DTE ENERGY CO
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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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.
Mar 31, 2026 · Filed Apr 30, 2026
DTE$135.08+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0000936340-25-000223
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0000936340-26-000081
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 137 previous paragraphs and 132 current paragraphs.
82 unchanged; 37 reworded; 13 added; 17 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 22 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Fuel and purchased power — non-utility expense increased $13 million in the three months ended March 31, 2026. The increase was primarily due to the Electric segment acquisition of non-utility assets in the third quarter of 2025.
Current report
Operation and maintenance expense increased $52 million in the three months ended March 31, 2026. The increase was primarily due to higher plant generation expense of $21 million, higher distribution operations expense of $18 million, higher benefits and other compensation expense of $5 million, higher RPS expense of $4 million, and higher corporate support costs of $4 million.
Current report
Depreciation and amortization expense increased $27 million in the three months ended March 31, 2026. The increase was primarily due to higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025.
Current report
Taxes other than income increased $9 million in the three months ended March 31, 2026. The increase was primarily due to higher property taxes.
Current report
Income Tax Benefit changed $13 million in the three months ended March 31, 2026. The change was primarily due to higher investment tax credits in 2026, partially offset by higher earnings.
Current report
Operation and maintenance expense decreased $4 million in the three months ended March 31, 2026. The decrease was primarily due to lower EWR expense of $6 million.
Current report
DTE Gas filed a rate case with the MPSC on November 13, 2025 requesting a net increase in base rates of $163 million based on a projected twelve-month period ending September 30, 2027, and an increase in return on equity from 9.8% to 10.25%. The net increase is based on a total revenue deficiency of $238 million, net of the IRM roll-in of $75 million. The requested net increase in base rates was primarily due to continued infrastructure investment and increasing operations and maintenance costs needed to ensure the continued safe and reliable delivery of natural gas to customers. A final MPSC order in this case is expected in September 2026.
Current report
Operation and maintenance expense increased $118 million in the three months ended March 31, 2026. The increase was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the Renewables business of $5 million.
Current report
Income Taxes — Expense decreased $6 million in the three months ended March 31, 2026. The decrease was primarily due to lower earnings, partially offset by the non-deductible portion of the EES Coke judgment.
Current report
Operation and maintenance expense decreased $8 million in the three months ended March 31, 2026. The decrease was primarily due to lower compensation costs.
Current report
Other (Income) and Deductions expense increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher interest expense.
Current report
Cash from (used for) Financing Activities
Current report
In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an ATM program, including an equity forward sales component. As of March 31, 2026, DTE Energy has not issued any shares under the ATM program. During the three months ended March 31, 2026, DTE Energy entered into various forward sale agreements under the ATM for 2.5 million shares at a weighted average forward price of $144.41 as of March 31, 2026, which includes expected sales commissions. For further discussion of the ATM program, see Note 9 to the Consolidated Financial Statements, "Long-Term Financings".
Removed paragraphs (17)
Previous report
(a)For the nine months ended September 30, 2025, the variance includes an MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case. The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.
Previous report
(c)For the three months ended September 30, 2025, the change is primarily driven by the impact of solar ITCs recognized for assets placed in service in the third quarter of 2024. This impact is offset in Income Tax Expense (Benefit).
Previous report
Operation and maintenance expense increased $14 million and $10 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher benefits and other compensation expense of $11 million, higher plant generation expense of $8 million, and higher EWR expense of $5 million, partially offset by lower distribution operations expense of $10 million. The increase in the nine-month period was primarily due to higher benefits and other compensation of $22 million, higher EWR expense of $13 million, higher corporate support costs of $10 million, higher plant generation expense of $9 million and higher legal expense of $5 million, partially offset by one-time costs in 2024 of $32 million resulting from the voluntary separation incentive program and lower distribution operations expense of $20 million.
Previous report
Taxes other than income increased $11 million and $21 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher property taxes.
Previous report
Asset (gains) losses and impairments, net increased $47 million in both the three and nine months ended September 30, 2025. The increase in both periods was primarily due to an accrual of $47 million resulting from management's revisions to the timing and estimate of cash flows related to the decommissioning of Fermi 1. Refer to Note 6 to the Consolidated Financial Statements, "Asset Retirement Obligations," for additional information.
