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

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	$250.0M 184.1%	$88.0M 72.5%	$51.0M 18.6%	$43.0M 22.9%	$35.0M
Accounts Receivable	$2.1B 17.6%	$1.8B 2.2%	$1.8B -18.1%	$2.2B 19.2%	$1.8B
Other Current Assets	$1.9B 15.2%	$1.7B -0.5%	$1.7B -13.0%	$2.0B 34.6%	$1.5B
Total Current Assets	$4.3B 20.5%	$3.6B 1.9%	$3.5B -15.3%	$4.2B 26.0%	$3.3B
Property,Plant and Equipment	$33.7B 8.9%	$30.9B 9.7%	$28.2B -2.1%	$28.8B 6.8%	$26.9B
Regulatory Assets	$7.4B 9.0%	$6.8B 9.1%	$6.2B 59.8%	$3.9B 11.6%	$3.5B
Other Noncurrent Assets	$8.7B 14.7%	$7.6B 10.8%	$6.8B 16.9%	$5.8B -2.1%	$6.0B
Total Assets	$54.1B 10.7%	$48.8B 9.1%	$44.8B 4.9%	$42.7B 7.5%	$39.7B
Liabilities
Current Portion of Long Term Debt	$2.2B -5.3%	$2.4B -31.0%	$3.4B 49.8%	$2.3B -37.1%	$3.6B
Other Current Liabilities	$3.2B 15.6%	$2.7B 11.6%	$2.5B -14.9%	$2.9B 6.4%	$2.7B
Total Current Liabilities	$5.4B 5.9%	$5.1B -13.2%	$5.9B 13.7%	$5.2B -18.5%	$6.3B
Long Term Debt	$23.8B 15.0%	$20.7B 18.8%	$17.4B 3.2%	$16.9B 16.1%	$14.5B
Regulatory Liabilities	$2.9B 0.9%	$2.9B 9.7%	$2.6B -2.6%	$2.7B -13.9%	$3.1B
Other Noncurrent Liabilities	$9.7B 14.1%	$8.5B 8.9%	$7.8B 3.1%	$7.6B 7.7%	$7.0B
Equity
Total Stockholders Equity	$12.3B 5.2%	$11.7B 5.9%	$11.1B 6.3%	$10.4B 19.4%	$8.7B
Common Stock	$6.9B 1.2%	$6.8B 1.0%	$6.7B 0.9%	$6.7B 23.6%	$5.4B
Retained Earnings	$5.5B 11.2%	$4.9B 12.3%	$4.4B 15.7%	$3.8B 10.8%	$3.4B
Accumulated Other Comprehensive Income	$-39.0M -50.0%	$-26.0M 61.2%	$-67.0M -8.1%	$-62.0M 44.6%	$-112.0M
Noncontrolling Interest	$5.0M 0.0%	$5.0M 0.0%	$5.0M 25.0%	$4.0M -50.0%	$8.0M
Total Liabilitiesand Equity	$54.1B 10.7%	$48.8B 9.1%	$44.8B 4.9%	$42.7B 7.5%	$39.7B

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	$15.8B 26.9%	$12.5B -2.3%	$12.7B -33.7%	$19.2B 28.5%	$15.0B
Expenses Cost of Revenue	$8.6B 47.5%	$5.9B -6.4%	$6.3B -52.4%	$13.2B 42.9%	$9.2B
Expenses Selling,General and Administrative	$2.4B 5.3%	$2.3B 4.7%	$2.2B -10.0%	$2.4B -0.8%	$2.4B
Expenses Depreciation and Amortization	$1.8B 6.3%	$1.7B 7.8%	$1.6B 9.4%	$1.5B 6.6%	$1.4B
Expenses Other Operating Expenses	$578.0M 12.2%	$515.0M 7.7%	$478.0M 5.8%	$452.0M 103.1%	$-14.5B
Other Income Expense Operating Income	$2.4B 13.5%	$2.1B -6.8%	$2.2B 28.3%	$1.7B 16.9%	$1.5B
Other Income Expense Interest Expense	$1.1B 11.0%	$951.0M 20.2%	$791.0M 17.2%	$675.0M 7.1%	$630.0M
Other Income Expense Other Income/expense	$232.0M 0.9%	$230.0M 101.8%	$114.0M 192.3%	$39.0M 118.7%	$-209.0M
Other Income Expense Income Before Tax	$1.6B 13.1%	$1.4B -12.5%	$1.6B 40.8%	$1.1B 69.5%	$656.0M
Income Tax Income Tax Expense	$88.0M 358.8%	$-34.0M -120.1%	$169.0M 482.8%	$29.0M 122.3%	$-130.0M
net Income net Income	$1.5B 4.1%	$1.4B 0.5%	$1.4B 29.0%	$1.1B 19.4%	$907.0M
Earnings Per Share Basic Eps	$7 3.8%	$7 0.1%	$7 22.4%	$6 18.2%	$5
Earnings Per Share Diluted Eps	$7 3.8%	$7 0.1%	$7 22.5%	$6 18.2%	$5
Earnings Per Share Weighted Average Shares Diluted	$207.0M 0.0%	$207.0M 0.5%	$206.0M 5.1%	$196.0M 1.0%	$194.0M

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	$3.4B -6.4%	$3.6B 13.1%	$3.2B 62.9%	$2.0B -35.5%	$3.1B
Operating Activities net Income	$1.5B 4.1%	$1.4B 0.5%	$1.4B 29.0%	$1.1B 19.9%	$903.0M
Operating Activities Depreciation and Amortization	$1.8B 6.3%	$1.7B 7.8%	$1.6B 9.4%	$1.5B 0.6%	$1.5B
Operating Activities Other Non Cash Items	$106.0M -79.1%	$507.0M 133.6%	$217.0M 137.8%	$-574.0M -181.4%	$705.0M
Investing Activities Capital Expenditures	$-4.6B -3.9%	$-4.5B -13.5%	$-3.9B -16.5%	$-3.4B 10.4%	$-3.8B
Investing Activities Other Investing Activities	$-665.0M -37.4%	$-484.0M -200.6%	$-161.0M -203.8%	$-53.0M 41.8%	$-91.0M
Investing Activities net Cash From Investing Activities	$-5.3B -7.1%	$-5.0B -20.9%	$-4.1B -19.4%	$-3.4B 11.2%	$-3.9B
Financing Activities Proceeds From Debt	$4.4B -2.3%	$4.5B 43.1%	$3.2B 45.9%	$2.2B -51.3%	$4.5B
Financing Activities Repayment of Debt	$-1.5B 37.3%	$-2.4B -57.5%	$-1.5B -26.4%	$-1.2B 62.6%	$-3.2B
Financing Activities Dividends Paid	$-871.0M -7.5%	$-810.0M -7.7%	$-752.0M -9.8%	$-685.0M 18.1%	$-836.0M
Financing Activities Other Financing Activities	$-25.0M -8.7%	$-23.0M 37.8%	$-37.0M -103.0%	$1.2B 1676.6%	$-77.0M
Financing Activities net Cash From Financing Activities	$2.1B 52.9%	$1.3B 52.3%	$883.0M -39.6%	$1.5B 364.1%	$315.0M
Cash Reconciliation net Change In Cash	$162.0M 337.8%	$37.0M 362.5%	$8.0M 0.0%	$8.0M 101.7%	$-481.0M

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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