DTE Energy (DTE) Financials

$141.94 -0.65 (-0.45%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$141.96 +0.02 (+0.01%)

As of 05/13/2026 07:50 PM Eastern

Annual Income Statements for DTE Energy

This table shows DTE Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	727	868	1,134	2,448	1,169	1,368	907	1,083	1,397	1,404	1,462
Consolidated Net Income / (Loss)	720	834	1,112	1,118	1,172	1,371	903	1,083	1,397	1,404	1,462
Net Income / (Loss) Continuing Operations	-854	-1,371	1,713	1,782	942	1,045	786	1,083	1,397	1,404	1,462
Total Pre-Tax Income	950	1,105	2,215	2,073	1,013	1,082	656	1,112	1,566	1,370	1,550
Total Operating Income	-335	-719	2,876	2,728	1,430	1,555	1,495	1,748	2,243	2,091	2,374
Total Gross Profit	987	1,384	7,663	14,507	10,370	3,279	5,756	6,068	6,487	6,600	7,175
Total Revenue	10,337	10,630	17,709	19,510	12,168	11,423	14,964	19,228	12,745	12,457	15,814
Operating Revenue	10,337	10,630	17,709	19,510	12,168	11,423	14,964	19,228	12,745	12,457	15,814
Total Cost of Revenue	9,350	9,246	10,046	5,003	1,798	8,144	9,208	13,160	6,258	5,857	8,639
Operating Cost of Revenue	9,350	9,246	10,046	5,003	1,798	8,144	9,208	13,160	6,258	5,857	8,639
Total Operating Expenses	1,322	2,103	4,787	11,779	8,940	1,724	4,261	4,320	4,244	4,509	4,801
Depreciation Expense	852	1,726	753	1,960	1,169	1,292	1,377	1,468	1,606	1,732	1,841
Other Operating Expenses / (Income)	364	370	693	712	406	395	2,851	2,857	2,622	2,749	2,911
Impairment Charge	106	7.00	41	26	14	37	33	-5.00	16	28	49
Total Other Income / (Expense), net	-289	-381	-661	-655	-417	-473	-839	-636	-677	-721	-824
Interest Expense	450	472	810	842	568	607	1,023	675	791	951	1,056
Interest & Investment Income	13	20	12	12	9.00	29	22	46	57	136	103
Other Income / (Expense), net	148	71	137	175	142	105	162	-7.00	57	94	129
Income Tax Expense	230	271	502	291	71	37	-130	29	169	-34	88
Basic Earnings per Share	$4.05	$4.84	$6.32	$6.18	$6.32	$7.09	$4.68	$5.53	$6.77	$6.78	$7.04
Weighted Average Basic Shares Outstanding	179M	179M	179M	181M	185M	193M	193M	195M	206M	207M	207M
Diluted Earnings per Share	$4.05	$4.83	$6.32	$6.17	$6.31	$7.08	$4.67	$5.52	$6.76	$6.77	$7.03
Weighted Average Diluted Shares Outstanding	179M	179M	179M	181M	185M	193M	194M	196M	206M	207M	207M
Weighted Average Basic & Diluted Shares Outstanding	179M	179.30M	179.40M	181.20M	330.87M	332.14M	332.38M	344.32M	345.09M	345.87M	346.44M
Cash Dividends to Common per Share	$2.84	$3.06	$3.36	$3.60	$3.85	$4.12	$3.88	$3.61	$3.88	$4.15	$4.44

This table shows DTE Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	332	419	313	322	477	292	445	229	419	369	247
Consolidated Net Income / (Loss)	332	419	313	322	477	292	445	229	419	369	247
Net Income / (Loss) Continuing Operations	332	419	313	322	477	292	445	229	419	369	247
Total Pre-Tax Income	354	482	334	358	356	322	427	230	413	480	189
Total Operating Income	538	656	517	502	517	555	624	427	619	704	412
Total Gross Profit	1,589	1,726	1,651	1,595	1,621	1,733	1,788	1,600	1,850	1,937	1,779
Total Revenue	2,888	3,394	3,240	2,875	2,906	3,436	4,440	3,419	3,527	4,428	5,141
Operating Revenue	2,888	3,394	3,240	2,875	2,906	3,436	4,440	3,419	3,527	4,428	5,141
Total Cost of Revenue	1,299	1,668	1,589	1,280	1,285	1,703	2,652	1,819	1,677	2,491	3,362
Operating Cost of Revenue	1,299	1,668	1,589	1,280	1,285	1,703	2,652	1,819	1,677	2,491	3,362
Total Operating Expenses	1,051	1,070	1,134	1,093	1,104	1,178	1,164	1,173	1,231	1,233	1,367
Depreciation Expense	404	421	423	427	438	444	452	451	464	474	483
Other Operating Expenses / (Income)	659	622	712	666	666	705	713	723	717	758	882
Impairment Charge	-12	27	-1.00	0.00	0.00	29	-1.00	-1.00	50	1.00	2.00
Total Other Income / (Expense), net	-184	-174	-183	-144	-161	-233	-197	-197	-206	-224	-223
Interest Expense	200	208	218	233	252	248	250	256	271	279	293
Interest & Investment Income	15	12	18	36	48	34	23	25	26	29	31
Other Income / (Expense), net	1.00	22	17	53	43	-19	30	34	39	26	39
Income Tax Expense	22	63	21	36	-121	30	-18	1.00	-6.00	111	-58
Basic Earnings per Share	$1.61	$2.03	$1.51	$1.56	$2.30	$1.41	$2.14	$1.10	$2.02	$1.78	$1.19
Weighted Average Basic Shares Outstanding	206M	206M	206M	207M	207M	207M	207M	207M	207M	207M	207M
Diluted Earnings per Share	$1.61	$2.02	$1.51	$1.55	$2.30	$1.41	$2.14	$1.10	$2.01	$1.78	$1.19
Weighted Average Diluted Shares Outstanding	206M	206M	207M	207M	207M	207M	207M	207M	207M	207M	208M
Weighted Average Basic & Diluted Shares Outstanding	344.89M	345.09M	345.57M	345.65M	345.73M	345.87M	346.15M	346.22M	346.32M	346.44M	346.66M
Cash Dividends to Common per Share	-	-	$1.02	$2.04	-	-	$1.09	$2.18	-	-	$1.17

This table details how cash moves in and out of DTE Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-11	112	-2.00	-13	17	423	-481	8.00	8.00	37	162
Net Cash From Operating Activities	1,916	2,084	2,117	2,680	2,649	3,697	3,067	1,977	3,220	3,643	3,409
Net Cash From Continuing Operating Activities	1,916	2,084	2,139	2,680	2,649	3,697	3,067	1,977	3,220	3,643	3,409
Net Income / (Loss) Continuing Operations	720	834	1,134	1,118	1,172	1,371	903	1,083	1,397	1,404	1,462
Consolidated Net Income / (Loss)	720	834	1,134	1,118	1,172	1,371	903	1,083	1,397	1,404	1,462
Depreciation Expense	852	976	1,030	1,124	1,263	1,443	1,459	1,468	1,606	1,732	1,841
Amortization Expense	46	58	53	45	60	37	58	42	59	55	67
Non-Cash Adjustments To Reconcile Net Income	321	252	161	-102	15	-69	281	91	-88	-142	-156
Changes in Operating Assets and Liabilities, net	-23	-36	-261	495	139	915	366	-707	246	594	195
Net Cash From Investing Activities	-2,204	-3,390	-2,562	-3,347	-5,732	-4,070	-3,863	-3,431	-4,095	-4,951	-5,304
Net Cash From Continuing Investing Activities	-2,204	-3,390	-2,562	-3,347	-5,732	-4,070	-3,863	-3,431	-4,095	-4,951	-5,304
Purchase of Property, Plant & Equipment	-2,020	-	-2,250	-	-2,997	-3,857	-3,772	-3,378	-3,934	-4,467	-4,429
Acquisitions	-339	-1,386	-299	-637	-2,619	-163	-8.00	-13	-27	-27	-211
Purchase of Investments	-898	-1,463	-1,226	-1,188	-794	-2,350	-1,046	-878	-678	-1,609	-719
Sale of Property, Plant & Equipment	-	-	1.00	2.00	0.00	13	3.00	24	3.00	46	32
Sale and/or Maturity of Investments	904	1,468	1,250	1,212	798	2,374	1,065	895	729	1,665	757
Other Investing Activities, net	149	-2,009	-38	-2,736	-120	-87	-105	-81	-188	-559	-734
Net Cash From Financing Activities	277	1,359	421	654	3,100	796	315	1,462	883	1,345	2,057
Net Cash From Continuing Financing Activities	277	1,418	421	654	3,100	796	315	1,462	883	1,345	2,057
Repayment of Debt	-193	-816	-466	-163	-900	-1,755	-3,247	-1,269	-1,532	-2,378	-1,501
Payment of Dividends	-509	-536	-632	-668	-751	-799	-836	-685	-752	-810	-871
Issuance of Debt	956	2,689	1,520	1,432	2,725	3,692	4,457	2,171	3,167	4,533	4,429
Cash Interest Paid	428	448	495	572	595	679	671	638	751	869	978

