DT Midstream第二季收入升11% 盈利及股息齊增

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended June 30, 2026
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40392
DT Midstream, Inc.

Delaware38-2663964
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

Registrant's address of principal executive offices: 500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279 
Registrant's telephone number, including area code: (313) 402-8532
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
Trading SymbolName of Exchange on which Registered

Common stock, par value $0.01DTMNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
☒
☐
☐
☐
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒
Number of shares of common stock outstanding as of June 30, 2026:

DescriptionShares
Common stock, par value $0.01102,015,296 

TABLE OF CONTENTS

Page
Definitions
1

Filing Format
4

Forward-Looking Statements
4

PART I — FINANCIAL INFORMATION

Item 1.
Financial Statements

DT Midstream Consolidated Financial Statements (Unaudited)
6

Notes to Consolidated Financial Statements (Unaudited)
12

Note 1 — Description of the Business and Basis of Presentation
12

Note 2 — Significant Accounting Policies
14

Note 3 — New Accounting Pronouncements
16

Note 4 — Revenue
17

Note 5 — Goodwill
19

Note 6 — Earnings Per Share and Dividends
19

Note 7 — Income Taxes
20

Note 8 — Fair Value
20

Note 9 — Debt
21

Note 10 — Commitments and Contingencies
23

Note 11 — Segment and Related Information
24

Note 12 — Regulatory Matters
27

Note 13 — Subsequent Event
27

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
34

Item 4.
Controls and Procedures
35

PART II — OTHER INFORMATION

Item 1.
Legal Proceedings
36

Item 1A.
Risk Factors
36

Item 4.
Mine Safety Disclosure
36

Item 5.
Other Information
36

Item 6.
Exhibits
37

Signature
39

DEFINITIONS 

Unless the context otherwise requires, references to "we," "us," "our," "Registrant," or the "Company" and words of similar importance refer to DT Midstream and, unless otherwise specified, our consolidated subsidiaries and our unconsolidated joint ventures. As used in this Form 10-Q, the terms and definitions below have the following meanings: 

AFUDCAllowance for funds used during construction, represents the cost of financing construction projects for FERC-regulated businesses, including the estimated cost of debt and authorized return on equity

Appalachia GatheringA 154-mile gathering system that gathers Marcellus shale natural gas and delivers to the Texas Eastern Pipeline and Stonewall

ASC 606The Accounting Standards Codification of Revenue from Contracts with Customers issued by the FASB

ASC 980The Accounting Standards Codification of Regulated Operations issued by the FASB

ASUAccounting Standards Update issued by the FASB

BcfBillion cubic feet of natural gas

BirdsboroA 14-mile interstate pipeline transporting gas supply to a gas-fired power plant in Pennsylvania

Blue Union GatheringA 443-mile gathering system that gathers shale natural gas from the Haynesville formation of Louisiana and Texas and delivers to markets in the Gulf Coast region; ancillary services include water impoundment, water transportation, water disposal and sand

Bluestone A 65-mile gathering lateral pipeline, and two compression facilities, that gathers Marcellus shale natural gas and delivers to Millennium and the Tennessee Pipeline

CADCanadian Dollar ($)

Chicago HubA major natural gas market and transportation hub located in the Chicago area, serving as a critical interconnection point for multiple interstate pipelines

Clean Fuels GatheringA 93-mile gathering system that gathers and treats coal mine methane into pipeline quality gas

Columbia PipelineColumbia Gas Transmission, LLC, owned by TC Energy Corporation and Global Infrastructure Partners

DT MidstreamDT Midstream, Inc. and our consolidated subsidiaries

DTM Interstate TransportationDTM Interstate Transportation, LLC, the consolidated subsidiary of DT Midstream which is comprised of Guardian, Midwestern and Viking

Expand EnergyExpand Energy Corporation and/or its affiliates

FASBFinancial Accounting Standards Board

FERCFederal Energy Regulatory Commission

GAAPGenerally Accepted Accounting Principles in the United States

GenerationA 25-mile intrastate pipeline in northern Ohio and owned by NEXUS 

GHGGreenhouse gas

GuardianGuardian Pipeline, L.L.C., a 263-mile interstate pipeline which connects to the Chicago Hub and serves key Upper Midwest demand centers

Guardian Term LoanGuardian's $150 million unsecured term loan facility maturing April 30, 2033

