Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 22/10/2026
Moat69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Operating electric and gas distribution networks, a large served customer base and franchised gas markets demonstrate a strong local infrastructure position. Duplication economics and exclusive rights remain unquantified.
durability · 3/4 · Continued network use and specific 15-year recovery of a regulatory asset support durable infrastructure economics. Regulatory control and actual disallowances prevent an exceptional grade or an assumption of guaranteed recovery.
customer dependency · 3/4 · Approximately 2.3 million electric customers, recurring deliveries and an increased active gas meter base support strong dependence on delivery infrastructure. This is indirect operating evidence; supplier choice and industrial fuel switching limit dependence.
erosion resilience · 2/4 · Regulatory recovery and operating infrastructure provide protection, but realized disallowances, continuing capital requirements and potential customer bypass create meaningful limits. Technology risk is prospective rather than proof of realized erosion.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Actual recovery through a regulatory asset carrying a 9.0% return on equity demonstrates an implemented recovery outcome, while the 2025 power supply disallowance demonstrates a limit. This is mixed evidence of regulated pricing protection; the requested 2026 increase is not a realized price increase, and tariff history is incomplete.
retention · 3/4 · Recurring electric deliveries, growth in active gas meters and long-term DTE Vantage customer arrangements support repeat demand and continuity. Assessment is indirect; weather affects volumes and no retention percentage or response to specific tariff changes is disclosed.
margin resilience · 2/4 · Utility recovery mechanisms and DTE Vantage commodity pass-through protect against some input-price changes. Recovery revenues can simply offset expenses, while disallowances, retained operating risk and recovery delays limit protection. Trading results also contain material timing volatility.
contractual freedom · 1/4 · MPSC authority over utility rates, cost recovery and service conditions materially restricts unilateral pricing freedom. Non-utility pass-through arrangements provide some contractual protection but do not establish broad discretion to reset prices.
Prévisibilité—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Solidité financière—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 11.35
- currentRatioGrade
- 4.31
- Net debt / operating income (x)
- 10.87
- Interest coverage (x)
- 2.25
- Current ratio (x)
- 0.80
Allocation du capital—
Missing required inputs: sbcRevenue, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.70
- 3-year average dilution (%)
- 2.04
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow of $1.679 billion supported utility plant spending of $2.688 billion, with additional external financing and $467 million of dividends paid. Specific regulatory recovery provides support for investment economics, but funding dependence, the disallowance and $112 million of additional litigation penalties temper the assessment. Seasonal cash flows and incomplete project-return evidence prevent a stronger conclusion.
incentive alignment · 3/4 · Actual 2025 CEO compensation was 69% variable and at risk; previously granted performance shares were paid in 2025. An adopted restatement clawback and demonstrated director ownership compliance support alignment. These establish implemented arrangements, without proving exceptional incentive effectiveness or executive ownership compliance.
execution · 2/4 · Issuer-reported outage reductions, pipeline replacements and detailed operating performance results demonstrate achievements, with weather contributing to outage improvement. Actual EES Coke penalties and power supply cost disallowances provide material counterevidence. The favorable Ludington verdict supports contract enforcement, but appeal risk prevents treating recovery as final.
governance · 3/4 · Independent Board committees, executive sessions actually held in 2025, annual elections, majority voting and an adopted clawback demonstrate substantive governance arrangements. These support a strong grade without establishing exceptional oversight effectiveness or assuming the outcome of the 2026 meeting.
Preuves
DTE Electric owns and operates 702 distribution substations with a capacity of approximately 37,870,000 kilovolt-amperes (kVA) and approximately 456,900 line transformers with a capacity of approximately 33,770,000 kVA.
Business and Properties — electric distribution substations and transformers · Dépôt 17/02/2026
9
Table of Contents
Circuit miles of electric distribution lines owned and in service as of December 31, 2025 are shown in the following table:
Circuit Miles
Operating Voltage-Kilovolts (kV)
Overhead
Underground
4.8 kV to 13.2 kV
28,555
13,650
24 kV
151
730
40 kV
2,423
416
120 kV
61
8
31,190
14,804
There are numerous interconnections that allow the interchange of electricity between DTE Electric and electricity providers external to the DTE Electric service area.