This table details how cash moves in and out of DTE Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	25	-15	298	-262	936	-935	2.00	-6.00	-5.00	171	28
Net Cash From Operating Activities	616	845	1,042	759	758	1,084	1,020	709	632	1,048	906
Net Cash From Continuing Operating Activities	616	845	1,042	759	758	1,084	1,020	709	632	1,048	906
Net Income / (Loss) Continuing Operations	332	419	313	322	477	292	445	229	419	369	247
Consolidated Net Income / (Loss)	332	419	313	322	477	292	445	229	419	369	247
Depreciation Expense	404	421	423	427	438	444	452	451	464	474	483
Amortization Expense	12	16	12	9.00	17	17	17	16	17	17	13
Non-Cash Adjustments To Reconcile Net Income	-27	-2.00	-31	-71	-46	6.00	-58	-45	6.00	-59	-64
Changes in Operating Assets and Liabilities, net	-105	-9.00	325	72	-128	325	164	58	-274	247	227
Net Cash From Investing Activities	-983	-1,154	-1,616	-1,908	-1,189	-238	-968	-1,054	-1,661	-1,621	-1,314
Net Cash From Continuing Investing Activities	-983	-1,154	-1,616	-1,908	-1,189	-238	-968	-1,054	-1,661	-1,621	-1,314
Purchase of Property, Plant & Equipment	-937	-1,121	-1,051	-1,041	-1,128	-1,247	-873	-971	-1,222	-1,363	-1,229
Purchase of Investments	-105	-154	-310	-1,090	-90	-119	-142	-231	-223	-123	-215
Sale and/or Maturity of Investments	108	163	111	255	92	1,177	147	236	222	157	223
Other Investing Activities, net	-44	-45	-363	-76	-64	-26	-100	-93	-227	-319	-93
Net Cash From Financing Activities	392	294	872	887	1,367	-1,781	-50	339	1,024	744	436
Net Cash From Continuing Financing Activities	392	294	872	887	1,367	-1,781	-50	339	1,024	744	436
Repayment of Debt	580	-407	-1,107	248	377	-1,896	-926	-733	-399	557	-913
Payment of Dividends	-188	-188	-202	-202	-203	-203	-217	-218	-218	-218	-233
Issuance of Debt	-	889	2,181	841	1,193	318	1,093	1,290	1,641	405	1,582

This table presents DTE Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	28,662	32,041	33,767	36,288	42,268	45,496	39,719	42,683	44,755	48,846	54,066
Total Current Assets	2,575	2,762	3,081	3,260	3,086	3,498	3,317	4,180	3,539	3,607	4,348
Cash & Equivalents	37	92	66	71	93	472	28	33	26	24	208
Restricted Cash	23	21	23	5.00	0.00	-	7.00	10	25	64	42
Accounts Receivable	1,348	1,593	1,856	1,897	1,887	1,669	1,830	2,182	1,787	1,827	2,149
Inventories, net	803	772	779	811	759	373	858	942	1,054	1,245	1,375
Other Current Assets	364	284	357	476	347	314	594	1,013	647	447	574
Plant, Property, & Equipment, net	18,034	19,730	20,721	21,650	25,317	24,499	26,944	28,767	28,169	30,893	33,653
Plant, Property & Equipment, gross	28,121	30,029	31,424	31,810	35,072	34,016	37,083	39,346	37,274	40,840	44,623
Accumulated Depreciation	10,087	10,299	10,703	10,160	9,755	9,517	10,139	10,579	9,105	9,947	10,970
Total Noncurrent Assets	8,053	9,379	9,804	11,378	13,865	6,409	9,458	9,736	13,047	14,346	16,065
Long-Term Investments	700	953	1,305	1,990	2,127	196	381	330	334	304	316
Noncurrent Note & Lease Receivables	85	73	73	64	202	-	310	331	420	898	1,455
Goodwill	2,018	2,286	2,293	2,293	2,464	-	1,993	1,993	1,993	1,993	1,993
Intangible Assets	89	842	867	849	2,393	-	177	166	156	144	188
Other Noncurrent Operating Assets	5,161	5,225	5,266	6,182	6,679	6,213	6,597	6,916	10,144	11,007	12,113
Total Liabilities & Shareholders' Equity	28,662	32,041	33,767	36,288	42,268	45,496	39,719	42,683	44,755	48,846	54,066
Total Liabilities	19,867	22,193	23,454	25,571	30,432	10,415	31,006	32,282	33,700	37,142	41,758
Total Current Liabilities	2,528	2,437	2,812	4,438	3,997	2,691	6,346	5,173	5,883	5,106	5,409
Short-Term Debt	972	513	730	2,108	1,894	469	3,632	2,286	3,425	2,363	2,238
Accounts Payable	809	1,079	1,171	1,329	1,076	0.00	1,414	1,604	1,361	1,387	1,753
Dividends Payable	131	148	158	172	195	-	171	196	210	226	242
Other Current Liabilities	527	601	642	702	685	649	989	933	717	906	903
Other Current Nonoperating Liabilities	89	96	111	127	147	158	140	154	170	224	273
Total Noncurrent Liabilities	17,339	19,756	20,642	21,133	26,435	9,139	24,660	27,109	27,817	32,036	36,349
Long-Term Debt	8,745	11,262	12,184	12,127	15,924	0.00	14,512	16,862	17,407	20,672	23,771
Capital Lease Obligations	15	7.00	1.00	7.00	11	24	19	11	13	18	14
Asset Retirement Reserve & Litigation Obligation	2,940	2,946	5,415	5,596	6,185	6,475	6,589	6,415	6,479	7,240	7,755
Noncurrent Deferred & Payable Income Tax Liabilities	62	4,255	2,010	2,113	2,481	2,231	2,321	2,576	2,830	3,227	3,802
Noncurrent Employee Benefit Liabilities	1,361	1,188	985	837	1,193	-	697	665	651	447	482
Other Noncurrent Operating Liabilities	293	98	47	453	641	409	522	580	437	432	525
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,795	9,499	9,990	10,717	11,836	12,562	8,713	10,401	11,055	11,704	12,308
Total Preferred & Common Equity	8,772	9,011	9,512	10,237	11,672	12,425	8,705	10,397	11,050	11,699	12,303
Total Common Equity	8,772	9,011	9,512	10,237	11,672	12,562	8,705	10,397	11,050	11,699	12,303
Common Stock	4,123	4,030	3,989	4,245	5,233	5,406	5,379	6,651	6,713	6,779	6,858
Retained Earnings	4,794	5,114	5,643	6,112	6,587	7,156	3,438	3,808	4,404	4,946	5,484
Accumulated Other Comprehensive Income / (Loss)	-145	-133	-120	-120	-148	-	-112	-62	-67	-26	-39
Noncontrolling Interest	23	488	478	480	164	-	8.00	4.00	5.00	5.00	5.00

