DT Midstream Reports Strong Third Quarter 2025 Results; Raises Adjusted EBITDA Guidance

Core Insights - DT Midstream, Inc. reported a net income of $115 million for Q3 2025, equating to $1.13 per diluted share, with Operating Earnings also at $115 million and Adjusted EBITDA at $288 million [1][2][18] Financial Performance - The company declared a dividend of $0.82 per share, payable on January 15, 2026, to stockholders of record by December 15, 2025 [2] - Year-to-date results are ahead of plan, prompting an increase in Adjusted EBITDA guidance for 2025 to a range of $1,115 million to $1,145 million [2][9] Business Updates - Significant progress was made in both commercial and construction activities during the quarter [2] - The company reached a final investment decision on the Guardian Pipeline "G3" expansion, increasing pipeline capacity by approximately 537 million cubic feet per day (MMcf/d), a 40% increase [6] - The LEAP Phase 4 expansion project was placed in-service ahead of schedule and on budget [6] Company Overview - DT Midstream operates natural gas interstate and intrastate pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [3] - The company aims to achieve net zero greenhouse gas emissions by 2050, with a target of 30% carbon emissions reduction by 2030 [3] Financial Metrics - Adjusted EBITDA is defined as GAAP net income before interest, taxes, depreciation, and amortization, adjusted for non-routine items [5][8] - Distributable Cash Flow (DCF) is calculated by adjusting net income for various expenses and is considered a key measure of the company's ability to generate cash earnings [8][22]