Operating margins have faced significant volatility, compressing to a low of 8.0% in 2026Q1, which suggests difficulty in achieving authorized returns amidst rising operational costs.
| 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 |
|---|
| Revenue | 16.33B | 15.28B | 12.46B | 12.74B | 19.23B | 14.96B | 11.53B | 12.17B | 14.2B | 12.58B | 10.74B | 10.32B | 12.3B | 9.66B | 8.79B | 8.9B | 8.56B | 8.01B | 9.33B | 8.51B | 9.02B | 9.02B | 7.11B | 7.04B | 6.75B | 6.79B |
| Revenue Growth % | 20.86% | 22.67% | -2.26% | -33.71% | 28.48% | 29.83% | -5.28% | -14.3% | 12.91% | 17.13% | 4.03% | -16.1% | 27.33% | 9.9% | -1.19% | 3.97% | 6.78% | -14.1% | 9.68% | -5.72% | 0% | 26.82% | 1.04% | 4.33% | -0.63% | - |
| Cost of Revenue | 7.26B | 12.7B | 2.26B | 8.42B | 16.92B | 11.63B | 9.46B | 9.15B | 12.09B | 10.56B | 8.81B | 8.57B | 9.23B | 7.03B | 6.19B | 6.17B | 5.77B | 5.49B | 7B | 6.45B | 6.75B | 7.32B | 5.43B | 5.27B | 4.51B | 5.03B |
| Gross Profit | 9.06B | 2.58B | 10.2B | 4.33B | 2.31B | 3.34B | 2.07B | 3.02B | 2.11B | 2.02B | 1.93B | 1.75B | 3.08B | 2.63B | 2.6B | 2.73B | 2.79B | 2.52B | 2.33B | 2.06B | 2.27B | 1.7B | 1.69B | 1.77B | 2.23B | 1.76B |
| Gross Margin % | 55.52% | 16.88% | 81.84% | 33.95% | 11.99% | 22.29% | 17.96% | 24.81% | 14.84% | 16.02% | 17.98% | 16.98% | 25% | 27.2% | 29.61% | 30.71% | 32.59% | 31.49% | 24.97% | 24.23% | 25.16% | 18.83% | 23.71% | 25.11% | 33.1% | 25.97% |
| Gross Profit Growth % | - | -74.7% | 135.61% | 87.64% | -30.88% | 61.16% | -31.43% | 43.28% | 4.57% | 4.35% | 10.22% | -43.02% | 17.01% | 0.96% | -4.72% | -2.04% | 10.5% | 8.37% | 13% | -9.21% | 33.61% | 0.71% | -4.58% | -20.86% | 26.64% | - |
| Operating Expenses | 7.03B | 529M | 8.1B | 2.08B | 457M | 1.84B | 395M | 1.59B | 405M | 391M | 370M | 364M | 1.38B | 1.28B | 1.32B | 1.31B | 1.32B | 1.27B | 1.07B | 426M | 1.44B | 753M | 841M | 1.02B | 1.13B | 6.19B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.94B | 3.96B | 3.82B | 3.38B | 3.36B | 2.53B | 3B | 2.31B | 2.87B | 2.71B | 2.6B | 2.29B | 2.24B | 1.8B | 2.27B | 2.42B | 2.49B | 2.27B | 2.16B | 2.57B | 1.84B | 1.81B | 1.59B | 1.43B | 1.86B | 1.29B |
| EBITDA Margin % | 24.14% | 25.9% | 30.69% | 26.48% | 17.47% | 16.88% | 26.06% | 18.98% | 20.22% | 21.53% | 24.17% | 22.15% | 18.24% | 18.68% | 25.87% | 27.18% | 29.11% | 28.31% | 23.2% | 30.18% | 20.42% | 20.12% | 22.35% | 20.37% | 27.62% | 19.07% |
| EBITDA Growth % | 3.48% | 3.53% | 13.27% | 0.48% | 32.98% | -15.91% | 30.04% | -19.54% | 6.06% | 4.32% | 13.52% | 1.87% | 24.32% | -20.62% | -5.96% | -2.93% | 9.78% | 4.85% | -15.7% | 39.36% | 1.49% | 14.15% | 10.88% | -23.07% | 43.94% | - |
| Depreciation & Amortization | 1.91B | 1.91B | 1.73B | 1.13B | 1.51B | 1.03B | 1.33B | 880M | 1.17B | 1.08B | 1.03B | 898M | 666M | 611M | 995M | 995M | 1.03B | 1.02B | 901M | 932M | 1.01B | 869M | 744M | 687M | 759M | 691M |
| D&A / Revenue % | 11.67% | 12.49% | 13.9% | 8.88% | 7.85% | 6.89% | 11.53% | 7.23% | 8.23% | 8.61% | 9.63% | 8.7% | 5.41% | 6.32% | 11.32% | 11.18% | 12% | 12.73% | 9.66% | 10.96% | 11.24% | 9.63% | 10.46% | 9.76% | 11.25% | 10.17% |
| Operating Income (EBIT) | 2.04B | 2.05B | 2.09B | 2.24B | 1.85B | 1.5B | 1.68B | 1.43B | 1.7B | 1.62B | 1.56B | 1.39B | 1.58B | 1.19B | 1.28B | 1.42B | 1.46B | 1.25B | 1.26B | 1.64B | 828M | 946M | 846M | 747M | 1.1B | 604M |
| Operating Margin % | 12.48% | 13.42% | 16.79% | 17.6% | 9.62% | 9.99% | 14.53% | 11.75% | 11.99% | 12.91% | 14.54% | 13.45% | 12.83% | 12.36% | 14.55% | 15.99% | 17.11% | 15.59% | 13.54% | 19.22% | 9.18% | 10.49% | 11.89% | 10.61% | 16.37% | 8.89% |
| Operating Income Growth % | - | -1.96% | -6.78% | 21.31% | 23.68% | -10.75% | 17.13% | -15.98% | 4.8% | 4.04% | 12.46% | -12.04% | 32.16% | -6.65% | -10.12% | -2.8% | 17.21% | -1.11% | -22.75% | 97.46% | -12.47% | 11.82% | 13.25% | -32.4% | 82.95% | - |
