DTMMEDIUM SIGNALOPPORTUNITY10-K

DTM shows strong financial performance with 26.7% revenue growth and successful integration of the Midwest Pipeline Acquisition, while achieving investment grade ratings and expanding strategic capabilities.

The company has successfully integrated the $1.2 billion Midwest Pipeline Acquisition completed in late 2024, as evidenced by strong revenue growth and improved operational metrics. The achievement of investment grade ratings from all three major credit agencies and FERC approval for the BEST agreement demonstrate enhanced financial credibility and regulatory progress that should reduce financing costs and expand growth opportunities.

Comparing 2026-02-19 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

DTM delivered robust financial performance with revenue growing 26.7% to $1.2 billion and net income increasing 24.6% to $441 million, reflecting successful integration of the acquired pipeline assets. Operating cash flow grew 13.6% to $867 million while capital expenditures increased 21.7% to $426 million, indicating disciplined investment in growth projects. The 30.5% reduction in current liabilities suggests improved balance sheet management, though the slight decline in cash reflects deployment of capital for operational expansion.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-30.5%
$426.0M→$296.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
+26.7%
$981.0M→$1.2B

Revenue growing 26.7% — solid top-line momentum, watch margins for quality of growth.

Operating Income
P&L
+25.6%
$489.0M→$614.0M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+24.6%
$354.0M→$441.0M

Net income grew 24.6% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+21.7%
$350.0M→$426.0M

Capex increased 21.7% — ongoing investment in capacity or infrastructure for future growth.

Cash & Equivalents
Balance Sheet
-20.6%
$68.0M→$54.0M

Cash decreased 20.6% — monitor burn rate and upcoming capital needs.

Operating Cash Flow
Cash Flow
+13.6%
$763.0M→$867.0M

Operating cash flow grew 13.6% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-26
ADDED
This initial phase will be predominantly focused on improving system efficiency and reliability on Guardian Pipeline; Received FERC approval (subject to a filed appeal) for the Bluestone Extended Supply Transportation ("BEST") agreement between Bluestone and Millennium, which will enable Millennium to establish a new supply lateral utilizing Bluestone s existing interconnects, creating a transportation path between Millennium and Tennessee Pipeline; Achieved investment grade rating with all three major credit rating agencies; and Published our fourth annual Corporate Sustainability Report.
New capital spending will continue to go through a rigorous review process to ensure that it is accretive and deployed to assets meeting our strategic criteria and expected returns.
We intend to leverage the scale and scope of our large asset platforms, our services, and our capabilities to increase efficiency across our portfolio and in the strategically situated market regions where we operate.
Expand Energy accounted for approximately 45% of our operating revenues for the year ended December 31, 2025.
Pipeline Segment Description Our Pipeline segment includes our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities.
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REMOVED
Army Corps of Engineers Clean Water Act Section 404 Nationwide Permit 12 NYSE New York Stock Exchange Ohio Utica Gathering A 20-mile gathering system, including compression and dehydration facilities, that gathers Utica shale natural gas from producer wells and delivers to a nearby processing plant ONEOK ONEOK, Inc., a publicly traded energy company engaged in the gathering, processing, storage, and transportation of natural gas, including through its ownership of ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company OSHA The U.S.
On December 31, 2024, we closed on the Midwest Pipeline Acquisition of three FERC-regulated natural gas transmission pipelines.
See Note 16, "Acquisitions" to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K.
6 2024 Executive Summary During the year ended December 31, 2024, DT Midstream's accomplishments and business developments included: Attained Net Income Attributable to DT Midstream of $354 million; Declared total cash dividends of $2.94 per common share; Closed on the Midwest Pipeline Acquisition of three FERC-regulated natural gas transmission pipelines, Guardian, Midwestern and Viking, from ONEOK for a purchase price of $1.2 billion on December 31, 2024.
New capital spending will continue to go through a rigorous review process to ensure that it is accretive and deployed to assets serving high quality, low cost resources with proximity to strong demand centers, meeting our strategic criteria and expected returns.
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