This table presents DTE Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	42,921	43,730	44,755	45,902	47,811	49,806	48,846	49,555	50,248	52,028	55,108
Total Current Assets	3,203	3,420	3,539	3,752	4,516	5,617	3,607	3,617	3,539	3,762	4,392
Cash & Equivalents	30	36	26	292	20	969	24	33	32	34	238
Restricted Cash	11	30	25	57	67	54	64	57	52	45	40
Accounts Receivable	1,495	1,566	1,787	1,615	1,750	1,613	1,827	1,888	1,759	1,582	2,109
Inventories, net	938	1,110	1,054	1,049	1,164	1,391	1,245	1,155	1,370	1,553	1,231
Other Current Assets	729	498	647	539	453	519	447	484	326	339	774
Plant, Property, & Equipment, net	29,696	27,528	28,169	28,585	29,445	30,068	30,893	31,099	31,617	32,653	34,418
Plant, Property & Equipment, gross	40,576	36,397	37,274	37,928	38,985	39,916	40,840	41,379	42,046	43,360	45,592
Accumulated Depreciation	10,880	8,869	9,105	9,343	9,540	9,848	9,947	10,280	10,429	10,707	11,174
Total Noncurrent Assets	10,022	12,782	13,047	13,565	13,850	14,121	14,346	14,839	15,092	15,613	16,298
Long-Term Investments	336	337	334	320	291	311	304	304	310	322	305
Noncurrent Note & Lease Receivables	374	400	420	768	815	852	898	973	1,056	1,272	1,494
Goodwill	1,993	1,993	1,993	1,993	1,993	1,993	1,993	1,993	1,993	1,993	1,993
Intangible Assets	161	159	156	153	152	148	144	141	137	190	183
Other Noncurrent Operating Assets	7,158	9,893	10,144	10,331	10,599	10,817	11,007	11,428	11,596	11,836	12,323
Total Liabilities & Shareholders' Equity	42,921	43,730	44,755	45,902	47,811	49,806	48,846	49,555	50,248	52,028	55,108
Total Liabilities	32,436	32,876	33,700	34,724	36,699	38,208	37,142	37,628	38,521	39,865	42,780
Total Current Liabilities	3,596	4,045	5,883	4,975	6,507	6,787	5,106	4,152	3,779	3,266	4,610
Short-Term Debt	1,225	1,811	3,425	2,699	3,769	4,167	2,363	1,459	845	542	1,507
Accounts Payable	1,051	1,135	1,361	1,098	1,307	1,290	1,387	1,300	1,380	1,312	1,628
Dividends Payable	393	196	210	211	422	211	226	226	453	226	242
Other Current Liabilities	754	690	717	729	780	860	906	926	649	626	896
Other Current Nonoperating Liabilities	173	213	170	238	229	259	224	241	253	300	337
Total Noncurrent Liabilities	28,840	28,831	27,817	29,749	30,192	31,421	32,036	33,476	34,742	36,599	38,170
Long-Term Debt	18,529	18,533	17,407	19,229	19,256	20,440	20,672	21,750	22,921	24,481	25,193
Capital Lease Obligations	9.00	9.00	13	19	18	18	18	15	15	15	11
Asset Retirement Reserve & Litigation Obligation	6,516	6,485	6,479	6,563	6,851	6,918	7,240	7,463	7,531	7,699	7,916
Noncurrent Deferred & Payable Income Tax Liabilities	2,704	2,755	2,830	2,886	3,022	3,025	3,227	3,353	3,371	3,488	3,884
Noncurrent Employee Benefit Liabilities	624	607	651	622	604	587	447	430	425	419	465
Other Noncurrent Operating Liabilities	458	442	437	430	441	433	432	465	479	497	701
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,485	10,854	11,055	11,178	11,112	11,598	11,704	11,927	11,727	12,163	12,328
Total Preferred & Common Equity	10,481	10,850	11,050	11,173	11,106	11,592	11,699	11,921	11,722	12,158	12,323
Total Common Equity	10,481	10,850	11,050	11,173	11,106	11,592	11,699	11,921	11,722	12,158	12,323
Common Stock	6,676	6,697	6,713	6,710	6,732	6,754	6,779	6,786	6,809	6,835	6,872
Retained Earnings	3,862	4,197	4,404	4,505	4,404	4,880	4,946	5,163	4,940	5,357	5,487
Accumulated Other Comprehensive Income / (Loss)	-57	-44	-67	-42	-30	-42	-26	-28	-27	-34	-36
Noncontrolling Interest	4.00	4.00	5.00	5.00	6.00	6.00	5.00	6.00	5.00	5.00	5.00

