Revenue grew 26.7% year over year in 2025Q1 before decelerating to 7.0% in 2026Q3, while operating margins held near 49-50% from $113.0M to $167.0M in operating income, indicating growth that scales roughly in line with revenue.
DT Midstream, Inc. (DTM) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 1.33B | 1.24B | 981M | 922M | 920M | 840M | 754M | 504M | 485M |
| Revenue Growth % | 13.36% | 26.71% | 6.4% | 0.22% | 9.52% | 11.41% | 49.6% | 3.92% | - |
| Cost of Goods Sold | 469M | 329M | 453M | 427M | 437M | 397M | 327M | 104M | 122M |
| COGS % of Revenue | - | 26.47% | 46.18% | 46.31% | 47.5% | 47.26% | 43.37% | 20.63% | 25.15% |
| Gross Profit | 863M | 914M | 528M | 495M | 483M | 443M | 427M | 400M | 363M |
| Gross Margin % | 64.79% | 73.53% | 53.82% | 53.69% | 52.5% | 52.74% | 56.63% | 79.37% | 74.85% |
| Gross Profit Growth % | - | 73.11% | 6.67% | 2.48% | 9.03% | 3.75% | 6.75% | 10.19% | - |
| Operating Expenses | 202M | 300M | 39M | 28M | 28M | 24M | 15M | 242M | 212M |
| OpEx % of Revenue | - | 24.14% | 3.98% | 3.04% | 3.04% | 2.86% | 1.99% | 48.02% | 43.71% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | 3.77% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 300M | 39M | 28M | 28M | 24M | 15M | 223M | 90M |
| Operating Income | 661M | 614M | 489M | 467M | 455M | 419M | 412M | 368M | 273M |
| Operating Margin % | 49.62% | 49.4% | 49.85% | 50.65% | 49.46% | 49.88% | 54.64% | 73.02% | 56.29% |
| Operating Income Growth % | - | 25.56% | 4.71% | 2.64% | 8.59% | 1.7% | 11.96% | 34.8% | - |
| EBITDA | 953M | 889M | 716M | 667M | 644M | 603M | 581M | 478M | 354M |
| EBITDA Margin % | 71.55% | 71.52% | 72.99% | 72.34% | 70% | 71.79% | 77.06% | 94.84% | 72.99% |
| EBITDA Growth % | 14.41% | 24.16% | 7.35% | 3.57% | 6.8% | 3.79% | 21.55% | 35.03% | - |
| D&A (Non-Cash Add-back) | 292M | 275M | 227M | 200M | 189M | 184M | 169M | 110M | 81M |
| EBIT | 819M | 759M | 657M | 650M | 619M | 534M | 553M | 367M | 400M |
| Net Interest Income | -159M | -159M | -146M | -149M | -134M | -108M | -104M | -67M | -60M |
| Interest Income | 4M | 2M | 7M | 1M | 3M | 4M | 9M | 8M | 9M |
| Interest Expense | 163M | 161M | 153M | 150M | 137M | 112M | 113M | 75M | 69M |
| Other Income/Expense | -5M | -16M | 15M | 33M | 27M | 3M | 28M | -76M | 58M |
| Pretax Income | 656M | 598M | 504M | 500M | 482M | 422M | 440M | 292M | 331M |
| Pretax Margin % | 49.25% | 48.11% | 51.38% | 54.23% | 52.39% | 50.24% | 58.36% | 57.94% | 68.25% |
| Income Tax | 170M | 144M | 137M | 104M | 100M | 104M | 116M | 72M | 72M |
| Effective Tax Rate % | 25.91% | 24.08% | 27.18% | 20.8% | 20.75% | 24.64% | 26.36% | 24.66% | 21.75% |
| Net Income | 471M | 441M | 354M | 384M | 370M | 307M | 312M | 204M | 231M |
| Net Margin % | 35.36% | 35.48% | 36.09% | 41.65% | 40.22% | 36.55% | 41.38% | 40.48% | 47.63% |
| Net Income Growth % | 16.87% | 24.58% | -7.81% | 3.78% | 20.52% | -1.6% | 52.94% | -11.69% | - |
| Net Income (Continuing) | 486M | 454M | 367M | 396M | 382M | 318M | 324M | 220M | 259M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 140M | 142M | 139M | 141M | 147M | 149M | 155M | 155M | 457M |
| EPS (Diluted) | 4.59 | 4.43 | 3.60 | 3.94 | 3.81 | 3.17 | 3.22 | 2.11 | 2.38 |
| EPS Growth % | 16.75% | 23.06% | -8.63% | 3.41% | 20.19% | -1.55% | 52.61% | -11.34% | - |
| EPS (Basic) | - | 4.47 | 3.63 | 3.96 | 3.83 | 3.17 | 3.22 | 2.11 | 2.38 |
| Diluted Shares Outstanding | 102.7M | 102.5M | 98.4M | 97.5M | 97.2M | 96.73M | 96.86M | 96.86M | 96.86M |
| Basic Shares Outstanding | 102M | 101.6M | 97.6M | 96.9M | 96.7M | 96.73M | 96.86M | 96.7M | 96.86M |
| Dividend Payout Ratio | - | 73.47% | 79.1% | 68.49% | 65.95% | 182.08% | - | - | - |
Quick answers to the most common questions about buying DTM stock.
