DT Midstream, Inc. (DTM) Balance Sheet

NYSE: DTMAssets, liabilities, debt and equity over 8 years.

DTM balance sheet, 2025

December 31, 2025 · U.S. dollars

$10.08B assets = $5.20B liabilities + $4.88B equity

Both columns are drawn to the same scale: what DTM owns equals what it owes plus shareholders’ equity. Hover a block for its value.

DTM financial health

Current ratio1.07

Adequate · current assets cover current liabilities 1.07×

Debt / equity0.71

Moderate leverage · $0.71 of debt for each $1 of equity

Equity / assets47.0%

Equity-funded · of assets funded by shareholders

Cash / debt1.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles26.2%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

DTM balance sheet trends, 2018–2025

DT Midstream, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$4.88B2018	$10.08B2025	+10.9%/yr
Total liabilities	$1.77B2018	$5.20B2025	+16.6%/yr
Shareholders’ equity	$2.15B2018	$4.74B2025	+11.9%/yr
Cash & short-term investments	$26.0M2018	$54.0M2025	+11.0%/yr
Total debt	$1.69B2018	$3.37B2025	+10.4%/yr
Net cash (debt)	−$1.66B2018	−$3.32B2025	−$1.7B
Working capital	−$1.46B2018	$22.0M2025	+$1.5B
Book value per share	$22.252018	$46.202025	+11.0%/yr
Current ratio	0.182018	1.072025	+0.90
Debt / equity	0.782018	0.712025	−0.07
Shares outstanding	96.9M2018	102.5M2025	+0.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

DTM assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

DTM liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

DTM debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

DTM balance sheet

DT Midstream, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	$54.0M	$68.0M	$56.0M	$61.0M	$132.0M	$42.0M	$46.0M	$26.0M
Cash & equivalents	$54.0M	$68.0M	$56.0M	$61.0M	$132.0M	$42.0M	$46.0M	$26.0M
Short-term investments	—	—	—	—	$1.69B	—	—	—
Receivables	$188.0M	$180.0M	$169.0M	$161.0M	$178.0M	$400.0M	$110.0M	$59.0M
Inventory	$0	$0	$0	$22.0M	$25.0M	$0	$0	$0
Other current assets	$76.0M	$62.0M	$47.0M	$18.0M	$25.0M	$41.0M	$144.0M	$228.0M
Total current assets	$318.0M	$310.0M	$272.0M	$262.0M	$360.0M	$483.0M	$300.0M	$313.0M
Property, plant & equipment (net)	$5.81B	$5.58B	$4.47B	$3.84B	$3.53B	$3.52B	$3.11B	$1.92B
Goodwill & intangible assets	$2.64B	$2.70B	$2.44B	$2.50B	$2.56B	$2.61B	$2.67B	$1.04B
Long-term investments	$1.25B	$1.30B	$1.76B	$2.20B	$1.69B	$1.69B	$1.68B	$0
Other non-current assets	$54.0M	$55.0M	$35.0M	$36.0M	$34.0M	$40.0M	$26.0M	$1.60B
Total assets	$10.08B	$9.94B	$8.98B	$8.83B	$8.17B	$8.34B	$7.79B	$4.88B
Liabilities
Accounts payable	$65.0M	$77.0M	$94.0M	$119.0M	$22.0M	$39.0M	$49.0M	$44.0M
Short-term debt	$16.0M	$166.0M	$178.0M	$346.0M	$26.0M	$3.19B	$2.94B	$1.69B
Deferred revenue	$25.0M	$18.0M	$18.0M	$4.0M	$82.0M	$771.0M	$379.0M	—
Total current liabilities	$296.0M	$426.0M	$434.0M	$614.0M	$177.0M	$3.29B	$3.40B	$1.77B
Long-term debt	$3.32B	$3.32B	$3.06B	$3.06B	$3.04B	$0	$0	$0
Lease obligations	$48.0M	$52.0M	$40.0M	$35.0M	$37.0M	$45.0M	$46.0M	—
Other long-term liabilities	$1.58B	$1.42B	$1.20B	$1.01B	$932.0M	$826.0M	$663.0M	$0
Total liabilities	$5.20B	$5.17B	$4.70B	$4.68B	$4.14B	$4.11B	$4.06B	$1.77B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	—	—	—
Retained earnings (deficit)	$827.0M	$723.0M	$661.0M	$547.0M	$431.0M	$751.0M	$501.0M	$361.0M
Accumulated other comprehensive income	−$7.0M	−$8.0M	−$8.0M	−$10.0M	−$10.0M	−$11.0M	−$13.0M	−$13.0M
Minority interest	$142.0M	$139.0M	$141.0M	$147.0M	$149.0M	—	—	—
Total shareholders' equity	$4.74B	$4.63B	$4.14B	$4.01B	$3.87B	$4.07B	$3.57B	$2.15B
Key figures
Total debt	$3.37B	$3.52B	$3.27B	$3.42B	$3.08B	$3.22B	$2.97B	$1.69B
Net cash (debt)	−$3.32B	−$3.45B	−$3.21B	−$3.36B	−$2.95B	−$3.18B	−$2.92B	−$1.66B
Working capital	$22.0M	−$116.0M	−$162.0M	−$352.0M	$183.0M	−$2.81B	−$3.10B	−$1.46B
Tangible book value	$2.09B	$1.93B	$1.70B	$1.51B	$1.32B	$1.46B	$903.0M	$1.11B
Book value per share	$46.20	$47.02	$42.45	$41.22	$40.03	$42.05	$36.85	$22.25
Shares outstanding	102.5M	98.4M	97.5M	97.2M	96.7M	96.9M	96.9M	96.9M
Current ratio	1.07	0.73	0.63	0.43	2.03	0.15	0.09	0.18
Quick ratio	0.82	0.58	0.52	0.36	1.75	0.13	0.05	0.05
Debt / equity	0.71	0.76	0.79	0.85	0.80	0.79	0.83	0.78
Equity / assets	47.0%	46.6%	46.1%	45.4%	47.4%	48.8%	45.8%	44.2%

