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DTE Energy Company engages in energy-related businesses and services. The company operates through four segments: Electric, Gas, DTE Vantage, and Energy Trading.The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, natural gas plant, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets. This segment owns and operates 702 distribution substations with a capacity of approximately 37,870,000 kilovolt-amperes (kVA) and approximately 4,56,900 line transformers with a capacity of approximately 33,770,000 kVA. The company's Gas segment purchases, stores, transports, distributes, and sells natural gas to approximately 1.4 million residential, commercial, and industrial customers throughout Michigan; and sells storage and transportation capacity. This segment has approximately 21,000 miles of distribution mains; 1,242,000 service pipelines; and 1,361,000 active meters, as well as owns approximately 2,000 miles of transmission pipelines. Its DTE Vantage segment offers metallurgical and petroleum coke to steel and other industries; and power generation, steam production, chilled water production, and wastewater treatment services, as well as compressed air supply to industrial customers. This segment also owns and operates 2 renewable generating plants with a capacity of 70 MWs; and 22 gas recovery sites. Its Energy Trading segment engages in power, natural gas, and environmental marketing and trading; structured transactions; and the optimization of contracted natural gas pipeline transportation and storage positions. The company was founded in 1849 and is based in Detroit, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $15.8B | $4.4B | $1.5B | $-1.0B | 11.9% | 26.9% | 4.1% |
| 2024 | $12.5B | $4.1B | $1.4B | $-824M | 12.0% | -2.3% | 0.5% |
| 2023 | $12.7B | $4.0B | $1.4B | $-714M | 12.6% | -33.7% | 29.0% |
| 2022 | $19.2B | $3.3B | $1.1B | $-1.4B | 10.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,228 | 12,745 | 12,457 | 15,814 |
| Operating Revenue | - | 19,228 | 12,745 | 12,457 | 15,814 |
| Cost Of Revenue | - | 15,560 | 8,418 | 8,119 | 11,021 |
| Gross Profit | - | 3,668 | 4,327 | 4,338 | 4,793 |
| Operating Expense | - | 1,896 | 2,026 | 2,133 | 2,265 |
| Selling General And Administration | 17 | -1 | 9 | - | - |
| Total Expenses | - | 17,456 | 10,444 | 10,252 | 13,286 |
| Operating Income | - | 1,772 | 2,301 | 2,205 | 2,528 |
| Total Operating Income As Reported | - | 1,748 | 2,243 | 2,091 | 2,374 |
| EBITDA | - | 3,255 | 3,963 | 4,053 | 4,447 |
| Normalized EBITDA | - | 3,247 | 3,962 | 4,064 | 4,479 |
| EBIT | - | 1,787 | 2,357 | 2,321 | 2,606 |
| Interest Income | - | 46 | 57 | 136 | 103 |
| Interest Expense | - | 675 | 791 | 951 | 1,056 |
| Net Interest Income | - | -629 | -734 | -815 | -953 |
| Other Non Operating Income Expenses | - | -25 | -5 | -24 | -40 |
| Other Income Expense | - | -31 | -1 | -20 | -25 |
| Interest Income Non Operating | - | 46 | 57 | 136 | 103 |
| Interest Expense Non Operating | - | 675 | 791 | 951 | 1,056 |
| Net Non Operating Interest Income Expense | - | -629 | -734 | -815 | -953 |
| Pretax Income | - | 1,112 | 1,566 | 1,370 | 1,550 |
| Tax Provision | - | 29 | 169 | -34 | 88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.21 | 0.11 | -2.31 | -1.82 |
| Net Income Continuous Operations | - | 1,083 | 1,397 | 1,404 | 1,462 |
| Net Income From Continuing And Discontinued Operation | - | 1,083 | 1,397 | 1,404 | 1,462 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,083 | 1,397 | 1,404 | 1,462 |
| Net Income | - | 1,083 | 1,397 | 1,404 | 1,462 |
| Net Income Common Stockholders | - | 1,080 | 1,394 | 1,401 | 1,459 |
| Net Income Including Noncontrolling Interests | - | 1,083 | 1,397 | 1,404 | 1,462 |
| Normalized Income | - | 1,075.21 | 1,396.11 | 1,412.69 | 1,492.18 |
| Diluted NI Availto Com Stockholders | - | 1,080 | 1,394 | 1,401 | 1,459 |
| Basic Average Shares | - | 195 | 206 | 207 | 207 |
| Diluted Average Shares | - | 196 | 206 | 207 | 207 |
| Reconciled Depreciation | - | 1,164 | 1,254 | 1,332 | 1,283 |
| Reconciled Cost Of Revenue | - | 15,864 | 8,770 | 8,519 | 11,579 |
| Total Unusual Items | - | 8 | 1 | -11 | -32 |
| Total Unusual Items Excluding Goodwill | - | 8 | 1 | -11 | -32 |
| Minority Interests | 4 | 0 | 0 | - | - |
| Net Income Discontinuous Operations | 117 | 0 | 0 | - | - |
| Special Income Charges | - | 5 | -16 | -28 | -49 |
| Other Special Charges | 393 | - | - | - | - |
| Gain On Sale Of Security | - | 3 | 17 | 17 | 17 |
| Depreciation Amortization Depletion Income Statement | - | 1,468 | 1,606 | 1,732 | 1,841 |
| Depreciation And Amortization In Income Statement | - | 1,468 | 1,606 | 1,732 | 1,841 |
| General And Administrative Expense | 17 | -1 | 9 | - | - |
| Salaries And Wages | 17 | -1 | 9 | - | - |
| Gain On Sale Of Ppe | - | 5 | -16 | -28 | -49 |
| Other Operating Expenses | - | -29 | -42 | -86 | -105 |
| Otherunder Preferred Stock Dividend | 2 | 3 | 3 | - | - |
| Earnings From Equity Interest | - | -14 | 3 | 15 | 47 |
| Amortization | - | 16 | 15 | 16 | 18 |
| Amortization Of Intangibles Income Statement | - | 16 | 15 | 16 | 18 |
| Depreciation Income Statement | - | 1,452 | 1,591 | 1,716 | 1,823 |
| Other Taxes | - | 457 | 462 | 487 | 529 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| DTE Energy Companythis co. | DTE | $29.7B | 20.31↓ discount | 2.41 | 11.9% | 12.54 |
| Ameren Corporation | AEE | $29.6B | 20.34 | 2.21 | 10.9% | - |
| NRG Energy, Inc. | NRG | $28.1B | 32.57 | 27.30 | 83.8% | 12.21 |
| Atmos Energy Corporation | ATO | $28.0B | 23.40 | 2.07 | 8.8% | 15.57 |
| Edison International | EIX | $27.6B | 5.88 |
| - |
| - |
| - |
| - |
| - |
| 1.62 |
| 27.5% |
| 6.41 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| PPL Corporation | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 | 10.4% | 10.25 |
| Peer Median | - | 22.90 | 2.09 | 9.9% | 12.21 | |