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DT Midstream cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$184M in Q3 2026 · $533M over twelve months

Operating cash flow$275M
Capital spending−$91.0M
Free cash flow+$184M
Cash / net income2.3×

Analysis

In Q3 2026, DT Midstream generated $275M of operating cash flow and spent $91.0M on capital projects, leaving free cash flow of $184M. That is $53.0M more than in Q3 2025 ($131M).

Over the twelve months to Sep 30, 2026, operating cash flow was $938M; the largest uses were capital spending ($405M), dividends ($345M), net borrowing (+) / repaid (−) ($48.0M); besides operations, cash came from other investing ($43.0M); the cash balance rose by $133M.

Operating cash flow was $275M against net income of $122M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$71.0M, deferred taxes +$36.0M, other operating capital −$11.0M.

Free cash flow

DT Midstream: free cash flow by quarterDT Midstream: free cash flow by quarter$62.0MQ4 2024$176MQ1 2025$104MQ2 2025$131MQ3 2025$30.0MQ4 2025$202MQ1 2026$117MQ2 2026$184MQ3 2026
Operating cash flow less capital spending.
DT Midstream: operating cash flow against capital spendingDT Midstream: operating cash flow against capital spendingOperating cash flowCapital spending$152M$90.0MQ4 2024$247M$71.0MQ1 2025$185M$81.0MQ2 2025$274M$143MQ3 2025$161M$131MQ4 2025$280M$78.0MQ1 2026$222M$105MQ2 2026$275M$91.0MQ3 2026
Latest (Q3 2026): Operating cash flow $275M, Capital spending $91.0M.

Capital allocation, year by year

DT Midstream: where the cash came from (up) and went (down), by fiscal yearDT Midstream: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $572MFY2021: Net borrowing $3.0BFY2021: Capital spending −$140MFY2021: Dividends −$58.0M$3.6BFY2021FY2022: Operating cash flow $725MFY2022: Net borrowing $325MFY2022: Capital spending −$338MFY2022: Buybacks −$3.0MFY2022: Dividends −$244M$1.1BFY2022FY2023: Operating cash flow $798MFY2023: Net borrowing −$165MFY2023: Capital spending −$772MFY2023: Dividends −$263M$798MFY2023FY2024: Operating cash flow $763MFY2024: Net borrowing $230MFY2024: Shares issued $406MFY2024: Capital spending −$350MFY2024: Acquisitions −$1.2BFY2024: Dividends −$280M$1.4BFY2024FY2025: Operating cash flow $867MFY2025: Net borrowing −$150MFY2025: Capital spending −$426MFY2025: Acquisitions $10.0MFY2025: Dividends −$324M$877MFY2025
Over these 5 years operating cash flow totalled $3.7B; the largest uses were capital spending ($2.0B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$231M
Debt$3.3B
Net debt$3.0B

DT Midstream funds itself: free cash flow was $533M over the last twelve months, and $231M of cash and investments stands against $3.3B of debt.

Where the cash came from and went

DT Midstream: sources (+) and uses (−) of cash, Q3 2026DT Midstream: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$275MCapital spending−$91.0MDividends−$90.0MCash drawn (+) / kept (−)−$59.0MNet borrowing (+) / repaid (−)−$49.0MOther investing$19.0MPartners−$6.0MTaxes on employees’ shares$1.0M
DT Midstream: sources (+) and uses (−) of cash, TTM to Q3 2026DT Midstream: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$938MCapital spending−$405MDividends−$345MCash drawn (+) / kept (−)−$133MNet borrowing (+) / repaid (−)−$48.0MOther investing$43.0MOther financing−$33.0MPartners−$17.0M

From profit to cash

DT Midstream: net income to operating cash flow, Q3 2026DT Midstream: net income to operating cash flow, Q3 2026Net income$122MDepreciation & amortization$71.0MStock-based pay$7.0MDeferred taxes$36.0MReceivables−$1.0MPayables$5.0MDeferred revenue$2.0MOther operating capital−$11.0MOperating cash flow$275M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$275M−$91.0M−$90.0M−$49.0M−$59.0M$184M
Q2 2026$222M−$105M−$89.0M—−$22.0M$117M
Q1 2026$280M−$78.0M−$83.0M—−$96.0M$202M
Q4 2025$161M−$131M−$83.0M—$44.0M$30.0M
Q3 2025$274M−$143M−$83.0M−$25.0M−$24.0M$131M
Q2 2025$185M−$81.0M−$83.0M−$40.0M$9.0M$104M
Q1 2025$247M−$71.0M−$75.0M−$85.0M−$15.0M$176M
Q4 2024$152M−$90.0M−$71.0M$150M$9.0M$62.0M

DT Midstream: income statement and cash flow

DT Midstream, Q3 2026: revenue $336M (+7% year over year), operating margin 48.5%. The chart follows the revenue to costs, profit and cash.

DT Midstream: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.