DT Midstream, Inc. (NYSE: DTM) reported record fourth‑quarter 2025 results, posting net income of $111 million, or $1.08 per diluted share, and adjusted EBITDA of $293 million. The company also confirmed a 17% year‑over‑year increase in full‑year 2025 adjusted EBITDA, which reached $1.138 billion.
Revenue for the quarter was $322 million, a figure that exceeded the consensus range of $319.9 million to $323.98 million. The beat was driven by robust demand in the company’s pipeline segment, which grew 27% to $786 million, while the gathering segment grew only 1% to $352 million. The shift toward the higher‑margin pipeline business helped lift overall profitability.
The company’s earnings per share fell short of expectations, coming in at $1.08 versus a consensus of $1.11. The $0.03 miss was largely attributable to modest margin compression in the gathering segment, where higher operating costs offset the modest revenue growth. Despite the shortfall, the company’s overall profitability remained strong, with adjusted EBITDA expanding to $293 million.
Management expressed confidence in its 2026 outlook, guiding full‑year adjusted EBITDA to $1.155 billion–$1.225 billion, an increase from the prior guidance range. The company cited its growing organic project backlog of roughly $3.4 billion and a strong investment‑grade balance sheet as key drivers of this confidence. Executive Chairman and CEO David Slater highlighted disciplined execution and the successful integration of Midwest pipelines as the foundation for the record results.
DT Midstream also raised its quarterly dividend to $0.88 per share, payable on April 15 2026 to shareholders of record on March 16 2026. The dividend increase reflects the company’s commitment to returning value to shareholders while maintaining a robust capital structure.
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