Operating margins have experienced significant compression, falling from 19.3% in 2023Q4 to 8.0% in 2026Q1, reflecting challenges in securing timely regulatory recovery for 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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 16.33B | 15.81B | 12.46B | 12.74B | 19.23B | 14.96B | 11.42B | 12.17B | 14.21B | 12.61B | 10.63B | 10.34B | 12.3B | 9.66B | 8.79B | 8.9B | 8.56B | 8.01B | 9.33B | 8.51B | 9.02B | 9.02B | 7.07B | 7.04B | 6.75B | 7.85B | 5.6B | 4.73B | 4.22B | 3.76B | 3.65B |
| Revenue Growth % | 19.55% | 26.95% | -2.26% | -33.72% | 28.5% | 31% | -6.12% | -14.38% | 12.73% | 18.6% | 2.83% | -15.97% | 27.33% | 9.9% | -1.19% | 3.97% | 6.78% | -14.1% | 9.68% | -5.72% | 0% | 27.63% | 0.4% | 4.33% | -14.01% | 40.24% | 18.38% | 12.01% | 12.14% | 3.26% | 0.27% |
| Cost of Revenue | 9.89B | 2.38B | 8.12B | 8.42B | 15.56B | 11.63B | 8.14B | 9.15B | 11.06B | 9.43B | 7.79B | 7.78B | 9.23B | 7.03B | 6.19B | 6.15B | 5.76B | 3.12B | 4.31B | 3.55B | 3.05B | 3.53B | 2.01B | 2.24B | 2.1B | 1.92B | 1.3B | 1.33B | 1.06B | 837M | 845.7M |
| Gross Profit | 6.44B | 13.43B | 4.34B | 4.33B | 3.67B | 3.34B | 3.28B | 3.02B | 3.15B | 3.17B | 2.84B | 2.56B | 3.08B | 2.63B | 2.6B | 2.71B | 2.77B | 4.9B | 5.02B | 4.92B | 5.11B | 4.56B | 5.06B | 4.8B | 4.63B | 3.87B | 3.33B | 3.39B | 3.16B | 2.93B | 2.8B |
| Gross Margin % | 39.42% | 84.94% | 34.82% | 33.95% | 19.08% | 22.29% | 28.71% | 24.81% | 22.16% | 25.17% | 26.71% | 24.78% | 25% | 27.2% | 29.61% | 30.45% | 32.35% | 61.09% | 53.84% | 57.88% | 56.64% | 50.59% | 71.61% | 68.17% | 68.6% | 49.28% | 59.55% | 71.76% | 74.82% | 77.76% | 76.8% |
| Gross Profit Growth % | - | 209.64% | 0.25% | 17.97% | 9.95% | 1.74% | 8.61% | -4.16% | -0.72% | 11.76% | 10.86% | -16.72% | 17.01% | 0.96% | -3.91% | -2.13% | -43.46% | -2.53% | 2.03% | -3.66% | 11.96% | -9.84% | 5.46% | 3.67% | 19.7% | 16.05% | -1.77% | 7.44% | 7.89% | 4.55% | 0.49% |
| Operating Expenses | 4.4B | 11.06B | 2.25B | 2.08B | 1.92B | 1.84B | 1.72B | 1.59B | 1.56B | 1.46B | 1.35B | 1.32B | 1.49B | 1.43B | 1.32B | 1.29B | 1.3B | 3.65B | 3.76B | 3.32B | 4.04B | 3.67B | 4.41B | 4.05B | 3.64B | 3.2B | 2.5B | 2.49B | 2.22B | 1.93B | 1.96B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.96B | 4.28B | 3.82B | 3.85B | 3.22B | 2.95B | 3B | 2.69B | 2.72B | 2.74B | 2.46B | 2.09B | 2.73B | 2.3B | 2.3B | 2.42B | 2.5B | 2.27B | 2.16B | 2.53B | 2.08B | 1.77B | 1.4B | 1.44B | 1.75B | 1.46B | 1.55B | 1.64B | 1.6B | 1.66B | 1.46B |
