AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue rose to $343M from $309M a year ago as Gathering revenue jumped 26% on Blue Union and Appalachia volumes, though a 32% effective tax rate held net income growth to $112M.
Biggest Revenue Drivers
Pipeline$183M+$7M vs $176M prior-year quarter
Sequentially down $2M on lower short-term contract revenue and LEAP operational flow order fees, partly offset by $3M higher Stonewall inter-segment revenue from the MVP expansion
Gathering$168M+$35M vs $133M prior-year quarter
Higher Blue Union volumes of $6M, $4M higher recovery of production-related expenses, and $5M higher Appalachia Gathering volumes from the MVP expansion
Biggest Revenue Drivers
Total revenue: $343M
Pipeline$183M+$7M vs $176M prior-year quarter
Sequentially down $2M on lower short-term contract revenue and LEAP operational flow order fees, partly offset by $3M higher Stonewall inter-segment revenue from the MVP expansion
Gathering$168M+$35M vs $133M prior-year quarter
Higher Blue Union volumes of $6M, $4M higher recovery of production-related expenses, and $5M higher Appalachia Gathering volumes from the MVP expansion
Elimination of inter-segment revenue-$8M
Inter-segment billing based on contracted prices of the provider
Largest Expense Items
Operation and maintenance$90Mvs $80M prior-year quarter
Pipeline up $4M on timing of pipeline integrity evaluations; Gathering up $4M on higher production-related operating expenses at Blue Union Gathering of $3M
Depreciation and amortization$68Mvs $63M prior-year quarter
Assets placed into service at Blue Union, Clean Fuels, Ohio Utica and Appalachia Gathering
Interest expense$42Mvs $40M prior-year quarter
Income tax expense$53Mvs $34M prior-year quarter
Effective tax rate of 32% vs 24%, driven by state income taxes and a non-recurring adjustment to deferred tax liabilities
Margins: Operating income rose to $173M from $155M as revenue growth outpaced costs; Gathering operating income improved to $65M from $54M sequentially while Pipeline slipped to $108M from $112M.
Watch Items from the Filing
Company depends on a key customer, Expand Energy, in the Haynesville and Marcellus formations for a significant portion of revenues; loss or reduced volumes could materially affect results.
Effective tax rate rose to 32% from 24% year over year, lifting income tax expense to $53M and limiting net income growth despite higher pre-tax income.
Guardian's most recent approved rate proceeding included a 13% max tariff rate reduction effective April 1, 2025 and an additional 5% reduction effective April 1, 2026.
Antero litigation against Stonewall ended with no damages awarded April 2, 2026, but both parties may appeal and seek attorney's fees; loss deemed remote.
Liquidity of approximately $1.2B with no Revolving Credit Facility borrowings; new $150M Guardian Term Loan at SOFR+1.95% funded repurchase of $150M of 2029/2031 Notes at a discount.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Baker Stephen WReporting ownerGrant or award · May 5, 2026
Finland Joseph PeterChief Accounting OfficerOption exercise · Mar 5, 2026
Slater DavidExec. Chair and CEOGrant or award · Feb 20, 2026
Zona ChristopherPresident and Chief Oper. Off.Grant or award · Feb 20, 2026
Congress trading in DTM
4 transactions in DTM reported by 4 members of Congress under the STOCK Act, most recent trade Apr 29, 2025. Reported transactions, not recommendations.
About DT Midstream, Inc. (DTM): stock profile, AI score and financials
DT Midstream, Inc. (DTM) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores DTM at 67.1/100 on a composite quality score built from its SEC filings, placing it at rank #377 of 2,925 stocks — the top 25% of the AI-ranked universe. DTM scores in the top quartile across free cash flow (89.7), institutional flow (77.1), revenue growth (76.2). Shareholder dilution risk is elevated at 38.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), DT Midstream, Inc. reports quarterly revenue of $343.0M, net income of $112.0M, an operating margin of 50.4%. Top institutional holders of DTM by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. DTM trades on the NYSE exchange and files with the SEC under CIK 1842022. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate DTM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for DT Midstream, Inc. directly from SEC EDGAR.