DTE ENERGY CODTE
DTE ENERGY CO Segments Disclosure
SEGMENT AND RELATED INFORMATION
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DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the four reportable segments below. DTE Electric is a standalone registrant with one reportable segment.
Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.
Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.4 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.
DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers.
Energy Trading segment consists of energy marketing and trading operations.
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth.
The chief operating decision maker (CODM) at DTE Energy is the Financial Objectives committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, and other executive leaders of DTE Energy. The CODM at DTE Electric is comprised of the Chief Executive Officer and Chief Financial Officer. The CODMs assess performance for the reportable segments detailed above and decide how to allocate resources based on Net Income (Loss) Attributable to DTE Energy Company and monitoring budget versus actual results. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
Electric segment(a) | $ | 71 | $ | 71 | $ | 72 | |||||||||||
| Gas segment | 22 | 16 | 17 | ||||||||||||||
| DTE Vantage segment | 77 | 43 | 68 | ||||||||||||||
| Energy Trading segment | 176 | 100 | 85 | ||||||||||||||
| $ | 346 | $ | 230 | $ | 242 | ||||||||||||
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(a)Inter-segment billing for the Electric segment relating to Non-utility operations includes $4 million for the year ended December 31, 2025 and $3 million for the years ended December 31, 2024 and 2023.
All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided.
The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. Carryforward items, such as tax credits and charitable contributions, are recorded at their individual company basis and adjusted at Corporate and Other for consolidated tax purposes.
The Reclassifications and Eliminations group below also includes the reclassification of deferred tax assets and prepaid pension assets, which are netted against deferred tax liabilities and accrued pension liabilities, respectively, for presentation on the DTE Energy Consolidated Statements of Financial Position. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information regarding the Registrants' deferred taxes and to Note 20, "Retirement Benefits and Trusteed Assets," for additional information regarding pension plans.
Financial data of DTE Energy's business segments follows:
Electric(a) | Gas | DTE Vantage | Energy Trading | Total Reportable Segments | Corporate and Other | Reclassifications and Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 Segment profit (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating Revenues — Utility operations | $ | 6,885 | 2,052 | — | — | $ | 8,937 | — | (88) | $ | 8,849 | ||||||||||||||||||||||||||||||||||||
| Operating Revenues — Non-utility operations | $ | 50 | — | 696 | 6,477 | $ | 7,223 | — | (258) | $ | 6,965 | ||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,553 | 225 | 59 | 4 | $ | 1,841 | — | — | $ | 1,841 | ||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 555 | 132 | 30 | 10 | $ | 727 | 409 | (80) | $ | 1,056 | ||||||||||||||||||||||||||||||||||||
| Interest income | $ | (9) | (11) | (87) | (7) | $ | (114) | (69) | 80 | $ | (103) | ||||||||||||||||||||||||||||||||||||
| Equity earnings of equity method investees | $ | — | 1 | 19 | — | $ | 20 | 27 | — | $ | 47 | ||||||||||||||||||||||||||||||||||||
Other segment items (pre-tax)(b) | $ | 3,605 | 1,322 | 582 | 6,306 | $ | 11,815 | (46) | (346) | $ | 11,423 | ||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | $ | 73 | 88 | (61) | 41 | $ | 141 | (53) | — | $ | 88 | ||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Attributable to DTE Energy Company | $ | 1,158 | 295 | 154 | 123 | $ | 1,730 | (268) | — | $ | 1,462 | ||||||||||||||||||||||||||||||||||||
| 2025 Other segment financial data | |||||||||||||||||||||||||||||||||||||||||||||||
| Investment in equity method investees | $ | 4 | 19 | 77 | — | $ | 100 | 22 | — | $ | 122 | ||||||||||||||||||||||||||||||||||||
| Capital expenditures and acquisitions | $ | 3,892 | 661 | 80 | 6 | $ | 4,639 | — | — | $ | 4,639 | ||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,208 | 743 | 25 | 17 | $ | 1,993 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 39,370 | 8,987 | 2,426 | 1,313 | $ | 52,096 | 5,145 | (3,175) | $ | 54,066 | ||||||||||||||||||||||||||||||||||||
| 2024 Segment profit (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating Revenues — Utility operations | $ | 6,277 | 1,798 | — | — | $ | 8,075 | — | (85) | $ | 7,990 | ||||||||||||||||||||||||||||||||||||
