10-Q · July 28, 2026
DTE's Q2 GAAP EPS increased to $1.35 from $1.10, driven by a recovery in Energy Trading and improved DTE Vantage earnings, although Electric segment income fell to $270 million from $318 million and Gas posted a $4…
Earnings analysis · 10-Q
DTE earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not contain the income statement, balance sheet, cash flow statement, segment results, or MD&A operating outlook, so current-period revenue, margins, EPS, free cash flow, and…
Read full summary
The supplied 10-Q excerpt does not contain the income statement, balance sheet, cash flow statement, segment results, or MD&A operating outlook, so current-period revenue, margins, EPS, free cash flow, and year-over-year trends cannot be determined. Controls were deemed effective as of September 30, 2026, and floating-rate debt was $0.7 billion, or 2.6% of total debt. The principal quantified concerns are increased interest-rate sensitivity, with a $1.048 billion hypothetical fair-value loss, and $1.101 billion of net trading credit exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls deemed effective
Management concluded that DTE Energy’s disclosure controls and procedures were effective as of September 30, 2026, providing reasonable assurance over required reporting.
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Trading credit exposure quantified
DTE Energy reported $1.101 billion of net trading credit exposure as of September 30, 2026, after $22 million of cash collateral, compared with $1.123 billion before collateral.
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Limited floating-rate debt exposure
Floating-rate debt was $0.7 billion, representing 2.6% of total debt as of September 30, 2026, limiting the proportion of debt directly exposed to floating-rate changes.
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No material control changes
No changes during the quarter ended September 30, 2026 materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
What to watch
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Higher interest-rate sensitivity
A hypothetical 10% increase in rates would reduce the fair value of DTE Energy’s long-term debt by $1.048 billion, versus a $906 million reduction as of September 30, 2025, indicating greater interest-rate sensitivity year over year.
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Counterparty credit risk
Trading counterparties included $17 million of non-investment-grade exposure and $54 million of internally rated non-investment-grade exposure; total net credit exposure was $1.101 billion.
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Commodity and regulatory timing risk
The company identified short-term cash-flow or liquidity risk from the timing difference between cash settlements and regulatory rate recovery, while the Gas and Electric businesses remain exposed to commodity purchases including natural gas, coal, uranium, and electricity.
Management's outlook
The provided 10-Q text contains no quantitative revenue or EPS outlook and does not state whether prior guidance was raised, maintained, lowered, or withdrawn. The filing references the 2025 Form 10-K for risk factors; operating results and MD&A outlook were not included in the supplied excerpt.
Earlier filings 4
10-Q · April 30, 2026
DTE Energy's Q1 2026 results reflected significant challenges as the company reported a diluted EPS of $1.19, markedly below the consensus estimate of $2.02, and total revenue of $3.05 billion, also missing expectations…
10-K · February 17, 2026
DTE positions itself as a large, regulated Midwestern utility transitioning aggressively to clean energy while maintaining reliability. The company serves ~2.3 million electric and ~1.4 million gas customers, owns…
10-Q · July 29, 2025
DTE Energy reported Q2 revenue of $3,419,000,000 (up $544M or ~18.9% vs Q2 2024's $2,875,000,000) driven by a strong non-utility business. Operating income fell to $427,000,000 from $502,000,000 a year earlier,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.