This table displays calculated financial ratios and metrics derived from DTE Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.97%	2.83%	66.59%	10.17%	-37.63%	-6.12%	31.00%	28.50%	-33.72%	-2.26%	26.95%
EBITDA Growth	-39.80%	-45.71%	961.14%	-0.59%	-28.90%	8.46%	1.08%	2.43%	21.96%	0.18%	11.05%
EBIT Growth	-1,458.33%	-246.52%	564.97%	-3.65%	-45.85%	5.60%	-0.18%	5.07%	32.11%	-5.00%	14.55%
NOPAT Growth	-206.33%	-113.74%	509.86%	5.43%	-43.29%	12.94%	19.27%	-4.96%	17.54%	7.09%	4.50%
Net Income Growth	-20.97%	15.83%	33.33%	0.54%	4.83%	16.98%	-34.14%	19.93%	28.99%	0.50%	4.13%
EPS Growth	-20.59%	19.26%	30.85%	-2.37%	4.83%	16.98%	-34.04%	18.20%	22.46%	0.15%	3.84%
Operating Cash Flow Growth	3.85%	8.77%	1.58%	26.59%	-1.16%	39.56%	-17.04%	-35.54%	62.87%	13.14%	-6.42%
Free Cash Flow Firm Growth	-18.55%	-118.16%	128.81%	19.00%	-398.18%	283.29%	-128.00%	36.53%	66.43%	-117.64%	-57.74%
Invested Capital Growth	7.21%	14.74%	6.32%	5.70%	19.81%	-16.13%	14.88%	10.33%	7.98%	9.16%	9.95%
Revenue Q/Q Growth	-5.41%	-19.29%	90.79%	3.58%	-45.95%	31.34%	27.40%	-0.88%	-7.83%	0.34%	6.69%
EBITDA Q/Q Growth	484.32%	-92.51%	247.13%	-8.66%	-43.73%	29.43%	23.60%	0.71%	7.05%	-2.89%	5.35%
EBIT Q/Q Growth	83.81%	-115.52%	177.92%	-12.16%	-59.41%	67.68%	60.41%	0.75%	10.31%	-6.10%	8.40%
NOPAT Q/Q Growth	71.88%	-117.36%	172.45%	-8.71%	-57.19%	48.35%	-12.94%	-0.45%	8.26%	-2.30%	1.15%
Net Income Q/Q Growth	-23.73%	5.97%	16.32%	-6.99%	-15.07%	26.48%	3.44%	-3.56%	12.39%	-8.30%	5.56%
EPS Q/Q Growth	-23.44%	6.62%	15.54%	-7.63%	-15.07%	26.48%	2.86%	-5.15%	12.11%	-8.27%	5.56%
Operating Cash Flow Q/Q Growth	-5.15%	-5.70%	13.39%	2.52%	4.54%	4.76%	-6.72%	-6.17%	9.52%	7.02%	-1.05%
Free Cash Flow Firm Q/Q Growth	33.00%	-216.76%	114.28%	-17.21%	-492.95%	153.31%	-112.58%	-4.09%	37.00%	11.85%	-48.73%
Invested Capital Q/Q Growth	1.07%	13.47%	1.75%	1.67%	10.77%	-37.56%	2.70%	2.57%	2.19%	1.54%	2.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.55%	13.02%	43.27%	74.36%	85.22%	28.71%	38.47%	31.56%	50.90%	52.98%	45.37%
EBITDA Margin	6.88%	3.63%	23.13%	20.87%	23.79%	27.49%	21.21%	16.91%	31.11%	31.89%	27.89%
Operating Margin	-3.24%	-6.76%	16.24%	13.98%	11.75%	13.61%	9.99%	9.09%	17.60%	16.79%	15.01%
EBIT Margin	-1.81%	-6.10%	17.01%	14.88%	12.92%	14.53%	11.07%	9.05%	18.05%	17.54%	15.83%
Profit (Net Income) Margin	6.97%	7.85%	6.28%	5.73%	9.63%	12.00%	6.03%	5.63%	10.96%	11.27%	9.25%
Tax Burden Percent	75.79%	75.48%	50.20%	53.93%	115.70%	126.71%	137.65%	97.39%	89.21%	102.48%	94.32%
Interest Burden Percent	-508.02%	-170.52%	73.51%	71.41%	64.44%	65.18%	39.59%	63.87%	68.09%	62.70%	61.93%
Effective Tax Rate	24.21%	24.52%	22.66%	14.04%	7.01%	3.42%	-19.82%	2.61%	10.79%	-2.48%	5.68%
Return on Invested Capital (ROIC)	-1.46%	-2.81%	10.45%	10.39%	5.22%	5.88%	7.15%	6.05%	6.51%	6.42%	6.13%
ROIC Less NNEP Spread (ROIC-NNEP)	9.59%	10.73%	0.81%	0.34%	4.11%	4.90%	0.99%	2.72%	3.49%	3.06%	2.96%
Return on Net Nonoperating Assets (RNNOA)	9.86%	11.93%	0.96%	0.41%	5.18%	5.36%	1.33%	5.29%	6.51%	5.91%	6.05%
Return on Equity (ROE)	8.40%	9.12%	11.41%	10.80%	10.39%	11.24%	8.49%	11.33%	13.02%	12.34%	12.18%
Cash Return on Invested Capital (CROIC)	-8.42%	-16.54%	4.32%	4.85%	-12.81%	23.43%	-6.69%	-3.78%	-1.16%	-2.33%	-3.35%
Operating Return on Assets (OROA)	-0.66%	-2.14%	9.16%	8.29%	4.00%	3.78%	3.89%	4.23%	5.26%	4.67%	4.86%
Return on Assets (ROA)	2.55%	2.75%	3.38%	3.19%	2.98%	3.12%	2.12%	2.63%	3.20%	3.00%	2.84%
Return on Common Equity (ROCE)	8.38%	8.86%	10.85%	10.30%	10.10%	11.16%	8.49%	11.32%	13.02%	12.33%	12.17%
Return on Equity Simple (ROE_SIMPLE)	8.21%	9.26%	11.69%	10.92%	10.04%	11.03%	10.37%	10.42%	12.64%	12.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-254	-543	2,224	2,345	1,330	1,502	1,791	1,702	2,001	2,143	2,239
NOPAT Margin	-2.46%	-5.11%	12.56%	12.02%	10.93%	13.15%	11.97%	8.85%	15.70%	17.20%	14.16%
Net Nonoperating Expense Percent (NNEP)	-11.05%	-13.54%	9.63%	10.05%	1.11%	0.98%	6.17%	3.33%	3.02%	3.36%	3.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.76%	6.27%	6.17%	5.84%
Cost of Revenue to Revenue	90.45%	86.98%	56.73%	25.64%	14.78%	71.29%	61.53%	68.44%	49.10%	47.02%	54.63%
SG&A Expenses to Revenue	0.00%	0.00%	18.63%	46.55%	60.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.79%	19.78%	27.03%	60.37%	73.47%	15.09%	28.48%	22.47%	33.30%	36.20%	30.36%
Earnings before Interest and Taxes (EBIT)	-187	-648	3,013	2,903	1,572	1,660	1,657	1,741	2,300	2,185	2,503
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	711	386	4,096	4,072	2,895	3,140	3,174	3,251	3,965	3,972	4,411
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.18	2.69	2.92	2.85	3.05	2.84	4.20	3.50	3.32	3.57	3.63
Price to Tangible Book Value (P/TBV)	2.87	4.12	4.38	4.12	5.22	2.84	5.60	4.42	4.12	4.37	4.41
Price to Revenue (P/Rev)	1.85	2.28	1.57	1.50	2.93	3.12	2.44	1.89	2.88	3.35	2.82
Price to Earnings (P/E)	26.29	27.95	24.51	11.93	30.46	26.08	40.31	33.60	26.27	29.73	30.55
Dividend Yield	4.73%	4.01%	3.84%	3.94%	3.48%	3.84%	4.07%	3.30%	3.64%	3.44%	3.44%
Earnings Yield	3.80%	3.58%	4.08%	8.38%	3.28%	3.83%	2.48%	2.98%	3.81%	3.36%	3.27%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.72	1.81	1.80	1.85	1.52	2.03	1.87	1.79	1.85	1.83
Enterprise Value to Revenue (EV/Rev)	2.72	3.34	2.25	2.15	4.22	3.11	3.63	2.87	4.48	5.17	4.43
Enterprise Value to EBITDA (EV/EBITDA)	39.53	91.88	9.72	10.28	17.75	11.31	17.11	16.97	14.42	16.22	15.90
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	13.21	14.42	32.68	21.39	32.78	31.69	24.85	29.48	28.02
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	17.89	17.85	38.64	23.64	30.32	32.41	28.57	30.06	31.32
Enterprise Value to Operating Cash Flow (EV/OCF)	14.67	17.02	18.80	15.62	19.40	9.60	17.71	27.91	17.75	17.68	20.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	43.25	38.22	0.00	5.93	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.24	1.29	1.33	1.51	0.04	2.08	1.84	1.89	1.97	2.11
Long-Term Debt to Equity	1.00	1.19	1.22	1.13	1.35	0.00	1.67	1.62	1.58	1.77	1.93
Financial Leverage	1.03	1.11	1.18	1.18	1.26	1.09	1.35	1.95	1.86	1.93	2.04
Leverage Ratio	3.30	3.32	3.38	3.38	3.48	3.60	4.01	4.31	4.08	4.11	4.29
Compound Leverage Factor	-16.77	-5.66	2.48	2.42	2.24	2.34	1.59	2.75	2.77	2.58	2.65
Debt to Total Capital	52.53%	55.36%	56.39%	57.06%	60.10%	3.78%	67.58%	64.81%	65.34%	66.33%	67.89%
