Analyst Consensus ?
ConsensusHold15 ratings
Bullish960.0%
Neutral533.3%
Bearish16.7%
DT Midstream, Inc. · DTM · FY2025 Q4 · Calendar Q1 2026
DT Midstream: pipeline backlog supports growth, with execution risks
The supplied analysis supports a constructive operating outlook: management emphasized record 2025 performance, a pipeline-focused organic backlog, and demand from power generation, data centers, and LNG. Whether that translates into durable growth depends on project approvals, construction execution, and capital discipline; the reported EPS and revenue were slightly below estimates.
Reported Before market openNYSEEnergy
$12.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.08
Consensus $1.11
EPS surprise
-2.7%
Reported versus consensus
Reported revenue
$317.0M
Consensus $317.1M
Revenue surprise
-0.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.9%
Event window
SPY move
-0.3%
Same window
Abnormal move
-0.6%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+4.5%
Up to 20 sessions
DTMSPY benchmark
Ask FN2 about DTM FY2025 Q4
Transcript, numbers and history already loaded
Why did DTM fall 0.9% after missing EPS estimates in FY2025 Q4?What changed in DTM's guidance and outlook in FY2025 Q4?Give me the bull and bear case for DTM after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current call analysis adds a record-year and project-backlog focus, including Viking expansion and Interstate modernization Phase 2. Compared with the prior-quarter analysis, which centered on strong quarterly throughput and the Guardian expansion, the new emphasis is a broader multi-project investment pipeline and 2026 project commitments.
Guidance delta
The call analysis characterizes guidance sentiment as raised and describes 2026–27 guidance as reaffirmed with modest EBITDA upside. It does not provide a specific numerical guidance change in the supplied summary.
Key takeaways
- The analysis describes record 2025 adjusted EBITDA growth, supported by pipeline segment growth.
- The organic project backlog is described as pipeline-focused, with new FIDs for Viking and Interstate modernization Phase 2.
- Management cited power-generation demand, data-center loads, and LNG exports as demand drivers.
- Reported EPS and revenue were slightly below estimates, a counterweight to the constructive operating narrative.
Management priorities
- Advance the Viking expansion and Interstate modernization Phase 2.
- Develop pipeline capacity to serve Midwest demand and LNG-linked growth.
- Balance project investment with capital efficiency, leverage, and dividend growth.
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Miss
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Analyst 52W Price Targets
$120.98Previous close
$54Low
$120.77Average
$170High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 21, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 6, 2026 |
| Jefferies | Buy | Buy | Maintain | Sep 16, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 10, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Aug 26, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | May 15, 2026 |
| Citigroup | Buy | Buy | Maintain | May 4, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 20, 2026 |
| Stifel | Hold | Buy | Downgrade | Feb 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Dec 11, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Jan 28, 2025 |
| Credit Suisse | Neutral | Outperform | Downgrade | Mar 8, 2022 |
Named analyst price targets
Upside is calculated against the persisted previous close $120.98. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $150 | $119.09 | +24.0% | Oct 15, 2026 |
| Scotiabank | Analyst unavailable | $165 | $117.88 | +36.4% | Oct 15, 2026 |
| Goldman Sachs | John Mackay | $121 | $126.55 | +0.0% | Oct 14, 2026 |
| Barclays | Analyst unavailable | $142 | $122.12 | +17.4% | Oct 6, 2026 |
| Jefferies | Analyst unavailable | $145 | $125.08 | +19.9% | Sep 16, 2026 |
| Scotiabank | Analyst unavailable | $168 | $130.23 | +38.9% | Sep 10, 2026 |
| Wolfe Research | Keith Stanley | $145 | $126.74 | +19.9% | Aug 26, 2026 |
| Jefferies | Analyst unavailable | $155 | $136.77 | +28.1% | Jul 31, 2026 |
| Jefferies | Analyst unavailable | $170 | $145.29 | +40.5% | Jul 16, 2026 |
| Jefferies | Julien Dumoulin-Smith | $164 | $146.72 | +35.6% | Jul 8, 2026 |
| Scotiabank | Analyst unavailable | $176 | $151.12 | +45.5% | May 26, 2026 |
