DTE ENERGY CO

Listed Company

DTGCIK 0000936340NYSELarge AcceleratedElectric ServicesMichiganFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.46B

Total Assets

$54.07B

Equity

$12.30B

Shares Out

208.03M

Op. Cash Flow

$3.41B

Business

DTE ENERGY CO provides energy services through regulated utility operations and non-utility energy businesses. It generates, purchases, distributes, and sells electricity and natural gas, and offers renewable natural gas, pipeline-quality gas, custom on-site energy solutions, energy marketing and trading, and storage and transportation capacity. Its principal business segments are Electric (DTE Electric), Gas (DTE Gas), DTE Vantage (renewables and custom energy solutions), Energy Trading, and Corporate and Other. The company serves residential, commercial, and industrial customers primarily in southeastern Michigan (electric) and throughout Michigan (gas), and markets renewable and wholesale energy and services across multiple U.S. regions and wholesale markets.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Utility operations	8,849	7,990	7,466	8,243	7,288
Non-utility operations	6,965	4,467	5,279	10,985	7,676
Operating Revenues	15,814	12,457	12,745	19,228	14,964
Fuel, purchased power, and gas utility	2,213	1,978	1,845	2,505	1,904
Fuel, purchased power, gas, and other non-utility	6,426	3,879	4,413	10,655	7,304
Operation and maintenance	2,382	2,262	2,160	2,400	2,420
Depreciation and amortization	1,841	1,732	1,606	1,468	1,377
Taxes other than income	529	487	462	457	431
Asset (gains) losses and impairments, net	49	28	16	−5	33
Operating Expenses	13,440	10,366	10,502	17,480	13,469
Operating Income	2,374	2,091	2,243	1,748	1,495
Interest expense	1,056	951	791	675	—
Interest income	−103	−136	−57	−46	−22
Non-operating retirement benefits, net	0	0	9	−1	17
Other income	−230	−167	−102	−58	−254
Other expenses	101	73	36	66	75
Other (Income) and Deductions	824	721	677	636	839
Income Before Income Taxes	1,550	1,370	1,566	1,112	656
Income Tax Expense (Benefit) at Effective Tax Rate	88	−34	169	29	−130
Net Income Attributable to DTE Energy Company/DTE Electric Company	1,462	1,404	1,397	1,083	907
Net Income Attributable to DTE Energy Company (in dollars per share)	7.04	6.78	6.77	5.53	4.68
Net Income Attributable to DTE Energy Company (in dollars per share)	7.03	6.77	6.76	5.52	4.67
Basic (in shares)	207	207	206	195	193
Diluted (in shares)	207	207	206	196	194

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	208	24	26	33	28
Restricted cash	42	64	25	10	7
Customer	2,031	1,690	1,632	2,038	1,695
Other	118	137	155	144	135
Fuel and gas	381	443	421	433	368
Materials, supplies, and other	994	802	633	509	490
Derivative assets	143	162	297	328	181
Regulatory assets	170	50	108	450	195
Other	261	235	242	235	218
Total Current Assets	4,348	3,607	3,539	4,180	3,317
Nuclear decommissioning trust funds	2,552	2,256	2,041	1,825	2,071
Investments in equity method investees	122	128	166	165	187
Other	194	176	168	165	194
Total Investments	2,868	2,560	2,375	2,155	2,452
Property, plant, and equipment	44,623	40,840	37,274	39,346	37,083
Accumulated depreciation and amortization	−10,970	−9,947	−9,105	−10,579	−10,139
Total Property	33,653	30,893	28,169	28,767	26,944
Goodwill	1,993	1,993	1,993	1,993	1,993
Regulatory assets	7,380	6,771	6,209	3,886	3,482
Securitized regulatory assets	619	690	758	206	0
Intangible assets	188	144	156	166	177
Notes receivable	1,455	898	420	331	310
Derivative assets	89	85	109	105	90
Prepaid postretirement costs	761	705	633	571	678
Operating lease right-of-use assets	271	188	132	89	97
Other	441	312	262	234	179
Total Other Assets	13,197	11,786	10,672	7,581	7,006
Total Assets	54,066	48,846	44,755	42,683	39,719
Accounts payable	1,753	1,387	1,361	1,604	1,414
Accrued interest	273	224	170	154	140
Dividends payable	242	226	210	196	171
Short-term borrowings	882	1,067	1,283	1,162	758
Current portion long-term debt, including securitization bonds and finance leases	1,356	1,296	2,142	1,124	2,874
Derivative liabilities	86	118	177	342	238
Regulatory liabilities	107	181	71	34	156
Operating lease liabilities	32	21	17	13	14
Other	678	586	452	544	581
Total Current Liabilities	5,409	5,106	5,883	5,173	6,346
Mortgage bonds, notes, and other	21,736	19,153	15,819	15,807	13,629
Securitization bonds	561	635	705	172	0
Junior subordinated debentures	1,474	884	883	883	883
Finance lease obligations	14	18	13	11	19
Total Long-Term Debt (net of current portion)	23,785	20,690	17,420	16,873	14,531
Deferred income taxes	3,400	2,958	2,649	2,394	2,163
Regulatory liabilities	2,881	2,856	2,603	2,673	3,106
Asset retirement obligations	4,469	4,031	3,556	3,460	3,162
Unamortized investment tax credit	402	269	181	182	158
Derivative liabilities	66	57	132	315	192
Accrued pension liability	235	214	350	378	339
Accrued postretirement liability	247	233	301	287	358
Nuclear decommissioning	405	353	320	282	321
Operating lease liabilities	235	167	108	68	74
Other	224	208	197	197	256
Total Other Liabilities	12,564	11,346	10,397	10,236	10,129
Commitments and Contingencies (Notes 9 and 18)	—	—	—	—	—
Common stock (No par value, 400,000,000 shares authorized, and 207,745,154 and 207,171,582 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	6,858	6,779	6,713	6,651	5,379
Retained earnings	5,500	4,946	4,404	3,808	3,438
Accumulated other comprehensive loss	−39	−26	−67	−62	−112
Total DTE Energy Company/DTE Electric Company Equity	12,303	11,699	11,050	10,397	8,705
Noncontrolling interests	5	5	5	4	8
Total Equity	12,308	11,704	11,055	10,401	8,713
Total Liabilities and Equity	54,066	48,846	44,755	42,683	39,719

