DT Midstream earnings totaled $118 million in the third quarter of 2026, and the natural gas pipeline operator raised its full-year adjusted EBITDA guidance to $1.185 billion–$1.225 billion.

Key Takeaways

  • Third-quarter adjusted EBITDA was $301 million, while diluted earnings were $1.16 per share.
  • Management said year-to-date results were ahead of plan and that $2.4 billion of growth projects were committed.
  • The board declared a $0.88-per-share dividend payable in January 2027.

DT Midstream earnings and outlook

The Detroit-based company reported on October 29 that third-quarter net income and operating earnings were both $118 million, or $1.16 per diluted share. Net income was $112 million in the preceding quarter.

For the first nine months of 2026, net income was $360 million, compared with $330 million in the same period of 2025.

Chief Financial Officer Jeff Jewell said results for the year to date were ahead of plan and cited performance and the outlook for the rest of the year in raising guidance. The company did not provide its prior guidance range in the supplied release.

Pipeline projects reach investment decisions

Chairman and CEO David Slater said three projects reached final investment decisions during the third quarter. They include the first phase of the MIST Southbound expansion, designed to add approximately 300 million cubic feet per day of capacity, a 20% increase in total pipeline capacity.

The Midwestern Gas Transmission pipeline is a 402-mile interstate system connecting Appalachian supply with the Midwest. The other projects are a new lateral from that system to serve a utility-scale power plant in Indiana and the second phase of the Guardian Pipeline modernization program.

Dividend and non-GAAP measures

The declared dividend is payable January 15, 2027, to shareholders of record at the close of business on December 15, 2026.

Adjusted EBITDA and operating earnings are non-GAAP measures. DT Midstream said adjusted EBITDA excludes interest, taxes, depreciation and amortization, among other adjustments, and should supplement rather than replace GAAP results. The full-year range is management guidance, not a completed result.

Next milestone

The next confirmed milestone is the December 15 shareholder record date for the declared dividend.

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