DT Midstream Raises 2026 Adjusted EBITDA Floor After Third Quarter

The Tip Desk · October 30, 2026 · 3 min read

The company lifted its 2026 Adjusted EBITDA range to $1,185 million to $1,225 million after third-quarter Adjusted EBITDA of $301 million.

DT Midstream, Inc. (DTM) raised the floor of its 2026 Adjusted EBITDA outlook after year-to-date results that the company said were ahead of plan, even as quarterly Adjusted EBITDA slipped slightly from the second quarter.

The natural gas pipeline, storage and gathering operator reported third-quarter Adjusted EBITDA of $301 million, down from $305 million in the second quarter. Reported net income attributable to DT Midstream was $118 million, or $1.16 a share, versus $112 million, or $1.09 a share, in the prior quarter. Operating Earnings matched reported net income at $118 million, or $1.16 a share.

Chief Executive David Slater said the company continued to deliver strong performance in 2026. Chief Financial Officer Jeff Jewell said year-to-date results were ahead of plan and that, based on performance and the outlook for the remainder of the year, the company was raising 2026 Adjusted EBITDA guidance to a range of $1,185 million to $1,225 million, from $1,155 million to $1,225 million. The updated midpoint represents 7% year-over-year growth, the company said. The 2027 Adjusted EBITDA early outlook was reaffirmed at $1,225 million to $1,295 million.

The board declared a $0.88 a share dividend payable January 15, 2027.

Pipeline Adjusted EBITDA was $202 million, up from $200 million, which the company attributed to higher revenue on joint venture pipelines. Gathering Adjusted EBITDA was $99 million, down from $105 million, which the company attributed to lower Northeast volumes. Distributable Cash Flow was $270 million, up from $174 million, with the company citing cash interest expense in the second quarter. Growth capital was $79 million and maintenance capital $19 million.

Organic growth was the other thread of the quarter. Slater said the company was advancing its organic growth backlog, with $2.4 billion of projects now committed, or 70% of a $3.4 billion backlog, after more than $0.4 billion of new projects reached final investment decision. Those decisions included the MIST Southbound Phase 1 expansion of Midwestern Gas Transmission, which will add approximately 300 MMcf/d of capacity, a 20% increase in total pipeline capacity, with an expected fourth-quarter 2029 in-service date; a new lateral from Midwestern to serve a 900 MW power plant in Indiana, expected in service in the first half of 2028 under a 20-year demand-based contract; and the second phase of the Guardian Pipeline modernization program. Combined capital for the MIST S1 expansion and the power-plant lateral was $275 million to $325 million at a 5.5 to 6.5 times build multiple.

The company also received FERC approval for Guardian’s rate case settlement, which recovers Guardian Phase 1 modernization investment. Guardian “G3” remains on track, with the FERC certificate order scheduled for the first half of 2027. Other projects in execution include Millennium R2R, Viking expansion, Appalachia Gathering expansion, Haynesville system expansion, Guardian G3, and Vector 2028.

Haynesville throughput was 1.25 Bcf/d in the third quarter, down from 1.38 Bcf/d in the second quarter after 1.42 Bcf/d in the first quarter. The company said producer curtailments were driving lower expected volumes for the fourth quarter compared with the third quarter.

Full-year 2026 Operating Earnings guidance was narrowed to $460 million to $490 million from $455 million to $495 million, and Operating EPS guidance to $4.47 to $4.77 from $4.42 to $4.82. Distributable Cash Flow guidance was raised to $860 million to $890 million from $830 million to $890 million. Capital investment guidance was lowered to $450 million to $510 million from $490 million to $570 million, with growth capital cut to $375 million to $425 million from $420 million to $480 million and maintenance capital narrowed to $75 million to $85 million from $70 million to $90 million. The company said capital efficiency was lowering 2026 growth capital guidance by more than 10%, and that total committed investments of about $1.0 billion were planned over 2026 and 2027.