DTE ENERGY CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DTE ENERGY CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,630	12,607	14,212	12,168	11,423	14,964	19,228	12,745	12,457	15,814
Operating income	1,486	1,711	1,594	1,430	1,555	1,495	1,748	2,243	2,091	2,374
Interest expense	472	536	559	568	601	630	675	791	951	1,056
Interest income	20	12	12	9	29	22	46	57	136	103
Other non-operating income	-381	-424	-378	-417	-473	-839	-636	-677	-721	-824
Pre-tax income	1,105	1,287	1,216	1,013	1,082	656	1,112	1,566	1,370	1,550
Income tax	271	175	98	71	37	-130	29	169	-34	88
Income from continuing operations				955	1,054	796	1,083	1,397	1,404
Net income to minority interests	-34	-22	-2	3	3
Net income	868	1,134	1,120	1,169	1,368	907	1,083	1,397	1,404	1,462
EBITDA	2,462	2,741	2,718	2,599	2,847	2,872	3,216	3,849	3,823	4,215
EPS, basic	4.84	6.32	6.18	6.32	7.09	4.68	5.53	6.77	6.78	7.04
EPS, diluted	4.83	6.32	6.17	6.31	7.08	4.67	5.52	6.76	6.77	7.03
Shares, basic (weighted)	179	179	181	185	193	193	195	206	207	207
Shares, diluted (weighted)	179	179	181	185	193	194	196	206	207	207
Dividend per share	3.06	3.36	3.60	3.85	4.12	3.88	3.61	3.88	4.15	4.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	92	66	71	93	472	28	33	26	24	208
Receivables	1,522	1,758	1,789	1,642	1,542	1,695	2,038	1,632	1,690	2,031
Other current assets	195	199	221	209	185	218	235	242	235	261
Total current assets	2,762	3,081	3,260	3,086	3,498	3,317	4,180	3,539	3,607	4,348
Property, plant and equipment	19,730	20,721	21,650	25,317	24,499	26,944	28,767	28,169	30,893	33,653
Lease right-of-use assets				169	107	97	89	132	188	271
Goodwill	2,286	2,293	2,293	2,464	1,993	1,993	1,993	1,993	1,993	1,993
Intangible assets	842	867	849	2,393	199	177	166	156	144	188
Long-term investments	2,273	2,797	3,368	3,788	2,228	2,452	2,155	2,375	2,560	2,868
Other non-current assets	170	161	8,010	10,077	15,271	7,006	7,581	10,672	11,786	13,197
Total assets	32,041	33,767	36,288	42,268	45,496	39,719	42,683	44,755	48,846	54,066
Accounts payable	1,079	1,171	1,329	1,076	1,000	1,414	1,604	1,361	1,387	1,753
Deferred revenue									135
Short-term debt	14	109	1,499	687	469	2,874	1,124	2,142	1,296	1,356
Total current liabilities	2,437	2,812	4,438	3,997	2,691	6,346	5,173	5,883	5,106	5,409
Long-term debt	10,506	11,039	10,982	15,935	19,001	14,531	16,873	17,420	20,690	23,785
Lease liabilities				127	83	74	68	108	167	235
Other non-current liabilities	349	323	8,999	10,500	11,215	10,129	10,236	10,397	11,346	12,564
Total liabilities	22,542	23,777	25,571	30,432	32,907	31,006	32,282	33,700	37,142	41,758
Total debt	11,372	12,407	13,746	16,755	19,603	17,517	18,127	19,707	22,138	25,306
Retained earnings	5,114	5,643	6,112	6,587	7,156	3,438	3,808	4,404	4,946	5,484
Other comprehensive income	-133	-120	-120	-148	-137	-112	-62	-67	-26	-39
Shareholders' equity	9,011	9,512	10,237	11,672	12,425	8,705	10,397	11,050	11,699	12,303
Minority interests	488	478	480	164	164	8	4	5	5	5
Total equity	9,499	9,990	10,717	11,836	12,589	8,713	10,401	11,055	11,704	12,308
Total liabilities and equity	32,041	33,767	36,288	42,268	45,496	39,719	42,683	44,755	48,846	54,066
Shares outstanding	179	179	182	192	194	194	206	206	207	208

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	834	1,112	1,118	1,172	1,371	903	1,083	1,397	1,404	1,462
Depreciation and amortization	976	1,030	1,124	1,169	1,292	1,377	1,468	1,606	1,732	1,841
Deferred income tax	265	196	114	251	282	-85	44	181	194	358
Change in inventory	37	-4	-32	59	45	-153	-98	-110	-191	-127
Change in payables	145	129	146	-288	0	308	109	-306	45	255
Cash from operations	2,084	2,117	2,680	2,649	3,697	3,067	1,977	3,220	3,643	3,409
Acquisitions	-1,147	0	0	-2,470	-126	0	0	0	0	-210
Purchases of investments							0	0	-1,050	0
Cash from investing	-3,390	-2,562	-3,347	-5,732	-4,070	-3,863	-3,431	-4,095	-4,951	-5,304
Debt issued	2,035	1,398	1,432	2,506	3,692	4,457	2,171	3,167	4,533	4,429
Debt repaid	-807	-385	-105	-821	-882	-3,522	-1,587	-1,616	-2,139	-1,291
Stock issued		0	0	1,023	2	0	1,300	0	0
Share buybacks	-33	-51	0	0	0	-66	-55	0	0
Dividends paid	-531	-592	-620	-692	-760	-791	-685	-752	-810	-871
Cash from financing	1,359	421	654	3,100	796	315	1,462	883	1,345	2,057
Net change in cash	53	-24	-13	17	423	-481	8	8	37	162
Interest paid	448	495	572	595	679	671	638	751	869	978
Income taxes paid	-1	4	-26	18	-360	-3	-3	-5	-230	-267

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $121.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	13.1%	Operating income / revenue.
EBITDA margin	24.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.9%	Pre-tax income / revenue.
Net margin	7.7%	Net income / revenue.
Operating cash flow margin	20.0%	Cash from operations / revenue.
Effective tax rate	3.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	11.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.95x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.5%	Total debt / total assets.
Liabilities / assets	77.6%	Total liabilities / total assets.
Net debt	$26.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.97x	Operating income / interest expense.
Working capital	-$218.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	0.48x	Revenue / average property, plant and equipment.
Receivables turnover	8.62x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$79.40	Revenue / diluted weighted shares.
Operating cash flow per share	$15.84	Cash from operations / diluted weighted shares.
Book value per share	$59.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$48.78	Tangible book value / shares outstanding.
Cash per share	$1.14	(Cash + short-term investments) / shares outstanding.
Payout ratio	70.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.27B	Share price x shares outstanding.
Enterprise value	$51.74B	Market cap + total debt - cash - short-term investments.
P/E	20.0x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/B	2.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.49x	Market cap / tangible book value, when positive.
P/OCF	7.67x	Market cap / cash from operations, when positive.
EV/Sales	3.13x	Enterprise value / revenue.
EV/EBIT	23.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.38x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DTE ENERGY CO's revenue in fiscal 2025?

DTE ENERGY CO reported revenue of $15.81B for fiscal 2025, 26.9% higher than the year before.

Was DTE ENERGY CO profitable in fiscal 2025?

Yes. Net income was $1.46B, a net margin of 9.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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