Inflation Reduction ActThe Inflation Reduction Act of 2022 (H.R. 5374)

LEAPLouisiana Energy Access Project, a 221-mile gathering lateral pipeline that gathers Haynesville shale natural gas and delivers to markets in the Gulf Coast region

LNGLiquefied natural gas

Michigan SystemA 335-mile pipeline system in northern Michigan

1

DEFINITIONS 

MidwesternMidwestern Gas Transmission Company, a 402-mile bi-directional interstate pipeline which connects Appalachia supply to the Midwest market region between Tennessee and the Chicago Hub

Midwest Pipeline Acquisition The transaction with subsidiaries of ONEOK, Inc. pursuant to which DTM Interstate Transportation acquired 100% of the equity interests in each of Guardian, Midwestern and Viking

MillenniumMillennium Pipeline Intermediate Holdings LLC, a joint venture that, through its wholly owned subsidiary, Millennium Pipeline Company, LLC, owns a 266-mile interstate transportation pipeline and compression facilities serving markets in the northeast and supply from the northeast Marcellus region, in which DT Midstream owns a 52.5% interest 

MVCMinimum volume commitment

MVPMountain Valley Pipeline, a 303-mile natural gas pipeline owned by Mountain Valley Pipeline, LLC which spans from West Virginia to Virginia and transports natural gas from the Marcellus and Utica shale regions to markets in the southeastern United States

NEXUSNEXUS Gas Transmission, LLC, a joint venture that owns (i) a 256-mile interstate transportation pipeline and three compression facilities that transports Utica and Marcellus shale natural gas to Ohio, Michigan and Ontario market centers and (ii) Generation, in which DT Midstream owns a 50% interest

OBBBA
One Big Beautiful Bill Act, which was signed into law on July 4, 2025

Ohio Utica Gathering A 26-mile gathering system, including compression and dehydration facilities, that gathers Utica shale natural gas from producer wells and delivers to a nearby processing plant

Revolving Credit FacilityDT Midstream's revolving credit facility issued under the applicable credit agreement

SECSecurities and Exchange Commission

SOFRSecured Overnight Financing Rate

South RomeoSouth Romeo Gas Storage Company, LLC, a joint venture which owns the Washington 28 Storage Complex, in which DT Midstream owns a 50% interest 

StonewallA 68-mile gathering lateral pipeline, in which DT Midstream owns an 85% interest, that gathers Marcellus and Utica shale natural gas and delivers to the Columbia Pipeline

Susquehanna GatheringA 198-mile gathering system that gathers Marcellus shale natural gas and delivers to Bluestone 

Tennessee PipelineTennessee Gas Pipeline Company, LLC, owned by Kinder Morgan, Inc.

Texas Eastern PipelineTexas Eastern Transmission, LP, owned by Enbridge Inc.

Tioga GatheringA 4-mile gathering system that gathers shale natural gas to the Eastern Gas Transmission system

U.S.United States of America

USDUnited States Dollar ($)

VectorVector Pipeline LP, a joint venture that owns a 348-mile interstate transportation pipeline and five compression facilities connecting Illinois, Indiana, Michigan, and Ontario market centers, in which DT Midstream owns a 40% interest

VIEVariable Interest Entity

VikingViking Gas Transmission Company, a 674-mile bi-directional interstate pipeline which serves key utility customers in Minnesota, Wisconsin and North Dakota

Washington 10 Storage ComplexAn interstate storage system located in Michigan with 94 Bcf of storage capacity, in which DT Midstream owns a 91% interest, and associated compression facilities

