DTE ENERGY CO

For the period ended Sep 30, 2025. Filed Oct 30, 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.

Sep 30, 2025 · Filed Oct 30, 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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
(In millions)
Operating Revenues — Utility operations	$2,037	$1,695	$5,173	$4,772
Operating Expenses
Fuel and purchased power — utility	548	463	1,400	1,256
Operation and maintenance	359	350	1,071	1,062
Depreciation and amortization	383	360	1,137	1,063
Taxes other than income	101	90	283	262
Asset (gains) losses and impairments, net	47	—	47	—
	1,438	1,263	3,938	3,643
Operating Income	599	432	1,235	1,129
Other (Income) and Deductions
Interest expense	142	128	411	369
Interest income	(3)	(2)	(6)	(6)
Non-operating retirement benefits, net	(1)	(3)	(4)	(3)
Other income	(45)	(41)	(123)	(105)
Other expenses	14	12	40	33
	107	94	318	288
Income Before Income Taxes	492	338	917	841
Income Tax Benefit	(13)	(100)	(27)	(45)
Net Income	$505	$438	$944	$886

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
(In millions)
Net Income	$505	$438	$944	$886
Other comprehensive income	—	—	—	—
Comprehensive Income	$505	$438	$944	$886

Consolidated Statements of Financial Position (Unaudited)

	September 30,	December 31,
	2025	2024
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$6	$11
Restricted cash	41	48
Accounts receivable (less allowance for doubtful accounts of $46 for both periods)
Customer	797	734
Affiliates	15	6
Other	65	58
Inventories
Fuel	109	193
Materials and supplies	669	537
Notes receivable
Affiliates	—	42
Regulatory assets	78	39
Prepaid property tax	156	67
Other	37	34
	1,973	1,769
Investments
Nuclear decommissioning trust funds	2,480	2,256
Other	71	67
	2,551	2,323
Property
Property, plant, and equipment	32,752	30,801
Accumulated depreciation and amortization	(8,023)	(7,404)
	24,729	23,397
Other Assets
Regulatory assets	6,697	6,187
Securitized regulatory assets	637	690
Prepaid postretirement costs — affiliates	463	428
Operating lease right-of-use assets	229	159
Other	468	268
	8,494	7,732
Total Assets	$37,747	$35,221

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

	September 30,	December 31,
	2025	2024
(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$71	$64
Other	689	681
Accrued interest	149	128
Current portion long-term debt, including securitization bonds and finance leases	255	425
Regulatory liabilities	60	156
Short-term borrowings
Affiliates	1,076	—
Other	216	666
Operating lease liabilities	22	18
Other	210	204
	2,748	2,342
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	11,941	10,825
Securitization bonds	582	635
Finance lease liabilities	6	8
	12,529	11,468
Other Liabilities
Deferred income taxes	3,508	3,393
Regulatory liabilities	1,809	1,753
Asset retirement obligations	4,163	3,791
Unamortized investment tax credit	401	269
Nuclear decommissioning	393	353
Accrued pension liability — affiliates	237	248
Accrued postretirement liability — affiliates	224	225
Operating lease liabilities	203	142
Other	69	83
	11,007	10,257
Commitments and Contingencies (Notes 7 and 14)
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	3,468	3,159
Total Shareholder’s Equity	11,463	11,154
Total Liabilities and Shareholder’s Equity	$37,747	$35,221

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
	2025	2024
(In millions)
Operating Activities
Net Income	$944	$886
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	1,137	1,063
Nuclear fuel amortization	50	38
Allowance for equity funds used during construction	(71)	(60)
Deferred income taxes	65	32
Asset (gains) losses and impairments, net	47	—
Changes in assets and liabilities:
Accounts receivable, net	(79)	(127)
Inventories	(48)	(112)
Accounts payable	32	9
Prepaid postretirement benefit costs — affiliates	(35)	(28)
Accrued pension liability — affiliates	(11)	(38)
Accrued postretirement liability — affiliates	(1)	(1)
Regulatory assets and liabilities	86	432
Other current and noncurrent assets and liabilities	(254)	(228)
Net cash from operating activities	1,862	1,866
Investing Activities
Plant and equipment expenditures	(2,562)	(2,609)
Proceeds from sale of nuclear decommissioning trust fund assets	592	438
Investment in nuclear decommissioning trust funds	(596)	(440)
Notes receivable and other	(175)	(41)
Net cash used for investing activities	(2,741)	(2,652)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,291	993
Redemption of long-term debt	(400)	(143)
Short-term borrowings, net — affiliates	1,076	142
Short-term borrowings, net — other	(450)	413
Dividends paid on common stock	(635)	(582)
Other	(15)	(15)
Net cash from financing activities	867	808
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(12)	22
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	59	32
Cash, Cash Equivalents, and Restricted Cash at End of Period	$47	$54
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$352	$394

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
Net Income	—	—	—	505	505
Dividends declared on common stock	—	—	—	(212)	(212)
Balance, September 30, 2025	138,632	$1,386	$6,609	$3,468	$11,463

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
Net Income	—	—	—	438	438
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, September 30, 2024	138,632	$1,386	$5,975	$3,167	$10,528

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.