Short-Term Debt to Total Capital	5.25%	2.41%	3.19%	8.45%	6.38%	3.59%	13.51%	7.73%	10.74%	6.80%	5.84%
Long-Term Debt to Total Capital	47.28%	52.95%	53.20%	48.62%	53.72%	0.18%	54.07%	57.08%	54.61%	59.53%	62.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.12%	2.29%	2.09%	1.92%	0.55%	0.00%	0.03%	0.01%	0.02%	0.01%	0.01%
Common Equity to Total Capital	47.35%	42.34%	41.53%	41.02%	39.35%	96.22%	32.39%	35.17%	34.64%	33.66%	32.10%
Debt to EBITDA	13.69	30.52	3.15	3.50	6.16	0.16	5.72	5.89	5.26	5.80	5.90
Net Debt to EBITDA	12.62	27.76	2.81	2.99	5.39	-0.06	5.59	5.78	5.16	5.71	5.77
Long-Term Debt to EBITDA	12.32	29.19	2.97	2.98	5.50	0.01	4.58	5.19	4.39	5.21	5.39
Debt to NOPAT	-38.33	-21.71	5.81	6.07	13.41	0.33	10.14	11.25	10.42	10.76	11.62
Net Debt to NOPAT	-35.34	-19.75	5.18	5.19	11.74	-0.12	9.91	11.03	10.23	10.58	11.37
Long-Term Debt to NOPAT	-34.50	-20.77	5.48	5.17	11.98	0.02	8.11	9.91	8.71	9.66	10.62
Altman Z-Score	1.15	1.16	1.77	1.68	1.30	2.67	1.25	1.36	1.18	1.18	1.21
Noncontrolling Interest Sharing Ratio	0.22%	2.79%	4.96%	4.63%	2.86%	0.67%	0.04%	0.06%	0.04%	0.04%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.13	1.10	0.73	0.77	1.30	0.52	0.81	0.60	0.71	0.80
Quick Ratio	0.55	0.69	0.68	0.44	0.50	0.80	0.29	0.43	0.31	0.36	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,464	-3,194	920	1,095	-3,265	5,985	-1,676	-1,064	-357	-777	-1,226
Operating Cash Flow to CapEx	94.85%	0.00%	94.13%	0.00%	88.39%	96.18%	81.37%	58.94%	81.91%	82.40%	77.53%
Free Cash Flow to Firm to Interest Expense	-3.25	-6.77	1.14	1.30	-5.75	9.86	-1.64	-1.58	-0.45	-0.82	-1.16
Operating Cash Flow to Interest Expense	4.26	4.42	2.61	3.18	4.66	6.09	3.00	2.93	4.07	3.83	3.23
Operating Cash Flow Less CapEx to Interest Expense	-0.23	4.42	-0.16	3.19	-0.61	-0.24	-0.69	-2.04	-0.90	-0.82	-0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.35	0.54	0.56	0.31	0.26	0.35	0.47	0.29	0.27	0.31
Accounts Receivable Turnover	7.02	7.23	10.27	10.40	6.43	6.42	8.55	9.59	6.42	6.89	7.95
Inventory Turnover	11.64	11.74	12.95	6.29	2.29	14.39	14.96	14.62	6.27	5.10	6.59
Fixed Asset Turnover	0.59	0.56	0.88	0.92	0.52	0.46	0.58	0.69	0.45	0.42	0.49
Accounts Payable Turnover	10.49	9.79	8.93	4.00	1.50	0.00	0.00	8.72	4.22	4.26	5.50
Days Sales Outstanding (DSO)	52.01	50.49	35.54	35.11	56.75	56.81	42.67	38.08	56.83	52.95	45.88
Days Inventory Outstanding (DIO)	31.37	31.09	28.18	58.00	159.36	25.37	24.40	24.96	58.21	71.64	55.35
Days Payable Outstanding (DPO)	34.78	37.27	40.87	91.20	244.11	0.00	0.00	41.85	86.47	85.63	66.33
Cash Conversion Cycle (CCC)	48.60	44.31	22.85	1.91	-28.00	82.18	67.07	21.19	28.57	38.96	34.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,987	20,638	21,942	23,192	27,787	23,304	26,771	29,537	31,895	34,815	38,280
Invested Capital Turnover	0.59	0.55	0.83	0.86	0.48	0.45	0.60	0.68	0.41	0.37	0.43
Increase / (Decrease) in Invested Capital	1,210	2,651	1,304	1,250	4,595	-4,483	3,467	2,766	2,358	2,920	3,465
Enterprise Value (EV)	28,108	35,466	39,797	41,854	51,378	35,504	54,319	55,178	57,160	64,413	70,130
Market Capitalization	19,113	24,262	27,798	29,198	35,605	35,679	36,564	36,388	36,695	41,747	44,668
Book Value per Share	$27.58	$28.33	$29.91	$31.94	$36.25	$37.82	$26.19	$31.28	$32.04	$33.84	$35.53
Tangible Book Value per Share	$20.95	$18.50	$19.97	$22.13	$21.16	$37.82	$19.66	$24.79	$25.81	$27.66	$29.23
Total Capital	18,527	21,281	22,905	24,959	29,665	13,055	26,876	29,560	31,900	34,757	38,331
Total Debt	9,732	11,782	12,915	14,242	17,829	493	18,163	19,159	20,845	23,053	26,023
Total Long-Term Debt	8,760	11,269	12,185	12,134	15,935	24	14,531	16,873	17,420	20,690	23,785
Net Debt	8,972	10,716	11,521	12,176	15,609	-175	17,747	18,786	20,460	22,661	25,457
Capital Expenditures (CapEx)	2,020	0.00	2,249	-2.00	2,997	3,844	3,769	3,354	3,931	4,421	4,397
Debt-free, Cash-free Net Working Capital (DFCFNWC)	959	725	910	854	890	804	568	1,250	1,030	776	927
Debt-free Net Working Capital (DFNWC)	1,019	838	999	930	983	1,276	603	1,293	1,081	864	1,177
Net Working Capital (NWC)	47	325	269	-1,178	-911	807	-3,029	-993	-2,344	-1,499	-1,061
Net Nonoperating Expense (NNE)	-974	-1,377	1,112	1,227	158	131	888	619	604	739	777
Net Nonoperating Obligations (NNO)	9,192	11,139	11,952	12,475	15,951	10,742	18,058	19,136	20,840	23,111	25,972
Total Depreciation and Amortization (D&A)	898	1,034	1,083	1,169	1,323	1,480	1,517	1,510	1,665	1,787	1,908
Debt-free, Cash-free Net Working Capital to Revenue	9.28%	6.82%	5.14%	4.38%	7.31%	7.04%	3.80%	6.50%	8.08%	6.23%	5.86%
Debt-free Net Working Capital to Revenue	9.86%	7.88%	5.64%	4.77%	8.08%	11.17%	4.03%	6.72%	8.48%	6.94%	7.44%
Net Working Capital to Revenue	0.45%	3.06%	1.52%	-6.04%	-7.49%	7.06%	-20.24%	-5.16%	-18.39%	-12.03%	-6.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.45	$4.12	$5.38	$5.26	$5.38	$6.03	$4.68	$5.53	$6.77	$6.78	$7.04
Adjusted Weighted Average Basic Shares Outstanding	210.37M	210.37M	210.37M	212.72M	217.42M	226.83M	193M	195M	206M	207M	207M
Adjusted Diluted Earnings per Share	$3.45	$4.11	$5.38	$5.25	$5.37	$6.02	$4.67	$5.52	$6.76	$6.77	$7.03
Adjusted Weighted Average Diluted Shares Outstanding	373.86M	373.81M	210.37M	212.72M	217.42M	226.83M	194M	196M	206M	207M	207M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	373.86M	373.81M	373.75M	376.74M	388.86M	390.35M	332.38M	344.32M	345.09M	345.87M	346.44M
Normalized Net Operating Profit after Tax (NOPAT)	-174	-537	2,256	2,367	1,343	1,538	1,070	1,698	2,015	1,483	2,285
Normalized NOPAT Margin	-1.68%	-5.06%	12.74%	12.13%	11.04%	13.46%	7.15%	8.83%	15.81%	11.91%	14.45%
Pre Tax Income Margin	9.19%	10.40%	12.51%	10.63%	8.33%	9.47%	4.38%	5.78%	12.29%	11.00%	9.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.42	-1.37	3.72	3.45	2.77	2.73	1.62	2.58	2.91	2.30	2.37
NOPAT to Interest Expense	-0.56	-1.15	2.75	2.79	2.34	2.47	1.75	2.52	2.53	2.25	2.12
EBIT Less CapEx to Interest Expense	-4.90	-1.37	0.94	3.45	-2.51	-3.60	-2.06	-2.39	-2.06	-2.35	-1.79
NOPAT Less CapEx to Interest Expense	-5.05	-1.15	-0.03	2.79	-2.94	-3.86	-1.93	-2.45	-2.44	-2.40	-2.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.69%	64.27%	56.83%	59.75%	64.08%	58.28%	92.58%	63.25%	53.83%	57.69%	59.58%
Augmented Payout Ratio	70.69%	68.23%	61.42%	59.75%	64.08%	58.28%	99.89%	68.33%	53.83%	57.69%	59.58%