2029 NotesSenior unsecured notes of $1.1 billion in original aggregate principal amount due June 2029

2

DEFINITIONS 

2031 NotesSenior unsecured notes of $1.0 billion in original aggregate principal amount due June 2031

2032 NotesSenior unsecured notes of $600 million in aggregate principal amount due April 2032

2034 NotesSenior unsecured notes of $650 million in aggregate principal amount due December 2034

3

FILING FORMAT

This Form 10-Q should be read in its entirety. This Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in DT Midstream's 2025 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DT Midstream. Words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "would," "could," "should," "see," "guidance," "outlook," "confident," "may," "continue," "intend," "goal," "potential," and other words of similar meaning in connection with a discussion of future operating or financial performance may signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following:
•changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business;
•industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;
•changes in global trade policies and tariffs; 
•global and domestic supply chain disruptions;
•actions taken by third-party operators, producers, processors, transporters and gatherers;
•changes in expected production from Expand Energy and other third parties in our areas of operation;
•demand for natural gas gathering, transmission, storage, and transportation;
•the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels;
•our ability to successfully and timely implement our business plan;
•our ability to complete organic growth projects on time and on budget;
•our ability to finance, complete, or successfully integrate acquisitions;
•our ability to realize the anticipated benefits from acquisitions and manage the risks associated with acquisition activity;
•the price and availability of debt and equity financing;
•restrictions in our existing and any future credit facilities and indentures;
•the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure;
•changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event;
•operating hazards, environmental risks and other risks incidental to gathering, storing and transporting natural gas;
•geologic and reservoir risks and considerations;
•natural disasters, adverse weather conditions, casualty losses and other matters beyond our control;
•the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects;
•the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East;
4

FORWARD-LOOKING STATEMENTS

•labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel;
•large customer defaults;
•changes in tax status, as well as changes in tax rates and regulations;
•the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the OBBBA;
•changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and GHG emissions;
•changes in laws, regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations;
•our ability to qualify for federal income tax credits;
•our ability to develop low carbon business opportunities and deploy GHG reducing technologies;
•changes in insurance markets impacting costs and the level and types of coverage available;
•the timing and extent of changes in commodity prices;
•the success of our risk management strategies;
•the suspension, reduction or termination of our customers’ obligations under our commercial agreements;
•disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent;
•the effects of future litigation; and
•the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. 
5

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

DT Midstream, Inc.
Consolidated Statements of Operations 
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(millions, except per share amounts)
Revenues
Operating revenues$343 $309 $679 $612 
Operating Expenses
Operation and maintenance90 80 175 158 
Depreciation and amortization68 63 137 126 
Taxes other than income12 11 27 25 
Asset losses and impairments, net— — 1 — 
Operating Income 173 155 339 303 
Other (Income) and Deductions
Interest expense42 40 82 80 
Interest income(1)— (2)(1)
Earnings from equity method investees(33)(30)(76)(67)
Gain from financing activities(1)— (1)— 
Other income(3)— (3)— 
Income Before Income Taxes169 145 339 291 
Income Tax Expense 53 34 89 69 
Net Income 116 111 250 222 
Less: Net Income Attributable to Noncontrolling Interests4 4 8 7 
Net Income Attributable to DT Midstream$112 $107 $242 $215 

Basic Earnings per Common Share
Net Income Attributable to DT Midstream$1.10 $1.05 $2.37 $2.12 

Diluted Earnings per Common Share
Net Income Attributable to DT Midstream$1.09 $1.04 $2.36 $2.10 

Weighted Average Common Shares Outstanding
Basic102.0 101.6 102.0 101.5 
Diluted102.6 102.5 102.7 102.5 

See Notes to Consolidated Financial Statements (Unaudited)
6

DT Midstream, Inc.
Consolidated Statements of Comprehensive Income 
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(millions)
Net Income $116 $111 $250 $222 
Other comprehensive income, net of tax
Foreign currency translation, net of tax— — — 1 
Total other comprehensive income, net of tax— — — 1 
Comprehensive income 116 111 250 223 
Less: Comprehensive income attributable to noncontrolling interests4 4 8 7 
Comprehensive Income Attributable to DT Midstream$112 $107 $242 $216 

See Notes to Consolidated Financial Statements (Unaudited)
7

DT Midstream, Inc.
Consolidated Statements of Financial Position
(Unaudited)

June 30,December 31,

20262025
(millions)
ASSETS
Current Assets
Cash and cash equivalents$172 $54 
Accounts receivable (net of $— allowance for expected credit loss for each period end)
184 186 
Notes receivable — related party4 — 
Deferred property taxes21 42 

Prepaid expenses and other28 36 
409 318 
Investments
Investments in equity method investees1,243 1,253 

Property
Property, plant, and equipment7,148 6,958 
Accumulated depreciation(1,297)(1,192)
5,851 5,766 
Other Assets
Goodwill781 781 
Long-term notes receivable — related party— 4 
Operating lease right-of-use assets44 46 
Intangible assets, net1,832 1,862 

Other47 50 
2,704 2,743 
Total Assets (a)
$10,207 $10,080 

__________________________________
(a) Our consolidated assets include $932 million and $943 million at June 30, 2026 and December 31, 2025, respectively, of certain assets that can be used only to settle obligations of the VIE. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.

