Capital expenditure requirements frequently exceed internal funding, highlighted by a 193.0% CapEx-to-OCF ratio in 2025Q3, which necessitates ongoing access to capital markets to maintain liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 3.31B | 3.43B | 3.67B | 3.25B | 1.99B | 3.08B | 3.72B | 2.66B | 2.69B | 2.13B | 2.1B | 1.94B | 1.84B | 2.15B | 2.21B | 2.01B | 1.82B | 1.82B | 1.56B | 1.13B | 1.46B | 1B | 995M | 950M | 974M | 811M |
| Operating CF Growth % | -36.81% | -6.7% | 13.19% | 62.82% | -35.4% | -17.09% | 39.94% | -1.12% | 26.42% | 1.53% | 8.27% | 4.88% | -14.35% | -2.49% | 10.01% | 10.03% | 0.33% | 16.68% | 38.58% | -22.73% | 45.45% | 0.6% | 4.74% | -2.46% | 20.1% | - |
| Operating CF / Revenue % | 20.27% | 22.43% | 29.49% | 25.46% | 10.37% | 20.62% | 32.28% | 21.85% | 18.94% | 16.91% | 19.51% | 18.75% | 15% | 22.3% | 25.13% | 22.57% | 21.33% | 22.7% | 16.71% | 13.23% | 16.14% | 11.1% | 13.99% | 13.49% | 14.43% | 11.94% |
| Net Income | 1.02B | 1.46B | 1.4B | 1.39B | 1.08B | 907M | 1.37B | 1.17B | 1.12B | 1.13B | 866M | 725M | 905M | 661M | 618M | 720M | 639M | 535M | 546M | 971M | 433M | 537M | 431M | 521M | 632M | 0 |
| Depreciation & Amortization | 1.92B | 1.91B | 1.79B | 1.67B | 1.51B | 1.44B | 1.33B | 1.32B | 1.17B | 1.08B | 1.03B | -898M | 666M | 611M | 1.02B | 995M | 1.03B | 1.02B | 899M | 926M | 1.01B | 872M | 744M | 691M | 759M | 0 |
| Deferred Taxes | 324M | 358M | 194M | 181M | 44M | -32M | 407M | 329M | 114M | 196M | 265M | 237M | 356M | 164M | 47M | 220M | 457M | 205M | 348M | 144M | 28M | 147M | 129M | -220M | -208M | 0 |
| Other Non-Cash Items | 177M | -79M | -37M | 2M | -59M | 423M | 153M | -17M | 2.22B | 2.27B | 2.08B | 103M | 896M | 585M | 526M | 73M | -298M | 59M | -234M | -916M | -19M | -555M | -309M | -42M | -209M | 0 |
| Working Capital Changes | -375M | -219M | 328M | 3M | -644M | 281M | 401M | -214M | 336M | -261M | -36M | -23M | -725M | 197M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -3.56B | -4.43B | -4.47B | -3.93B | -3.38B | -3.77B | -3.86B | -6B | -2.71B | -2.25B | -3.29B | -2.02B | -2.05B | -1.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx / Revenue % | 21.78% | 28.98% | 35.86% | 30.87% | 17.57% | 25.21% | 33.46% | 49.34% | 19.11% | 17.89% | 30.6% | 19.57% | 16.66% | 19.42% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| CapEx / D&A | 1.85x | 2.32x | 2.50x | 2.36x | 2.24x | 2.63x | 2.90x | 4.54x | 2.32x | 2.08x | 3.18x | -2.25x | 3.08x | 3.07x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - |
| CapEx Coverage (OCF/CapEx) | 0.93x | 0.77x | 0.82x | 0.82x | 0.59x | 0.82x | 0.96x | 0.44x | 0.99x | 0.95x | 0.64x | 0.96x | 0.90x | 1.15x | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash from Investing | -5.67B | -5.32B | -4.98B | -4.12B | -3.44B | -3.84B | -4.06B | -6B | -3.3B | -2.52B | -3.29B | -2.3B | -2.06B | -1.91B | -1.77B | -1.56B | -1.23B | -1.06B | -1.52B | 330M | -1.19B | -802M | -681M | 10M | -1.11B | -2.29B |
| Acquisitions | -178M | -178M | 46M | 5M | 27M | 47M | -77M | -2.73B | 53M | 50M | -1.03B | -202M | 0 | 0 | -198M | 0 | 0 | 0 | 0 | 0 | -42M | -50M | 0 | 0 | 0 | -1.21B |