| Interest Expense | 4M | 1.06B | 951M | 853M | 717M | 669M | 637M | 680M | 547M | 524M | 452M | 437M | 419M | 427M | 440M | 494M | 549M | 545M | 503M | 533M | 526M | 519M | 518M | 546M | 548M | 335M |
| Interest Coverage | - | 2.47x | 2.44x | 2.64x | 2.49x | 2.26x | 2.64x | 2.07x | 3.24x | 3.48x | 3.49x | 3.20x | 4.07x | 2.80x | 3.18x | 2.99x | 2.72x | 2.43x | 2.63x | 3.17x | 1.62x | 1.96x | 1.81x | 1.65x | 2.05x | 1.77x |
| Interest / Revenue % | 0.02% | 6.91% | 7.63% | 6.69% | 3.73% | 4.47% | 5.53% | 5.59% | 3.85% | 4.17% | 4.21% | 4.23% | 3.41% | 4.42% | 5.01% | 5.55% | 6.42% | 6.8% | 5.39% | 6.27% | 5.83% | 5.75% | 7.28% | 7.75% | 8.12% | 4.93% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 1.31B | 1.55B | 1.37B | 1.57B | 1.11B | 656M | 1.08B | 1.01B | 1.22B | 1.29B | 1.1B | 950M | 1.27B | 922M | 960M | 987M | 950M | 782M | 834M | 1.33B | 570M | 739M | 596M | 357M | 573M | 259M |
| Pretax Margin % | 8.04% | 10.14% | 11% | 12.29% | 5.78% | 4.38% | 9.39% | 8.33% | 8.56% | 10.23% | 10.29% | 9.2% | 10.37% | 9.54% | 10.92% | 11.09% | 11.1% | 9.76% | 8.94% | 15.69% | 6.32% | 8.19% | 8.38% | 5.07% | 8.49% | 3.81% |
| Income Tax | 293.81M | 88M | -34M | 169M | 29M | -130M | 37M | 71M | 98M | 175M | 271M | 230M | 364M | 254M | 286M | 267M | 311M | 247M | 288M | 364M | 137M | 202M | 165M | -164M | -59M | -102M |
| Effective Tax Rate % | 22.39% | 5.68% | -2.48% | 10.79% | 2.61% | -19.82% | 3.42% | 7.01% | 8.06% | 13.6% | 24.52% | 24.21% | 28.55% | 27.55% | 29.79% | 27.05% | 32.74% | 31.59% | 34.53% | 27.27% | 24.04% | 27.33% | 27.68% | -45.94% | -10.3% | -39.38% |
| Net Income | 1.02B | 1.46B | 1.4B | 1.4B | 1.08B | 907M | 1.37B | 1.17B | 1.12B | 1.13B | 866M | 725M | 904M | 660M | 610M | 720M | 630M | 532M | 546M | 971M | 433M | 537M | 431M | 521M | 632M | 361M |
| Net Margin % | 6.23% | 9.57% | 11.27% | 10.96% | 5.62% | 6.06% | 11.85% | 9.61% | 7.87% | 9% | 8.07% | 7.02% | 7.35% | 6.83% | 6.94% | 8.09% | 7.36% | 6.64% | 5.85% | 11.42% | 4.8% | 5.95% | 6.06% | 7.4% | 9.36% | 5.32% |
| Net Income Growth % | -33.78% | 4.13% | 0.5% | 29.35% | 19.07% | -33.6% | 16.85% | 4.56% | -1.24% | 30.72% | 19.45% | -19.8% | 36.97% | 8.2% | -15.28% | 14.29% | 18.42% | -2.56% | -43.77% | 124.25% | -19.37% | 24.59% | -17.27% | -17.56% | 75.07% | - |
| EPS (Diluted) | 4.89 | 7.06 | 6.78 | 6.77 | 5.51 | 4.67 | 7.08 | 6.31 | 6.18 | 6.32 | 4.84 | 4.05 | 5.11 | 3.77 | 3.55 | 4.24 | 3.73 | 3.24 | 3.35 | 5.71 | 2.43 | 3.05 | 2.49 | 3.10 | 3.83 | 2.21 |
| EPS Growth % | -33.57% | 4.13% | 0.15% | 22.87% | 17.99% | -34.04% | 12.2% | 2.1% | -2.22% | 30.58% | 19.51% | -20.74% | 35.54% | 6.2% | -16.27% | 13.67% | 15.12% | -3.28% | -41.33% | 134.98% | -20.33% | 22.49% | -19.68% | -19.06% | 73.3% | - |
| EPS (Basic) | - | 7.06 | 6.78 | 6.77 | 5.54 | 4.69 | 7.08 | 6.31 | 6.18 | 6.32 | 4.84 | 4.05 | 5.10 | 3.76 | 3.57 | 4.26 | 3.75 | 3.24 | 3.37 | 5.75 | 2.45 | 3.07 | 2.49 | 3.10 | 3.85 | 2.22 |
| Diluted Shares Outstanding | 208M | 207M | 207M | 206M | 196M | 194M | 193M | 185M | 181M | 179M | 179M | 179M | 177M | 175M | 172M | 170M | 169M | 164M | 163M | 170M | 178M | 176M | 173M | 168M | 165M | 163.5M |
High regulatory and liquidity risk
As reported in recent financial statements, DTE Energy experienced significant revenue growth of 22.67% year-over-year, yet this expansion appears heavily influenced by commodity price pass-throughs rather than organic rate base growth, warranting caution regarding the sustainability of these top-line gains in the current regulatory environment.
The sharp revenue fluctuations suggest that the company's top line is highly sensitive to external commodity costs rather than consistent volumetric growth. Investors should monitor whether these revenue spikes are effectively decoupled from earnings, as the lack of translation to bottom-line stability implies that regulatory recovery mechanisms may be experiencing significant lag.
