DT Midstream Raises 2026 EBITDA Guidance Midpoint and Grows Backlog to $2.4 Billion

DT Midstream raised the midpoint of its 2026 adjusted EBITDA outlook on Thursday after reporting third-quarter net income of $118 million, or $1.16 a diluted share, and said it has now committed $2.4 billion to organic growth projects, according to its earnings release and investor presentation filed with an 8-K.

The natural gas pipeline and gathering operator now expects 2026 adjusted EBITDA of $1.185 billion to $1.225 billion. The company said in its presentation that it raised the midpoint and narrowed the range, and that the new midpoint represents 7% growth from a year earlier. It reaffirmed its early 2027 adjusted EBITDA outlook of $1.225 billion to $1.295 billion.

"Our year-to-date results are ahead of plan," Executive Vice President and CFO Jeff Jewell said in the release.

The quarter

Third-quarter adjusted EBITDA was $301 million, compared with $305 million in the second quarter. Net income rose from $112 million, or $1.09 a share, in the second quarter. Operating earnings, the company's preferred profit measure, matched reported net income at $118 million because there were no adjustments.

The pipeline segment generated $202 million of adjusted EBITDA in the quarter, and the gathering segment contributed $99 million.

For the first nine months of 2026, net income rose to $360 million from $330 million a year earlier, and adjusted EBITDA increased to $914 million from $845 million. Pipeline adjusted EBITDA for the period rose to $616 million from $586 million, while gathering climbed to $298 million from $259 million.

New projects get the green light

"We are also advancing our organic growth backlog, with $2.4 billion of projects now committed," Chairman and CEO David Slater said.

The company reached final investment decisions on about $0.4 billion of new projects in the quarter, lifting the committed share of its roughly $3.4 billion backlog to about 70%, according to the presentation. They include:

• The MIST Southbound Phase 1 expansion of Midwestern Gas Transmission, which will add about 300 million cubic feet a day of capacity, a 20% increase, with a targeted in-service date in the fourth quarter of 2029
• A new lateral off Midwestern to serve a new 900-megawatt power plant in Indiana, backed by a 20-year demand-based contract with a utility and expected in service in the first half of 2028
• The second phase of the Guardian Pipeline modernization program, expected in service in the third quarter of 2030

The company said the MIST expansion and the lateral together represent a combined capital investment of $275 million to $325 million. It also received approval from the Federal Energy Regulatory Commission for Guardian's rate case settlement, which recovers the investment in the first phase of the Guardian modernization program.

Dividend

DT Midstream's board declared a quarterly dividend of $0.88 a share, payable Jan. 15, 2027, to stockholders of record on Dec. 15, 2026.

The company scheduled a conference call for 9 a.m. ET on Thursday to discuss the results.

Sources

1. DT Midstream Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001140361-26-041104)

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