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,841	1,732	1,606	1,468	—
Nuclear fuel amortization	67	55	59	42	58
Allowance for equity funds used during construction	−105	−86	−42	−29	−27
Deferred income taxes	358	194	181	44	−32
Equity (earnings) losses of equity method investees	−47	−15	−3	14	—
Dividends from equity method investees	3	3	3	4	79
Asset (gains) losses and impairments, net	49	28	16	−5	50
Accounts receivable, net	−316	−40	398	−352	−146
Inventories	−127	−191	−110	−98	−153
Prepaid postretirement benefit costs	−56	−72	−62	107	−117
Accounts payable	255	45	−306	109	308
Accrued pension liability	21	−136	−28	39	−458
Accrued postretirement liability	14	−68	14	−71	−49
Derivative assets and liabilities	6	25	−321	65	187
Regulatory assets and liabilities	24	586	594	−766	862
Other current and noncurrent assets and liabilities	−40	179	−176	323	−153
Net cash from operating activities	3,409	3,643	3,220	1,977	3,067
Plant and equipment expenditures utility	−4,343	−4,399	−3,872	−3,311	−3,633
Plant and equipment expenditures non-utility	−86	−68	−62	−67	−139
Acquisition related to business combination, net of cash acquired	−210	0	0	0	0
Proceeds from sale of assets	32	46	3	24	3
Proceeds from sale of nuclear decommissioning trust fund assets	717	555	681	879	1,047
Investment in nuclear decommissioning trust funds	−719	−559	−678	−878	−1,046
Distributions from equity method investees	18	30	25	16	18
Contributions to equity method investees	−1	−27	−27	−13	−8
Investment in notes receivable	−600	−479	−109	−30	−74
Principal collections on notes receivable	22	30	23	—	—
Investment in time deposits	0	−1,050	0	0	—
Redemption of time deposits	0	1,050	0	0	—
Other	−134	−80	−79	−51	−31
Net cash used for investing activities	−5,304	−4,951	−4,095	−3,431	−3,863
Issuance of long-term debt, net of discount and issuance costs	4,429	4,533	3,167	2,171	4,457
Redemption of long-term debt	−1,291	−2,139	−1,616	−1,587	−3,522
Short-term borrowings, net	−185	−216	121	404	720
Dividends paid on common stock	−871	−810	−752	−685	−791
Other	−25	−23	−37	−86	−84
Net cash from financing activities	2,057	1,345	883	1,462	315
Net Increase in Cash, Cash Equivalents, and Restricted Cash	162	37	8	8	−481
Interest, net of interest capitalized	978	869	751	638	671
Plant and equipment expenditures in accounts payable	570	454	490	435	353

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