Based on the provided income statement data, operating margins have fluctuated significantly, reaching a low of 8.0% in 2026Q1, which suggests that the utility may be struggling to earn its authorized return on equity amidst rising operational costs and potential regulatory pushback in the Michigan jurisdiction.
The inconsistency in operating margins indicates that the utility is not consistently capturing its allowed returns, potentially due to regulatory lag or cost-recovery delays. This volatility warrants further investigation into the MPSC's recent rate case outcomes to determine if the regulatory compact is becoming increasingly adversarial.
According to the company's reported figures, the high cost of fuel and purchased power appears to be creating working capital pressure, as evidenced by a tight cash position of $250 million against a massive revenue base, suggesting that timely recovery of these costs remains a critical operational challenge.
While fuel costs are typically treated as pass-through items, the current liquidity profile suggests that the timing of these recoveries is not perfectly aligned with cash outflows. This mismatch may force the company to rely more heavily on external financing, increasing sensitivity to interest rate fluctuations.
As indicated by the 99.7% decline in EPS during 2026Q1, reported earnings appear highly susceptible to non-recurring items and accounting adjustments, making it difficult for investors to discern the underlying regulated earnings power of the utility from the noise of weather-normalized demand and commodity-driven trading segment volatility.
The extreme variance in quarterly EPS suggests that the core regulated business is being masked by transient factors, including the performance of the Vantage and Energy Trading segments. Analysts should adjust for these non-recurring items to determine if the company's fundamental earnings growth trajectory remains intact.
Based on the provided financial data, the company's massive capital expenditure requirements appear to be placing significant pressure on interest coverage ratios, which fell to 1.65 in 2026Q1, suggesting that incremental investments are not yet translating into a commensurate increase in sustainable earnings power for shareholders.
The current CAPEX cycle appears to be driven by necessary infrastructure upgrades rather than high-return growth projects, which may limit future EPS expansion. Investors should monitor whether these investments will eventually be included in the rate base or if they will remain as non-earning construction work in progress.
Analysis of the reported figures suggests that the company's reliance on continuous capital market access is a significant vulnerability, as the low cash balance and high interest expense indicate that any shift in the regulatory environment could severely compress the company's ability to fund its operations.
The income statement fails to fully capture the potential for future decommissioning costs or the impact of grid modernization requirements in the Detroit area. These latent liabilities may eventually necessitate further rate increases, which could trigger political resistance and further compress the earned ROE below authorized levels.
Quick answers to the most common questions about buying DTB stock.
For fiscal year 2025, DTE Energy Company 2020 Series (DTB) reported total revenue of $15.28B. This represents a 125.0% increase compared to $6.79B in 2001.
DTE Energy Company 2020 Series (DTB) is profitable, generating $1.46B in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
DTE Energy Company 2020 Series (DTB) reported an operating income of $2.05B, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
DTE Energy Company 2020 Series (DTB) generated $2.58B in gross profit for the year, representing a gross profit margin of 16.9%. This demonstrates the company's core pricing power and production efficiency.