See Notes to Consolidated Financial Statements (Unaudited)
8

DT Midstream, Inc.
Consolidated Statements of Financial Position
(Unaudited)

June 30,December 31,

20262025
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$70 $65 

Operating lease liabilities19 16 
Dividends payable90 83 
Interest payable11 11 
Property taxes payable41 48 
Accrued compensation17 25 
Contract liabilities30 25 
Other20 23 
298 296 

Long-Term Debt, net3,326 3,324 

Other Liabilities  
Deferred income taxes1,350 1,270 
Operating lease liabilities28 32 
Contract liabilities162 160 
Regulatory liabilities90 90 
Other32 30 
1,662 1,582 
Total Liabilities (b)
5,286 5,202 

Commitments and Contingencies (Note 10)

Stockholders' Equity
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of June 30, 2026 and December 31, 2025)
— — 
Common stock ($0.01 par value, 550,000,000 shares authorized, and 102,015,296 and 101,673,925 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
1 1 
Additional paid-in capital3,897 3,915 
Retained earnings888 827 
Accumulated other comprehensive loss(7)(7)
Total DT Midstream Equity4,779 4,736 
Noncontrolling interests142 142 
Total Equity4,921 4,878 
Total Liabilities and Equity$10,207 $10,080 
__________________________________
(b) Our consolidated liabilities include $8 million and $16 million at June 30, 2026 and December 31, 2025, respectively, of certain liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. See Note 1, "Description of the Business and Basis of Presentation," to the Consolidated Financial Statements.

See Notes to Consolidated Financial Statements (Unaudited)
9

DT Midstream, Inc.
Consolidated Statements of Cash Flows 
(Unaudited)

Six Months Ended
June 30,
20262025
(millions)
Operating Activities
Net Income $250 $222 
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization137 126 
Stock-based compensation12 12 
Amortization of operating lease right-of-use assets8 9 
Deferred income taxes80 61 
Earnings from equity method investees(76)(67)
Dividends from equity method investees75 59 

Gain from financing activities(1)— 
Changes in assets and liabilities:
Accounts receivable, net2 (1)
Accounts payable (2)(13)

Contract liabilities7 11 
Other current and noncurrent assets and liabilities10 13 
Net cash and cash equivalents from operating activities502 432 
Investing Activities
Plant and equipment expenditures(183)(152)
Acquisition accounted for as a business combination (purchase price adjustment)— 10 
Distributions from equity method investees21 19 
Contributions to equity method investees(10)(2)

Other investing activities— 1 
Net cash and cash equivalents used for investing activities(172)(124)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs149 — 
Repayment of long-term debt(148)— 
Borrowings under the Revolving Credit Facility90 165 
Repayment of borrowings under the Revolving Credit Facility(90)(290)

Distributions to noncontrolling interests(9)(9)
Contributions from noncontrolling interests1 5 
Dividends paid on common stock(172)(158)
Stock-based compensation tax withholding payments(33)(15)
Net cash and cash equivalents used for financing activities(212)(302)
Net Increase in Cash and Cash Equivalents118 6 
Cash and Cash Equivalents at Beginning of Period54 68 
Cash and Cash Equivalents at End of Period$172 $74 

Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized$77 $76 
Income taxes, net of refunds received5 2 
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities$56 $68 

See Notes to Consolidated Financial Statements (Unaudited)
10

DT Midstream, Inc.
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)

Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests

Common Stock
SharesAmountTotal
(dollars in millions, shares in thousands)
Balance, December 31, 2025101,674 $1 $3,915 $827 $(7)$142 $4,878 
Net Income— — — 130 — 4 134 
Dividends declared on common stock ($0.880 per common share)
— — — (89)— — (89)
Contributions from noncontrolling interests
— — — — — 1 1 
Distributions to noncontrolling interests— — — — — (5)(5)
Stock-based compensation340 — (23)(1)— — (24)

