Filing Flows › DT Midstream (DTM) › Q4 2025
DT Midstream (DTM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
DT Midstream (DTM) reported revenue of $317M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +1% from the quarter before. Operating margin was 49.2%, net earnings $111M (35.0% of revenue).
DT Midstream, Q4 2025: revenue $317M (+27% year over year), operating margin 49.2%, net earnings $111M, operating cash flow $161M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $317M | +1% | +27% |
| Operating profit | $156M | +0.6% | +38% |
| Net earnings | $111M | -3% | +52% |
| Operating cash flow | $161M | -41% | +6% |
| Free cash flow | $30.0M | -77% | -52% |
What changed
Revenue was $317.0M in Q4 2025, up 27% year over year and up 1% from the previous quarter. Pipeline was the largest line at 55% of revenue.
Operating profit was $156.0M, a 49.2% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 63% reached operating profit, above the 45% margin then. Total costs grew 18% against revenue growth of 27%. Net earnings were $111.0M, up 52% year over year. The effective tax rate was 26.0%.
Operating cash flow was $161.0M (up 6% year over year), 141% of net income including minority interests. Non-cash charges added back $67.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items used $27.0M. Capital expenditures of $131.0M left free cash flow of $30.0M.
Questions
What was DT Midstream's revenue in the fourth quarter 2025?
DT Midstream (DTM) reported revenue of $317M for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +1% from the quarter before.
Was DT Midstream profitable in the fourth quarter 2025?
Operating profit was $156M (49.2% of revenue) and net earnings $111M.
Source: DT Midstream 10-K on SEC EDGAR.