Business and Properties — electric distribution circuit miles at December 31, 2025 · Dépôt 17/02/2026
Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.
Note 14 — Electric segment activities and customer base · Dépôt 30/04/2026
The distribution system includes approximately 21,000 miles of distribution mains, approximately 1,242,000 service pipelines, and approximately 1,361,000 active meters.
Business and Properties — gas distribution mains, service pipelines and active meters · Dépôt 17/02/2026
Strategy and Competition
DTE Gas' strategy is to ensure the safe, reliable, and cost-effective delivery of natural gas service within its franchised markets in Michigan.
DTE Gas — Strategy and Competition — franchised markets · Dépôt 17/02/2026
7,658
Total DTE Electric Sales
51,769
49,004
46,781
DTE Electric Deliveries
Retail and wholesale
40,078
40,105
39,123
Electric retail access
4,514
4,315
4,381
Total DTE Electric Sales and Deliveries
44,592
44,420
43,504
DTE Electric sales and deliveries increased in 2025 primarily due to favorable weather compared to 2024.
Results of Operations — electric sales and deliveries, 2023–2025 · Dépôt 17/02/2026
The distribution system includes approximately 20,500 miles of distribution mains, approximately 1,238,000 service pipelines, and approximately 1,352,000 active meters.
Business and Properties — gas distribution system and active meters at December 31, 2024 · Dépôt 13/02/2025
As prescribed by the Integrated Resource Plan, DTE Electric will recover $1.05 billion of these plant costs through future securitizations.
Note 9 — recovery of retired plant costs through future securitizations · Dépôt 17/02/2026
The remaining amount is being recovered through a regulatory asset with a return on equity of 9.0% and is being amortized over a 15-year period beginning in February 2025.
Note 9 — regulatory asset recovery, return on equity and 15-year amortization · Dépôt 17/02/2026
The MPSC issues orders pertaining to rates, recovery of certain costs, including the costs of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters.
Regulation — MPSC authority over rates, recovery and service conditions · Dépôt 17/02/2026
Nuclear Regulatory Commission
PSCR
A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs
PTCs
Production tax credits
REC
Renewable Energy Credit
REF
Reduced Emissions Fuel
Registrants
DTE Energy and DTE Electric
Retail access
Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas
RPS
Renewable Portfolio Standard program, which includes a mechanism authorized by the MPSC allowing DTE Electric to recover through rates its renewable energy costs
SIP
State Implementation Plan
SO2
Sulfur Dioxide
SOFR
Secured Overnight Financing Rate
TCJA
Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%
Topic 606
FASB issued ASU No.
Definitions — power supply cost recovery, renewable cost recovery and retail access · Dépôt 28/07/2026
Some large commercial and industrial customers have the ability to switch to alternative fuel sources such as coal, electricity, oil, and steam.
DTE Gas — Strategy and Competition — industrial and commercial fuel substitution · Dépôt 17/02/2026
Such developments may impact the price of energy, may affect energy deliveries as customer-owned generation becomes more cost-effective, may require further improvements to our distribution systems to address changing load demands, and could make portions of our electric system power supply and/or distribution facilities obsolete prior to the end of their useful lives.
Risk Factors — customer generation, changing loads and potential asset obsolescence · Dépôt 17/02/2026
Operating earnings can be reconciled to our reported earnings as set forth in the following table:
2025
Reported Earnings per Share
$
7.03
MPSC disallowance of power supply costs previously recorded
0.16
Revision in asset retirement obligations
0.22
Estimated litigation outcome regarding EES Coke Battery
0.03
Certain mark-to-market transactions
(0.05)
Gain on sale of equity investment
(0.12)
Income tax related adjustments
0.09
Operating Earnings per Share
$
7.36
Items for Shareholder Vote at this Meeting
2026 proxy — reconciliation of 2025 reported and operating earnings, including power supply cost disallowance · Dépôt 12/03/2026
CAPITAL INVESTMENTS
DTE Energy's utility businesses will require significant capital investments to maintain and improve the electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and achieve goals for carbon emission reductions.
