second quarter 2026
Filed Jul 30, 2026DT Midstream Reports Strong Second Quarter 2026 Results
DT Midstream reported $112 million of net income and $305 million of Adjusted EBITDA, reaffirmed its 2026 Adjusted EBITDA guidance, and outlined $2 billion of commercialized organic-growth projects.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Reported net incomeGAAP | $112 million | – | – |
| Reported net income per diluted shareGAAP | $1.09 per diluted share | – | – |
| Operating Earningsnon-GAAP | $112 million | – | – |
| Operating Earnings per diluted sharenon-GAAP | $1.09 per diluted share | – | – |
| Adjusted EBITDAnon-GAAP | $305 million | – | – |
| Organic growth backlog commercializedother | $2 billion | – | – |
| LEAP Phase 5 capacityother | 200 MMcf/d of capacity | – | – |
2026 and 2027 outlook
- Note2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion
- Note2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion
Capital returns
- The DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable October 15, 2026 to stockholders of record at the close of business September 21, 2026.
What drove it
- Executed new long-term contracts supporting a Haynesville system expansion, including Phase 5 of LEAP, which will add 200 MMcf/d of capacity.
- Reached a final investment decision on the first phase of Viking Gas Transmission modernization.
- Filed the FERC 7(c) application for the Guardian Pipeline “G3” expansion project in late June.
- The company reported $2 billion of projects now commercialized in its organic growth backlog.
Concerns
- The filing did not provide revenue, segment results, margin, operating cash flow, distributable cash flow, capital investment, cash, debt, or leverage figures.
- Execution of the organic growth backlog, including the Haynesville expansion and Viking Gas Transmission modernization, remains a stated area of focus.
- The Guardian Pipeline “G3” expansion project has been filed with FERC, with no outcome or timing provided in the supplied release text.
What to watch
- Progress on the Haynesville system expansion and Phase 5 of LEAP.
- Execution of the first phase of Viking Gas Transmission modernization following final investment decision.
- FERC action on the Guardian Pipeline “G3” expansion application.
- Delivery against 2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion and the 2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion.
Analysis
DT Midstream reported second-quarter 2026 GAAP net income of $112 million, or $1.09 per diluted share. Operating Earnings were also $112 million, or $1.09 per diluted share, while Adjusted EBITDA was $305 million. The supplied release does not provide revenue, cost, margin, segment, or prior-period figures, so the reported earnings cannot be assessed through year-over-year or sequential growth rates from this document.
Management characterized the quarter as progressing in line with its full-year plan and reaffirmed 2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion. It also provided a 2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion. The release does not provide a GAAP net-income reconciliation for the forward Adjusted EBITDA ranges, stating that the company cannot estimate the relevant net-income components without unreasonable efforts.
The operating update centers on organic growth. DT Midstream said $2 billion of projects are now commercialized, executed long-term contracts supporting a Haynesville system expansion, and identified Phase 5 of LEAP as adding 200 MMcf/d of capacity. The company also reached a final investment decision on the first phase of Viking Gas Transmission modernization and filed the FERC 7(c) application for the Guardian Pipeline “G3” expansion project in late June.
Capital returns in the supplied release consist of a declared $0.88 per share common-stock dividend, payable October 15, 2026, to stockholders of record September 21, 2026. No share repurchases, cash balance, debt, leverage, operating cash flow, distributable cash flow, or capital expenditure figures were reported in the supplied text. The principal disclosed items to monitor are execution of the commercialized backlog, development milestones for the named projects, and delivery within the reaffirmed 2026 Adjusted EBITDA range.
Management, verbatim
We delivered another strong quarter, with the business progressing in line with our full-year plan.
David Slater, Executive Chairman and CEO
We continue to advance our organic growth backlog, with $2 billion of projects now commercialized.
David Slater, Executive Chairman and CEO
Our second quarter performance keeps us firmly on track to meet our financial goals for 2026 and we are reaffirming our 2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion and our 2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion.
Jeff Jewell, Executive Vice President and CFO
Not in the filing
stated, not guessed- Period-end date.
- Total revenue and revenue comparisons.
- Segment revenue, segment profit, and segment comparisons.
- Gross profit and gross margin.
- Operating expenses and operating income.
- Net-income comparisons with prior year and prior quarter.
- EPS comparisons with prior year and prior quarter.
- Adjusted EBITDA comparisons with prior year and prior quarter.
- Operating cash flow.
- Free cash flow.
- Distributable Cash Flow value.
- Capital expenditures, including maintenance and growth capital investment.
- Share repurchases.
- Cash and cash equivalents.
- Debt and leverage.
- Tax rate.
- Prior guidance for comparison.
- Forward revenue, gross margin, operating-expense, or tax-rate guidance.
- Detailed GAAP-to-non-GAAP reconciliation tables in the supplied filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.