This table displays calculated financial ratios and metrics derived from DTE Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	346,660,637.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	346,660,637.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.71
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-45.00%	-24.17%	-14.26%	7.12%	0.62%	1.24%	37.04%	18.92%	21.37%	28.87%	15.79%
EBITDA Growth	1.81%	30.56%	-9.44%	20.12%	6.28%	-10.58%	15.89%	-6.36%	12.22%	22.47%	-15.67%
EBIT Growth	-2.71%	46.44%	-20.18%	34.06%	3.90%	-20.94%	22.47%	-16.94%	17.50%	36.19%	-31.04%
NOPAT Growth	-5.98%	36.94%	-17.34%	32.97%	37.29%	-11.74%	34.22%	-5.84%	-9.34%	7.53%	-17.20%
Net Income Growth	-14.21%	58.11%	-29.66%	60.20%	43.67%	-30.31%	42.17%	-28.88%	-12.16%	26.37%	-44.49%
EPS Growth	-19.10%	48.53%	-30.09%	59.79%	42.86%	-30.20%	41.72%	-29.03%	-12.61%	26.24%	-44.39%
Operating Cash Flow Growth	123.19%	49.56%	12.77%	-9.10%	23.05%	28.28%	-2.11%	-6.59%	-16.62%	-3.32%	-11.18%
Free Cash Flow Firm Growth	12.98%	23.91%	14.05%	3.32%	-24.70%	-35.18%	13.31%	18.11%	-1.16%	-20.98%	-75.13%
Invested Capital Growth	8.39%	7.98%	8.78%	9.62%	9.85%	9.16%	7.70%	7.35%	8.86%	9.95%	10.82%
Revenue Q/Q Growth	7.60%	17.52%	-4.54%	-11.27%	1.08%	18.24%	29.22%	-23.00%	3.16%	25.55%	16.10%
EBITDA Q/Q Growth	15.76%	16.75%	-13.09%	2.27%	2.42%	-1.77%	12.64%	-17.36%	22.74%	7.20%	-22.44%
EBIT Q/Q Growth	30.19%	25.79%	-21.24%	3.93%	0.90%	-4.29%	22.01%	-29.51%	42.73%	10.94%	-38.22%
NOPAT Q/Q Growth	48.59%	13.02%	-15.04%	-6.81%	53.42%	-27.35%	29.21%	-34.62%	47.71%	-13.82%	-0.51%
Net Income Q/Q Growth	65.17%	26.20%	-25.30%	2.88%	48.14%	-38.78%	52.40%	-48.54%	82.97%	-11.93%	-33.06%
EPS Q/Q Growth	65.98%	25.47%	-25.25%	2.65%	48.39%	-38.70%	51.77%	-48.60%	82.73%	-11.44%	-33.15%
Operating Cash Flow Q/Q Growth	-26.23%	37.18%	23.31%	-27.16%	-0.13%	43.01%	-5.90%	-30.49%	-10.86%	65.82%	-13.55%
Free Cash Flow Firm Q/Q Growth	25.44%	6.42%	-20.57%	-14.94%	3.84%	-1.45%	22.68%	-8.57%	-18.79%	-21.32%	-11.93%
Invested Capital Q/Q Growth	2.55%	2.19%	2.54%	2.02%	2.76%	1.54%	1.17%	1.69%	4.20%	2.56%	1.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.02%	50.85%	50.96%	55.48%	55.78%	50.44%	40.27%	46.80%	52.45%	43.74%	34.60%
EBITDA Margin	33.07%	32.85%	29.91%	34.47%	34.93%	29.02%	25.29%	27.14%	32.29%	27.57%	18.42%
Operating Margin	18.63%	19.33%	15.96%	17.46%	17.79%	16.15%	14.05%	12.49%	17.55%	15.90%	8.01%
EBIT Margin	18.66%	19.98%	16.48%	19.30%	19.27%	15.60%	14.73%	13.48%	18.66%	16.49%	8.77%
Profit (Net Income) Margin	11.50%	12.35%	9.66%	11.20%	16.41%	8.50%	10.02%	6.70%	11.88%	8.33%	4.80%
Tax Burden Percent	93.79%	86.93%	93.71%	89.94%	133.99%	90.68%	104.22%	99.57%	101.45%	76.88%	130.69%
Interest Burden Percent	65.68%	71.09%	62.55%	64.50%	63.57%	60.07%	65.29%	49.89%	62.77%	65.75%	41.91%
Effective Tax Rate	6.21%	13.07%	6.29%	10.06%	-33.99%	9.32%	-4.22%	0.43%	-1.45%	23.13%	-30.69%
Return on Invested Capital (ROIC)	8.05%	6.97%	5.82%	6.10%	9.04%	5.47%	5.89%	5.10%	7.37%	5.29%	4.66%
ROIC Less NNEP Spread (ROIC-NNEP)	7.19%	6.21%	4.98%	5.49%	8.03%	4.51%	4.97%	4.26%	6.50%	4.59%	3.49%
Return on Net Nonoperating Assets (RNNOA)	14.56%	11.58%	9.34%	10.73%	15.40%	8.71%	9.65%	8.64%	13.08%	9.38%	7.20%
Return on Equity (ROE)	22.61%	18.55%	15.16%	16.83%	24.44%	14.18%	15.54%	13.75%	20.45%	14.66%	11.86%
Cash Return on Invested Capital (CROIC)	-1.89%	-1.16%	-2.36%	-2.89%	-2.69%	-2.33%	-0.62%	-0.46%	-2.30%	-3.35%	-4.65%
Operating Return on Assets (OROA)	6.02%	5.82%	4.55%	5.28%	5.12%	4.15%	4.21%	3.91%	5.43%	5.07%	2.77%
Return on Assets (ROA)	3.71%	3.60%	2.67%	3.06%	4.36%	2.26%	2.87%	1.94%	3.46%	2.56%	1.52%
Return on Common Equity (ROCE)	22.60%	18.54%	15.15%	16.82%	24.43%	14.17%	15.53%	13.74%	20.45%	14.66%	11.85%
Return on Equity Simple (ROE_SIMPLE)	11.46%	0.00%	11.32%	12.48%	13.21%	0.00%	12.88%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	505	570	484	452	693	503	650	425	628	541	538
NOPAT Margin	17.47%	16.80%	14.95%	15.71%	23.84%	14.65%	14.65%	12.43%	17.81%	12.22%	10.47%
Net Nonoperating Expense Percent (NNEP)	0.86%	0.76%	0.84%	0.61%	1.00%	0.96%	0.92%	0.85%	0.87%	0.70%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	1.79%	-	-	-	1.45%	1.85%	1.20%	1.69%	1.41%	1.38%
Cost of Revenue to Revenue	44.98%	49.15%	49.04%	44.52%	44.22%	49.56%	59.73%	53.20%	47.55%	56.26%	65.40%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.39%	31.53%	35.00%	38.02%	37.99%	34.28%	26.22%	34.31%	34.90%	27.85%	26.59%
Earnings before Interest and Taxes (EBIT)	539	678	534	555	560	536	654	461	658	730	451
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	955	1,115	969	991	1,015	997	1,123	928	1,139	1,221	947
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.04	3.32	3.43	3.45	3.83	3.57	4.01	3.91	4.03	3.63	4.11
Price to Tangible Book Value (P/TBV)	3.80	4.12	4.25	4.28	4.70	4.37	4.89	4.78	4.91	4.41	4.99
Price to Revenue (P/Rev)	2.39	2.88	3.14	3.09	3.58	3.35	3.50	3.23	3.30	2.82	3.07
Price to Earnings (P/E)	26.57	26.27	30.30	27.68	28.99	29.73	31.14	31.77	35.35	30.55	40.08
Dividend Yield	3.98%	3.64%	3.55%	3.61%	3.18%	3.44%	3.05%	3.24%	3.08%	3.44%	3.08%
Earnings Yield	3.76%	3.81%	3.30%	3.61%	3.45%	3.36%	3.21%	3.15%	2.83%	3.27%	2.50%
Enterprise Value to Invested Capital (EV/IC)	1.70	1.79	1.82	1.80	1.94	1.85	2.01	1.93	1.97	1.83	1.97
Enterprise Value to Revenue (EV/Rev)	3.83	4.48	4.87	4.84	5.37	5.17	5.17	4.88	4.97	4.43	4.65
Enterprise Value to EBITDA (EV/EBITDA)	14.30	14.42	15.37	14.88	16.29	16.22	17.13	17.04	17.58	15.90	18.13
Enterprise Value to EBIT (EV/EBIT)	25.41	24.85	27.44	26.01	28.63	29.48	30.66	31.32	31.88	28.02	33.39
Enterprise Value to NOPAT (EV/NOPAT)	28.67	28.57	31.30	29.88	30.37	30.06	30.62	30.17	33.25	31.32	36.87
Enterprise Value to Operating Cash Flow (EV/OCF)	18.02	17.75	17.80	18.38	19.57	17.68	19.51	19.39	21.37	20.57	23.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.88	1.89	1.96	2.07	2.12	1.97	1.95	2.03	2.06	2.11	2.17
Long-Term Debt to Equity	1.71	1.58	1.72	1.73	1.76	1.77	1.82	1.96	2.01	1.93	2.04
Financial Leverage	2.02	1.86	1.88	1.95	1.92	1.93	1.94	2.03	2.01	2.04	2.06
Leverage Ratio	4.32	4.08	4.05	4.20	4.17	4.11	4.13	4.29	4.29	4.29	4.32
Compound Leverage Factor	2.84	2.90	2.53	2.71	2.65	2.47	2.70	2.14	2.69	2.82	1.81
Debt to Total Capital	65.22%	65.34%	66.26%	67.47%	67.98%	66.33%	66.07%	66.97%	67.30%	67.89%	68.42%
Short-Term Debt to Total Capital	5.80%	10.74%	8.15%	11.04%	11.50%	6.80%	4.15%	2.38%	1.46%	5.84%	3.86%
Long-Term Debt to Total Capital	59.42%	54.61%	58.11%	56.43%	56.48%	59.53%	61.92%	64.59%	65.85%	62.05%	64.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	34.77%	34.64%	33.73%	32.52%	32.00%	33.66%	33.91%	33.01%	32.68%	32.10%	31.57%
Debt to EBITDA	5.49	5.26	5.68	5.72	6.02	5.80	5.63	5.85	5.98	5.90	6.31
Net Debt to EBITDA	5.39	5.16	5.46	5.36	5.43	5.71	5.53	5.76	5.88	5.77	6.17
Long-Term Debt to EBITDA	5.01	4.39	4.98	4.78	5.00	5.21	5.28	5.65	5.85	5.39	5.95
Debt to NOPAT	11.01	10.42	11.56	11.48	11.23	10.76	10.06	10.36	11.31	11.62	12.82
Net Debt to NOPAT	10.79	10.23	11.11	10.76	10.13	10.58	9.89	10.19	11.13	11.37	12.54
Long-Term Debt to NOPAT	10.03	8.71	10.14	9.60	9.33	9.66	9.43	10.00	11.07	10.62	12.10
Altman Z-Score	1.08	1.06	1.07	1.00	1.09	1.07	1.21	1.16	1.22	1.10	1.17
Noncontrolling Interest Sharing Ratio	0.05%	0.04%	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%	0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	0.60	0.75	0.69	0.83	0.71	0.87	0.94	1.15	0.80	0.95
Quick Ratio	0.40	0.31	0.42	0.44	0.54	0.36	0.46	0.47	0.49	0.44	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,910	-1,788	-2,156	-2,477	-2,382	-2,417	-1,869	-2,029	-2,410	-2,924	-3,273
Operating Cash Flow to CapEx	65.74%	75.58%	99.14%	76.20%	67.26%	86.93%	116.84%	73.02%	51.72%	78.44%	73.72%
Free Cash Flow to Firm to Interest Expense	-9.55	-8.59	-9.89	-10.63	-9.45	-9.74	-7.47	-7.93	-8.89	-10.48	-11.17
Operating Cash Flow to Interest Expense	3.08	4.06	4.78	3.26	3.01	4.37	4.08	2.77	2.33	3.76	3.09
Operating Cash Flow Less CapEx to Interest Expense	-1.61	-1.31	-0.04	-1.02	-1.46	-0.66	0.59	-1.02	-2.18	-1.03	-1.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.29	0.28	0.27	0.27	0.27	0.29	0.29	0.29	0.31	0.32
Accounts Receivable Turnover	7.80	6.42	7.38	7.64	7.81	6.89	7.80	8.09	9.28	7.95	8.26
Inventory Turnover	6.97	6.27	6.28	5.55	4.66	5.10	6.28	5.89	5.33	6.59	7.84
Fixed Asset Turnover	0.50	0.45	0.42	0.42	0.43	0.42	0.46	0.47	0.47	0.49	0.50
Accounts Payable Turnover	5.46	4.22	5.34	4.95	4.80	4.26	5.77	5.55	6.03	5.50	6.39
Days Sales Outstanding (DSO)	46.80	56.83	49.46	47.77	46.73	52.95	46.81	45.09	39.34	45.88	44.17
Days Inventory Outstanding (DIO)	52.34	58.21	58.11	65.73	78.40	71.64	58.13	62.00	68.43	55.35	46.58
Days Payable Outstanding (DPO)	66.79	86.47	68.38	73.74	76.02	85.63	63.24	65.74	60.48	66.33	57.16
Cash Conversion Cycle (CCC)	32.35	28.57	39.19	39.77	49.11	38.96	41.69	41.35	47.29	34.90	33.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	31,213	31,895	32,705	33,366	34,288	34,815	35,224	35,820	37,326	38,280	39,035
Invested Capital Turnover	0.46	0.41	0.39	0.39	0.38	0.37	0.40	0.41	0.41	0.43	0.44
Increase / (Decrease) in Invested Capital	2,415	2,358	2,640	2,929	3,075	2,920	2,519	2,454	3,038	3,465	3,811
Enterprise Value (EV)	52,984	57,160	59,407	59,971	66,611	64,413	70,660	69,243	73,608	70,130	76,789
Market Capitalization	33,030	36,695	38,324	38,362	44,385	41,747	47,824	45,851	48,966	44,668	50,656
Book Value per Share	$31.47	$32.04	$54.24	$32.14	$33.54	$33.84	$34.47	$33.86	$35.12	$35.53	$35.57
Tangible Book Value per Share	$25.23	$25.81	$43.82	$25.93	$27.34	$27.66	$28.30	$27.71	$28.81	$29.23	$29.29
Total Capital	31,207	31,900	33,125	34,155	36,223	34,757	35,151	35,508	37,201	38,331	39,039
Total Debt	20,353	20,845	21,947	23,043	24,625	23,053	23,224	23,781	25,038	26,023	26,711
Total Long-Term Debt	18,542	17,420	19,248	19,274	20,458	20,690	21,765	22,936	24,496	23,785	25,204
Net Debt	19,950	20,460	21,078	21,603	22,220	22,661	22,830	23,387	24,637	25,457	26,128
Capital Expenditures (CapEx)	937	1,118	1,051	996	1,127	1,247	873	971	1,222	1,336	1,229
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,120	1,030	927	629	903	776	834	521	959	927	1,011
Debt-free Net Working Capital (DFNWC)	1,186	1,081	1,476	1,778	2,997	864	924	605	1,038	1,177	1,289
Net Working Capital (NWC)	-625	-2,344	-1,223	-1,991	-1,170	-1,499	-535	-240	496	-1,061	-218
Net Nonoperating Expense (NNE)	173	151	171	130	216	211	205	196	209	172	291
Net Nonoperating Obligations (NNO)	20,359	20,840	21,527	22,254	22,690	23,111	23,297	24,093	25,163	25,972	26,707
Total Depreciation and Amortization (D&A)	416	437	435	436	455	461	469	467	481	491	496
Debt-free, Cash-free Net Working Capital to Revenue	8.10%	8.08%	7.59%	5.07%	7.27%	6.23%	6.11%	3.67%	6.47%	5.86%	6.12%
Debt-free Net Working Capital to Revenue	8.58%	8.48%	12.09%	14.34%	24.14%	6.94%	6.77%	4.26%	7.00%	7.44%	7.81%
Net Working Capital to Revenue	-4.52%	-18.39%	-10.02%	-16.06%	-9.42%	-12.03%	-3.92%	-1.69%	3.35%	-6.71%	-1.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.61	$2.03	$1.51	$1.56	$2.30	$1.41	$2.14	$1.10	$2.02	$1.78	$1.19
Adjusted Weighted Average Basic Shares Outstanding	206M	206M	206M	207M	207M	207M	207M	207M	207M	207M	207M
Adjusted Diluted Earnings per Share	$1.61	$2.02	$1.51	$1.55	$2.30	$1.41	$2.14	$1.10	$2.01	$1.78	$1.19
Adjusted Weighted Average Diluted Shares Outstanding	206M	206M	207M	207M	207M	207M	207M	207M	207M	207M	208M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	344.89M	345.09M	345.57M	345.65M	345.73M	345.87M	346.15M	346.22M	346.32M	346.44M	346.66M
Normalized Net Operating Profit after Tax (NOPAT)	493	594	484	452	362	530	436	424	468	542	290
Normalized NOPAT Margin	17.08%	17.49%	14.92%	15.71%	12.45%	15.41%	9.82%	12.41%	13.28%	12.24%	5.64%
Pre Tax Income Margin	12.26%	14.20%	10.31%	12.45%	12.25%	9.37%	9.62%	6.73%	11.71%	10.84%	3.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.70	3.26	2.45	2.38	2.22	2.16	2.62	1.80	2.43	2.62	1.54
NOPAT to Interest Expense	2.52	2.74	2.22	1.94	2.75	2.03	2.60	1.66	2.32	1.94	1.84
EBIT Less CapEx to Interest Expense	-1.99	-2.12	-2.37	-1.89	-2.25	-2.87	-0.88	-1.99	-2.08	-2.17	-2.66
NOPAT Less CapEx to Interest Expense	-2.16	-2.63	-2.60	-2.34	-1.72	-3.00	-0.89	-2.13	-2.19	-2.85	-2.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	59.69%	53.83%	60.63%	56.35%	51.99%	57.69%	53.71%	58.28%	61.81%	59.58%	70.17%
Augmented Payout Ratio	59.69%	53.83%	60.63%	56.35%	51.99%	57.69%	53.71%	58.28%	61.81%	59.58%	70.17%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of DTE Energy (NYSE: DTE) using the last four years of quarterly statements. The points below highlight notable trends in operating performance, cash flow, and balance-sheet dynamics that may be relevant to retail investors.

