DTM DT Midstream, Inc.

Overview and Growth

DT Midstream, Inc. generated $1.24B of revenue in fiscal 2025, with net income of $441.00M and an operating cash inflow of $867.00M. Revenue of $1.24B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 26.7% from $981.00M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $4.30, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS increased by 19.4% from $3.60 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 0.12x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was $614.00M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 49.4%, showing the portion of revenue preserved after the full set of operating costs. After all reported below-operating-line items, the company recorded net income of $441.00M for the fiscal year. Net margin was 35.5%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $598.00M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 48.1%, relating income before taxes directly to revenue. The reported income-tax provision was $144.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 24.1%, without assuming a statutory-rate comparison. Net income equaled 9.0% of period-end equity, showing the earnings generated on shareholders’ book capital.

Liquidity and Capital Structure

At period end, the $10.08B asset base was financed through $5.20B of liabilities and $4.88B of equity. At period end, current assets of $318.00M compared with current liabilities of $296.00M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.07x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $54.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 18.2%, excluding receivables and other current assets. The company carried $3.32B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.68x, showing how much debt the company carried for each unit of book equity. Debt represented 33.0% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 51.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 0.5% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 1.5% from $9.94B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

The company reported $867.00M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 1.97x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $426.00M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 49.1% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $441.00M of positive free cash flow for the period. Free cash flow represented 35.5% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 4.4%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.