DTE ENERGY CO

For the period ended Mar 31, 2025. Filed May 1, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

DTE$138.35+2.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

DTE Energy Consolidated Financial Statements (Unaudited)

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2025	2024
(In millions, except per share amounts)
Operating Revenues
Utility operations	$2,307	$2,156
Non-utility operations	2,133	1,084
	4,440	3,240
Operating Expenses
Fuel, purchased power, and gas — utility	695	600
Fuel, purchased power, gas, and other — non-utility	1,957	989
Operation and maintenance	575	590
Depreciation and amortization	452	423
Taxes other than income	138	122
Asset (gains) losses and impairments, net	(1)	(1)
	3,816	2,723
Operating Income	624	517
Other (Income) and Deductions
Interest expense	250	218
Interest income	(23)	(18)
Other income	(44)	(27)
Other expenses	14	10
	197	183
Income Before Income Taxes	427	334
Income Tax Expense (Benefit)	(18)	21
Net Income Attributable to DTE Energy Company	$445	$313
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$2.14	$1.51
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$2.14	$1.51
Weighted Average Common Shares Outstanding
Basic	207	206
Diluted	207	207

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2025	2024
(In millions)
Net Income	$445	$313
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— for both periods	1	1
Net unrealized gains (losses) on derivatives, net of taxes of $(1) and $8, respectively	(3)	26
Foreign currency translation	—	(2)
Other comprehensive income (loss)	(2)	25
Comprehensive Income Attributable to DTE Energy Company	$443	$338

Consolidated Statements of Financial Position (Unaudited)

	March 31,	December 31,
	2025	2024
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$33	$24
Restricted cash	57	64
Accounts receivable (less allowance for doubtful accounts of $75 and $70, respectively)
Customer	1,731	1,690
Other	157	137
Inventories
Fuel and gas	240	443
Materials, supplies, and other	915	802
Derivative assets	160	162
Regulatory assets	53	50
Other	271	235
	3,617	3,607
Investments
Nuclear decommissioning trust funds	2,246	2,256
Investments in equity method investees	128	128
Other	176	176
	2,550	2,560
Property
Property, plant, and equipment	41,379	40,840
Accumulated depreciation and amortization	(10,280)	(9,947)
	31,099	30,893
Other Assets
Goodwill	1,993	1,993
Regulatory assets	7,167	6,771
Securitized regulatory assets	673	690
Intangible assets	141	144
Notes receivable	973	898
Derivative assets	78	85
Prepaid postretirement costs	732	705
Operating lease right-of-use assets	218	188
Other	314	312
	12,289	11,786
Total Assets	$49,555	$48,846

Consolidated Statements of Financial Position (Unaudited) — (Continued)

	March 31,	December 31,
	2025	2024
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$1,300	$1,387
Accrued interest	241	224
Dividends payable	226	226
Short-term borrowings	513	1,067
Current portion long-term debt, including securitization bonds and finance leases	946	1,296
Derivative liabilities	145	118
Gas inventory equalization	121	—
Regulatory liabilities	127	181
Operating lease liabilities	24	21
Other	509	586
	4,152	5,106
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	20,247	19,153
Securitization bonds	619	635
Junior subordinated debentures	884	884
Finance lease liabilities	15	18
	21,765	20,690
Other Liabilities
Deferred income taxes	2,949	2,958
Regulatory liabilities	2,993	2,856
Asset retirement obligations	4,119	4,031
Unamortized investment tax credit	404	269
Derivative liabilities	75	57
Accrued pension liability	204	214
Accrued postretirement liability	226	233
Nuclear decommissioning	351	353
Operating lease liabilities	189	167
Other	201	208
	11,711	11,346
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 207,515,682 and 207,171,582 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)	6,786	6,779
Retained earnings	5,163	4,946
Accumulated other comprehensive loss	(28)	(26)
Total DTE Energy Company Equity	11,921	11,699
Noncontrolling interests	6	5
Total Equity	11,927	11,704
Total Liabilities and Equity	$49,555	$48,846

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2025	2024
(In millions)
Operating Activities
Net Income	$445	$313
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	452	423
Nuclear fuel amortization	17	12
Allowance for equity funds used during construction	(24)	(18)
Deferred income taxes	(19)	23
Equity (earnings) losses of equity method investees	(7)	8
Dividends from equity method investees	1	—
Asset (gains) losses and impairments, net	(1)	(1)
Changes in assets and liabilities:
Accounts receivable, net	(61)	172
Inventories	90	7
Prepaid postretirement benefit costs	(27)	(20)
Accounts payable	(2)	(179)
Gas inventory equalization	121	90
Accrued pension liability	(10)	(22)
Accrued postretirement liability	(7)	(7)
Derivative assets and liabilities	54	94
Regulatory assets and liabilities	78	146
Other current and noncurrent assets and liabilities	(80)	1
Net cash from operating activities	1,020	1,042
Investing Activities
Plant and equipment expenditures — utility	(857)	(1,039)
Plant and equipment expenditures — non-utility	(16)	(12)
Proceeds from sale of nuclear decommissioning trust fund assets	139	108
Investment in nuclear decommissioning trust funds	(142)	(110)
Distributions from equity method investees	3	3
Contributions to equity method investees	—	(3)
Notes receivable	(82)	(356)
Investment in time deposits	—	(200)
Other	(13)	(7)
Net cash used for investing activities	(968)	(1,616)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,093	2,181
Redemption of long-term debt	(365)	(100)
Short-term borrowings, net	(554)	(993)
Dividends paid on common stock	(217)	(202)
Other	(7)	(14)
Net cash from (used for) financing activities	(50)	872
Net Increase in Cash, Cash Equivalents, and Restricted Cash	2	298
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	88	51
Cash, Cash Equivalents, and Restricted Cash at End of Period	$90	$349
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$375	$398

Consolidated Statements of Changes in Equity (Unaudited)

Retained Earnings · Accumulated Other Comprehensive Loss · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2024	207,172	$6,779	$4,946	$(26)	$5	$11,704
Net Income	—	—	445	—	—	445
Dividends declared on common stock ($1.09 per Common Share)	—	—	(226)	—	—	(226)
Issuance of common stock	73	9	—	—	—	9
Other comprehensive loss, net of tax	—	—	—	(2)	—	(2)
Stock-based compensation and other	271	(2)	(2)	—	1	(3)
Balance, March 31, 2025	207,516	$6,786	$5,163	$(28)	$6	$11,927

Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2023	206,357	$6,713	$4,404	$(67)	$5	$11,055
Net Income	—	—	313	—	—	313
Dividends declared on common stock ($1.02 per Common Share)	—	—	(211)	—	—	(211)
Issuance of common stock	84	9	—	—	—	9
Other comprehensive income, net of tax	—	—	—	25	—	25
Stock-based compensation and other	496	(12)	(1)	—	—	(13)
Balance, March 31, 2024	206,937	$6,710	$4,505	$(42)	$5	$11,178

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