Strong operating cash flow generation: Net cash from continuing operating activities has been solid, typically in the 0.6–1.1 billion USD per quarter (example: Q4 2025: 1.048B; Q3 2025: 0.632B; Q1 2025: 1.020B).
Material revenue growth over the period: Q4 2025 operating revenue reached 4.428B USD, up from about 3.394B USD in Q4 2023, signaling top-line expansion alongside the business.
Financing activity has supported liquidity and returns: Net cash from financing activities has been positive in several quarters (e.g., Q4 2025: 0.744B; Q3 2025: 1.024B; Q2 2025: 0.339B), aiding shareholder returns and funding activity.
Asset base growth: Total assets rose from roughly mid-40s billions to about 52B USD by late 2025, reflecting ongoing asset growth and capacity expansion.

Ongoing capital expenditures: Quarterly purchases of property, plant & equipment (PP&E) run around 0.8–1.36B USD (examples: Q4 2025: 1.363B; Q3 2025: 1.222B; Q2 2025: 0.971B; Q1 2025: 0.873B), indicating substantial infrastructure investment.
Margin volatility: Gross margin has fluctuated across quarters (roughly 40–53% in recent periods), suggesting variability in product mix or cost structure from quarter to quarter.
Earnings per share and net income swing: Quarterly net income has shown variability (e.g., Q1 2025: 445M; Q2 2025: 229M; Q3 2025: 419M; Q4 2025: 369M), implying earnings quality can be uneven year to year.
Balance-sheet liquidity vs. cash on hand: Cash and equivalents are relatively modest in several quarters (e.g., ~34M in Q3 2025), with strong operating and financing cash flow offsetting near-term cash modesty.

