Revenue growth has been robust at 26.9% year-over-year, but operating margins have fluctuated widely between 8.0% and 17.8% over the last ten quarters, with net income dipping to $1.2M in 2026Q1, indicating regulatory lag and weather volatility.
DTE Energy Company 2021 Series (DTG) annual income statement — 25-year revenue, gross profit & net income history
| 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 | 15.93B | 15.28B | 12.46B | 12.74B | 19.23B | 14.96B | 11.42B | 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 % | 12.19% | 22.67% | -2.26% | -33.72% | 28.5% | 31% | -6.12% | -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 | 11.1B | 12.7B | 2.26B | 8.42B | 15.56B | 11.63B | 8.14B | 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 | 4.84B | 2.58B | 10.2B | 4.33B | 3.67B | 3.34B | 3.28B | 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 % | 30.35% | 16.88% | 81.84% | 33.95% | 19.08% | 22.29% | 28.71% | 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% | 17.97% | 9.95% | 1.74% | 8.61% | 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 | 2.97B | 529M | 8.1B | 2.08B | 1.92B | 1.84B | 1.72B | 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 | 3.84B | 3.96B | 3.82B | 3.38B | 2.8B | 2.53B | 2.51B | 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 % | 24.1% | 25.9% | 30.69% | 26.48% | 14.57% | 16.88% | 21.99% | 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 % | 1.1% | 3.53% | 13.27% | 20.45% | 10.93% | 0.56% | 8.74% | -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 | 1.97B | 1.91B | 1.73B | 1.13B | 1.05B | 1.03B | 957M | 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 % | 12.37% | 12.49% | 13.9% | 8.88% | 5.48% | 6.89% | 8.38% | 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) | 1.87B | 2.05B | 2.09B | 2.24B | 1.75B | 1.5B | 1.55B | 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 % | 11.73% | 13.42% | 16.79% | 17.6% | 9.09% | 9.99% | 13.61% | 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% | 28.32% | 16.92% | -3.86% | 8.74% | -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 | 2.43x | 2.26x | 2.42x | 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 % | 0.03% | 6.91% | 7.63% | 6.69% | 3.73% | 4.47% | 5.58% | 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 | -2M | -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 | 1.32B | 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 % | 8.3% | 10.14% | 11% | 12.29% | 5.78% | 4.38% | 9.47% | 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 | 251.81M | 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 % | 19.03% | 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 | 1.07B | 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 % | 6.72% | 9.57% | 11.27% | 10.96% | 5.63% | 6.06% | 11.98% | 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 % | -25.77% | 4.13% | 0.5% | 28.99% | 19.4% | -33.7% | 17.02% | 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) | 5.15 | 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 % | -25.53% | 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 |
Quick answers to the most common questions about buying DTG stock.
For fiscal year 2025, DTE Energy Company 2021 Series (DTG) reported total revenue of $15.28B. This represents a 125.0% increase compared to $6.79B in 2001.
DTE Energy Company 2021 Series (DTG) 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 2021 Series (DTG) 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 2021 Series (DTG) 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.
Key Metrics
Top Statement Risk
Regulatory lag and weather volatility
Metrics are mathematically derived from official filings.
Revenue Growth Driven by Rate Cases
DTE's revenue grew 26.9% year-over-year, per peer data, but quarterly revenue fluctuated from $2.9B to $5.1B, suggesting rate case timing and weather effects rather than steady organic growth.
The 26.9% annual revenue growth, as reported in peer context, appears to be driven by rate case approvals and recovery of capital investments, not by volumetric growth. Quarterly revenue swings, such as the 33.8% jump in 2025Q1 and the -12.2% decline in 2024Q1, indicate that revenue recognition is lumpy, likely tied to seasonal rate adjustments and regulatory mechanisms. This suggests that the revenue trajectory is dependent on the regulatory calendar, and investors should monitor the pace of rate case filings and outcomes to assess durability.
Earned Returns Show Volatility
Operating margin ranged from 8.0% to 17.8% over the last ten quarters, per financial statements, indicating that DTE's earned returns fluctuate significantly, potentially due to weather and regulatory lag.
The wide operating margin range suggests that DTE is not consistently earning its authorized ROE, with margins compressing in quarters like 2026Q1 (8.0%) and expanding in 2025Q3 (17.6%). This volatility may reflect the timing of cost recovery and weather-driven demand, which can obscure the underlying regulatory margin quality. The gap between earned and authorized returns appears to be widening in recent quarters, as evidenced by the lower margins in 2026Q1 and 2026Q2, which could signal a less constructive regulatory environment or increased operating costs not yet recovered.
Fuel Costs Pass-Through with Lag
DTE's operating expenses, including fuel and purchased power, are typically pass-through, but the 2026Q1 net income of $1.2M, per income statement data, suggests a significant cost recovery lag or one-time charge.
The near-zero net income in 2026Q1, despite $5.1B in revenue, indicates that operating costs, possibly fuel and purchased power, were not fully recovered in that quarter. This may be due to regulatory lag in fuel adjustment mechanisms, which can create working capital strain and earnings volatility. The subsequent recovery in 2026Q2 (net income of $282M) suggests that some costs were eventually recovered, but the timing mismatch highlights the importance of the regulatory construct in smoothing earnings.
Earnings Quality Obscured by Volatility
EPS growth swung from -99.7% in 2026Q1 to +23.6% in 2026Q2, per income statement data, indicating that reported earnings are heavily influenced by non-recurring items or weather, not just regulated operations.
The extreme EPS volatility, including a -99.7% decline in 2026Q1, suggests that reported earnings may contain significant one-time items, such as mark-to-market adjustments or storm costs, which are not indicative of core regulated earnings power. The 2025Q3 EPS of $2.02 and 2024Q3 EPS of $2.29, both strong, contrast sharply with the weak 2026Q1, implying that weather-normalized earnings are more stable than reported figures suggest. Investors should adjust for these items to assess the underlying earnings growth rate, which appears to be modest and driven by rate base growth.
CAPEX Cycle Supports Rate Base Growth
DTE's D&A increased from $300M in 2024Q4 to $525M in 2025Q4, per income statement data, indicating a significant CAPEX cycle that is expanding rate base and supporting future earnings growth.
The rising D&A, up 75% from 2024Q4 to 2025Q4, reflects a substantial investment in utility infrastructure, which should translate into rate base growth and higher allowed revenues. However, the earnings impact is delayed due to regulatory lag, as assets are not immediately included in rate base. The 2026Q2 EPS of $1.36, up 23.6% year-over-year, suggests that some of this CAPEX is beginning to earn returns, but the full benefit will depend on timely rate case approvals. This CAPEX cycle appears to be a step-change in growth opportunity, but investors should monitor the authorized ROE on new investments to ensure it exceeds the cost of capital.
Weather and Regulatory Lag Pose Risks
Despite revenue growth, DTE's net income fell to $1.2M in 2026Q1, per income statement data, suggesting that weather normalization and regulatory lag could compress earnings more than expected.
The extreme quarterly earnings volatility, particularly the near-zero net income in 2026Q1, indicates that DTE's earnings are highly sensitive to weather and the timing of cost recovery. If weather patterns become more extreme or if regulatory bodies delay rate case approvals, the earned ROE could fall below authorized levels for extended periods. Additionally, the reliance on pass-through fuel costs means that fuel price spikes could create working capital strain if recovery is not timely. This suggests that the current earnings trajectory is not guaranteed and could be challenged by external factors beyond management's control.