| EBITDA Margin % | 24.25% | 27.08% | 30.69% | 30.2% | 16.73% | 19.74% | 26.25% | 22.13% | 19.12% | 21.74% | 23.16% | 20.23% | 22.23% | 23.78% | 26.13% | 27.16% | 29.18% | 28.31% | 23.18% | 29.76% | 23.07% | 19.62% | 19.8% | 20.42% | 25.97% | 18.6% | 27.68% | 34.6% | 37.86% | 44.13% | 40.07% |
| EBITDA Growth % | -0.53% | 12.01% | -0.68% | 19.68% | 8.87% | -1.47% | 11.33% | -0.92% | -0.84% | 11.33% | 17.74% | -23.55% | 19.07% | 0% | -4.93% | -3.24% | 10.05% | 4.95% | -14.58% | 21.62% | 17.57% | 26.43% | -2.64% | -17.97% | 20.07% | -5.75% | -5.32% | 2.38% | -3.79% | 13.71% | -9.65% |
| Depreciation & Amortization | 1.92B | 1.91B | 1.73B | 1.61B | 1.47B | 1.46B | 1.44B | 1.26B | 1.12B | 1.03B | 976M | 852M | 1.15B | 1.09B | 1.02B | 995M | 1.03B | 1.02B | 899M | 926M | 1.01B | 872M | 744M | 691M | 759M | 795M | 719M | 735M | 0 | 0 | 0 |
| D&A / Revenue % | 11.77% | 12.07% | 13.9% | 12.6% | 7.63% | 9.75% | 12.63% | 10.38% | 7.91% | 8.17% | 9.18% | 8.24% | 9.31% | 11.32% | 11.58% | 11.18% | 12% | 12.73% | 9.64% | 10.89% | 11.24% | 9.67% | 10.52% | 9.81% | 11.25% | 10.13% | 12.85% | 15.55% | 0% | 0% | 0% |
| Operating Income (EBIT) | 2.04B | 2.37B | 2.09B | 2.24B | 1.75B | 1.5B | 1.55B | 1.43B | 1.59B | 1.71B | 1.49B | 1.24B | 1.59B | 1.2B | 1.28B | 1.42B | 1.47B | 1.25B | 1.26B | 1.6B | 1.07B | 898M | 656M | 747M | 994M | 665M | 830M | 901M | 937M | 1B | 836.5M |
| Operating Margin % | 12.48% | 15.01% | 16.79% | 17.6% | 9.09% | 9.99% | 13.61% | 11.75% | 11.22% | 13.57% | 13.98% | 11.99% | 12.93% | 12.45% | 14.55% | 15.97% | 17.18% | 15.59% | 13.54% | 18.87% | 11.83% | 9.95% | 9.28% | 10.61% | 14.73% | 8.47% | 14.83% | 19.06% | 22.2% | 26.59% | 22.95% |
| Operating Income Growth % | - | 13.53% | -6.78% | 28.32% | 16.92% | -3.86% | 8.74% | -10.29% | -6.84% | 15.14% | 19.94% | -22.08% | 32.17% | -5.94% | -9.99% | -3.33% | 17.69% | -1.11% | -21.31% | 50.42% | 18.82% | 36.89% | -12.18% | -24.85% | 49.47% | -19.88% | -7.88% | -3.84% | -6.39% | 19.67% | -18.72% |
| Interest Expense | 4M | 1.06B | 951M | 791M | 675M | 630M | 601M | 568M | 559M | 536M | 472M | 450M | 429M | 436M | 440M | 488M | 543M | 545M | 503M | 0 | 0 | 0 | 0 | 0 | 0 | 335M | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.94x | 2.44x | 2.98x | 2.65x | 2.04x | 2.80x | 2.78x | 3.18x | 3.40x | 3.34x | 3.11x | 3.97x | 3.11x | 3.18x | 3.03x | 2.77x | 2.43x | 2.63x | - | - | - | - | - | - | 1.99x | - | - | - | - | - |
| Interest / Revenue % | 0.02% | 6.68% | 7.63% | 6.21% | 3.51% | 4.21% | 5.26% | 4.67% | 3.93% | 4.25% | 4.44% | 4.35% | 3.49% | 4.51% | 5.01% | 5.48% | 6.35% | 6.8% | 5.39% | 0% | 0% | 0% | 0% | 0% | 0% | 4.27% | 0% | 0% | 0% | 0% | 0% |