Rising leverage and long-term debt: Total liabilities and long-term debt have trended higher over the period, with long-term debt around the 20–21B USD range and overall leverage increasing, which may add interest-rate sensitivity and funding considerations.
Large investing outflows: Net cash from investing activities is consistently negative due to ongoing capex and investments (examples: quarterly net investing cash roughly -1.0B to -1.7B in recent periods), which reduces near-term liquidity runway if not offset by financing or operating cash.

05/14/26 02:51 AM ETAI Generated. May Contain Errors.

DTE Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DTE Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

DTE Energy's net income appears to be on an upward trend, with a most recent value of $1.46 billion in 2025, rising from $720 million in 2015. The previous period was $1.40 billion in 2024. Check out DTE Energy's forecast to explore projected trends and price targets.

DTE Energy's total operating income in 2025 was $2.37 billion, based on the following breakdown:

Total Gross Profit: $7.18 billion
Total Operating Expenses: $4.80 billion

Over the last 10 years, DTE Energy's total revenue changed from $10.34 billion in 2015 to $15.81 billion in 2025, a change of 53.0%.

DTE Energy's total liabilities were at $41.76 billion at the end of 2025, a 12.4% increase from 2024, and a 110.2% increase since 2015.

In the past 10 years, DTE Energy's cash and equivalents has ranged from $24 million in 2024 to $472 million in 2020, and is currently $208 million as of their latest financial filing in 2025.

Over the last 10 years, DTE Energy's book value per share changed from 27.58 in 2015 to 35.53 in 2025, a change of 28.8%.

Related Companies

Financial statements for NYSE:DTE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

DTE Energy (DTE) Financials

Financials Breakdown Chart

Key Financial Trends

DTE Energy Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

DTE Energy (DTE) Financials

Annual Income Statements for DTE Energy

Quarterly Income Statements for DTE Energy

Annual Cash Flow Statements for DTE Energy

Quarterly Cash Flow Statements for DTE Energy

Annual Balance Sheets for DTE Energy

Quarterly Balance Sheets for DTE Energy

Annual Metrics And Ratios for DTE Energy

Quarterly Metrics And Ratios for DTE Energy

Financials Breakdown Chart

Key Financial Trends

DTE Energy Financials - Frequently Asked Questions

When does DTE Energy's financial year end?

How has DTE Energy's net income changed over the last 10 years?

What is DTE Energy's operating income?

How has DTE Energy's revenue changed over the last 10 years?

How much debt does DTE Energy have?

How much cash does DTE Energy have?

How has DTE Energy's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools