EPS: As of FY2026 Q2, the actual value is USD 1.35, beating the estimate of USD 1.1292.

Net Income Attributable to DTE Energy Company

For the second quarter of 2026, DTE Energy Company reported net income attributable to the company of $282 million, compared to $229 million in the second quarter of 2025. For the first half of 2026, net income attributable to DTE Energy Company was $529 million, compared to $674 million in the first half of 2025.

Operating Earnings

Operating earnings for DTE Energy Company were $274 million for the second quarter of 2026, compared to $283 million in the second quarter of 2025. For the first six months of 2026, operating earnings were $681 million, compared to $719 million in the first six months of 2025.

Segment Net Income (Reported Earnings) - Three Months Ended June 30 (in millions)

• DTE Electric segment: $270 (2026) vs. $318 (2025)
• DTE Gas segment: - $4 (2026) vs. $6 (2025)
• DTE Vantage segment: $45 (2026) vs. $31 (2025)
• Energy Trading segment: $49 (2026) vs. - $16 (2025)
• Total Non-utility operations: $94 (2026) vs. $15 (2025)
• Corporate and Other: - $78 (2026) vs. - $110 (2025)

Segment Operating Earnings - Three Months Ended June 30 (in millions)

• DTE Electric segment: $270 (2026) vs. $318 (2025)
• DTE Gas segment: - $4 (2026) vs. $6 (2025)
• DTE Vantage segment: $45 (2026) vs. $31 (2025)
• Energy Trading segment: $41 (2026) vs. $24 (2025)
• Total Non-utility operations: $86 (2026) vs. $55 (2025)
• Corporate and Other: - $78 (2026) vs. - $96 (2025)

Segment Net Income (Reported Earnings) - Six Months Ended June 30 (in millions)

• DTE Electric segment: $488 (2026) vs. $441 (2025)
• DTE Gas segment: $206 (2026) vs. $212 (2025)
• DTE Vantage segment: - $14 (2026) vs. $70 (2025)
• Energy Trading segment: - $29 (2026) vs. $51 (2025)
• Total Non-utility operations: - $43 (2026) vs. $121 (2025)
• Corporate and Other: - $122 (2026) vs. - $100 (2025)

Segment Operating Earnings - Six Months Ended June 30 (in millions)

• DTE Electric segment: $488 (2026) vs. $465 (2025)
• DTE Gas segment: $206 (2026) vs. $212 (2025)
• DTE Vantage segment: $93 (2026) vs. $70 (2025)
• Energy Trading segment: $16 (2026) vs. $58 (2025)
• Total Non-utility operations: $109 (2026) vs. $128 (2025)
• Corporate and Other: - $122 (2026) vs. - $86 (2025)

Operating Earnings by Segment (2Q 2026 vs. 2Q 2025) Variances

• DTE Electric: - $48 million
• DTE Gas: - $10 million
• DTE Vantage: $14 million
• Energy Trading: $17 million
• Corporate & Other: $18 million
• DTE Energy Total Operating Earnings: - $9 million

Cash Flow Guidance (2026)

• Cash from operations: $3.9 billion
• Capital expenditures: - $6.8 billion
• Free cash flow: - $2.9 billion
• Dividends: - $1.0 billion
• Other: - $0.2 billion
• Net cash: - $4.1 billion
• Debt Issuances: $4.9 billion
• Debt Redemptions: - $1.3 billion
• External equity issuances: $0.5 billion
• Total financing: $4.1 billion

Cash Flow and Capital Expenditures (YTD 2Q 2026 vs. YTD 2Q 2025)

• Cash from operations: $1.7 billion (YTD 2Q 2026) vs. $1.7 billion (YTD 2Q 2025)
• Capital expenditures: - $2.8 billion (YTD 2Q 2026) vs. - $1.9 billion (YTD 2Q 2025)
• Free cash flow: - $1.1 billion (YTD 2Q 2026) vs. - $0.2 billion (YTD 2Q 2025)
• Dividends: - $0.5 billion (YTD 2Q 2026) vs. - $0.4 billion (YTD 2Q 2025)
• Net cash: - $1.8 billion (YTD 2Q 2026) vs. - $0.7 billion (YTD 2Q 2025)

Operational Investments and Accomplishments

DTE Energy Company invested over $2.6 billion in its utilities during the first half of 2026 to enhance infrastructure, improve reliability, and deliver cleaner energy, with over $900 million specifically for electric reliability. The company advanced clean energy initiatives with a $1.6 billion battery storage investment and expanded its renewable energy partnership with the University of Michigan, aiming to eliminate emissions from the university’s electricity use by 2027.

Capital Investment Plans

DTE Energy Company plans an $11 billion Distribution Investment Plan over the next 5 years. The Five-Year Capital Plan (2026-2030) is $36.5 billion, an increase from the prior plan of $30 billion for 2025-2029. This includes $30 billion for DTE Electric Investment (2026-2030), $4.5 billion for DTE Gas Investment (2026-2030), and approximately $2 billion for DTE Vantage Capital Investment Plan. The company is targeting $500 - $600 million in equity issuances annually from 2026 to 2028, with similar levels planned through 2030, driven by a approximately $3.5 billion capital increase over the next 3 years.

Operational Metrics

Reliability improvements include approximately 90% improvement in the duration of outages from 2023 to 2025, achieving the best all-weather SAIDI metric in nearly 20 years in 2025. The company is on track to reduce power outages by 30% and cut outage time in half by 2029. In 2025, 730 automatic devices were installed, with over 500 more planned for 2026, and 224 miles of 4.8kV hardening and 969 miles of PTMM were completed, ramping up to 1,700 miles in 2026.

Data Center Opportunities and Affordability Benefits

DTE Energy Company has executed agreements for 2.4 GW, including a 1.4 GW Oracle agreement and a 1 GW Google agreement, and has 5-6 GW of additional pipeline opportunities, with 2 GW in advanced discussions. The Oracle data center is expected to provide approximately $300 million of annual affordability benefits for existing customers, while the Google data center is anticipated to generate approximately $1.7 billion of affordability benefits over the life of the contract. From 2021-2026, DTE Electric experienced a 7.2% change in electric residential bills, significantly lower than the Great Lakes average of 26.4% and the national average of 27.1%.

Credit Profile

DTE Energy (unsecured) holds credit ratings of BBB from S&P, Baa2 from Moody’s, and BBB from Fitch. DTE Electric (secured) holds A from S&P, Aa3 from Moody’s, and A+ from Fitch, while DTE Gas (secured) holds A from S&P, A1 from Moody’s, and A from Fitch. The company is targeting approximately 15% Funds from Operations (FFO) / Debt.

Outlook / Guidance

DTE Energy Company confirmed its 2026 operating EPS guidance in the range of $7.59 to $7.73, and expects to achieve the high end of this range due to RNG tax credits. The company maintains a long-term operating EPS growth rate target of 6% - 8% through 2030, with confidence in reaching the high end driven by RNG tax credits and potential upside from data center opportunities. Additional data center opportunities could drive over 8% operating EPS CAGR from 2027 to 2030. The company notes that certain items affecting reported results will be excluded from operating results, and reconciliations to reported earnings guidance are not provided due to the inability to reliably forecast specific non-recurring items and mark-to-market adjustments.