10-Q · April 30, 2026
DTE Energy's Q1 2026 results reflected significant challenges as the company reported a diluted EPS of $1.19, markedly below the consensus estimate of $2.02, and total revenue of $3.05 billion, also missing expectations…
Earnings analysis · 10-Q
DTE earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
DTE's Q2 GAAP EPS increased to $1.35 from $1.10, driven by a recovery in Energy Trading and improved DTE Vantage earnings, although Electric segment income fell to $270 million from $318 million and Gas posted a $4…
Read full summary
DTE's Q2 GAAP EPS increased to $1.35 from $1.10, driven by a recovery in Energy Trading and improved DTE Vantage earnings, although Electric segment income fell to $270 million from $318 million and Gas posted a $4 million loss. The filing does not disclose consolidated revenue, gross margin, operating margin, or free cash flow; operating cash flow was $1.679 billion for the first six months, down $50 million year over year, while investing cash use increased $892 million to $2.914 billion. Management continues to frame regulated infrastructure, clean-energy spending, and a 1.0-gigawatt data-center agreement as growth drivers, but the sizable capital program requires debt and planned equity funding.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.35
What stood out
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GAAP earnings increased year over year
Q2 net income attributable to DTE Energy increased 23% to $282 million from $229 million, and diluted GAAP EPS rose to $1.35 from $1.10.
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Electric revenue grew despite lower segment profit
Electric operating revenue increased $89 million year over year to $1.775 billion, supported by $118 million of power-supply-cost recovery and $60 million from implementation of new rates.
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DTE Vantage earnings and revenue improved
DTE Vantage Q2 net income increased to $45 million from $31 million as revenue rose $31 million to $200 million, primarily reflecting $25 million of higher Steel-business demand and prices.
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Energy Trading returned to quarterly profit
Energy Trading swung to $49 million of Q2 net income from a $16 million loss; operating income improved $88 million to $67 million.
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Liquidity remains substantial
DTE has approximately $3.0 billion of available liquidity at June 30, 2026 and expects approximately $3.9 billion of operating cash flow for full-year 2026.
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Data-center agreement expands investment runway
A 1.0-gigawatt data-center agreement is expected to add approximately $5.0 billion of capital expenditures through 2032, incremental to DTE Electric's existing five-year plan.
What to watch
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Electric earnings declined on cost pressure
Electric segment net income fell $48 million year over year to $270 million despite the $89 million revenue increase, as operating expenses rose $134 million and operating income declined $45 million to $370 million.
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EES Coke litigation penalty hurt first-half results
DTE Vantage recorded a $112 million additional litigation penalty related to the EES Coke judgment in the first half, driving a six-month segment loss of $14 million versus $70 million of income a year earlier.
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Capital program requires external funding
Cash generation trails planned investment needs: DTE expects $3.9 billion of 2026 operating cash flow against approximately $6.8 billion of capital investments, and expects $500 million to $600 million of equity issuance in 2026.
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Trading results remain volatile
Energy Trading's first-half net result was a $29 million loss versus $51 million of income, and management says near-term market conditions are expected to remain challenging; Q2 operating income included a $46 million favorable timing effect expected to reverse as contracts settle.
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No 10-Q risk-factor changes disclosed
Item 1A contains no newly identified or amended risk factors, instead referring investors to the combined 2025 Form 10-K risk disclosures.
Management's outlook
The 10-Q does not provide a quantitative EPS or consolidated revenue outlook. For liquidity planning, DTE expects approximately $3.9 billion of 2026 operating cash flow and approximately $6.8 billion of 2026 base utility, environmental, renewable, and non-utility capital investments; it also expects to issue $500 million to $600 million of equity in 2026.
Earlier filings 4
10-K · February 17, 2026
DTE positions itself as a large, regulated Midwestern utility transitioning aggressively to clean energy while maintaining reliability. The company serves ~2.3 million electric and ~1.4 million gas customers, owns…
10-Q · July 29, 2025
DTE Energy reported Q2 revenue of $3,419,000,000 (up $544M or ~18.9% vs Q2 2024's $2,875,000,000) driven by a strong non-utility business. Operating income fell to $427,000,000 from $502,000,000 a year earlier,…
10-Q · July 25, 2024
DTE Energy reported Q2 2024 consolidated revenue of $2,875,000,000 (up $191 million or 7.1% vs Q2 2023) and operating income of $502 million (up $105 million or 26.5%). Diluted EPS improved to $1.55 from $0.97 in Q2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.