DTE Energy Company (DTE) financials
NYSE · Utilities · Regulated Electric · 9,592 employees · CEO Joi Harris
- Price
- $135.49 +0.72%
- Market cap
- $28.2B
- Enterprise value
- $55.9B
- Last report
- Q2 '26 filed 2026-07-28
- Next report
- 2026-11-05 EPS est. $2.15
Revenue (TTM)$16.2B+14.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)12.3%-2.6 pp vs a year agoOperating income $2.01B
Net income (TTM)$1.32B-8.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$1.93B-199.7% vs a year agoCapex $5.31B
Diluted EPS (TTM)$6.37-8.3% vs a year agoSum of the last 4 quarters
Net cash-$27.8B-16.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $28.2B EV $55.9B
- Revenue
- $16.2B Trailing 12 months
- Revenue growth
- +1% FY2026 consensus
- Profit margin
- 8.1% Net income / revenue, TTM
- P/E
- 21.3× Forward 17.6× (FY2026)
- P/S
- 1.7× Price / sales, TTM
- EV / EBITDA
- 13.1× TTM
- Free cash flow
- -$1.93B Trailing 12 months
- Net income
- $1.32B Trailing 12 months
- Revenue estimate
- $16B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $3.54B
- Dividend
- $4.66 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-28): revenue in line, EPS beat by 15.8%Revenue $3.37B vs $3.36B expected (+0.3%); EPS $1.32 vs $1.14 (+15.8%).
- Revenue growth slowing: -2.4% year on yearQ2 '26 revenue $3.34B, against an average of 19.9% over the four quarters before.
- Operating margin 12.3% (TTM), -2.6 pp on a year agoOperating income grew -5.5% while revenue grew 14.4%.
- 51.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.32B vs operating income $2.01B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 32.7% of revenue (a year ago 29.7%)$5.31B invested in the last 4 quarters (+25.8% on a year earlier). Free cash flow -$1.93B = -146.3% of net income.
- Diluted share count up 0.5% in a year208M diluted shares in Q2 '26, 207M a year earlier.
- Net debt $27.8BCash + short-term investments $84M, debt incl. leases $27.8B; a year ago net debt $23.9B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.34B | $3.42B | -2.4% |
| Gross margin | 16.1% | 29.4% | -13.3 pp |
| Operating income | $396M | $427M | -7.3% |
| Operating margin | 11.9% | 12.5% | -0.6 pp |
| Net income | $282M | $228M | +23.7% |
| Diluted EPS | $1.36 | $1.10 | +23.6% |
| Operating cash flow | $776M | $713M | +8.8% |
| Capex | $1.49B | $971M | +53.7% |
| Free cash flow | -$716M | -$258M | -177.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-07-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.37B | $3.36B | +0.3% |
| EPS (as estimated) | $1.32 | $1.14 | +15.8% |
From the report of 2026-07-28 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Electric | -$17M | -101.1% | 22.4% | – | – | |
| Energy Trading | -$44M | -105.3% | 57.9% | – | – | |
| Gas | -$4M | -101.4% | 5.3% | – | – | |
| DTE Vantage | -$11M | -106.1% | 14.5% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.38B
- Capex
- -$5.31B
- Buybacks
- $0
- Dividends
- -$915M
- Acquisitions
- -$389M
- Net debt issued
- $3.78B
- Stock-based compensation
- $0
- Free cash flow
- -$1.93B
- Returned to shareholders / FCF
- -47.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 21.3× | 19.8× | 16.3× – 25.5× |
| EV / EBITDA | 13.1× | 12.8× | 10.9× – 15.0× |
| EV / Sales | 3.4× | 3.1× | 2.2× – 3.9× |
| Price / FCF | -14.6× | – | – |
| Price / Book | 2.3× | 2.2× | 2.1× – 2.7× |
| FCF yield | -6.8% | -3.9% | -6.1% – -3.1% |
| Return on invested capital | 3.8% | 4.4% | 4.0% – 4.7% |
| Return on equity | 10.8% | 11.5% | 10.4% – 12.6% |
Analysts
Consensus target $143.63 (+6.0%)
range $135.00 – $165.00 · rating Hold
Strong buy0
Buy21
Hold25
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $16B | +1.2% | $7.71 | +9.2% | 17.6× | 10 |
| FY2027 | $16.6B | +3.4% | $8.30 | +7.6% | 16.3× | 11 |
| FY2028 | $17.2B | +3.8% | $8.99 | +8.3% | 15.1× | 6 |
| FY2029 | $17.7B | +3.3% | $9.68 | +7.7% | 14.0× | 3 |
| FY2030 | $18.3B | +3.4% | $10.36 | +7.1% | 13.1× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 329 figures DTE Energy Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.63B | $1.3B | +25.2% | $1.75B | $1.39B | +26.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.92B | $1.73B | +10.7% | $2.03B | $1.69B | +20.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $68M | $75M | -9.3% | $60M | $70M | -14.3% |
| Accrued Environmental Loss Contingencies, Noncurrent | $412M | $351M | +17.4% | $405M | $353M | +14.7% |
| Accumulated Deferred Investment Tax Credit | $505M | $404M | +25.0% | $402M | $269M | +49.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $11.2B | $10.3B | +8.7% | $11B | $9.95B | +10.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$36M | -$28M | -28.6% | -$39M | -$26M | -50.0% |
| Additional Collateral, Aggregate Fair Value | $459M | $384M | +19.5% | $483M | $360M | +34.2% |