Capital Investments — utility maintenance, improvement and environmental investment requirements · Dépôt 28/07/2026
The Registrants are exposed to short-term cash flow or liquidity risk as a result of the time differential between actual cash settlements and regulatory rate recovery.
Market Risk — timing difference between settlements and regulatory recovery · Dépôt 28/07/2026
Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services.
Notes — DTE Vantage long-term customer contractual arrangements · Dépôt 28/07/2026
The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk.
Notes — DTE Vantage commodity risk pass-through and retained risks · Dépôt 28/07/2026
Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations.
Electric Results of Operations — recovery revenues offset by related expenses · Dépôt 28/07/2026
2026 Electric Rate Case Filing
DTE Electric filed a rate case with the MPSC on April 28, 2026 requesting an increase in base rates of $474 million based on a projected twelve-month period ending February 29, 2028, and an increase in return on equity from 9.9% to 10.25%.
Note 5 — 2026 electric rate increase request · Dépôt 28/07/2026
Financial Statements
4
Table of Contents
DTE Energy Company
Consolidated Statements of Operations (Unaudited)
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited) — (Continued)
June 30,
December 31,
2026
2025
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
$
1,697
$
1,753
Accrued interest
300
273
Dividends payable
485
242
Short-term borrowings
—
882
Current portion long-term debt, including securitization bonds and finance leases
1,689
1,356
Derivative liabilities
157
86
Gas inventory equalization
43
—
Regulatory liabilities
33
107
Operating lease liabilities
34
32
Other
611
678
5,049
5,409
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other
22,878
21,736
Securitization bonds
542
561
Junior subordinated debentures
2,464
1,474
Finance lease liabilities
11
14
25,895
23,785
Other Liabilities
Deferred income taxes
3,367
3,400
Regulatory liabilities
2,962
2,881
Asset retirement obligations
4,710
4,469
Unamortized investment tax credit
501
402
Derivative liabilities
51
66
Accrued pension liability
217
235
Accrued postretirement liability
242
247
Nuclear decommissioning
440
405
Operating lease liabilities
222
235
Other
424
224
13,136
12,564
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 208,088,069 and 207,745,154 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)
6,898
6,858
Retained earnings
5,283
5,484
Accrued pension liability
(18)
(18)
Accrued postretirement liability
(5)
(4)
Derivative assets and liabilities
13
29
Regulatory assets and liabilities
198
143
Other current and noncurrent assets and liabilities
76
66
Net cash from operating activities
1,679
1,729
Investing Activities
Plant and equipment expenditures — utility
(2,688)
(1,811)
Plant and equipment expenditures — non-utility
(33)
(33)
Proceeds from sale of assets
—
5
Unaudited statements — first-half 2026 operating cash flow, plant expenditures and outstanding shares · Dépôt 28/07/2026
Proceeds from sale of nuclear decommissioning trust fund assets
475
371
Investment in nuclear decommissioning trust funds
(477)
(373)
Distributions from equity method investees
5
7
Investment in notes receivable
(127)
(167)
Principal collections on notes receivable
16
10
Other
(85)
(31)
Net cash used for investing activities
(2,914)
(2,022)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs
2,571
2,383
Redemption of long-term debt
(137)
(1,185)
Short-term borrowings, net
(882)
(470)
Dividends paid on common stock
(467)
(435)
Other
(16)
(4)
Net cash from financing activities
1,069
289
Net Decrease in Cash, Cash Equivalents, and Restricted Cash
(166)
(4)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
250
88
Cash, Cash Equivalents, and Restricted Cash at End of Period
$
84
$
84
Supplemental disclosure of non-cash investing and financing activities
Unaudited cash flow statement — first-half 2026 investing, financing and dividends · Dépôt 28/07/2026
The increase in the six-month period was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the On-site business of $4 million, Steel business of $3 million, and Renewables business of $3 million.
DTE Vantage Results of Operations — additional EES Coke litigation penalties · Dépôt 28/07/2026
These enhancements, combined with strategic planning, process improvements and less extreme weather, enabled us to restore power faster than ever before during storms, reducing outage time by 67% from 2024 and 90% from 2023.