Balance, March 31, 2026102,014 $1 $3,892 $867 $(7)$142 $4,895 
Net Income— — — 112 — 4 116 
Dividends declared on common stock ($0.880 per common share)
— — — (90)— — (90)

Distributions to noncontrolling interests— — — — — (4)(4)
Stock-based compensation1 — 5 (1)— — 4 

Balance, June 30, 2026102,015 $1 $3,897 $888 $(7)$142 $4,921 

 

Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests

Common Stock
SharesAmountTotal
(dollars in millions, shares in thousands)
Balance, December 31, 2024101,325 $1 $3,911 $723 $(8)$139 $4,766 
Net Income— — — 108 — 3 111 
Dividends declared on common stock ($0.820 per common share)
— — — (83)— — (83)
Contributions from noncontrolling interests— — — — — 2 2 
Distributions to noncontrolling interests— — — — — (4)(4)
Stock-based compensation266 — (10)(1)— — (11)
Other comprehensive income, net of tax— — — — 1 — 1 
Balance, March 31, 2025101,591 $1 $3,901 $747 $(7)$140 $4,782 
Net Income— — — 107 — 4 111 
Dividends declared on common stock ($0.820 per common share)
— — — (83)— — (83)
Contributions from noncontrolling interests— — — — — 3 3 
Distributions to noncontrolling interests— — — — — (5)(5)
Stock-based compensation2 — 8 (1)— — 7 

Balance, June 30, 2025101,593 $1 $3,909 $770 $(7)$142 $4,815 

See Notes to Consolidated Financial Statements (Unaudited)

11

DT Midstream, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

NOTE 1 — DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business
DT Midstream is an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through two segments: (i) Pipeline, which includes interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities, and (ii) Gathering, which includes gathering systems, related treatment plants, and compression and surface facilities. Our Pipeline segment also includes joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets.
Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin, and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.
Basis of Presentation
The Consolidated Financial Statements and Notes to Consolidated Financial Statements are prepared under GAAP.
These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We believe the assumptions underlying these financial statements are reasonable. 
In our opinion, the accompanying unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary to present a fair statement of our financial position as of June 30, 2026, results of operations for the three and six months ended June 30, 2026 and 2025, statement of changes in stockholders' equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The Consolidated Statement of Financial Position as of December 31, 2025 was derived from audited annual financial statements but does not include all disclosures required by GAAP. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2026. The Consolidated Financial Statements should be read in conjunction with DT Midstream's Consolidated Financial Statements and Notes to Consolidated Financial Statements included in DT Midstream's 2025 Annual Report on Form 10-K.
Cash Management
Our sources of liquidity include cash generated from operations and available borrowings under our Revolving Credit Facility. 
Principles of Consolidation
We consolidate all majority-owned subsidiaries and investments in entities in which we have a controlling influence. Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. When we do not influence the operating policies of an investee, the equity investment is measured at fair value, if readily determinable, or if not readily determinable, at cost less impairment, if applicable. We eliminate all intercompany balances and transactions.
We evaluate whether an entity is a VIE whenever reconsideration events occur. We consolidate VIEs for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. We perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.
We own an 85% interest in the Stonewall VIE and are the primary beneficiary, therefore Stonewall is consolidated. We own a 50% interest in the South Romeo VIE and are the primary beneficiary, therefore South Romeo is consolidated.
12

DT Midstream, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of June 30, 2026 and December 31, 2025. All assets and liabilities of a consolidated VIE are included in the table when it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. The assets and liabilities of consolidated VIEs that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIEs' obligations have been excluded from the table below.
June 30,December 31,

20262025
(millions)
ASSETS (a)

Cash$20 $20 
Accounts receivable10 10 
Other current assets4 3 
Intangible assets, net446 454 
Property, plant and equipment, net427 431 
Goodwill25 25 
$932 $943 

LIABILITIES (a)

