DT Midstream earnings date
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DT Midstream (DTM) Q3 2026 Earnings Report
DTM Q3 2026 EPS Results
- Actual EPS
- $1.16
- Consensus EPS
- $1.13
- Beat/Miss
- Beat by +$0.03
- One Year Ago EPS
- $1.13
DTM Q3 2026 Revenue Results
- Actual Revenue
- $336.00M
- Expected Revenue
- $337.63M
- Beat/Miss
- Missed by -$1.63M
- YoY Revenue Growth
- +7.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
DT Midstream's next earnings date is estimated for February 19, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Management reported raised 2026 adjusted EBITDA and distributable cash flow guidance, substantial growth in committed capital, multiple newly sanctioned projects, strong long-term LNG and power demand fundamentals, and on-track project execution. These positives outweighed near-term pressure from lower Northeast volumes, producer curtailments, weaker natural gas prices, fourth-quarter EBITDA headwinds and permitting uncertainty.
DT Midstream raised and narrowed its 2026 adjusted EBITDA guidance to $1.185 billion to $1.225 billion, representing 7% year-over-year growth at the midpoint, raised its distributable cash flow guidance range to $860 million to $890 million, and reduced its 2026 growth capital range to $375 million to $425 million, which represents more than a 10% reduction to the midpoint of our range; fourth-quarter adjusted EBITDA is expected to be lower than the third quarter, Haynesville volumes are expected to be in line with third quarter, and Northeast volumes are expected to be lower due to producer curtailments in October and the impact of downstream outages, with year-end leverage expected to be approximately 2.8x for on balance sheet and approximately 3.4x for proportionate; the company reaffirmed its 2027 adjusted EBITDA early outlook, expects total investment of $275 million to $325 million for MIST S1 and a new power plant lateral, $130 million to $150 million for Phase 2 Guardian Pipeline modernization, 2027 committed capital of approximately $610 million, and total committed capital over 2026 and 2027 of approximately $1 billion.
- Raised 2026 Adjusted EBITDA GuidanceStrong year-to-date performance led the company to raise and narrow its 2026 adjusted EBITDA guidance to $1.185 billion to $1.225 billion, representing 7% year-over-year growth at the midpoint. The company also reaffirmed its 2027 adjusted EBITDA early outlook range.
- Expanded Committed Organic Growth CapitalThe company reached final investment decisions on 3 new pipeline projects during the quarter, including approximately $0.4 billion of new organic growth projects. Total committed capital increased to approximately $2.4 billion, representing 70% of the 5-year organic project backlog, approximately 2x this year's adjusted EBITDA guidance, and a 50% increase within the last 9 months.
- Constructive Long-Term Natural Gas Demand OutlookThird-party forecasts cited on the call project U.S. natural gas demand will grow by more than 25 Bcf per day through 2030, driven by growing LNG exports and increasing power demand from coal retirements and data center load. Management said it expects demand growth to extend well into the next decade.
- MIST Southbound Phase 1 Reached FIDMIST Southbound Phase 1 will increase Midwestern pipeline capacity by approximately 300 MMcf per day, a 20% increase in total pipeline capacity. The project is supported by investment-grade utilities under 20-year negotiated rate contracts and is expected to enter service in Q4 2029.
- New Power Plant Lateral Secured by Long-Term ContractThe company reached FID on a lateral serving a new 900-megawatt power plant under development. The lateral has a 20-year demand-based contract with a utility offtaker and is expected to enter service in the first half of 2028.
- Additional MIST Expansion OpportunitiesThe initial MIST nonbinding open season was oversubscribed, providing visibility into customer demand, locations and timing. The company is actively progressing additional phases to serve customer needs in the 2030 and 2031 time frame, including both mainline expansions and additional lateral solutions.
- Guardian Modernization and Pipeline Reliability InvestmentsThe company reached FID on Phase 2 of the Guardian Pipeline modernization project, expected to enter service in Q3 2030. The first phases of Guardian, Midwestern and Viking modernization are advancing as planned, and FERC approval of the Guardian rate case settlement provides recovery for Phase 1 modernization investment starting in mid-2027.
- Pipeline Project Execution Remains on TrackThe Guardian G3 expansion continues to advance through the FERC certificate process, with an order expected in mid-2027. Management stated that all other in-flight growth investments remain on track and on budget.