2026 proxy shareholder letter — outage time improvement and weather contribution · Dépôt 12/03/2026
The team replaced more than 180 miles of aging pipelines and achieved the fastest leak response time in our company’s history.
2026 proxy shareholder letter — pipeline replacement and leak response achievement · Dépôt 12/03/2026
Storm Customers Restored in 48 Hours
10%
90
%
95
%
99
%
99
%
200.0
%
20.00
%
CEMI4 % of Customers
10%
11.0
%
8.5
%
6.0
%
6.98
%
160.8
%
16.08
%
Generation Availability
5%
82.7
%
84.7
%
86.7
%
85.0
%
115.0
%
5.75
%
Nuclear On-Line Reliability Loss Factor (ORLF)
5%
1.4
%
0.9
%
0.5
%
0.12
%
200.0
%
10.00
%
Total
100%
149.68
%
The measures in the above table are defined below:
2026 proxy — 2025 operating performance results used in annual incentives · Dépôt 12/03/2026
For 2025, 69% of our President and Chief Executive Officer’s compensation was performance-based or “variable, at-risk”—none of which is reflected in the rates of our customers.
Compensation Discussion and Analysis — actual 2025 CEO compensation mix · Dépôt 12/03/2026
Performance Shares Paid in 2025:
The performance shares granted in 2022 were paid in early 2025.
Long-Term Incentives — payment in 2025 of performance shares granted in 2022 · Dépôt 12/03/2026
If the Company is required to prepare an accounting restatement due to material noncompliance with federal securities laws, the Company will seek to recover from any current or former executive any previously awarded incentive-based compensation (including awards under the Annual Incentive Plan and the Long-Term Incentive Plan) that is greater than the amount that would have been awarded based upon the restated financial results.
Compensation Discussion and Analysis — incentive recovery policy upon accounting restatement · Dépôt 12/03/2026
■All Board committees are composed exclusively of independent directors.
Corporate governance highlights — independent Board committees · Dépôt 12/03/2026
■Independent directors met in executive sessions chaired by the Lead Independent Director at seven of the eight 2025 Board meetings.
Corporate governance highlights — independent executive sessions held in 2025 · Dépôt 12/03/2026
■All of our directors are elected annually.
Corporate governance highlights — annual director elections · Dépôt 12/03/2026
■We have a majority vote requirement for uncontested director elections.
Corporate governance highlights — majority voting in uncontested elections · Dépôt 12/03/2026
As of December 31, 2025, all directors met the initial common stock ownership requirement and all those directors who have served as a director for at least five years after their initial election fulfilled the five-year requirement.
Director compensation — actual compliance with director stock ownership requirements at December 31, 2025 · Dépôt 12/03/2026
The segment competes with electric and gas marketers, financial institutions, traders, utilities, and other energy providers.
Energy Trading — generic competitor categories · Dépôt 17/02/2026
Competitors with greater access to capital, or at a lower cost, may have a competitive advantage.
Energy Trading — potential advantage of competitors with better capital access · Dépôt 17/02/2026
Operating Income (Loss) decreased $101 million for the six months ended June 30, 2026, which includes a $16 million unfavorable change in timing related losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle.
Energy Trading Results of Operations — first-half 2026 operating income decline and timing losses · Dépôt 28/07/2026
The decrease also includes a $34 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.
Energy Trading Results of Operations — reversal of prior-period timing gains and losses · Dépôt 28/07/2026
DTE Energy expects long-term growth in sales related to vehicle electrification and data center load, but no significant impacts in the near-term.
Sources of Cash — expected electrification and data center demand without significant near-term impact · Dépôt 28/07/2026
The case against TAES went to trial before a jury and in December 2025, a jury returned a verdict in DTE Electric and Consumers' favor finding TAES breached its warranties and other contractual duties in overhauling Ludington.
Ludington contract dispute — December 2025 jury verdict · Dépôt 28/07/2026
TAES is pursuing post judgment relief and is anticipated to appeal.
Ludington contract dispute — post-judgment relief and anticipated appeal · Dépôt 28/07/2026
