DT Midstream reported third-quarter 2026 net income of $118 million, or $1.16 per diluted share, and adjusted EBITDA of $301 million. The natural-gas pipeline and infrastructure company raised its full-year adjusted EBITDA guidance, citing year-to-date results ahead of plan and a strong outlook for the rest of the year.
The company also highlighted progress on its growth program, with $2.4 billion of projects committed, and declared a quarterly dividend of 88 cents per share.
Key details
- Third-quarter results: Net income was $118 million, equal to $1.16 per diluted share. The company reported the same figures for “operating earnings,” a measure it uses to represent ongoing operations. Adjusted EBITDA was $301 million.
- Higher 2026 guidance: DT Midstream raised its full-year adjusted EBITDA outlook to $1.185 billion to $1.225 billion. The release did not provide the previous guidance range.
- Growth investment: The company said its committed project backlog now totals $2.4 billion. Three projects reached final investment decision during the quarter:
- The first phase of the MIST Southbound expansion on Midwestern Gas Transmission, expected to add about 300 million cubic feet per day of capacity—an increase of roughly 20% in the pipeline’s total capacity.
- A new lateral from Midwestern Gas Transmission to serve a utility-scale power plant in Indiana.
- The second phase of the Guardian Pipeline modernization program.
- Dividend: The board declared a quarterly cash dividend of $0.88 per share. Shareholders of record on December 15, 2026 are due to be paid on January 15, 2027.
Plain-English implications
The higher EBITDA guidance reflects management’s view that 2026 performance is running ahead of plan. The announced projects add to the company’s planned infrastructure investment, including new pipeline capacity and service for a power plant. The dividend declaration sets the next cash distribution for shareholders.