Previous report
Other (Income) and Deductions increased $13 million and $33 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher net interest expense. The increase in the nine-month period was primarily due to higher net interest expense of $42 million partially offset by higher AFUDC equity of $11 million.
Previous report
Income Tax Benefit decreased $87 million and $18 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to higher earnings, lower production tax credits, and lower investment tax credits. The decrease in the nine-month period was primarily due to higher earnings.
Previous report
Operation and maintenance expense increased $17 million and $58 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to higher gas operations expense of $16 million. The increase in the nine-month period was primarily due to higher gas operations expense of $40 million, higher benefits and other compensation expense of $6 million, higher EWR expense of $6 million, higher legal expense of $5 million, higher corporate support costs of $5 million, and higher uncollectible expense of $2 million, partially offset by one-time costs in 2024 of $8 million resulting from the voluntary separation incentive program.
Previous report
Taxes other than income increased $2 million and $8 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher property taxes.
Previous report
Income Tax Expense (Benefit)changed $8 million and $5 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to lower earnings. The increase in the nine-month period was primarily due to higher earnings.
Previous report
Operation and maintenance expense increased $2 million and decreased $1 million in the three and nine months ended September 30, 2025, respectively. The increase in the third quarter was primarily due to estimated litigation penalties in the Steel business of $8 million, partially offset by lower costs in the Renewables business of $3 million and Steel business of $2 million. The decrease in the nine-month period was primarily due to lower costs in the Renewables business of $9 million, partially offset by the estimated litigation penalties in the Steel business of $8 million as mentioned above.
Previous report
Taxes other than income expense increased $2 million and $5 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher property taxes associated with a new project in the On-site business.
Previous report
Asset (gains) losses and impairments, netincreased $3 million and $2 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to storm related property loss in the Renewables business of $3 million.
Previous report
Other (Income) and Deductions decreased $4 million and $10 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to lower equity earnings in the Renewables business of $7 million, partially offset by lower net interest expense of $3 million. The decrease in the nine-month period was primarily due to a prior year gain in the Renewables business of $25 million attributed to the sale of a partnership interest and higher interest expense of $2 million, partially offset by higher interest income of $11 million primarily associated with a new project in the On-site business and higher equity earnings of $6 million.
Previous report
Operation and maintenance expense increased $2 million and $5 million in the three and nine months ended September 30, 2025, respectively. The increase in the nine-month period was primarily due to higher compensations costs.
Previous report
Cash from Financing Activities
Reworded paragraphs (37)
Previous wording
The decrease in Net Income Attributable to DTE Energy Company for the three months ended September 30, 2025 was primarily due to greater losses at Corporate and Other and lower earnings in the Gas segment, partially offset by higher earnings in the Electric segment. The decrease for the nine-month period was primarily due to greater losses at Corporate and Other, partially offset by higher earnings in the Electric, DTE Vantage, and Gas segments.
Current wording
The decrease in Net Income Attributable to DTE Energy Company for the three months ended March 31, 2026 was primarily due to lower earnings in the Energy Trading and DTE Vantage segments and Corporate and Other, partially offset by higher earnings in the Electric segment.
Previous wording
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and potential for data centers, will drive a continued need for substantial grid investment over the long-term.
Current wording
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and future data center load, will drive a continued need for substantial grid investment over the long-term.
Previous wording
DTE Energy plans to reduce the carbon emissions of its electric utility operations by 65% in 2028, 85% in 2032, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.
Current wording
DTE Energy plans to reduce the carbon emissions of its electric utility operations 65% by 2028, 85% by 2032, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.
Previous wording
DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities from the Inflation Reduction Act to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration. These tax credits may reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.
Current wording
DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration. These tax credits may reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.
Previous wording
DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities, and plans to repurpose the Trenton Channel plant to a battery energy storage system in 2026. DTE Electric has also announced plans to retire its remaining six coal-fired generating units, including converting the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in the second half of 2025 and 2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
Current wording
DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities, as well as one unit at the Belle River facility. DTE Electric has also announced plans to retire its remaining five coal fired generating units, including the remaining unit at the Belle River facility in 2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. DTE Electric plans to repurpose the Trenton Channel facility to a battery energy storage system in 2026, and convert the Belle River facility from a base load coal plant to a natural gas peaking resource in 2026. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
Previous wording
The next few years will be a period of rapid change for DTE Energy and for the energy industry. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.
