DTE ENERGY CO

For the period ended Jun 30, 2025. Filed Jul 29, 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.

Jun 30, 2025 · Filed Jul 29, 2025

DTE$138.99+0.5%Stored close · as of Nov 10, 2026

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

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Contents

DTE Electric Consolidated Financial Statements (Unaudited)

Consolidated Statements of Operations (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In millions)
Operating Revenues — Utility operations	$1,682	$1,611	$3,136	$3,077
Operating Expenses
Fuel and purchased power — utility	437	423	852	793
Operation and maintenance	369	332	712	712
Depreciation and amortization	376	353	754	703
Taxes other than income	88	88	182	172
	1,270	1,196	2,500	2,380
Operating Income	412	415	636	697
Other (Income) and Deductions
Interest expense	137	124	269	241
Interest income	(2)	(2)	(3)	(4)
Non-operating retirement benefits, net	(2)	(2)	(3)	—
Other income	(42)	(32)	(78)	(64)
Other expenses	14	12	26	21
	105	100	211	194
Income Before Income Taxes	307	315	425	503
Income Tax Expense (Benefit)	(11)	37	(14)	55
Net Income	$318	$278	$439	$448

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In millions)
Net Income	$318	$278	$439	$448
Other comprehensive income	—	—	—	—
Comprehensive Income	$318	$278	$439	$448

Consolidated Statements of Financial Position (Unaudited)

	June 30,	December 31,
	2025	2024
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$9	$11
Restricted cash	40	48
Accounts receivable (less allowance for doubtful accounts of $45 and $46, respectively)
Customer	847	734
Affiliates	3	6
Other	97	58
Inventories
Fuel	160	193
Materials and supplies	646	537
Notes receivable
Affiliates	—	42
Regulatory assets	22	39
Other	98	101
	1,922	1,769
Investments
Nuclear decommissioning trust funds	2,345	2,256
Other	67	67
	2,412	2,323
Property
Property, plant, and equipment	31,740	30,801
Accumulated depreciation and amortization	(7,799)	(7,404)
	23,941	23,397
Other Assets
Regulatory assets	6,669	6,187
Securitized regulatory assets	655	690
Prepaid postretirement costs — affiliates	454	428
Operating lease right-of-use assets	181	159
Other	327	268
	8,286	7,732
Total Assets	$36,561	$35,221

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

	June 30,	December 31,
	2025	2024
(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$74	$64
Other	702	681
Accrued interest	133	128
Current portion long-term debt, including securitization bonds and finance leases	177	425
Regulatory liabilities	54	156
Short-term borrowings
Affiliates	120	—
Other	597	666
Operating lease liabilities	18	18
Other	214	204
	2,089	2,342
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	12,015	10,825
Securitization bonds	598	635
Finance lease liabilities	6	8
	12,619	11,468
Other Liabilities
Deferred income taxes	3,393	3,393
Regulatory liabilities	1,893	1,753
Asset retirement obligations	3,930	3,791
Unamortized investment tax credit	403	269
Nuclear decommissioning	368	353
Accrued pension liability — affiliates	241	248
Accrued postretirement liability — affiliates	221	225
Operating lease liabilities	159	142
Other	75	83
	10,683	10,257
Commitments and Contingencies (Notes 5 and 12)
Shareholder’s Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	7,995	7,995
Retained earnings	3,175	3,159
Total Shareholder’s Equity	11,170	11,154
Total Liabilities and Shareholder’s Equity	$36,561	$35,221

Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
	2025	2024
(In millions)
Operating Activities
Net Income	$439	$448
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	754	703
Nuclear fuel amortization	33	21
Allowance for equity funds used during construction	(46)	(37)
Deferred income taxes	(27)	129
Changes in assets and liabilities:
Accounts receivable, net	(149)	(207)
Inventories	(76)	(75)
Accounts payable	87	24
Prepaid postretirement benefit costs — affiliates	(26)	(24)
Accrued pension liability — affiliates	(7)	(25)
Accrued postretirement liability — affiliates	(4)	(5)
Regulatory assets and liabilities	109	155
Other current and noncurrent assets and liabilities	(56)	(47)
Net cash from operating activities	1,031	1,060
Investing Activities
Plant and equipment expenditures	(1,535)	(1,704)
Proceeds from sale of nuclear decommissioning trust fund assets	371	347
Investment in nuclear decommissioning trust funds	(373)	(350)
Notes receivable and other	(27)	(24)
Net cash used for investing activities	(1,564)	(1,731)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,291	993
Redemption of long-term debt	(385)	(119)
Short-term borrowings, net — affiliates	120	51
Short-term borrowings, net — other	(69)	175
Dividends paid on common stock	(423)	(388)
Other	(11)	(12)
Net cash from financing activities	523	700
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(10)	29
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	59	32
Cash, Cash Equivalents, and Restricted Cash at End of Period	$49	$61
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$313	$412

Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

Additional Paid-in Capital · Retained Earnings
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2024	138,632	$1,386	$6,609	$3,159	$11,154
Net Income	—	—	—	121	121
Dividends declared on common stock	—	—	—	(211)	(211)
Balance, March 31, 2025	138,632	$1,386	$6,609	$3,069	$11,064
Net Income	—	—	—	318	318
Dividends declared on common stock	—	—	—	(212)	(212)
Balance, June 30, 2025	138,632	$1,386	$6,609	$3,175	$11,170

Additional Paid-in Capital · Retained Earnings
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2023	138,632	$1,386	$5,975	$2,863	$10,224
Net Income	—	—	—	170	170
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, March 31, 2024	138,632	$1,386	$5,975	$2,839	$10,200
Net Income	—	—	—	278	278
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, June 30, 2024	138,632	$1,386	$5,975	$2,923	$10,284

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