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DTE EnergyDTE

Legal name
DTE Energy Co
Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $DTE

Latest filings

You are here#20 of 32 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K319

DTE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 319 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $15.81B
YoY changeLargest recent move−33.7%in FY23Latest +26.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All DTE Financial Metrics54 metrics

Income Statement12

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

DTE Energy Financial Overview 2021–2025

Updated Nov 6, 2026

DTE Energy secured a 1.4 GW power agreement with an Oracle data center in late FY2025, transforming a Michigan utility into an infrastructure player for the artificial intelligence boom. This industrial load underpins the core investment thesis: DTE is leveraging guaranteed demand to execute a rapid capital deployment and decarbonization cycle.

The company’s timeline to phase out all coal-fired generation accelerated sharply, moving from a 2040 target in FY2021 to a finalized 2032 deadline in FY2025. To facilitate this transition alongside grid demand, DTE Electric expanded its five-year capital expenditure plan to $30 billiona for the 2026-2030 period. This investment is sustained by a regulated base that generated $1.404 billion in net income in FY2024, up from $1.397 billion the prior year. The utility also maintains high flexibility, closing Q2 2025 with $2.3 billion in available liquidity to fund early-stage renewable and battery storage projects.

While the non-utility Energy Trading segment remains a source of quarterly volatility, overall profitability provides compounding value. Earnings per share climbed from $4.67 at the close of FY2021 to $6.77b by the end of FY2024. Backed by new rate cases seeking $574 million for the electric segment, the market priced DTE Energy shares at $128.98 at the close of FY2025.

Recent Developments (Q2 and Q3 2026)

DTE Energy reported Q3 2026 operating earnings of $481 millionc, or $2.30 per diluted share, up from $468 million in Q3 2025. The utility announced a definitive agreement to sell its non-utility DTE Vantage business for approximately $3 billion, with closing targeted for mid-2027. Concurrently, management expanded its five-year capital investment plan to $44 billion for 2027-2031 to support grid reliability and new technology demand. Reaffirmed 2026 operating EPS guidance remained at $7.59 to $7.73.

The bull case centers on massive data center load growth driving an accelerated 9% long-term earnings growth target. The bear case highlights execution risk from heavy capital outlays and negative free cash flow. Shares traded at $134.87d, translating to a P/E of 19.2x based on annual EPS of $7.03 as of the Q3 2026 filing.

What to watch: regulatory approval for the DTE Vantage sale; execution of the $44 billione capital expenditure plan