Accounts payable and other current liabilities$5 $13 
Other noncurrent liabilities3 3 
$8 $16 
_____________________________________
(a)Amounts shown are 100% of the consolidated VIEs' assets and liabilities.
Related Parties
Transactions between DT Midstream and our equity method investees have been presented as related party transactions in the accompanying Consolidated Financial Statements.
Equity Method Investments
Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. Under the equity method of accounting, investments are recorded at historical cost as an asset and adjusted for capital contributions, dividends and distributions received, and our share of the investee's earnings or losses, which are recorded as Earnings from equity method investees on the Consolidated Statements of Operations. Equity method investments and related activity are included in the Pipeline segment. 
Our equity method investments are periodically evaluated for certain factors that may be indicative of other-than-temporary impairment. As of June 30, 2026 and December 31, 2025, our carrying amounts of investments in equity method investees exceeded our share of the underlying equity in the net assets of the investees by $312 million and $320 million, respectively. The difference will be amortized over the life of the underlying assets. As of both June 30, 2026 and December 31, 2025, our consolidated retained earnings balance did not have undistributed earnings from equity method investments. We use the cumulative earnings approach to classify proceeds received from equity method investees as dividends or distributions on the Consolidated Statements of Cash Flows.
Earnings from equity method investees include:

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(millions)
NEXUS$14 $15 $32 $30 
Vector11 9 23 21 
Millennium8 6 21 16 
Total Earnings from equity method investees$33 $30 $76 $67 

13

DT Midstream, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

Equity method investees are described below:
Investments As of% Owned As of
June 30,December 31,June 30,December 31,

Equity Method Investee2026202520262025

(millions)
NEXUS $865 $867 50%50%
Vector139 134 40%40%
Millennium239 252 52.5%52.5%
Total Investments in equity method investees$1,243 $1,253 

The following table presents summarized financial information of our non-consolidated equity method investees. The amounts included below represent 100% of the results of continuing operations of such entities, including the portion owned by other parties. 
Summarized income statement data is as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(millions)
Operating revenues$201$201 $418 $410 
Operating expenses97103 191 198 
Net Income$77$71 $174 $156 

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
Cash and cash equivalents include cash in banks and highly liquid money market investments with remaining maturities of three months or less, when purchased. Cash equivalents are stated at cost, which approximates fair value. 
Financing Receivables
Financing receivables are primarily composed of trade accounts receivable and notes receivable, which are stated at net realizable value.
We regularly monitor the credit quality of our financing receivables by reviewing counterparty credit quality indicators and monitoring for triggering events, such as a credit rating downgrade or bankruptcy. We have three internal grades of credit quality, with internal grade 1 as the lowest risk and internal grade 3 as the highest risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2026. As of June 30, 2026, the notes receivable — related party of $4 million, which originated prior to 2021, were classified as internal grade 1. There are no notes receivable on nonaccrual status and no past due financing receivables as of June 30, 2026.
For trade accounts receivable, the customer allowance for expected credit loss is calculated based on specific review of future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, historical loss rates, customer trends and other relevant factors that may affect our ability to collect are also considered. Receivables are written off on a specific identification basis and determined based on the particular circumstances of the associated receivable. Uncollectible expense (recovery) was zero for each of the three and six months ended June 30, 2026 and 2025. 
Our collections on accounts receivable from customers are current, and no material rate of historical loss was noted, which resulted in no allowance for expected credit loss as of June 30, 2026 or December 31, 2025. Any balance would be shown as a deduction from the respective financing receivable's balance in the Consolidated Statements of Financial Position.
14

DT Midstream, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

Property, Plant, and Equipment
Property is stated at cost and includes construction-related labor, materials, overhead and capitalized interest. Property for FERC-regulated entities includes debt and equity AFUDC. Debt AFUDC represents capitalized interest. Equity AFUDC represents the capitalization of the estimated average cost of equity during construction projects and is recognized in Other income in our Consolidated Statements of Operations. Expenditures for maintenance and repairs are charged to expense when incurred. Property, plant and equipment is depreciated over its estimated useful life using the straight-line method.
Certain regulated properties are accounted for under ASC 980, which in some cases requires that the cost of regulated property retired or sold, plus removal costs, less salvage, be charged to accumulated depreciation. For regulated property, depreciation studies to assess the estimated useful lives of the asset are typically conducted as part of rate proceedings or tariff filings. Changes in economic lives, if applicable, are implemented prospectively as of the approved effective date. Our regulated properties are depreciated using the straight-line method based on composite depreciation rates applied to functional groups of properties with similar economic lives.
Intangible Assets
Intangible assets with finite useful lives are amortized on a straight-line basis over the periods benefited.
Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Goodwill
DT Midstream has goodwill resulting from business combinations. For each reporting unit with goodwill, we perform an impairment test annually or whenever events or circum