DT Midstream reported Q3 2025 financial results, posting net income of $115 million, or $1.13 per diluted share, and operating earnings of $115 million. Adjusted EBITDA for the quarter was $288 million, up from $277 million in Q2 2025 and $241 million in Q3 2024.
The company raised its 2025 adjusted EBITDA guidance to a range of $1,115 million to $1,145 million, reflecting stronger‑than‑expected performance and a positive outlook for the remainder of the year. The increase is driven by robust demand from data centers, LNG exports, and industrial customers, as well as cost efficiencies from ongoing projects.
Dividend remains at $0.82 per share, with a payment date of January 15 2026 and a record date of December 15 2025. The dividend payout ratio is approximately 80–88%.
Management highlighted continued progress on commercial and construction fronts. Integrated pipeline and gathering assets contributed 70% and 30% of revenue, respectively. The Midwest Pipeline Acquisition has added capacity and revenue, supporting earnings momentum. The Guardian Pipeline “G3” expansion and early completion of LEAP Phase 4 demonstrate operational efficiency and growth.
DT Midstream operates in the natural gas midstream sector, competing with other midstream companies. The company’s strategy focuses on advancing organic projects, with $1.6 billion committed out of a $2.3 billion backlog, and aims for net‑zero greenhouse gas emissions by 2050. The company maintains an investment‑grade rating and a leverage ratio of 3.1x on‑balance‑sheet.
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