DT Midstream Reports Record 2025 Results; Raises Dividend and Increases Project Backlog by 50%

Core Insights - DT Midstream, Inc. reported a strong financial performance for the fourth quarter and full year of 2025, achieving record results with a 17% year-over-year growth in Adjusted EBITDA [3][7]. Financial Performance - Fourth quarter 2025 reported net income was $111 million, or $1.08 per diluted share, with Operating Earnings also at $111 million [1]. - Full year 2025 reported net income was $441 million, or $4.30 per diluted share, with Operating Earnings matching this figure [2]. - Adjusted EBITDA for the fourth quarter was $293 million, while for the full year it reached $1.138 billion, reflecting a 17% increase from 2024 [2][7]. Business Strategy and Growth - The company successfully integrated its Midwest pipelines and completed key organic growth projects ahead of schedule and on budget, positioning itself to meet increasing demand [3]. - The organic project backlog increased by approximately 50% to $3.4 billion over the next five years, with pipeline projects making up 75% of this backlog [8]. - Adjusted EBITDA guidance for 2026 is projected to be between $1.155 billion and $1.225 billion, indicating a 6% annual growth from the original 2025 guidance [4]. Dividend and Investment Decisions - The company announced a 7% increase in dividends from the fourth quarter of 2025 to $0.88 per share, payable on April 15, 2026 [8]. - Final investment decisions were reached on two pipeline projects, including an expansion of Viking Gas Transmission [7][8].