Current wording
Over the coming years, DTE Energy and the broader energy sector are expected to undergo significant transformation. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.
Previous wording
Operating Revenues increased $354 million and $413 million in the three and nine months ended September 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The increase in both periods was due to the following:
Current wording
Operating Revenues increased $285 million in the three months ended March 31, 2026. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The increase was due to the following:
Previous wording
(b)The increase in both periods was primarily due to the acquisition of a non-utility business by DTE Sustainable Generation during the third quarter 2025. Refer to Note 4 to the Consolidated Financial Statements, "Acquisition," for additional information.
Current wording
(a)The increase was primarily due to the acquisition of a non-utility business by DTE Sustainable Generation during the third quarter 2025.
Previous wording
Fuel and purchased power — utility expense increased $85 million and $143 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was due to the following:
Current wording
Fuel and purchased power — utility expense increased $100 million in the three months ended March 31, 2026. The increase was due to the following:
Previous wording
In October 2025, DTE Electric entered into a 1.4 gigawatt data center agreement. Capital investments required to support this agreement are included in DTE Electric's 5-year capital investment plan in the "Capital Investments" section above. DTE Electric is targeting regulatory approvals to be complete by year-end 2025.
Current wording
In March 2026, DTE Electric entered into a 1.0 gigawatt data center agreement. Generation and storage requirements related to this agreement are expected to increase capital expenditures by approximately $5.0 billion through 2032 which are incremental to DTE Electric's 5-year capital investment plan in the "Capital Investments" section above. DTE Electric is targeting regulatory approvals to be complete by the latter half of 2026.
Previous wording
DTE Electric filed a rate case with the MPSC on April 24, 2025 requesting an increase in base rates of $574 million based on a projected twelve-month period ending December 31, 2026, and an increase in return on equity from 9.9% to 10.75%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. A final MPSC order in this case is expected in February 2026.
Current wording
DTE Electric filed a rate case with the MPSC on April 28, 2026 requesting an increase in base rates of $474 million based on a projected twelve-month period ending February 29, 2028, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. A final MPSC order in this case is expected in February 2027.
Previous wording
Operating Revenues — Utility operations decreased $21 million and increased $171 million in the three and nine months ended September 30, 2025, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The change in both periods was due to the following:
Current wording
Operating Revenues — Utility operations increased $56 million in the three months ended March 31, 2026. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The increase was due to the following:
Previous wording
Cost of gas — utility expense decreased $12 million and increased $65 million in the three and nine months ended September 30, 2025, respectively. The decrease in the third quarter was primarily due to lower cost of gas of $13 million partially offset by higher sales volumes of $1 million. The increase in the nine-month period was primarily due to higher sales volumes of $58 million and higher cost of gas of $7 million.
Current wording
Cost of gas — utility expense increased $47 million in the three months ended March 31, 2026. The increase was primarily due to higher cost of gas of $38 million and higher sales volumes of $9 million.
Previous wording
Depreciation and amortization expense increased $25 million and $77 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher depreciable base.
Current wording
Depreciation and amortization expense increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher depreciable base.
Previous wording
Other (Income) and Deductions increased $3 million and $12 million in the three and nine months ended September 30, 2025, respectively. The increase in both periods was primarily due to higher interest expense.
Current wording
Other (Income) and Deductions increased $4 million in the three months ended March 31, 2026. The increase was primarily due to higher interest expense.
Previous wording
Operating Revenues — Non-utility operations decreased $27 million and $35 million in the three and nine months ended September 30, 2025, respectively. The decrease in both periods was due to the following:
Current wording
Operating Revenues — Non-utility operations increased $39 million in the three months ended March 31, 2026. The increase was due to the following:
Previous wording
Fuel, purchased power, and gas — non-utility expense decreased $12 million and $25 million in the three and nine months ended September 30, 2025, respectively. The decrease in both periods was due to the following:
Current wording
Fuel, purchased power, and gas — non-utility expense increased $34 million in the three months ended March 31, 2026. The increase was primarily due to higher demand and prices in the Steel business of $34 million.
Previous wording
Income Taxes — Tax credits increased $18 million and $47 million in the three and nine months ended September 30, 2025, respectively. The increase in the both periods was primarily due to higher estimated production tax credits in the Renewables business.
Current wording
Income Taxes — Tax credits changed $10 million in the three months ended March 31, 2026. The change was primarily due to higher production tax credits generated in the Renewables business.
