DTE ENERGY CO
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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.
Sep 30, 2025 · Filed Oct 30, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 2025
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number:1-11607
| Michigan | 38-3217752 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Commission File Number:1-2198
| Michigan | 38-0478650 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1221
Registrants telephone number, including area code: (313)235-4000
Securities registered pursuant to Section 12(b) of the Act:
| Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered |
|---|---|---|---|
| DTE Energy Company(DTE Energy) | Common stock, without par value | DTE | New York Stock Exchange |
| DTE Energy | 2017 Series E 5.25% Junior Subordinated Debentures due 2077 | DTW | New York Stock Exchange |
| DTE Energy | 2020 Series G 4.375% Junior Subordinated Debentures due 2080 | DTB | New York Stock Exchange |
| DTE Energy | 2021 Series E 4.375% Junior Subordinated Debentures due 2081 | DTG | New York Stock Exchange |
| DTE Energy | 2025 Series H 6.25% Junior Subordinated Debentures due 2085 | DTK | New York Stock Exchange |
| DTE Electric Company(DTE Electric) | None | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| DTE Energy Company (DTE Energy) | Yes | ☒ | No | ☐ | DTE Electric Company (DTE Electric) | Yes | ☒ | No | ☐ |
|---|
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| DTE Energy | Yes | ☒ | No | ☐ | DTE Electric | Yes | ☒ | No | ☐ |
|---|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| DTE Energy | Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
|---|---|---|---|---|---|
| ☒ | ☐ | ☐ | ☐ | ☐ | |
| DTE Electric | Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
| ☐ | ☐ | ☒ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| DTE Energy | Yes | ☐ | No | ☒ | DTE Electric | Yes | ☐ | No | ☒ |
|---|
Number of shares of Common Stock outstanding at September 30, 2025:
| Registrant | Description | Shares |
|---|---|---|
| DTE Energy | Common Stock, without par value | 207,683,012 |
| DTE Electric | Common Stock, $10 par value, indirectly-owned by DTE Energy | 138,632,324 |
This combined Form 10-Q is filed separately by two registrants: DTE Energy and DTE Electric. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. DTE Electric makes no representation as to information relating exclusively to DTE Energy.
DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Definitions | 1 | |
| Filing Format | 3 | |
| Forward-Looking Statements | 3 | |
| PART I - FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | |
| DTE Energy Consolidated Financial Statements (Unaudited) | 5 | |
| DTE Electric Consolidated Financial Statements (Unaudited) | 11 | |
| Combined Notes to Consolidated Financial Statements (Unaudited) | 17 | |
| Note 1 — Organization and Basis of Presentation | 17 | |
| Note 2 — Significant Accounting Policies | 20 | |
| Note 3 — New Accounting Pronouncements | 24 | |
| Note 4 — Acquisition | 25 | |
| Note 5 — Revenue | 26 | |
| Note 6 — Asset Retirement Obligations | 28 | |
| Note 7 — Regulatory Matters | 29 | |
| Note 8 — Earnings Per Share | 29 | |
| Note 9 — Fair Value | 30 | |
| Note 10 — Financial and Other Derivative Instruments | 37 | |
| Note 11 — Long-Term Debt | 42 | |
| Note 12 — Short-Term Credit Arrangements and Borrowings | 42 | |
| Note 13 — Leases | 43 | |
| Note 14 — Commitments and Contingencies | 44 | |
| Note 15 — Retirement Benefits and Trusteed Assets | 49 | |
| Note 16 — Segment and Related Information | 50 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 55 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 70 |
| Item 4. | Controls and Procedures | 73 |
| PART II - OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 74 |
| Item 1A. | Risk Factors | 74 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 74 |
| Item 5. | Insider Trading Arrangements and Policies | 74 |
| Item 6. | Exhibits | 75 |
| Signatures | 77 | |
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