| Purchase of Investments | -578M | -720M | -1.64B | -705M | -891M | -1.05B | -2.39B | -943M | -1.82B | -1.52B | -1.7B | -996M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 578M | 717M | 1.6B | 681M | 879M | 1.05B | 2.35B | 788M | 1.2B | 1.24B | 1.46B | 885M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.93B | -712M | -529M | -165M | -81M | -105M | -87M | -120M | -21M | -37M | 31M | 36M | -11M | -30M | -1.57B | -1.56B | -1.23B | -1.06B | -1.52B | 330M | -1.15B | -752M | -681M | 10M | -1.11B | -1.07B |
| Cash from Financing | 2.54B | 2.06B | 1.34B | 881M | 1.46B | 271M | 760M | 3.36B | 601M | 371M | 1.25B | 254M | 211M | -261M | -443M | -445M | -586M | -789M | -84M | -1.47B | -203M | -167M | -312M | -1.04B | 6M | 1.68B |
| Dividends Paid | -887M | -871M | -810M | -752M | -685M | -791M | -760M | -692M | -620M | -592M | -531M | -501M | -470M | -445M | -407M | -389M | -360M | -348M | -344M | -364M | -365M | -360M | -354M | -346M | -338M | -325M |
| Dividend Payout Ratio % | - | 59.58% | 57.69% | 53.83% | 63.43% | 87.21% | 55.64% | 59.2% | 55.46% | 52.3% | 61.32% | 69.1% | 51.99% | 67.42% | 66.72% | 54.03% | 57.14% | 65.41% | 63% | 37.49% | 84.3% | 67.04% | 82.13% | 66.41% | 53.48% | 90.03% |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 1.3B | 0 | 2M | 2.29B | 0 | 0 | 654M | 9M | 0 | 39M | 39M | 0 | 36M | 35M | 0 | 0 | 17M | 172M | 41M | 44M | 265M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -55M | -66M | 0 | 0 | 0 | -51M | -33M | 0 | -52M | 0 | 0 | -18M | 0 | 0 | -16M | -708M | -61M | -13M | 0 | -3M | -9M | -438M |
| Other Financing | 651M | -25M | -23M | -39M | -89M | -527M | -502M | -138M | -106M | -121M | 100M | 12M | 234M | 20M | -16M | -31M | -36M | 0 | -10M | -6M | -10M | -6M | -9M | -693M | 344M | 2B |
| Net Change in Cash | 188M | 162M | 37M | 8M | 8M | -439M | 381M | 17M | -13M | -24M | 76M | -11M | -4M | -13M | -3M | 3M | 13M | -34M | -37M | -24M | 59M | 32M | 2M | -79M | -135M | 204M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 42M | -42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | -11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 250M | 88M | 51M | 43M | 35M | 474M | 93M | 76M | 89M | 113M | 37M | 48M | 52M | 65M | 68M | 65M | 52M | 86M | 123M | 147M | 88M | 56M | 54M | 133M | 268M | 0 |
| Cash at End | 278M | 250M | 88M | 51M | 43M | 35M | 474M | 93M | 76M | 89M | 113M | 37M | 48M | 52M | 65M | 68M | 65M | 52M | 86M | 123M | 147M | 88M | 56M | 54M | 133M | 204M |
| Free Cash Flow | -246M | -1B | -794M | -689M | -1.39B | -687M | -136M | -3.35B | -24M | -123M | -1.19B | -85M | -204M | 278M | 2.21B | 2.01B | 1.82B | 1.82B | 1.56B | 1.13B | 1.46B | 1B | 995M | 950M | 974M | 811M |
| FCF Growth % | -114.68% | -26.2% | -15.24% | 50.25% | -101.6% | -405.15% | 95.93% | -13837.5% | 80.49% | 89.67% | -1301.18% | 58.33% | -173.38% | -87.42% | 10.01% | 10.03% | 0.33% | 16.68% | 38.58% | -22.73% | 45.45% | 0.6% | 4.74% | -2.46% | 20.1% | - |
| FCF Margin % | -1.51% | -6.56% | -6.37% | -5.41% | -7.2% | -4.59% | -1.18% | -27.49% | -0.17% | -0.98% | -11.09% | -0.82% | -1.66% | 2.88% | 25.13% | 22.57% | 21.33% | 22.7% | 16.71% | 13.23% | 16.14% | 11.1% | 13.99% | 13.49% | 14.43% | 11.94% |
| FCF / Net Income % | -24.18% | -68.54% | -56.55% | -49.32% | -128.24% | -75.74% | -9.96% | -286.14% | -2.15% | -10.87% | -137.53% | -11.72% | -22.57% | 42.12% | 362.13% | 278.89% | 289.68% | 341.92% | 285.53% | 115.86% | 336.26% | 186.41% | 230.86% | 182.34% | 154.11% | 224.65% |
Regulatory and liquidity constraints
