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DTE Energy (DTE) FY2025 results: revenue $15.8 billion, up 26.9% on the year

DTE Energy Co. (DTE) reported revenue of $15.8 billion for fiscal 2025, the year ended 31 December 2025, up 26.9% on the year before. Net income was $1.5 billion, up 4.1%, and diluted earnings per share $7.03. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$15.8 billion
+26.9% on the year
FY2018FY2025
Operating margin
15.0%
16.8% a year earlier
FY2018FY2025
Net income
$1.5 billion
+4.1% on the year
FY2018FY2025
Diluted EPS
$7.03
+3.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

DTE Energy is a diversified energy company and the parent of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in providing electricity and natural gas sales, distribution and storage services throughout Michigan. It also operates two energy-related non-utility segments with operations throughout the United States. Its segments are Electric, Gas, DTE Vantage, Energy Trading, and Corporate and Other.

DTE Energy Co., the 10-K for 2025

DTE Energy is a diversified energy company and the parent of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in providing electricity and natural gas sales, distribution and storage services throughout Michigan. It also operates two energy-related non-utility segments with operations throughout the United States. Its segments are Electric, Gas, DTE Vantage, Energy Trading, and Corporate and Other.

Electric

The Electric segment consists principally of DTE Electric. Retail and wholesale sales came to 40,078 thousand MWh in 2025, of which commercial customers took 16,090, residential customers 15,527 and industrial customers 8,269. Interconnection sales added 11,691 thousand MWh, and electric retail access a further 4,514. The filing says sales and deliveries increased in 2025 primarily due to favourable weather compared to 2024.

Coal, and what replaces it

DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge and St. Clair facilities, as well as one unit at the Belle River facility. It has announced plans to retire its remaining five coal-fired generating units, including the remaining Belle River unit in 2026, with the four units at the Monroe facility expected to be retired in two stages in 2028 and 2032. Trenton Channel is planned to be repurposed to a battery energy storage system in 2026, and Belle River converted from a base load coal plant to a natural gas peaking resource in the same year. The filing says generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage and natural gas fuelled generation.

What Michigan requires, and what the company has set itself

The filing says that as a result of legislation passed by the state of Michigan in the fourth quarter of 2023, DTE Energy will be required to meet a 100 percent clean energy portfolio standard by 2040, where clean sources include renewables, nuclear and natural gas-fired plants fitted with a carbon capture and storage system at least 90 percent effective in reducing carbon emissions to the atmosphere. The same legislation requires 50 percent of an electric utility's energy to be generated from renewable sources by 2030 and 60 percent by 2035. The filing says the company is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan, planned for 2026.

Its own stated plans are to reduce the carbon emissions of its electric utility operations by 65 percent in 2028, 85 percent in 2032 and 90 percent by 2040 from 2005 levels, to end the use of coal-fired power plants in 2032, and to reach net zero carbon emissions by 2050 across the electric and gas utility operations. The filing says it is also monitoring and pursuing emerging technologies including long-duration storage, modular nuclear reactors, hydrogen, and carbon capture and sequestration.

Gas

The Gas segment consists principally of DTE Gas. Gas sales were 145 Bcf in 2025, with 164 Bcf of end-user transportation and 566 Bcf of intermediate transportation, 875 Bcf in total. The filing says intermediate transportation volumes fluctuate period to period based on available market opportunities.

DTE Vantage

Renewable energy projects that sell electricity and pipeline-quality gas, and projects that deliver custom energy solutions to industrial, commercial and institutional customers.

Energy Trading

Physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its own asset portfolio, and optimisation of contracted natural gas pipeline transportation and storage positions. It also provides natural gas, power, environmental and related services, which may include the management of associated storage and transportation contracts on the customers' behalf and the supply or purchase of environmental attributes.

What it plans to spend

Capital investments at DTE Electric over 2026 to 2030 are estimated at $30 billion, comprised of $11 billion for distribution infrastructure, $4 billion for base infrastructure and $15 billion for cleaner generation including renewables. DTE Gas over the same period is estimated at $4.5 billion, $2.7 billion of it base infrastructure and $1.8 billion the gas renewal program, which includes main and service renewals, meter move-out and pipeline integrity projects. The non-utility side includes approximately $2.0 billion from 2026 to 2030 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.

Corporate and Other

Various holding company activities, and certain investments including investments supporting regional development and economic growth.

From DTE Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue15,81412,45712,745+26.9%
Operating income2,3742,0912,243+13.5%
Operating margin15.0%16.8%17.6%
Interest expense1,056951791+11.0%
Pre-tax income1,5501,3701,566+13.1%
Income tax88.0-34.0169
Effective tax rate5.7%-2.5%10.8%
Net income1,4621,4041,397+4.1%
Net margin9.2%11.3%11.0%
Diluted EPS$7.03$6.77$6.76+3.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,4093,6433,220-6.4%
Cash from investing-5,304-4,951-4,095
Cash from financing2,0571,345883+52.9%
Depreciation and amortisation1,8411,7321,606+6.3%
Buybacksn/a0.00.0
Dividends paid871810752+7.5%
Dividend per share$4.44$4.15$3.88+7.0%
Diluted shares, weighted207m207m206m0.0%
Shares outstanding at period end208m207m206m+0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,30311,69911,050+5.2%
Non-controlling interest5.05.05.00.0%
Debt26,02323,05320,845+12.9%
Operating lease liabilities235167108+40.7%
Finance lease liabilities14.018.013.0-22.2%
Other liabilities15,48613,90412,734+11.4%
Total liabilities and equity54,06648,84644,755+10.7%
Fixed assets33,65330,89328,169+8.9%
Goodwill1,9931,9931,9930.0%
Intangible assets188144156+30.6%
Investments2,8682,5602,375+12.0%
Cash and equivalents20824.026.0+766.7%
Receivables2,0311,6901,632+20.2%
Other assets13,12511,54210,404+13.7%
Total assets54,06648,84644,755+10.7%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.