| Morgan Stanley | Robert Kad | $170 | $144.44 | +40.5% | May 12, 2026 |
| Jefferies | Julien Dumoulin-Smith | $166 | $147.99 | +37.2% | May 1, 2026 |
| Barclays | Analyst unavailable | $143 | $147.99 | +18.2% | May 1, 2026 |
| Raymond James | Analyst unavailable | $158 | $147.99 | +30.6% | Apr 30, 2026 |
| Goldman Sachs | Analyst unavailable | $127 | $134.24 | +5.0% | Apr 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $137 | $137.91 | +13.2% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $136.06 | +24.0% | Feb 22, 2026 |
| UBS | Manav Gupta | $152 | $131.91 | +25.6% | Feb 20, 2026 |
| Jefferies | Analyst unavailable | $148 | $132.33 | +22.3% | Feb 20, 2026 |
| Mizuho Securities | Analyst unavailable | $129 | $133.21 | +6.6% | Feb 17, 2026 |
| Morgan Stanley | Robert Kad | $139 | $131.4 | +14.9% | Feb 10, 2026 |
| Jefferies | Analyst unavailable | $141 | $125.47 | +16.5% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $119 | $118.19 | -1.6% | Jan 14, 2026 |
| Jefferies | Analyst unavailable | $125 | $109.49 | +3.3% | Nov 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $119 | $109.91 | -1.6% | Oct 14, 2025 |
| Barclays | Analyst unavailable | $114 | $114.01 | -5.8% | Oct 8, 2025 |
| UBS | Analyst unavailable | $128 | $113.36 | +5.8% | Oct 3, 2025 |
| Mizuho Securities | Analyst unavailable | $108 | $104.14 | -10.7% | Aug 29, 2025 |
| Morgan Stanley | Robert Kad | $115 | $107.21 | -4.9% | Jun 3, 2025 |
| Williams Trading | Analyst unavailable | $110 | $101 | -9.1% | Mar 24, 2025 |
| Stifel Nicolaus | Selman Akyok | $89 | $89.3 | -26.4% | Oct 30, 2024 |
| Barclays | Q3 EBITDA | $85 | $81.48 | -29.7% | Oct 3, 2024 |
| Mizuho Securities | Robert Mosca | $72 | $74.22 | -40.5% | Jul 30, 2024 |
| Barclays | Theresa Chen | $72 | $71.1 | -40.5% | Jul 17, 2024 |
| Wells Fargo | Michael Blum | $77 | $66.86 | -36.4% | Jun 4, 2024 |
| Barclays | Theresa Chen | $66 | $63.42 | -45.4% | Apr 5, 2024 |
| Goldman Sachs | John MacKay | $46 | $52.43 | -62.0% | Feb 16, 2024 |
| Citigroup | Spiro Dounis | $54 | $50.45 | -55.4% | Jul 10, 2023 |
| Wells Fargo | Analyst unavailable | $62 | $54.9 | -48.8% | Dec 16, 2022 |
| Barclays | Analyst unavailable | $62 | $57.29 | -48.8% | Aug 16, 2022 |
| Mizuho Securities | Analyst unavailable | $58 | $53.89 | -52.1% | Aug 4, 2022 |
| Mizuho Securities | Analyst unavailable | $57 | $53.2 | -52.9% | May 10, 2022 |
| Wells Fargo | Analyst unavailable | $59 | $54.2 | -51.2% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $60 | $54.77 | -50.4% | Apr 26, 2022 |
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Start freeCompany context
Snapshot as of publicationDT Midstream, Inc. is a U.S.-based company offering a comprehensive suite of natural gas infrastructure and related services. The organization's operations are divided into two primary divisions: Pipeline and Gathering. It is responsible for the development, ownership, and management of an interconnected network of assets. This portfolio includes both interstate and intrastate pipelines, natural gas storage facilities, lateral pipelines, gathering systems, specialized treatment plants, and various compression and surface equipment.…
Historical context
All DTM earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CVX Chevron Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.4% | +1.8% | Chevron posts strong Q3 as production, cash flow and AI value rise |
| XOM Exxonmobil Holdings Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +2.2% | ExxonMobil Highlights Refining, LNG and Cash Returns in Q3 |
| IMO Imperial Oil Limited | FY2026 Q3 · Calendar Q4 2026 | +6.4% | +5.5% | Imperial Oil: downstream strength and low-carbon growth lead Q3 |
| CCJ Cameco Corporation | FY2026 Q3 · Calendar Q4 2026 | -101.4% | -7.9% | Cameco keeps nuclear-growth thesis intact as Key Lake outage weighs |
| BP BP p.l.c. | FY2026 Q3 · Calendar Q4 2026 | +22.6% | +0.1% | BP Q3: Strong profit, lower debt, safety risks persist |
Latest beats and misses
Who reports nextBeat on EPS
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
- SBACFY2026 Q3 · November 2, 2026+4.8% EPS-1.2% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
Get the DTM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T07:30:43.934393+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T07:30:43.931629+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.