03—Filings

Recent SEC Filings

  1. 8-KDTE Energy 8-K Report, Regulation FD Disclosure (Nov 6, 2026)DTE Energy's (DTE) Form 8-K filing from November 6, 2026, announces an investor meeting and provides updated strategic and financial guidance. The company is strategically divesting its DTE Vantage business for approximately $3 billion, with proceeds to be reinvested in its core regulated utility operations. This move is expected to sharpen DTE's focus on delivering customer affordability benefits and driving strong growth, particularly from data center development. The company has also significantly increased its five-year capital investment plan to $44 billion, a nearly 30% increase, driven by substantial investments in cleaner generation ($23 billion), distribution infrastructure ($12 billion), and gas infrastructure modernization ($5 billion). This increased investment is aimed at improving reliability, advancing cleaner energy, and supporting the growing demand from data centers. DTE now projects a long-term operating EPS growth rate of greater than 9% through 2031, an acceleration from its previous guidance, with well over 9% growth anticipated in 2028 and 2029.
  2. 8-KDTE Energy 8-K Report, Financial Results (Nov 6, 2026)DTE Energy's indirect wholly-owned subsidiary, DTE Gas Company, filed its unaudited consolidated financial statements for the quarter ended September 30, 2026. The filing provides a detailed look at the subsidiary's operational and financial performance. While DTE Energy itself is the parent entity, this 8-K focuses specifically on DTE Gas's results, highlighting revenues, expenses, net income, and balance sheet information. Key financial trends indicate operating revenues for the three months ended September 30, 2026, were $211 million, a slight increase from $207 million in the prior year's quarter. However, operating income turned negative at ($5) million for the quarter, compared to ($23) million in the prior year. For the nine-month period, operating revenues increased to $1,445 million from $1,388 million, and operating income rose to $323 million from $309 million. Despite an increase in total assets to $9,187 million from $8,905 million at year-end 2025, the company's net income for the quarter was a loss of ($29) million, compared to a loss of ($36) million in the prior year's quarter. The nine-month net income was relatively flat at $176 million compared to $175 million in the prior year.
  3. 8-KDTE Energy 8-K Report, Material Agreement (Nov 5, 2026)DTE Energy Company (DTE) announced a significant strategic divestiture through an 8-K filing on November 5, 2026. The company has entered into a Purchase and Sale Agreement to sell all equity interests in its wholly-owned subsidiary, DTE Energy Resources, LLC (d/b/a DTE Vantage), to Velocity BidCo LLC, a buyer owned by institutional investors advised by J.P. Morgan Asset Management. This transaction values DTE Vantage at approximately $2.97 billion, subject to closing adjustments. DTE Vantage is primarily comprised of renewable energy projects and custom energy solutions for industrial clients, indicating a strategic shift for DTE Energy away from these specific asset classes. The sale is expected to close in mid-2027, contingent upon customary closing conditions, including significant regulatory approvals from various U.S. and Canadian authorities. The agreement includes standard representations, warranties, and covenants, with provisions for DTE to conduct DTE Vantage's business in the ordinary course until closing. The deal's structure and the significant purchase price suggest a material impact on DTE Energy's future operational focus and financial strategy. Investors should monitor the progress of regulatory approvals and the final purchase price adjustments as the transaction moves towards completion.
  4. 8-KDTE Energy 8-K Report, Financial Results (Nov 5, 2026)DTE Energy announced its third-quarter 2026 financial results, highlighted by the strategic sale of its non-utility DTE Vantage business for approximately $3 billion to institutional investors advised by J.P. Morgan Asset Management. This divestiture aligns with DTE's long-term strategy to focus on its regulated electric and gas utilities, aiming to enhance customer affordability and strengthen its ability to invest in infrastructure. The company continues to make substantial investments, with a projected $6.1 billion in utilities for 2026, part of a larger five-year capital plan totaling $44 billion. These investments are directed towards improving reliability, supporting cleaner energy generation, and accommodating growing demand, particularly from data centers. DTE Energy reported third-quarter 2026 earnings of $470 million ($2.25 per diluted share), with operating earnings at $481 million ($2.30 per diluted share), showing an increase from the prior year. The company reaffirmed its 2026 operating earnings per share (EPS) guidance of $7.59 to $7.73 and provided a pro forma baseline for 2027 at the same range, reflecting the impact of the Vantage sale. The strategic shift positions DTE Energy as a high-growth, premium utility with an accelerated long-term operating EPS growth target of greater than 9% through 2031.
  5. 8-KDTE Energy 8-K Report, Regulation FD Disclosure (Sep 28, 2026)This Form 8-K furnishes DTE Energy's September 28, 2026 investor business update (Exhibit 99.1) for meetings on September 28-29, 2026. The filing contains no new reported financial results. Its substance is the reaffirmed 2026 operating EPS guidance of $7.59-$7.73 (operating earnings of $1,585-$1,615 million), a long-term operating EPS growth target of 6%-8% through 2030 with management expecting the high end each year, and a larger capital plan. The five-year capital plan rises to $36.5 billion for 2026-2030 from $30 billion for 2025-2029, mainly driven by the 1.4 GW Oracle data center project and cleaner generation. The company also reports 2.4 GW of executed data center agreements, including a 1 GW Google contract submitted to the Michigan Public Service Commission (MPSC) for approval. The main investor debate centers on whether data center growth creates upside to the plan. Management says the Google contract and a pipeline of 5-6 GW of additional opportunities could add upside, and it sees about 3 GW of additional load supporting over 8% operating EPS CAGR from 2027-2030. Against that, the plan requires about $500-$600 million of annual equity issuance in 2026-2028 (similar levels through 2030), and 2026 free cash flow is guided at roughly negative $2.9 billion. Management targets about 15% FFO/Debt and currently rates DTE Energy's unsecured debt BBB/Baa2/BBB. On the regulatory side, the company reaffirmed retirement of all coal by 2032, with Monroe Units 3 and 4 retiring in 2028, and filed a 2026 IRP that it says is about $3.5 billion cheaper than the prior IRP. It is requesting about $800 million of distribution spend in its infrastructure recovery mechanism by 2030, and says data center load ramps could allow it to delay its next electric rate case until at least 2028. The 8-K is a Regulation FD disclosure, and the company notes that guidance is provided on an operating (non-GAAP) basis without reconciliation to reported earnings.
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04—See also

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