DT Midstream (DTM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and DT Midstream published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. DT Midstream reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Operating EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• DT Midstream's release compares Q3 2026 with Q2 2026 and does not print an income statement. The year-ago revenue and EPS here come from the Form 10-Q. Operating Earnings had no adjustments in either period, so Operating EPS equals GAAP EPS.
• The Pipeline segment began charging the Gathering segment inter-segment fees tied to the MVP expansion, so segment revenues now carry an elimination line that was zero a year earlier.

Source: DT Midstream Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How DT Midstream splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• DT Midstream's Pipeline revenue was $182 million in Q3 2026, up 8% from $169 million in Q3 2025, 54% of total revenue.
• DT Midstream's Gathering revenue was $161 million in Q3 2026, up 11% from $145 million in Q3 2025, 48% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first quote is CFO Jeff Jewell's, from the release; the other two are from DT Midstream's Q3 2026 earnings presentation, filed as Exhibit 99.2 to the same Form 8-K. DT Midstream does not forecast net income.

In its Q3 2026 release, DT Midstream said:

“Based on our strong performance and outlook for the remainder of the year, we are raising our 2026 Adjusted EBITDA guidance to a range of $1,185-$1,225 million.”

“Raising 2026 Adjusted EBITDA guidance midpoint and narrowing range to $1,185-$1,225 million; updated midpoint represents 7% year-over-year growth”

“Reaffirming 2027 Adjusted EBITDA early outlook of $1,225-$1,295 million”

Source: DT Midstream Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DTM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP operating revenues from each quarter's Form 10-Q, because DT Midstream's releases do not print revenue; Q4 2025 revenue is the 2025 Form 10-K annual figure ($1,243 million) minus the first nine months ($926 million). Diluted EPS is as first reported in each quarter's release, including $1.08 for Q4 2025. Report dates are the release dates.

We do not hold a confirmed date for DT Midstream's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

DT Midstream owns natural gas pipelines, storage and gathering systems and reports two segments. In Q3 2026 Pipeline brought in $182 million and Gathering $161 million, against $169 million and $145 million a year earlier; after eliminating $7 million of inter-segment revenue, operating revenues were $336 million, up from $314 million. Pipeline revenue includes $18 million from contracts accounted for as leases. (DT Midstream Form 10-Q, Q3 2026, Oct 29, 2026)

Much of the Pipeline segment's profit sits outside revenue, in joint ventures such as NEXUS (50% owned) and Millennium (52.5%), which are accounted for by the equity method. Earnings from equity method investees were $34 million in the quarter, and DT Midstream's share of their EBITDA was $69 million. In its presentation the company put about 70% of its 2025 EBITDA in the Pipeline segment and about 95% of 2025 revenue on demand-based contracts, with an average contract tenor of about 8 years. (DT Midstream Form 10-Q, Q3 2026, Oct 29, 2026; DT Midstream Q3 2026 release, Oct 29, 2026; DT Midstream Q3 2026 earnings presentation, Oct 29, 2026)

Gathering revenue fell $7 million from Q2 2026, mainly because of lower Appalachia Gathering volumes of $4 million. Over the first nine months it rose $73 million, led by higher volumes and cost recovery at Blue Union Gathering in the Haynesville and higher Appalachia volumes. DT Midstream said producer curtailments will lower Q4 2026 gathering volumes from Q3. (DT Midstream Form 10-Q, Q3 2026, Oct 29, 2026; DT Midstream Q3 2026 earnings presentation, Oct 29, 2026)

DT Midstream relies on one key customer. Expand Energy accounted for about 45% of its operating revenues in 2025, and that figure excludes revenues of the equity-method joint ventures. (DT Midstream Form 10-K, 2025, Feb 19, 2026)

DT Midstream's GAAP diluted EPS was $1.16 in Q3 2026, against $1.13 a year earlier, on net income attributable to the company of $118 million. Its Operating Earnings measure excludes non-recurring items, certain mark-to-market adjustments and discontinued operations, but there were none this quarter, so Operating EPS was also $1.16. (DT Midstream Q3 2026 release, Oct 29, 2026; DT Midstream Form 10-Q, Q3 2026, Oct 29, 2026)

The effective tax rate was 25%, against 23% in Q3 2025. Depreciation and amortization rose to $71 million from $65 million as new assets went into service, and interest expense was flat at $40 million. Diluted shares were 102.7 million, against 102.5 million, and the board declared a $0.88 per share dividend. (DT Midstream Form 10-Q, Q3 2026, Oct 29, 2026; DT Midstream Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

DT Midstream guides on full-year Adjusted EBITDA, not on revenue or GAAP EPS. With Q3 results it raised its 2026 Adjusted EBITDA guidance to $1,185 million to $1,225 million, from $1,155 million to $1,225 million, and reaffirmed an early 2027 outlook of $1,225 million to $1,295 million. (DT Midstream Q3 2026 release, Oct 29, 2026; DT Midstream Q3 2026 earnings presentation, Oct 29, 2026)

Its presentation also lifted 2026 Operating EPS guidance to $4.47 to $4.77, from $4.42 to $4.82, and Distributable Cash Flow to $860 million to $890 million, while cutting 2026 growth capital to $375 million to $425 million. About $2.4 billion of its roughly $3.4 billion project backlog has reached final investment decision. (DT Midstream Q3 2026 earnings presentation, Oct 29, 2026; DT Midstream Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover DT Midstream, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones DT Midstream's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DTM is on is DTM a buy or a sell?, what analysts expect next is on the DTM forecast, and what the company does is on the DT Midstream (DTM) stock page.

Every number on this page can be traced to a document DT Midstream published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.