DTE Energy earnings
MyStockButler's October 2026 analysis: DTE Energy's next results are scheduled for November 5, 2026. Watch whether earnings and financing remain aligned.
What has DTE Energy guided for the year?
For 2026, management guides to operating earnings per share of $7.59–$7.73. DTE Electric and DTE Gas earn money through regulated service: the Michigan Public Service Commission reviews investment and places approved property into the utility’s rate base, the assets on which DTE may earn an allowed return. Like a landlord recovering the cost of an apartment through rent, DTE recovers approved construction through customer bills over time.
Management promises annual operating earnings-per-share growth of 6%–8% and is aiming for the high end. DTE Vantage, its non-regulated energy business, receives important support from renewable-natural-gas tax credits. Those credits improve project economics, but management expects them to expire in 2029, while its Vantage earnings target falls in 2030.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| DTE Electric operating earnings | Year to Dec 2026 | 1,340 | 1,360 | Sep 28, 2026 |
| DTE Gas operating earnings | Year to Dec 2026 | 315 | 325 | Sep 28, 2026 |
| DTE operating earnings guidance | Year to Dec 2026 | 1,585 | 1,615 | Sep 28, 2026 |
| DTE operating EPS guidance | Year to Dec 2026 | 7.59 | 7.73 | Sep 28, 2026 |
| Total — Capital expenditures | Year to Dec 2026 | 6,720 | 6,820 | Sep 28, 2026 |
What this means. The negative net cash figure means the company expects a cash shortfall after investment spending, dividends, and other uses—not that it has negative cash today.
Did DTE Energy keep its past promises?
These promises earn 3/5. Consolidated results have sometimes beaten guidance, and Electric has generally performed better than Gas, which missed in both 2024 and 2025. The promise therefore depends on whether new investment becomes approved rate base and whether weaker businesses stop being covered by stronger ones.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Operating EPS | 4 years | 2 | 1 | 1 |
| DTE Electric operating earnings | 5 years | 2 | 2 | 1 |
| DTE Gas operating earnings | 5 years | 3 | 0 | 2 |
What this means. The summary says three of five promises were kept, but the three rows list fourteen forecasts altogether, so it is unclear what the five promises count.
What do DTE Energy's recent results show?
Energy prices and trading activity move large sums through DTE’s accounts. When fuel becomes more expensive, revenue may rise because DTE collects more to cover that cost, while profit changes much less. In 2025, Energy Trading revenue rose from $3,843 million to $6,477 million. That increase explains most of the company’s consolidated revenue growth.
Revenue declined from the prior-year June quarter, yet operating income, net income and diluted EPS increased. Adjusted earnings moved in the opposite direction. The difference partly reflects trading valuation adjustments rather than a broad improvement across DTE’s businesses.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,369 | 5,141 | 4,428 | 3,527 | 3,419 | 4,440 | 3,436 | 2,906 |
| Gross margin | 51.9% | 34.6% | 43.7% | 52.5% | 46.8% | 40.3% | 50.4% | 55.8% |
| Operating income | 458 | 412 | 704 | 619 | 427 | 624 | 555 | 517 |
| Net income | 282 | 247 | 369 | 419 | 229 | 445 | 292 | 477 |
| EPS, diluted | 1.35 | 1.19 | 1.77 | 2.01 | 1.10 | 2.14 | 1.41 | 2.30 |
What this means. Free cash flow is negative because the company spent more cash on equipment and buildings than its daily business brought in.