DT Midstream, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$172.0M	$150.0M	$54.0M	$98.0M	$74.0M	$83.0M	$68.0M	$77.0M	$73.0M	$41.0M	$56.0M	$30.0M
Cash & equivalents	$172.0M	$150.0M	$54.0M	$98.0M	$74.0M	$83.0M	$68.0M	$77.0M	$73.0M	$41.0M	$56.0M	$30.0M
Short-term investments	—	—	—	—	—	—	—	$4.0M	—	—	—	—
Receivables	$188.0M	$190.0M	$188.0M	$175.0M	$164.0M	$168.0M	$180.0M	$143.0M	$155.0M	$150.0M	$169.0M	$146.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6.0M
Other current assets	$49.0M	$64.0M	$76.0M	$49.0M	$53.0M	$61.0M	$62.0M	$29.0M	$28.0M	$38.0M	$47.0M	$18.0M
Total current assets	$409.0M	$404.0M	$318.0M	$322.0M	$291.0M	$312.0M	$310.0M	$249.0M	$256.0M	$229.0M	$272.0M	$200.0M
Property, plant & equipment (net)	$5.89B	$5.83B	$5.81B	$5.77B	$5.66B	$5.60B	$5.58B	$4.60B	$4.56B	$4.53B	$4.47B	$4.39B
Goodwill & intangible assets	$2.61B	$2.63B	$2.64B	$2.66B	$2.67B	$2.68B	$2.70B	$2.40B	$2.41B	$2.43B	$2.44B	$2.46B
Long-term investments	$1.24B	$1.25B	$1.25B	$1.26B	$1.29B	$1.29B	$1.30B	$1.30B	$1.73B	$1.74B	$1.76B	$1.78B
Other non-current assets	$47.0M	$48.0M	$54.0M	$53.0M	$53.0M	$55.0M	$55.0M	$43.0M	$34.0M	$36.0M	$35.0M	$35.0M
Total assets	$10.21B	$10.15B	$10.08B	$10.06B	$9.96B	$9.93B	$9.94B	$8.59B	$8.99B	$8.95B	$8.98B	$8.86B
Liabilities
Accounts payable	$70.0M	$57.0M	$65.0M	$96.0M	$84.0M	$67.0M	$77.0M	$67.0M	$59.0M	$68.0M	$94.0M	$124.0M
Short-term debt	$19.0M	$17.0M	$16.0M	$17.0M	$41.0M	$79.0M	$166.0M	$15.0M	$87.0M	$70.0M	$178.0M	$140.0M
Deferred revenue	$30.0M	$24.0M	$25.0M	$22.0M	$20.0M	$20.0M	$18.0M	$18.0M	$21.0M	$21.0M	$18.0M	$136.0M
Total current liabilities	$298.0M	$321.0M	$296.0M	$349.0M	$331.0M	$381.0M	$426.0M	$262.0M	$306.0M	$322.0M	$434.0M	$424.0M
Long-term debt	$3.33B	$3.33B	$3.32B	$3.32B	$3.32B	$3.32B	$3.32B	$2.67B	$3.07B	$3.07B	$3.06B	$3.06B
Lease obligations	$47.0M	$46.0M	$48.0M	$53.0M	$53.0M	$48.0M	$52.0M	$49.0M	$54.0M	$53.0M	$40.0M	$45.0M
Other long-term liabilities	$1.66B	$1.61B	$1.58B	$1.55B	$1.49B	$1.45B	$1.42B	$1.29B	$1.27B	$1.26B	$1.20B	$1.15B
Total liabilities	$5.29B	$5.26B	$5.20B	$5.22B	$5.14B	$5.15B	$5.17B	$4.23B	$4.65B	$4.64B	$4.70B	$4.64B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$888.0M	$867.0M	$827.0M	$801.0M	$770.0M	$747.0M	$723.0M	$726.0M	$710.0M	$686.0M	$661.0M	$608.0M
Accumulated other comprehensive income	−$7.0M	−$7.0M	−$7.0M	−$7.0M	−$7.0M	−$7.0M	−$8.0M	−$7.0M	−$8.0M	−$8.0M	−$8.0M	−$9.0M
Minority interest	$142.0M	$142.0M	$142.0M	$142.0M	$142.0M	—	—	—	—	—	—	—
Total shareholders' equity	$4.78B	$4.75B	$4.74B	$4.70B	$4.67B	$4.64B	$4.63B	$4.22B	$4.20B	$4.17B	$4.14B	$4.08B
Key figures
Total debt	$3.37B	$3.37B	$3.37B	$3.38B	$3.40B	$3.43B	$3.52B	$2.72B	$3.19B	$3.17B	$3.27B	$3.23B
Net cash (debt)	−$3.20B	−$3.22B	−$3.32B	−$3.28B	−$3.33B	−$3.35B	−$3.45B	−$2.65B	−$3.12B	−$3.13B	−$3.21B	−$3.20B
Working capital	$111.0M	$83.0M	$22.0M	−$27.0M	−$40.0M	−$69.0M	−$116.0M	−$13.0M	−$50.0M	−$93.0M	−$162.0M	−$224.0M
Tangible book value	$2.17B	$2.12B	$2.09B	$2.04B	$2.00B	$1.96B	$1.93B	$1.82B	$1.78B	$1.74B	$1.70B	$1.62B
Book value per share	$46.58	$46.28	$46.08	$45.87	$45.59	$45.29	$45.91	$43.04	$42.87	$42.64	$42.68	$41.84
Shares outstanding	102.6M	102.7M	102.8M	102.5M	102.5M	102.5M	100.8M	98.0M	97.9M	97.7M	97.0M	97.5M
Current ratio	1.37	1.26	1.07	0.92	0.88	0.82	0.73	0.95	0.84	0.71	0.63	0.47
Quick ratio	1.21	1.06	0.82	0.78	0.72	0.66	0.58	0.84	0.75	0.59	0.52	0.42
Debt / equity	0.71	0.71	0.71	0.72	0.73	0.74	0.76	0.65	0.76	0.76	0.79	0.79
Equity / assets	46.8%	46.8%	47.0%	46.7%	46.9%	46.7%	46.6%	49.1%	46.7%	46.5%	46.1%	46.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.