Previous wording
Operating Revenues — Non-utility operations increased $339 million and $1,919 million in the three and nine months ended September 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:
Current wording
Operating Revenues — Non-utility operations increased $325 million in the three months ended March 31, 2026. The following table details changes relative to the comparable prior period:
Previous wording
Purchased power, gas, and other — non-utility expense increased $352 million and $1,910 million in the three and nine months ended September 30, 2025, respectively. The following tables detail changes relative to the comparable prior periods:
Current wording
Purchased power, gas, and other — non-utility expense increased $521 million in the three months ended March 31, 2026. The following table details changes relative to the comparable prior period:
Previous wording
Operating Income increased $5 million for the nine months ended September 30, 2025, which includes a $79 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The increase also includes a $56 million favorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.
Current wording
Operating Income (Loss) changed $189 million for the three months ended March 31, 2026, which includes a $74 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The change also includes a $40 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.
Previous wording
See also the "Fair Value" section herein and Notes 9 and 10 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Current wording
See also the "Fair Value" section herein and Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Previous wording
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $115 million and $215 million for the three and nine months ended September 30, 2025, respectively, represents an increase of $93 million and $132 million from the net loss of $22 million and $83 million in the comparable 2024 periods. The increase in the third quarter was primarily due to effective tax rate adjustments, higher net interest expense, and higher federal income taxes, including the $16 million impact from the One Big Beautiful Bill impact to the charitable contribution valuation allowance. The increase in the nine-month period was primarily due to effective tax rate adjustments, higher net interest expense, and higher federal and state income taxes, including the charitable contribution valuation allowance noted above, as well as the $14 million impact from the Illinois state tax law change in the second quarter.
Current wording
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $44 million for the three months ended March 31, 2026 represents an increase of $54 million from the net income of $10 million in the comparable 2025 period. The increase was primarily due to effective income tax rate adjustments and higher net interest expense, partially offset by lower federal and state income taxes.
Previous wording
DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to grow the non-utility businesses, to retire and pay interest on long-term debt, and to pay dividends. DTE Energy believes it will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2025 will be approximately $3.3 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and energy waste reduction expenditures, and expenditures for non-utility businesses of approximately $4.9 billion in 2025. DTE Energy plans to seek regulatory approval to include utility capital expenditures in regulatory rate base consistent with prior treatment. Capital spending for growth of existing or new non-utility businesses will depend on the existence of opportunities that meet strict risk-return and value creation criteria.
Current wording
DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to grow the non-utility businesses, to retire and pay interest on long-term debt, and to pay dividends. DTE Energy believes it will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2026 will be approximately $3.9 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and expenditures for non-utility businesses of approximately $6.8 billion in 2026. DTE Energy plans to seek regulatory approval to include utility capital expenditures in regulatory rate base consistent with prior treatment. Capital spending for growth of existing or new non-utility businesses will depend on the existence of opportunities that meet strict risk-return and value creation criteria.
Previous wording
Net cash from operations decreased by $198 million in 2025. The decrease was primarily due to decreases in cash related to working capital items, partially offset by an increase in cash related to Deferred income taxes and increases in Depreciation and amortization and Asset (gains) losses and impairments, net.
Current wording
Net cash from operations decreased by $114 million in 2026. The decrease was primarily due to lower Net income partially offset by an increase in cash related to working capital items.
Previous wording
The change in working capital items in 2025 was primarily due to decreases in cash related to Regulatory assets and liabilities and Other current and noncurrent assets and liabilities, partially offset by increases in cash related to Accounts receivable, net and Accrued pension liability.
Current wording
The change in working capital items in 2026 was primarily due to increases in cash related to Accounts receivable, net, Inventories, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by decreases in cash related to Accounts payable and Regulatory assets and liabilities.
Previous wording
Capital spending within the non-utility businesses is primarily for ongoing maintenance, expansion, and growth. DTE Energy looks to make growth investments that meet strict criteria in terms of strategy, management skills, risks, and returns. All new investments are analyzed for their rates of return and cash payback on a risk adjusted basis. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.
Current wording
For the non-utility businesses, cash outflows are primarily driven by capital spending to develop and construct projects for customers through investment in notes receivable and additional capital spending for ongoing maintenance, expansion, and growth. DTE Energy looks to make growth investments that meet strict criteria in terms of strategy, management skills, risks, and returns. All new investments are analyzed for their rates of return and cash payback on a risk adjusted basis. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.
