The EPS miss is small and guidance is intact, so the stock may trade sideways. Watch for volume trends in Haynesville and Appalachia gathering, and progress on the $3.4B project backlog. Any change to 2026 EBITDA guidance would be a more significant catalyst.
Price Chart
Executive Summary
DT Midstream reported Q2 2026 EPS of $1.09, missing consensus of $1.14 by 4.4%, with Adjusted EBITDA of $305M. The company reaffirmed its 2026 and 2027 Adjusted EBITDA guidance and highlighted $2B in commercialized growth projects, including new Haynesville system contracts and FID on Viking modernization. The EPS miss is modest and offset by a solid operational update and maintained outlook, resulting in a mixed signal.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP EPS $1.09 vs consensus $1.14 (miss of 4.4%)
- Adjusted EBITDA of $305 million in Q2 2026
- Reaffirmed 2026 Adjusted EBITDA guidance of $1.155-$1.225 billion and 2027 early outlook of $1.225-$1.295 billion
- Declared quarterly dividend of $0.88 per share, unchanged
- Commercialized $2 billion of organic growth projects, including LEAP Phase 5 expansion (+200 MMcf/d) and Viking Phase 1 modernization FID
- Filed FERC 7(c) application for Guardian Pipeline G3 expansion
Financial Impact
EPS miss of $0.05 per share (4.4%) relative to consensus; no revenue figure disclosed
Risk Factors
- Execution risk on large-scale pipeline projects (LEAP, Viking, Guardian)
- Regulatory delays from FERC on expansion applications
- Natural gas demand sensitivity to LNG export growth and power sector coal-to-gas switching
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-030142 |
| Document: ef20078985_ex99-2.htm | 0001140361-26-030142 |
| Document: ef20078985_8k.htm | 0001140361-26-030142 |
| Document: 0001140361-26-030142-index-headers.html | 0001140361-26-030142 |
| Document: 0001140361-26-030142-index.html | 0001140361-26-030142 |
| Document: 0001140361-26-030142.txt | 0001140361-26-030142 |
| 8-K Data (Synthetic) | 0001140361-26-030142 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $136.77 $131.68 | ▼ −3.72% | ▼ −7.69% | $121.13 (−11.44%) |
Apr 30, 2026 22w ago | 8-K | $147.99 $139.98 | ▼ −5.41% | ▼ −10.64% | $121.13 (−18.15%) |
Apr 16, 2026 24w ago | Press Release | $131.76 $145.99 | ▲ +10.80% | ▲ +4.98% | $121.13 (−8.07%) |
Mar 26, 2026 27w ago | DEFA14A | $137.13 $134.65 | ▼ −1.81% | ▼ −12.47% | $121.13 (−11.67%) |
Feb 25, 2026 31w ago | Insider Cluster | $136.40 $136.15 | ▼ −0.18% | ▲ +5.05% | $121.13 (−11.20%) |
US Market Status
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