# DTE Energy Company (DTE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DTE/thesis · /stocks/DTE/memo

## Financial Snapshot

---
ticker: DTE
step: 04
generated: 2026-05-12
source: quick-research
---

### DTE Energy Company (DTE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$19.3B | ~$12.8B | $12.46B | -2.3% |
| Operating Income | $2.21B | $2.30B | $2.53B | +9.9% |
| Net Income | ~$1.1B | ~$1.4B | ~$1.4B | ~flat |
| EPS (GAAP, diluted) | $5.52 | $6.76 | $6.77 | +0.1% |

*FY2022 revenue elevated due to energy trading/commodity price spike; normalized revenue ~$12-14B. Operating earnings have grown steadily via rate base expansion and rate case outcomes. FY2025 EPS: $7.03 per diluted share (~+3.8% YoY), with record $4.3B capex deployed.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Capital Expenditures | ~$3.8B (FY2024) / $4.3B (FY2025) |
| Capital Plan (5-year) | $30B+ (FY2025-2029) |
| Long-Term Debt | ~$22B |
| Dividend Yield | ~3.4% |

*DTE funds its massive capital plan through a combination of operating cash flow, debt issuance, and periodic equity. FCF is negative — common for capital-intensive utilities investing ahead of rate case recovery. Dividend has grown consistently at ~5-7% annually.*

#### Key Ratios (approximate)
- P/E: ~18x (operating earnings basis) | Dividend Yield: ~3.4%
- Rate Base: ~$24B+ (growing toward $35B+ by 2029 at ~8% CAGR)
- Operating EPS Growth Target: 6–8% annually through 2029
- Long-term Debt / Total Capital: ~55%

#### Growth Profile
DTE is a steady regulated utility compounder — 6–8% annual operating EPS growth driven by rate base expansion. FY2022 revenue was inflated by energy trading activity; core utility earnings have grown consistently. The $30B+ five-year capital plan is the largest in the company's history, targeting grid modernization, renewable buildout, and gas system upgrades — all recoverable through rate cases in Michigan.

#### Forward Estimates
- FY2026 operating EPS: ~$7.50–$7.75 (consensus; management 2026 early outlook guidance pending confirmation)
- FY2026 EPS growth target: ~6–8% (consistent with long-term guidance)
- 5-year rate base CAGR: ~8–10% through 2029

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DTE/fundamental

## Navigation

- Overview: /stocks/DTE
- Financials (this page): /stocks/DTE/financials
- Thesis: /stocks/DTE/thesis
- Investment Memo: /stocks/DTE/memo
- Coverage universe: /stocks