Filing Flows › DT Midstream (DTM) › Q3 2025
DT Midstream (DTM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
DT Midstream (DTM) reported revenue of $314M for the third quarter 2025 (Q3 2025), +27% from a year earlier and +2% from the quarter before. Operating margin was 49.4%, net earnings $115M (36.6% of revenue).
DT Midstream, Q3 2025: revenue $314M (+27% year over year), operating margin 49.4%, net earnings $115M, operating cash flow $274M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $314M | +2% | +27% |
| Operating profit | $155M | 0% | +27% |
| Net earnings | $115M | +7% | +31% |
| Operating cash flow | $274M | +48% | +34% |
| Free cash flow | $131M | +26% | +6% |
What changed
Revenue was $314.0M in Q3 2025, up 27% year over year and up 2% from the previous quarter. Pipeline was the largest line at 54% of revenue. Pipeline added $57.0M year over year (up 51%), 86% of the total change.
Operating profit was $155.0M, a 49.4% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 49% margin then. Total costs grew 26% against revenue growth of 27%. Net earnings were $115.0M, up 31% year over year. The effective tax rate was 22.9%.
Operating cash flow was $274.0M (up 34% year over year), 232% of net income including minority interests. Non-cash charges added back $65.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $84.0M. Capital expenditures of $143.0M left free cash flow of $131.0M.
Questions
What was DT Midstream's revenue in the third quarter 2025?
DT Midstream (DTM) reported revenue of $314M for the third quarter 2025 (Q3 2025), +27% from a year earlier and +2% from the quarter before.
Was DT Midstream profitable in the third quarter 2025?
Operating profit was $155M (49.4% of revenue) and net earnings $115M.
Source: DT Midstream 10-Q on SEC EDGAR.