- Additional Expansion Projects ProgressingThe company launched an open season for the Millennium Ramapo enhancement project to provide additional Northeast capacity, with a targeted in-service date in Q4 2028. It is also progressing the Vector 2030 expansion, Guardian G4 expansion and Haynesville system expansions.
- Raised Distributable Cash Flow GuidanceThe company raised its 2026 distributable cash flow guidance range to $860 million to $890 million.
- Improved Capital Efficiency and Leverage OutlookThe 2026 growth capital range was reduced to $375 million to $425 million due to capital efficiency, representing more than a 10% reduction to the midpoint of the prior range. Year-end leverage is expected to be approximately 2.8x on balance sheet and approximately 3.4x on a proportionate basis.
- New Midwestern and Guardian Investment CommitmentsApproved investment for the MIST S1 pipeline expansion and the new power plant lateral is expected to total $275 million to $325 million. The company expects to invest $130 million to $150 million in Phase 2 of the Guardian modernization. Committed capital for 2027 is approximately $610 million, while total committed capital for 2026 and 2027 is approximately $1 billion.
- Stable Dividend and Continued Dividend CommitmentThe Board approved a third-quarter dividend of $0.88 per share, unchanged from the prior quarter. Management reaffirmed its commitment to grow the dividend in line with adjusted EBITDA.
- Storage Demand and Enhanced Deliverability OpportunitiesManagement reported tremendous demand for incremental storage, specifically high-deliverability storage, due to expected power-generation volatility. The company identified opportunities for incremental capacity and enhanced deliverability services around its Washington Penn asset.
- Positive Northeast and Haynesville Development OpportunitiesManagement expects Northeast gathering volumes to be flat in the shorter term and to reach low single-digit growth over the longer term as regional load centers develop. In the Haynesville, expansion opportunities are being driven by incremental LNG demand, domestic power demand and industrial demand, with the company already discussing LEAP 6 after LEAP 5.
- Strong Appalachian and Midwest Demand SignalsManagement cited 3.5 gigawatts of new generation in Michigan utility integrated resource plans in the early 2030s, representing approximately 600 MMcf per day to 700 MMcf per day of incremental gas demand. The company also said Vector expansion customers are supporting favorable and increasing capacity rates, with approximately 300 MMcf per day of NEXUS short-term capacity potentially tied to longer-term commitments.
- Growing Portfolio Sanction PaceThe company stated that it sanctioned $800 million of capital over the last three quarters and described the market as very constructive, with opportunities developing across its entire network.
- Permitting Reform Could Improve Infrastructure Development ConditionsManagement expressed support for bipartisan permitting reform, including the Bipartisan American Affordability and Jobs Act, saying a more efficient and predictable process could reduce risk and improve clarity for future energy infrastructure investment.
- Additional Viking and Canadian Supply OpportunityThe company identified a longer-term opportunity to bring more Canadian gas down Viking to northern Minnesota shippers. Management said significant gas is available at the border, the pricing is competitive, and the opportunity would not require significant upstream work depending on volume.
DTM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 19, 2027 | 2026 (Q4) | 1.17- | 1.08 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 1.131.16 | 1.13 | 2.65% (+0.03) | |
| Jul 30, 2026 | 2026 (Q2) | 1.171.09 | 1.04 | 4.81% (+0.05) | |
| Apr 30, 2026 | 2026 (Q1) | 1.141.27 | 1.06 | 19.81% (+0.21) | |
| Feb 19, 2026 | 2025 (Q4) | 1.161.08 | 0.73 | 47.95% (+0.35) | |
| Oct 30, 2025 | 2025 (Q3) | 1.061.13 | 0.9 | 25.56% (+0.23) | |
| Jul 31, 2025 | 2025 (Q2) | 1.011.04 | 0.98 | 6.12% (+0.06) | |
| Apr 30, 2025 | 2025 (Q1) | 1.081.06 | 0.99 | 7.07% (+0.07) | |
| Feb 26, 2025 | 2024 (Q4) | 0.890.73 | 1.24 | -41.13% (-0.51) | |
| Oct 29, 2024 | 2024 (Q3) | 0.940.90 | 0.94 | -4.26% (-0.04) |
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.