Previous wording
Net cash used for investing activities decreased by $1.0 billion in 2025 primarily due to decreases in utility plant and equipment expenditures, Notes receivable, and the Investment in time deposits in 2024, partially offset by the Acquisition related to business combination, net of cash acquired.
Current wording
Net cash used for investing activities increased by $346 million in 2026 primarily due to higher utility plant and equipment expenditures.
Previous wording
Net cash from financing activities decreased by $1.8 billion in 2025 primarily due to decreases in cash related to lower Issuance of long-term debt, net of discount and issuance costs, higher Redemption of long-term debt, and higher cash used for the repayment of Short-term borrowings, net.
Current wording
Net cash from financing activities increased by $486 million in 2026 primarily due to increases in cash related to higher Issuance of long-term debt, net of issuance costs and lower Redemption of long-term debt, partially offset by a decrease in cash related to repayment of Short-term borrowings, net.
Previous wording
DTE Energy expects cash flows from operations to increase over the long-term, primarily as a result of growth from the utility and non-utility businesses. Growth in the utilities is expected to be driven primarily by capital spending which will increase the base from which rates are determined. Further, the Inflation Reduction Act allows for extended tax benefits for renewable technologies, increased rates for PTCs and an option to claim PTCs for solar projects, expanded qualified ITC facilities to include standalone energy storage, and allows for the transfer of tax credits generated from renewable projects. DTE Electric expects to continue to monetize these tax credits to generate cash flows in the near-term. DTE Energy expects long-term growth in sales related to vehicle electrification, but no significant impacts in the near-term. Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration. DTE Vantage also expects enhanced growth opportunities in decarbonization as a result of the Inflation Reduction Act, including tax credits for renewable natural gas and carbon capture projects.
Current wording
DTE Energy expects cash flows from operations to increase over the long-term, primarily as a result of growth from the utility and non-utility businesses. Growth in the utilities is expected to be driven primarily by capital spending which will increase the base from which rates are determined. Further, the current tax laws allow for extended tax benefits for renewable technologies, including PTCs and ITCs. DTE Electric expects to continue to monetize these tax credits to generate cash flows in the near-term. DTE Energy expects long-term growth in sales related to vehicle electrification and data center load, but no significant impacts in the near-term. Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration. DTE Vantage also expects enhanced growth opportunities in decarbonization, including tax credits for renewable natural gas and carbon capture projects.
Previous wording
At the discretion of management and depending upon economic and financial market conditions, DTE Energy expects to issue up to $100 million of equity in 2025. DTE Energy anticipates these discretionary equity issuances to be made through contributions to the dividend reinvestment plan and/or employee benefit plans.
Current wording
At the discretion of management and depending upon economic and financial market conditions, DTE Energy expects to issue $500 million to $600 million of equity in 2026. DTE Energy anticipates these discretionary equity issuances to be made through the at-the-market equity issuance program and/or contributions to the dividend reinvestment plan and/or employee incentive and benefit plans.
Previous wording
Over the long-term, additional equity issuances of $500 million to $600 million will be needed beginning in 2026 through 2028 to support long-term growth. DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.
Current wording
Over the long-term, additional equity issuances of $500 million to $600 million will be needed in 2027 and 2028 to support long-term growth. DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.
Previous wording
DTE Energy has $326 million in long-term debt, including securitization bonds and finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds, the issuance of short-term and/or long-term debt.
Current wording
DTE Energy has $1.5 billion in long-term debt, including securitization bonds and finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds, the issuance of short-term and/or long-term debt.
Previous wording
DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $0.9 billion in 2025. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition. Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies.
Current wording
DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $1.0 billion in 2026. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition. Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies.
Previous wording
Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy's credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of September 30, 2025, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $342 million.
Current wording
Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy's credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of March 31, 2026, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $459 million.
Previous wording
DTE Energy has approximately $2.6 billion of available liquidity at September 30, 2025, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.
Current wording
DTE Energy has approximately $3.4 billion of available liquidity at March 31, 2026, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.
Previous wording
Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 9 and 10 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Current wording
Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Operating Income decreased $12 million for the three months ended September 30, 2025, which includes a $15 million favorable change in timing related gains primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $23 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.