As reported in the quarterly cash flow statements, DTE's capital expenditure frequently exceeds operating cash flow, with the 2025Q3 period showing a CapEx-to-OCF ratio of 193.0%, highlighting the company's aggressive investment cycle in grid modernization and renewable energy infrastructure within the Michigan regulatory framework.
The consistent pattern of CapEx exceeding OCF suggests that the utility is in a heavy investment phase, which is typical for regulated entities but necessitates constant external financing. Investors should monitor whether these capital outlays are successfully integrated into the rate base to support future earnings growth, as the current burn rate places significant pressure on liquidity.
Based on the provided financial data, DTE's recurring free cash flow deficits, such as the $589 million shortfall in 2025Q3, indicate a structural reliance on debt markets to fund its capital-intensive growth strategy, which may leave the company sensitive to shifts in interest rates and credit availability.
The company's ability to maintain its investment-grade status is paramount given the persistent FCF deficits. The reliance on debt issuance to bridge the gap between operational cash generation and capital requirements suggests that any tightening in credit markets could complicate the execution of the company's long-term infrastructure plans.
According to the quarterly cash flow data, the OCF-to-dividend coverage ratio has fluctuated between 2.9x and 6.5x over the last ten quarters, suggesting that while the dividend appears supported by operating cash, the massive capital requirements may eventually force a trade-off between shareholder returns and infrastructure investment.
While the current coverage ratios appear adequate for a utility, the underlying cash flow volatility warrants caution. If regulatory recovery mechanisms experience delays, the company may find it increasingly difficult to balance the dividend payout with the substantial capital expenditures required to meet state-mandated environmental and grid reliability targets.
As indicated by the quarterly cash flow statements, DTE's operating cash flow remains the primary engine for funding, yet the variability in OCF, which ranged from $633 million to $1.1 billion over the observed period, suggests that regulatory lag and commodity price pass-throughs may be impacting cash predictability.
The quality of operating cash flow is inherently tied to the MPSC's regulatory construct, which appears to be the primary determinant of cash stability. The observed fluctuations suggest that investors should look beyond headline OCF to understand how weather normalization and fuel cost recovery mechanisms are influencing the actual cash available for reinvestment.
Quick answers to the most common questions about buying DTB stock.
DTE Energy Company 2020 Series (DTB) generated $3.43B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DTE Energy Company 2020 Series (DTB) reported negative free cash flow of $1.00B in 2025, indicating capital requirements exceeded cash from operations.
DTE Energy Company 2020 Series (DTB) spent $4.43B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DTE Energy Company 2020 Series (DTB) returned $871.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.