| Operating Revenues — Non-utility operations | $ | 16 | — | 753 | 3,843 | $ | 4,612 | — | (145) | $ | 4,467 | ||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,447 | 221 | 59 | 5 | $ | 1,732 | — | — | $ | 1,732 | ||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 498 | 118 | 28 | 14 | $ | 658 | 351 | (58) | $ | 951 | ||||||||||||||||||||||||||||||||||||
| Interest income | $ | (7) | (10) | (76) | (15) | $ | (108) | (86) | 58 | $ | (136) | ||||||||||||||||||||||||||||||||||||
| Equity earnings (losses) of equity method investees | $ | — | 1 | 15 | — | $ | 16 | (1) | — | $ | 15 | ||||||||||||||||||||||||||||||||||||
Other segment items (pre-tax)(b) | $ | 3,314 | 1,134 | 629 | 3,672 | $ | 8,749 | 6 | (230) | $ | 8,525 | ||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | $ | (31) | 77 | (37) | 42 | $ | 51 | (85) | — | $ | (34) | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 1,072 | 257 | 135 | 125 | $ | 1,589 | (185) | — | $ | 1,404 | ||||||||||||||||||||||||||||||||||||
| 2024 Other segment financial data | |||||||||||||||||||||||||||||||||||||||||||||||
| Investment in equity method investees | $ | 5 | 18 | 82 | — | $ | 105 | 23 | — | $ | 128 | ||||||||||||||||||||||||||||||||||||
| Capital expenditures and acquisitions | $ | 3,659 | 740 | 65 | 3 | $ | 4,467 | — | — | $ | 4,467 | ||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,208 | 743 | 25 | 17 | $ | 1,993 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 35,400 | 8,474 | 2,065 | 1,159 | $ | 47,098 | 4,723 | (2,975) | $ | 48,846 | ||||||||||||||||||||||||||||||||||||
(a)The Electric segment consists principally of DTE Electric. Refer to the DTE Electric Consolidated Statements of Operations and the DTE Electric Consolidated Statements of Financial Position for the standalone DTE Electric amounts.
(b)Other segment items include Fuel, purchased power, and gas — utility; Fuel, purchased power, gas, and other — non-utility; Operation and maintenance; Taxes other than income; Asset (gains) losses and impairments, net; Non-operating retirement benefits, net; Other income; and Other expenses.
Electric(a) | Gas | DTE Vantage | Energy Trading | Total Reportable Segments | Corporate and Other | Reclassifications and Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 Segment profit (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
| Operating Revenues — Utility operations | $ | 5,804 | 1,748 | — | — | $ | 7,552 | — | (86) | $ | 7,466 | ||||||||||||||||||||||||||||||||||||
| Operating Revenues — Non-utility operations | $ | 14 | — | 809 | 4,612 | $ | 5,435 | — | (156) | $ | 5,279 | ||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,340 | 209 | 53 | 4 | $ | 1,606 | — | — | $ | 1,606 | ||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 432 | 102 | 15 | 18 | $ | 567 | 270 | (46) | $ | 791 | ||||||||||||||||||||||||||||||||||||
| Interest income | $ | (20) | (9) | (32) | (9) | $ | (70) | (33) | 46 | $ | (57) | ||||||||||||||||||||||||||||||||||||
| Equity earnings (losses) of equity method investees | $ | — | 1 | 7 | — | $ | 8 | (5) | — | $ | 3 | ||||||||||||||||||||||||||||||||||||
Other segment items (pre-tax)(b) | $ | 3,216 | 1,058 | 635 | 4,151 | $ | 9,060 | 18 | (242) | $ | 8,836 | ||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | $ | 78 | 93 | (22) | 112 | $ | 261 | (92) | — | $ | 169 | ||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Attributable to DTE Energy Company | $ | 772 | 294 | 153 | 336 | $ | 1,555 | (158) | — | $ | 1,397 | ||||||||||||||||||||||||||||||||||||
| 2023 Other segment financial data | |||||||||||||||||||||||||||||||||||||||||||||||
| Investment in equity method investees | $ | 5 | 16 | 118 | — | $ | 139 | 27 | — | $ | 166 | ||||||||||||||||||||||||||||||||||||
| Capital expenditures and acquisitions | $ | 3,128 | 746 | 57 | 3 | $ | 3,934 | — | — | $ | 3,934 | ||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,208 | 743 | 25 | 17 | $ | 1,993 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 32,292 | 7,722 | 1,122 | 1,166 | $ | 42,302 | 4,150 | (1,697) | $ | 44,755 | ||||||||||||||||||||||||||||||||||||
(a)The Electric segment consists principally of DTE Electric. Refer to the DTE Electric Consolidated Statements of Operations and the DTE Electric Consolidated Statements of Financial Position for the standalone DTE Electric amounts.
(b)Other segment items include Fuel, purchased power, and gas — utility; Fuel, purchased power, gas, and other — non-utility; Operation and maintenance; Taxes other than income; Asset (gains) losses and impairments, net; Non-operating retirement benefits, net; Other income; and Other expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 5, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 10, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.