Filing Flows › DT Midstream (DTM) › Q2 2025
DT Midstream (DTM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
DT Midstream (DTM) reported revenue of $309M for the second quarter 2025 (Q2 2025), +27% from a year earlier and +2% from the quarter before. Operating margin was 50.2%, net earnings $107M (34.6% of revenue).
DT Midstream, Q2 2025: revenue $309M (+27% year over year), operating margin 50.2%, net earnings $107M, operating cash flow $185M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $309M | +2% | +27% |
| Operating profit | $155M | +5% | +19% |
| Net earnings | $107M | -0.9% | +11% |
| Operating cash flow | $185M | -25% | +12% |
| Free cash flow | $104M | -41% | +24% |
What changed
Revenue was $309.0M in Q2 2025, up 27% year over year and up 2% from the previous quarter. Pipeline was the largest line at 57% of revenue. Pipeline added $67.0M year over year (up 61%), 103% of the total change. Gathering declined 1%.
Operating profit was $155.0M, a 50.2% margin (down 3.1 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, below the 53% margin then. Total costs grew 35% against revenue growth of 27%. Net earnings were $107.0M, up 11% year over year. The effective tax rate was 23.4%.
Operating cash flow was $185.0M (up 12% year over year), 167% of net income including minority interests. Non-cash charges added back $63.0M of depreciation and amortization and $6.0M of share-based compensation. Capital expenditures of $81.0M left free cash flow of $104.0M.
Questions
What was DT Midstream's revenue in the second quarter 2025?
DT Midstream (DTM) reported revenue of $309M for the second quarter 2025 (Q2 2025), +27% from a year earlier and +2% from the quarter before.
Was DT Midstream profitable in the second quarter 2025?
Operating profit was $155M (50.2% of revenue) and net earnings $107M.
Source: DT Midstream 10-Q on SEC EDGAR.