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DT Midstream (DTM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · DT Midstream (DTM) Q3 2026 earnings results →
Q3 2026 Revenue up 7% year over year to $336M · 35¢ of every $1 of revenue kept as net profit · operating margin 48.5%
DT Midstream made $336M in Q3 2026 (+7% Y/Y). Operating margin 48.5%, net earnings $118M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $336.0M in Q3 2026, up 7% year over year and down 2% from the previous quarter.
Operating profit was $163.0M, a 48.5% margin (down 0.9 points year over year). Of the extra revenue versus Q3 2025, 36% reached operating profit, below the 49% margin then. Total costs grew 9% against revenue growth of 7%. Net earnings were $118.0M, up 3% year over year. The effective tax rate was 25.2%.
Operating cash flow was $275.0M (roughly flat year over year), 225% of net income including minority interests. Non-cash charges added back $71.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $75.0M. Capital expenditures of $91.0M left free cash flow of $184.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $336M | +7% | 48.5% | $118M | $275M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $343M | +11% | 50.4% | $112M | $222M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $336M | +11% | 49.4% | $130M | $280M |
| Q4 2025 | 10-K | Feb 19, 2026 | $317M | +27% | 49.2% | $111M | $161M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $314M | +27% | 49.4% | $115M | $274M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $309M | +27% | 50.2% | $107M | $185M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $303M | +26% | 48.8% | $108M | $247M |
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.
In its own words, from its 8-K, filed Jul 30, 2026.
DT Midstream against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +30%. Operating margin: 48.5% against the peers' median 25.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DTM DT Midstream | Q3 2026 | $336M | +7% | 48.5% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
Source: DT Midstream 10-Q on SEC EDGAR · CIK 1842022 · Natural Gas Transmission
13F: who owns DTM and who is buying
More on DTM
- How DT Midstream makes money: revenue by segment
- DT Midstream next earnings date and what analysts expect
- DT Midstream stock forecast, price target and fair value
- Who owns DT Midstream stock: holders, funds and Congress trades
- DT Midstream guidance and outlook
- Is DT Midstream a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results