Company Reports

DTE Energy filed its triennial 20-year integrated resource plan with the Michigan Public Service Commission on Sept. 24. Regulators have one year to approve or request changes to the plan.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities.

DTE Energy reported earnings per share of $1.32 on an adjusted basis in the second quarter, down from $1.36 in the year-ago period. Earnings are on track to meet our full-year estimate and management's guidance.

DTE Energy reported earning $1.95 per share on an adjusted basis during the first quarter of 2026, down $0.15 from the same period in 2025. Earnings are on track to meet our full-year estimate and management's guidance.

On March 16, DTE Energy announced an electricity supply agreement with Google to serve a planned data center in DTE's southeast Michigan service territory. DTE plans to build nearly 2 gigawatts of new battery storage and renewable energy to serve the facility.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities.

DTE Energy reported earning $7.36 per share on an adjusted basis in 2025, up 8% from 2024. Earnings in 2025 were slightly above our estimate and management's guidance.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities.

DTE Energy reported earning $2.25 per share during the third quarter of 2025, up from $2.22 in the third quarter of 2024. Earnings are on track to meet our full-year estimates and management's guidance.

DTE Energy reported earning $1.36 per share during the second quarter of 2025, down from $1.43 in the second quarter of 2024 primarily due to tax timing. Earnings are on track to meet our full-year estimates and management's guidance.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities. The clean energy transition and improving electric grid reliability are the cornerstones of this growth.

DTE Energy reported earning $2.10 per share during the first quarter of 2025, up from $1.67 in the first quarter of 2024. The big jump was due in part to the timing of tax benefits, which will reverse later this year. Earnings are on track to meet our full-year estimates and management's guidance.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

DTE reported earning $6.83 per share in 2024, up 9% from 2023. Earnings were above our estimate and at the high end of management's $6.54-$6.83 EPS guidance range.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities. The clean energy transition and improving electric grid reliability are the cornerstones of this growth.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix has set up the company for a long runway of growth investment opportunities. The clean energy transition and improving electric grid reliability are the cornerstones of this growth.

DTE is on track to meet our full-year 2024 earnings outlook and management's $6.54-$6.83 EPS guidance range after reporting $2.22 per share of operating earnings during the third quarter, up from $1.44 during the same period in 2023.

Two years after Michigan regulators commissioned an electric grid reliability study, consultants presented a report that suggests DTE Energy lags peers in reliability and should invest more in maintaining and upgrading its electric system.

We are reaffirming our $121 fair value estimate for DTE Energy after the company reported $1.43 per share of operating earnings during the second quarter, up from $0.99 during the second quarter of 2023. The growth was in part due to implementation of customer rate increases, as we expected. We are also maintaining our narrow moat rating.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities. The clean energy transition is the cornerstone of this growth.