DT Midstream Inc. (DTM): 2Q26 Preview: Quiet Quarter; Focus Remains on Growth Project Additions

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DT Midstream Inc. (DTM): 2Q26 Preview: Quiet Quarter; Focus Remains on Growth Project Additions

Equity Research

9 July 2026 | 9:03PM EDT

DT Midstream Inc. (DTM): 2Q26 Preview: Quiet Quarter; Focus Remains

on Growth Project Additions

Ahead of 2Q26 earnings, we refresh our estimates for DT Midstream (DTM, Sell). John Mackay

+1(212)357-5379 |

For 2Q26, we expect EBITDA of $297m, just below consensus of $300m (-1%) but john.mackay@gs.com

Goldman Sachs & Co. LLC

above our prior estimate of $289m (+3%). Sequentially, slightly higher Gathering

Olivia Foster

results should be offset by a seasonal step down across the JV and wholly owned +1(801)212-7314 | olivia.foster@gs.com

pipes and the Guardian rate case. For the year, we expect FY26 EBITDA of $1,219m, Goldman Sachs & Co. LLC

Jackie Koletasjust below consensus of $1,225m but still at the high-end of the $1,155-1,225m +1(917)343-6953 |

guidance range. Most in focus will be progress on new natural gas transmission jackie.koletas@gs.comGoldman Sachs & Co. LLC

projects - we will also look for updates on how inorganic growth could fit into the Ben Lund

picture over time. Specifically, on the organic front, we will look for next steps on the +1(801)884-1197 | ben.lund@gs.com Goldman Sachs & Co. LLC

pre-FID MIST project (we expect the project to progress across two phases with a

Northern and Southern leg with 2029-30 in-service dates), the Vector 2030

expansion, Millennium PRO project, and potential expansions on LEAP over time.

Zooming out, while we acknowledge the solid demand backdrop, we believe the bar

for execution is relatively high, as evidenced by the magnitude of pre-FID growth

already contemplated by the market. Our PT moves to $130, and we maintain our

Sell rating on what we see as stretched valuation.

Key Expectations