Free cash flow ranged from $30.0M in 2025Q4 to $202.0M in 2026Q1 while dividends of roughly $83-90M per quarter were fully covered in most quarters, suggesting cash conversion is strong on average but volatile enough to warrant monitoring.
DT Midstream, Inc. (DTM) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 938M | 867M | 763M | 798M | 725M | 572M | 597M | 390M | 359M |
| Operating CF Margin % | - | 69.75% | 77.78% | 86.55% | 78.8% | 68.1% | 79.18% | 77.38% | 74.02% |
| Operating CF Growth % | 39.65% | 13.63% | -4.39% | 10.07% | 26.75% | -4.19% | 53.08% | 8.64% | - |
| Net Income | 471M | 454M | 367M | 396M | 382M | 318M | 324M | 220M | 259M |
| Depreciation & Amortization | 292M | 275M | 227M | 200M | 189M | 184M | 169M | 110M | 81M |
| Stock-Based Compensation | 26M | 26M | 23M | 20M | 17M | 12M | 6M | 0 | 0 |
| Deferred Taxes | 154M | 137M | 120M | 110M | 70M | 104M | 111M | 68M | 69M |
| Other Non-Cash Items | -3M | 0 | 4M | 19M | 27M | 20M | 24M | 43M | -69M |
| Working Capital Changes | -17M | -25M | 22M | 53M | 40M | -66M | -37M | -51M | 19M |
| Change in Receivables | -10M | -24M | 11M | 7M | 8M | -43M | -16M | -20M | 2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5M | -13M | 11M | -5M | 7M | -6M | -1M | 0 | -1M |
| Cash from Investing | -362M | -372M | -1.08B | -351M | -854M | 123M | -714M | -2.56B | -720M |
| Capital Expenditures | -405M | -426M | -350M | -772M | -338M | -140M | -518M | -211M | -176M |
| CapEx % of Revenue | 30.41% | 34.27% | 35.68% | 83.73% | 36.74% | 16.67% | 68.7% | 41.87% | 36.29% |
| Acquisitions | -19M | 5M | -1.2B | -7M | -557M | -11M | -35M | -2.44B | -650M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 62M | 49M | 472M | 428M | 41M | 274M | -161M | 91M | 106M |
| Cash from Financing | -443M | -509M | 330M | -452M | 58M | -605M | 113M | 2.19B | 349M |
| Debt Issued (Net) | -48M | -150M | 230M | -165M | 325M | -133M | 253M | 1.24B | 131M |
| Equity Issued (Net) | -29M | 0 | 406M | 0 | -3M | 0 | 0 | 0 | 0 |
| Dividends Paid | -345M | -324M | -280M | -263M | -244M | -559M | 0 | 0 | 0 |
| Share Repurchases | -29M | 0 | 0 | 0 | -3M | 0 | 0 | 0 | 0 |
| Other Financing | -21M | -35M | -26M | -24M | -20M | 87M | -140M | 956M | 218M |
| Net Change in Cash | 133M | -14M | 12M | -5M | -71M | 90M | -4M | 20M | -12M |
| Free Cash Flow | 533M | 441M | 413M | 26M | 387M | 432M | 79M | 179M | 183M |
| FCF Margin % | 40.02% | 35.48% | 42.1% | 2.82% | 42.07% | 51.43% | 10.48% | 35.52% | 37.73% |
| FCF Growth % | 12.68% | 6.78% | 1488.46% | -93.28% | -10.42% | 446.84% | -55.87% | -2.19% | - |
| FCF per Share | 5.19 | 4.30 | 4.20 | 0.27 | 3.98 | 4.47 | 0.82 | 1.85 | 1.89 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.97x | 2.16x | 2.08x | 1.96x | 1.86x | 1.91x | 1.91x | 1.55x |
| Interest Paid | 156M | 152M | 140M | 140M | 125M | 103M | 113M | 75M | 67M |
| Taxes Paid | 9M | 0 | 12M | 22M | 24M | 3M | 3M | 8M | 2M |
Quick answers to the most common questions about buying DTM stock.
DT Midstream, Inc. (DTM) generated $867.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DT Midstream, Inc. (DTM) generated $441.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
DT Midstream, Inc. (DTM) spent $426.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DT Midstream, Inc. (DTM) returned $324.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Quarterly cash conversion volatility
Metrics are mathematically derived from official filings.
Operating Cash Flow Volatility Versus Earnings
According to the reported quarterly figures, DTM's operating cash flow ranged from 1.45x to 2.51x net income over the last ten quarters, a spread wide enough to suggest working capital timing is driving much of the reported cash generation rather than a stable earnings-to-cash relationship.
The consistent excess of operating cash flow over net income is typical of midstream companies carrying large non-cash depreciation charges, but the magnitude of swings, particularly the 1.45x ratio in 2025Q4 against 2.51x in 2025Q3, indicates that accrual timing is material. Investors should monitor whether this variability reflects receivable and payable timing or a more persistent gap between reported earnings and cash realization.
Free Cash Flow Margins Swing Widely
As reported in the quarterly cash flow statements, DTM's free cash flow margin moved from 9.5% in 2025Q4 to 60.1% in 2026Q1, a range that suggests quarterly free cash flow is highly sensitive to working capital and capital expenditure timing rather than a steady run rate.
Averaging the trailing quarters yields a far more moderate free cash flow profile than any single period suggests, which argues against extrapolating the strongest quarter. The sequence of weak quarters tied to heavy capital spending and negative working capital movements indicates that near-term free cash flow may remain lumpy until expansion outlays moderate.
Capital Intensity Elevated But Easing
Based on reported figures, CapEx as a share of revenue fell from 41.3% in 2025Q4 to 23.2% in 2026Q1, and remained near 27.1% in 2026Q3, suggesting the heavy build-out phase may be transitioning toward more maintenance-weighted spending.
Quarterly depreciation of roughly $67-76M sits well below total CapEx in the high-spend quarters, implying that a meaningful share of outlays is growth-oriented rather than replacement of depreciating assets. Continued decline in the CapEx-to-revenue ratio would support a shift toward higher distributable cash, but investors should verify the split between maintenance and growth spending before drawing firm conclusions.
Dividend Coverage Tightens in Weak Quarters
According to the reported cash flow data, quarterly dividends paid held steady near $83-90M, which was fully covered by free cash flow in most quarters but exceeded it in 2025Q4 when free cash flow fell to $30.0M.
The consistency of dividend outflows against variable free cash flow means that weaker operating quarters require either balance sheet absorption or external funding, which investors should monitor closely. Absent any reported share repurchases or material acquisitions, the capital allocation picture appears straightforward, though sustained coverage depends on the stronger quarters offsetting periodic working capital drag.
Cash Quality Masked by Timing Effects
Based on reported figures, the strong 2026Q1 free cash flow of $202.0M coincided with a $36.0M working capital inflow, suggesting part of the headline cash strength may reflect timing benefits that could reverse in subsequent periods.
Working capital swings of this magnitude can flatter a single quarter's operating cash flow without reflecting a durable improvement in underlying cash generation. The reported data does not disclose the drivers of these movements, so the analysis cannot distinguish between benign timing and structural changes in collections or payables, which warrants further investigation.