| Amortization of Intangible Assets | – | – | – | $18M | $16M | +12.5% |
| Amortization of Regulatory Asset | – | – | – | $550M | $394M | +39.6% |
| Asset Retirement Obligation | $4.47B2025-12-31 | $4.03B | +10.9% | $4.47B | $4.03B | +10.9% |
| Asset Retirement Obligation, Accretion Expense | $63M2025-12-31 | – | – | $239M | $211M | +13.3% |
| Asset Retirement Obligation, Liabilities Incurred | $02025-12-31 | – | – | $32M | $324M | -90.1% |
| Asset Retirement Obligation, Liabilities Settled | $7M2025-12-31 | – | – | $10M | $14M | -28.6% |
| Asset Retirement Obligation, Revision of Estimate | $02025-12-31 | – | – | $177M | -$46M | +484.8% |
| Asset Retirement Obligations, Noncurrent | $4.54B | $4.12B | +10.1% | $4.47B | $4.03B | +10.9% |
| Assets | $55.1B | $49.6B | +11.2% | $54.1B | $48.8B | +10.7% |
| Assets, Current | $4.39B | $3.62B | +21.4% | $4.35B | $3.61B | +20.5% |
| Assets, Fair Value Disclosure | $3.17B | – | – | $3.09B | $2.62B | +18.0% |
| Capital Expenditures Incurred but Not yet Paid | $589M | $375M | +57.1% | $570M | $454M | +25.6% |
| Capitalized Computer Software, Accumulated Amortization | $474M2025-12-31 | $476M | -0.4% | $474M | $476M | -0.4% |
| Capitalized Computer Software, Amortization | – | – | – | $164M | $192M | -14.6% |
| Capitalized Computer Software, Gross | $1.21B2025-12-31 | $1.01B | +20.5% | $1.21B | $1.01B | +20.5% |
| Capitalized Interest Costs, Including Allowance for Funds Used During Construction | – | – | – | $152M | $122M | +24.6% |
| Cash and Cash Equivalents, at Carrying Value | $238M | $33M | +621.2% | $208M | $24M | +766.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $228M | – | – | $176M | $11M | +1,500.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $278M | $90M | +208.9% | $250M | $88M | +184.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $28M | $2M | +1,300.0% | $162M | $37M | +337.8% |
| Collateral Already Posted, Aggregate Fair Value | $0 | $0 | – | $3M | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $1.17 | $1.09 | +7.3% | $4.44 | $4.15 | +7.0% |
| Common Stock, Shares Authorized | 400M | 400M | 0.0% | 400M | 400M | 0.0% |
| Common Stock, Shares, Issued | 208M | 208M | +0.2% | 208M | 207M | +0.3% |
| Common Stock, Shares, Outstanding | 208M | 208M | +0.2% | 208M | 207M | +0.3% |
| Common Stock, Value, Issued | $6.87B | $6.79B | +1.3% | $6.86B | $6.78B | +1.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $250M | $443M | -43.6% | $1.45B | $1.45B | +0.3% |
| Contract with Customer, Liability | $165M | $146M | +13.0% | $170M | $138M | +23.2% |
| Contract with Customer, Liability, Current | $260M2025-09-30 | – | – | – | – | – |
| Contract with Customer, Liability, Revenue Recognized | $68M | $43M | +58.1% | $134M | $100M | +34.0% |
| Costs and Expenses | $4.73B | $3.82B | +23.9% | $13.4B | $10.4B | +29.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$269M | -$229M | -17.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2M | $3M | -33.3% |
| Current Income Tax Expense (Benefit) | – | – | – | -$270M | -$228M | -18.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$3M | -$2M | -50.0% |
| Debt Instrument, Face Amount | $4.46B2025-12-31 | $4.57B | -2.4% | $4.46B | $4.57B | -2.4% |
| Decommissioning Fund Investments | $2.6B | $2.25B | +15.7% | $2.55B | $2.26B | +13.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $253M | $116M | +118.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $1M | -100.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $358M | $194M | +84.5% |
| Deferred Income Tax Liabilities, Net | $3.38B | $2.95B | +14.6% | $3.4B | $2.96B | +14.9% |
| Deferred Income Taxes and Tax Credits | -$53M | -$19M | -178.9% | $358M | $194M | +84.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $105M | $77M | +36.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.58B2025-12-31 | $2.51B | +2.7% | $2.58B | $2.51B | +2.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $180M2025-12-31 | $190M | -5.3% | $180M | $190M | -5.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $51M2025-12-31 | $68M | -25.0% | $51M | $68M | -25.0% |
| Deferred Tax Assets, Other | $182M2025-12-31 | $145M | +25.5% | $182M | $145M | +25.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $1.62B2025-12-31 | $1.6B | +0.9% | $1.62B | $1.6B | +0.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, General Business | $1.6B2025-12-31 | $1.6B | 0.0% | $1.6B | $1.6B | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $3M2025-12-31 | $55M | -94.5% | $3M | $55M | -94.5% |
| Deferred Tax Assets, Valuation Allowance | $46M2025-12-31 | $25M | +84.0% | $46M | $25M | +84.0% |
| Deferred Tax Liabilities, Gross | $5.98B2025-12-31 | $5.47B | +9.3% | $5.98B | $5.47B | +9.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02