DT Midstream raises 2026 EBITDA forecast as Q3 profit tops estimates

DT Midstream Inc. (NYSE: DTM) topped third-quarter profit estimates and raised its 2026 Adjusted EBITDA guidance, the company said in an earnings release issued Oct. 29, 2026.

The Detroit-based natural gas pipeline and gathering company reported operating earnings of $118 million, or $1.16 per diluted share, for the quarter ended Sept. 30. Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization with certain non-routine items excluded, was $301 million.

Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations, the company said. Its reported net income was also $118 million.

Here's how the company did:

• Operating earnings per diluted share: $1.16, vs. $1.12 expected, according to Finnhub
• Operating earnings: $118 million, vs. $112 million in the second quarter
• Adjusted EBITDA: $301 million, vs. $305 million in the second quarter
• Distributable cash flow: $270 million, vs. $174 million in the second quarter
• Net income: $118 million, vs. $115.0 million a year earlier, according to its SEC filings
• Revenue: not disclosed in the release

Operating earnings of $1.16 per share topped the $1.12 consensus estimate compiled by Finnhub. The release did not give third-quarter revenue.

“We continue to deliver strong performance in 2026,” said David Slater, Chairman and CEO. “We are also advancing our organic growth backlog, with $2.4 billion of projects now committed.”

2026 guidance

The company raised its 2026 Adjusted EBITDA guidance to a range of $1.185 billion to $1.225 billion, from the $1.155 billion to $1.225 billion range it reaffirmed on July 30. The change lifts the low end of the range.

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO.

Operating earnings guidance is $460 million to $490 million, from $455 million to $495 million. Operating earnings per share guidance is $4.47 to $4.77, from $4.42 to $4.82, according to the slide presentation.

Distributable cash flow guidance is $860 million to $890 million, from $830 million to $890 million. Total capital investment guidance is $450 million to $510 million, from $490 million to $570 million.

Growth capital guidance is $375 million to $425 million, from $420 million to $480 million. The company reaffirmed its 2027 Adjusted EBITDA early outlook of $1.225 billion to $1.295 billion, the presentation said.

Segment results

The pipeline segment reported Adjusted EBITDA of $202 million, up from $200 million in the second quarter. The presentation attributed the change to higher revenue on joint venture pipelines.

The gathering segment reported $99 million, down from $105 million in the second quarter. The presentation cited lower Northeast volumes in the third quarter.

For the nine months, Adjusted EBITDA was $914 million, against $845 million a year earlier. Operating earnings per diluted share were $3.51, against $3.22.

Revenue has risen in each of the last three quarters, from $314.0 million in the third quarter of 2025 to $343.0 million in the second quarter of 2026, according to its SEC filings.

Growth projects and dividend

The company said three growth projects reached final investment decision during the quarter. They are an expansion of the MIST Southbound Phase 1 on Midwestern Gas Transmission, which will add about 300 MMcf/d of capacity.

The expansion is a 20% increase in total pipeline capacity, the company said. The other two projects are a new pipeline lateral from Midwestern Gas Transmission to a utility-scale power plant in Indiana, and the second phase of the Guardian Pipeline modernization program.

The company now has $2.4 billion of projects committed in its organic growth backlog. The Federal Energy Regulatory Commission approved Guardian's rate case settlement, which recovers Guardian Phase 1 modernization investment, according to the presentation.

The board declared a quarterly cash dividend of $0.88 per share. It is payable Jan. 15, 2027, to stockholders of record at the close of business Dec. 15, 2026.