Results confirm DTM is on track to meet its 2026 guidance of $1.155-$1.225B Adjusted EBITDA, representing ~6% growth from 2025. The $3.4B project backlog (75% pipeline) and successful open seasons for Midwestern/Vector expansions signal sustained organic growth into 2028-2030. Monitor binding open season conversions and FERC filings for G3 Guardian expansion as catalysts. The stock's 45% analyst bullish rating and $14.2B market cap suggest limited upside surprise from in-line execution — watch for guidance raises or new FID announcements for material moves.
Price Chart
Executive Summary
DT Midstream reported Q1 2026 net income of $130M ($1.27 diluted EPS) and Adjusted EBITDA of $308M, up from $293M in Q4 2025. The company reaffirmed its 2026 Adjusted EBITDA guidance of $1.155-$1.225B and 2027 early outlook of $1.225-$1.295B, while advancing new pipeline projects (Vector 2028, Millennium R2R) and completing a power plant lateral. Results are in line with the trajectory set in the prior record year, with no material surprise vs consensus.
Key Financial Metrics
Key Facts
- Q1 2026 net income of $130M ($1.27 diluted EPS), up from $111M ($1.08) in Q4 2025 and $108M ($1.06) in Q1 2025
- Adjusted EBITDA of $308M, up from $293M in Q4 2025 and $280M in Q1 2025
- Reaffirmed 2026 Adjusted EBITDA guidance of $1.155-$1.225B and 2027 early outlook of $1.225-$1.295B
- Approved investment in Vector 2028 Pipeline expansion ($80-$100M) and Millennium R2R project
- Recontracted ~30% of Midwestern Pipeline capacity with 5-25 year term extensions
- Quarterly dividend maintained at $0.88/share, payable July 15, 2026
- Distributable Cash Flow of $274M, up from $162M in Q4 2025
- Haynesville throughput up 25% YoY to 1.42 Bcf/d; Northeast throughput up 10% YoY
Financial Impact
Q1 2026 net income $130M, Adjusted EBITDA $308M, DCF $274M — all showing sequential and year-over-year growth. No consensus estimates provided for Q1 2026 to calculate surprise.
Risk Factors
- Execution risk on $3.4B project backlog — delays or cost overruns could pressure returns
- Regulatory risk from FERC rate case filings (Guardian 2H 2026, Midwestern 2H 2027)
- Customer concentration — reliance on Expand Energy and other producers for Haynesville volumes
- Interest rate sensitivity — $14B market cap with 2.9x on-balance sheet leverage
- Geopolitical risk from LNG export demand shifts and tariff impacts on natural gas flows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-017997 |
| Document: ef20071895_ex99-2.htm | 0001140361-26-017997 |
| Document: ef20071895_8k.htm | 0001140361-26-017997 |
| Document: 0001140361-26-017997-index-headers.html | 0001140361-26-017997 |
| Document: 0001140361-26-017997-index.html | 0001140361-26-017997 |
| Document: 0001140361-26-017997.txt | 0001140361-26-017997 |
| 8-K Data (Synthetic) | 0001140361-26-017997 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $136.77 $131.68 | ▼ −3.72% | ▼ −7.69% | $120.93 (−11.58%) |
Apr 30, 2026 22w ago | 8-K | $147.99 $139.98 | ▼ −5.41% | ▼ −10.64% | $120.93 (−18.29%) |
Apr 16, 2026 24w ago | Press Release | $131.76 $145.99 | ▲ +10.80% | ▲ +4.98% | $120.93 (−8.22%) |
Mar 26, 2026 27w ago | DEFA14A | $137.13 $134.65 | ▼ −1.81% | ▼ −12.47% | $120.93 (−11.81%) |
Feb 25, 2026 31w ago | Insider Cluster | $136.40 $136.15 | ▼ −0.18% | ▲ +5.05% | $120.93 (−11.34%) |
US Market Status
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