DTM financial position

At the end of fiscal 2025 (December 31, 2025), DT Midstream had total assets of $10.1 billion (up 1.5% from a year earlier), total liabilities of $5.2 billion and shareholders' equity of $4.7 billion. It held $54.0 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.3 billion. Its current ratio was 1.07. In the latest quarter (ended June 30, 2026) total assets were $10.2 billion and equity $4.8 billion.

Related: DTM income statement, DTM cash flow statement, DTM key metrics. See the DTM stock overview for the latest quote and news.

DTM balance sheet FAQ

What are DT Midstream's total assets?

DT Midstream reported total assets of $10.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $9.9 billion a year earlier.

How much debt does DT Midstream have?

DT Midstream had $3.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.71.

How much cash does DT Midstream have?

DT Midstream held $54.0 million in cash and short-term investments at the end of fiscal 2025; with $3.4 billion of debt that is net debt of $3.3 billion.

What is DT Midstream's book value?

DT Midstream's shareholders' equity (book value) was $4.7 billion at the end of fiscal 2025, or $46.20 per share.

What is DT Midstream's current ratio?

DT Midstream had current assets of $318.0 million and current liabilities of $296.0 million, a current ratio of 1.07 (it can cover its short-term obligations).

How much goodwill does DT Midstream have?

DT Midstream carried $2.6 billion of goodwill and intangible assets, 26.2% of total assets, at the end of fiscal 2025.