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$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,
	2026	2025
(In millions, except per share amounts)
Operating Revenues
Utility operations	$2,623	$2,307
Non-utility operations	2,518	2,133
	5,141	4,440
Operating Expenses
Fuel, purchased power, and gas — utility	834	695
Fuel, purchased power, gas, and other — non-utility	2,528	1,957
Operation and maintenance	733	575
Depreciation and amortization	483	452
Taxes other than income	149	138
Asset (gains) losses and impairments, net	2	(1)
	4,729	3,816
Operating Income	412	624
Other (Income) and Deductions
Interest expense	293	250
Interest income	(31)	(23)
Other income	(59)	(44)
Other expenses	20	14
	223	197
Income Before Income Taxes	189	427
Income Tax Benefit	(58)	(18)
Net Income Attributable to DTE Energy Company	$247	$445
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$1.19	$2.14
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$1.19	$2.14
Weighted Average Common Shares Outstanding
Basic	207	207
Diluted	208	207

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2026	2025
(In millions)
Net Income	$247	$445
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 $(1), respectively	3	(3)
Foreign currency translation	(1)	—
Other comprehensive income (loss)	3	(2)
Comprehensive Income Attributable to DTE Energy Company	$250	$443

Consolidated Statements of Financial Position (Unaudited)

	March 31,	December 31,
	2026	2025
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$238	$208
Restricted cash	40	42
Accounts receivable (less allowance for doubtful accounts of $68 and $60, respectively)
Customer	1,916	2,031
Other	193	118
Inventories
Fuel and gas	205	381
Materials, supplies, and other	1,026	994
Derivative assets	137	143
Regulatory assets	297	170
Other	340	261
	4,392	4,348
Investments
Nuclear decommissioning trust funds	2,599	2,552
Investments in equity method investees	112	122
Other	193	194
	2,904	2,868
Property
Property, plant, and equipment	45,592	44,623
Accumulated depreciation and amortization	(11,174)	(10,970)
	34,418	33,653
Other Assets
Goodwill	1,993	1,993
Regulatory assets	7,521	7,380
Securitized regulatory assets	601	619
Intangible assets	183	188
Notes receivable	1,494	1,455
Derivative assets	67	89
Prepaid postretirement costs	789	761
Operating lease right-of-use assets	266	271
Other	480	441
	13,394	13,197
Total Assets	$55,108	$54,066

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

	March 31,	December 31,
	2026	2025
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$1,628	$1,753
Accrued interest	337	273
Dividends payable	242	242
Short-term borrowings	—	882
Current portion long-term debt, including securitization bonds and finance leases	1,507	1,356
Derivative liabilities	144	86
Gas inventory equalization	125	—
Regulatory liabilities	56	107
Operating lease liabilities	32	32
Other	539	678
	4,610	5,409
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	23,173	21,736
Securitization bonds	545	561
Junior subordinated debentures	1,475	1,474
Finance lease liabilities	11	14
	25,204	23,785
Other Liabilities
Deferred income taxes	3,379	3,400
Regulatory liabilities	2,968	2,881
Asset retirement obligations	4,536	4,469
Unamortized investment tax credit	505	402
Derivative liabilities	61	66
Accrued pension liability	226	235
Accrued postretirement liability	239	247
Nuclear decommissioning	412	405
Operating lease liabilities	229	235
Other	411	224
	12,966	12,564
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 208,028,313 and 207,745,154 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	6,872	6,858
Retained earnings	5,487	5,484
Accumulated other comprehensive loss	(36)	(39)
Total DTE Energy Company Equity	12,323	12,303
Noncontrolling interests	5	5
Total Equity	12,328	12,308
Total Liabilities and Equity	$55,108	$54,066

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2026	2025
(In millions)
Operating Activities
Net Income	$247	$445
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	483	452
Nuclear fuel amortization	13	17
Allowance for equity funds used during construction	(35)	(24)
Deferred income taxes	(53)	(19)
Equity (earnings) of equity method investees	(3)	(7)
Dividends from equity method investees	—	1
Asset (gains) losses and impairments, net	2	(1)
Changes in assets and liabilities:
Accounts receivable, net	33	(61)
Inventories	144	90
Prepaid postretirement benefit costs	(28)	(27)
Accounts payable	(144)	(2)
Gas inventory equalization	125	121
Accrued pension liability	(9)	(10)
Accrued postretirement liability	(8)	(7)
Derivative assets and liabilities	81	54
Regulatory assets and liabilities	14	78
Other current and noncurrent assets and liabilities	44	(80)
Net cash from operating activities	906	1,020
Investing Activities
Plant and equipment expenditures — utility	(1,214)	(857)
Plant and equipment expenditures — non-utility	(15)	(16)
Proceeds from sale of nuclear decommissioning trust fund assets	213	139
Investment in nuclear decommissioning trust funds	(215)	(142)
Distributions from equity method investees	2	3
Investment in notes receivable	(66)	(87)
Principal collections on notes receivable	8	5
Other	(27)	(13)
Net cash used for investing activities	(1,314)	(968)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,582	1,093
Redemption of long-term debt	(16)	(365)
Short-term borrowings, net	(882)	(554)
Dividends paid on common stock	(233)	(217)
Other	(15)	(7)
Net cash from (used for) financing activities	436	(50)
Net Increase in Cash, Cash Equivalents, and Restricted Cash	28	2
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	250	88
Cash, Cash Equivalents, and Restricted Cash at End of Period	$278	$90
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$589	$375

Consolidated Statements of Changes in Equity (Unaudited)

Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2025	207,745	$6,858	$5,484	$(39)	$5		$12,308
Net Income	—	—	247	—	—		247
Dividends declared on common stock ($1.17 per Common Share)	—	—	(242)	—	—		(242)
Issuance of common stock	66	9	—	—	—		9
Other comprehensive income, net of tax	—	—	—	3		3
Stock-based compensation and other	217	5	(2)	—	—		3
Balance, March 31, 2026	208,028	$6,872	$5,487	$(36)	$5		$12,328

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

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