For fiscal year 2025, DT Midstream, Inc. (DTM) reported total revenue of $1.24B. This represents a 156.3% increase compared to $485.0M in 2018.
DT Midstream, Inc. (DTM) is profitable, generating $441.0M in net income for the fiscal year ending 2025 with a net profit margin of 35.5%.
DT Midstream, Inc. (DTM) reported an operating income of $614.0M, resulting in an operating profit margin of 49.4%. This margin reflects the operational efficiency of the business before interest and taxes.
DT Midstream, Inc. (DTM) generated $914.0M in gross profit for the year, representing a gross profit margin of 73.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gas concentration and LNG policy exposure
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerated Through 2025
Based on EDBL-style reported quarterly figures, DTM revenue moved from roughly $249.0M in 2024Q4 to $336.0M in 2026Q3, with year-over-year growth of 26.7% in 2025Q1 and 7.0% in the latest quarter, signaling a deceleration from peak expansion rates.
The step-up in growth during 2025 appears consistent with new capacity coming online and transitioning into cash generation, though the sequential decline to 7.0% growth in 2026Q3 suggests the expansion wave may be maturing. Investors should monitor whether the reported growth reflects organic volume gains on legacy lines or contributions from newly commissioned assets, since the data does not isolate these drivers and the durability of the rate cannot be confirmed from this series alone.
Gross Margin Swings Reflect Accounting Mix
As reported in the quarterly income statements, DTM gross margin oscillated between roughly 51% and 79% across recent quarters, a range far wider than a stable toll-road model would typically imply and one that suggests cost classification shifts.
The gross margin appears to alternate sharply between periods near 54% and periods near 74-79%, which may indicate that certain quarters carry large cost-of-revenue items that are timed or reclassified rather than reflecting underlying pricing power. Operating margin, by contrast, held a tighter band near 49-50%, which suggests the operating line is a more reliable read on structural profitability than gross margin in this dataset.
Operating Income Tracks Revenue Closely
According to the reported figures, DTM operating income rose from $113.0M in 2024Q4 to $167.0M in 2026Q1 while operating margin stayed near 49-50%, indicating scaling that is roughly proportional to revenue rather than accelerating beyond it.
Because operating margin has been broadly flat while revenue expanded, operating leverage appears limited in the observed window; incremental revenue is converting at roughly the average margin rather than at a higher incremental rate. SG&A and R&D lines are reported as zero in this dataset, so overhead efficiency cannot be assessed directly and the conclusion relies on the operating line alone.
EPS Growth Outpaces Revenue Volatility
Based on reported figures, diluted EPS climbed from $0.72 in 2024Q4 to $1.27 in 2026Q1 before settling at $1.16 in 2026Q3, with stock-based compensation remaining small at $6-7M per quarter relative to net income.
The EPS trajectory is considerably steeper than the revenue trajectory in early 2026, which may reflect margin differences in individual quarters rather than sustained earnings acceleration. The modest and stable SBC level suggests dilution from equity compensation is not a material distortion, though the data provided does not disclose tax rate or non-operating items needed for a complete quality assessment.
Gas Concentration Could Limit Upside
The peer data shows DTM trading against larger diversified midstream names such as WMB and KMI, and the single-commodity exposure to natural gas services may leave the company more sensitive to policy shifts than these peers, based on the reported business profile.
If federal LNG export policy tightens or methane regulation raises compliance costs, a single-basin, gas-only model could absorb a disproportionate share of the impact relative to diversified peers. Investors should also note that the reported 2026Q3 revenue growth of 7.0% is well below the 26.7% earlier in the year, and that the latest quarter lacks a disclosed EPS result against consensus, which warrants monitoring before extrapolating recent growth.