DTE Energy

Utilities Multi-Utilities Detroit, Michigan Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$15.8B
                    3y CAGR -6.3%
                    
                    P3
                    
                    +26.9%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +9.2%
                    
                    P20
                    
                    +4.1%
                    
                    Total assets
                    FY2025
                
$54.1B
                    ROA +2.7%
                    
                    P58
                    
                    +10.7%
                    
                    Operating cash flow
                    FY2025
                
$3.4B
                    FCF margin -7.8%
                    
                    P66
                    
                    -6.4%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 5 years

Total assets $54.1B

Total liabilities ~$41.8B

Shareholders equity $12.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	1.6%	0.7%	0.4%	0.2%	0.2%
Accounts Receivable	13.6%	14.7%	14.0%	11.3%	12.2%
Other Current Assets	12.3%	13.6%	13.3%	10.2%	9.7%
Total Current Assets	27.5%	29.0%	27.8%	21.7%	22.2%
Property,Plant and Equipment	212.8%	248.0%	221.0%	149.6%	180.1%
Regulatory Assets	46.7%	54.4%	48.7%	20.2%	23.3%
Other Noncurrent Assets	54.9%	60.8%	53.7%	30.4%	39.9%
Total Assets	341.9%	392.1%	351.2%	222.0%	265.4%
Liabilities
Current Portion of Long Term Debt	14.2%	19.0%	26.9%	11.9%	24.3%
Other Current Liabilities	20.1%	22.0%	19.3%	15.0%	18.1%
Total Current Liabilities	34.2%	41.0%	46.2%	26.9%	42.4%
Long Term Debt	150.4%	166.1%	136.7%	87.8%	97.1%
Regulatory Liabilities	18.2%	22.9%	20.4%	13.9%	20.8%
Other Noncurrent Liabilities	61.2%	68.2%	61.2%	39.3%	46.9%
Equity
Total Stockholders Equity	77.8%	93.9%	86.7%	54.1%	58.2%
Common Stock	43.4%	54.4%	52.7%	34.6%	35.9%
Retained Earnings	34.8%	39.7%	34.6%	19.8%	23.0%
Accumulated Other Comprehensive Income	-0.2%	-0.2%	-0.5%	-0.3%	-0.7%
Noncontrolling Interest	0.0%	0.0%	0.0%	0.0%	0.1%
Total Liabilitiesand Equity	341.9%	392.1%	351.2%	222.0%	265.4%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $15.8B

Operating income $2.4B

Net income $1.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	54.6%	47.0%	49.1%	68.4%	61.5%
Expenses Selling,General and Administrative	15.1%	18.2%	16.9%	12.5%	16.2%
Expenses Depreciation and Amortization	11.6%	13.9%	12.6%	7.6%	9.2%
Expenses Other Operating Expenses	3.7%	4.1%	3.8%	2.4%	-96.9%
Other Income Expense Operating Income	15.0%	16.8%	17.6%	9.1%	10.0%
Other Income Expense Interest Expense	6.7%	7.6%	6.2%	3.5%	4.2%
Other Income Expense Other Income/expense	1.5%	1.8%	0.9%	0.2%	-1.4%
Other Income Expense Income Before Tax	9.8%	11.0%	12.3%	5.8%	4.4%
Income Tax Income Tax Expense	0.6%	-0.3%	1.3%	0.2%	-0.9%
net Income net Income	9.2%	11.3%	11.0%	5.6%	6.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.7%	1.6%	1.0%	1.3%

Cash Flow Statement

Operating, investing, and financing flows

13 accounts · 5 years

Operating cash flow $3.4B

Investing cash flow $-5.3B

Financing cash flow $2.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	21.6%	29.2%	25.3%	10.3%	20.5%
Operating Activities net Income	9.2%	11.3%	11.0%	5.6%	6.0%
Operating Activities Depreciation and Amortization	11.6%	13.9%	12.6%	7.6%	9.8%
Operating Activities Other Non Cash Items	0.7%	4.1%	1.7%	-3.0%	4.7%
Investing Activities Capital Expenditures	-29.3%	-35.9%	-30.9%	-17.6%	-25.2%
Investing Activities Other Investing Activities	-4.2%	-3.9%	-1.3%	-0.3%	-0.6%
Investing Activities net Cash From Investing Activities	-33.5%	-39.7%	-32.1%	-17.8%	-25.8%
Financing Activities Proceeds From Debt	28.0%	36.4%	24.8%	11.3%	29.8%
Financing Activities Repayment of Debt	-9.3%	-18.9%	-11.7%	-6.2%	-21.1%
Financing Activities Dividends Paid	-5.5%	-6.5%	-5.9%	-3.6%	-5.6%
Financing Activities Other Financing Activities	-0.2%	-0.2%	-0.3%	6.3%	-0.5%
Financing Activities net Cash From Financing Activities	13.0%	10.8%	6.9%	7.6%	2.1%
Cash Reconciliation net Change In Cash	1.0%	0.3%	0.1%	0.0%	-3.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+45.4%	+53.0%	+50.9%	+31.6%	+38.5%
Operating margin	+15.0%	+16.8%	+17.6%	+9.1%	+10.0%
Net margin	+9.2%	+11.3%	+11.0%	+5.6%	+6.1%
FCF margin	-7.8%	-6.6%	-5.6%	-7.3%	-4.7%
Growth
Revenue CAGR (3y)	-6.3%	-5.9%	+3.7%	+16.5%	+1.7%
Returns
ROE	+11.9%	+12.0%	+12.6%	+10.4%	+10.4%
ROA	+2.7%	+2.9%	+3.1%	+2.5%	+2.3%
ROIC	+5.9%	+6.0%	+6.3%	+5.8%	+5.6%
Liquidity
Current ratio	0.80x	0.71x	0.60x	0.81x	0.52x
Quick ratio	0.44x	0.38x	0.31x	0.43x	0.29x
Leverage
D/E	3.39x	3.18x	3.05x	3.11x	3.56x
Interest coverage	2.25x	2.20x	2.84x	2.59x	2.37x
Efficiency
Asset turnover	0.29x	0.26x	0.28x	0.45x	0.38x
Cash conversion cycle	—	—	—	—	—

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DTE Energy

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