| 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 | -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 | 991M | 962M | 782M | 819M | 1.15B | 535M | 378M | 638M | 357M | 502M | 190M | 477M | 543M | 597M | 674M | 531.9M |
| Pretax Margin % | 8.04% | 9.8% | 11% | 12.29% | 5.78% | 4.38% | 9.47% | 8.33% | 8.56% | 10.21% | 10.4% | 9.19% | 10.37% | 9.54% | 10.92% | 11.14% | 11.24% | 9.76% | 8.78% | 13.53% | 5.93% | 4.19% | 9.03% | 5.07% | 7.44% | 2.42% | 8.52% | 11.48% | 14.14% | 17.91% | 14.59% |
| Income Tax | 48M | 88M | -34M | 169M | 29M | -130M | 37M | 71M | 98M | 175M | 271M | 230M | 364M | 254M | 286M | 268M | 315M | 247M | 288M | 364M | 146M | 106M | 174M | -123M | -84M | -119M | 9M | 60M | 154M | 257M | 222.6M |
| Effective Tax Rate % | 3.66% | 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% | 27.04% | 32.74% | 31.59% | 35.16% | 31.62% | 27.29% | 28.04% | 27.27% | -34.45% | -16.73% | -62.63% | 1.89% | 11.05% | 25.8% | 38.13% | 41.85% |
| Net Income | 1.26B | 1.46B | 1.4B | 1.4B | 1.08B | 907M | 1.37B | 1.17B | 1.12B | 1.13B | 868M | 727M | 905M | 661M | 610M | 711M | 630M | 532M | 546M | 971M | 433M | 537M | 434M | 521M | 632M | 332M | 468M | 483M | 443M | 417M | 309.3M |
| Net Margin % | 7.75% | 9.24% | 11.25% | 10.96% | 5.63% | 6.06% | 11.98% | 9.61% | 7.88% | 9% | 8.17% | 7.03% | 7.36% | 6.84% | 6.94% | 7.99% | 7.36% | 6.64% | 5.85% | 11.42% | 4.8% | 5.95% | 6.14% | 7.4% | 9.36% | 4.23% | 8.36% | 10.22% | 10.5% | 11.08% | 8.48% |
| Net Income Growth % | -17.59% | 4.35% | 0.29% | 28.99% | 19.4% | -33.7% | 17.02% | 4.38% | -1.23% | 30.65% | 19.39% | -19.67% | 36.91% | 8.36% | -14.21% | 12.86% | 18.42% | -2.56% | -43.77% | 124.25% | -19.37% | 23.73% | -16.7% | -17.56% | 90.36% | -29.06% | -3.11% | 9.03% | 6.24% | 34.82% | -23.8% |
| EPS (Diluted) | 6.08 | 7.06 | 6.77 | 6.76 | 5.52 | 4.67 | 7.08 | 6.31 | 6.17 | 6.32 | 4.83 | 4.05 | 5.10 | 3.76 | 3.55 | 4.18 | 3.74 | 3.24 | 3.34 | 5.70 | 2.43 | 3.05 | 2.49 | 2.50 | 3.18 | 1.44 | 3.27 | 3.33 | 3.05 | 2.88 | 2.13 |
| EPS Growth % | -17.43% | 4.28% | 0.15% | 22.46% | 18.2% | -34.04% | 12.2% | 2.27% | -2.37% | 30.85% | 19.26% | -20.59% | 35.64% | 5.92% | -15.07% | 11.76% | 15.43% | -2.99% | -41.4% | 134.57% | -20.33% | 22.49% | -0.4% | -21.38% | 120.83% | -55.96% | -1.8% | 9.18% | 5.9% | 35.21% | -23.93% |
| EPS (Basic) | - | 7.06 | 6.78 | 6.77 | 5.53 | 4.68 | 7.09 | 6.32 | 6.18 | 6.32 | 4.84 | 4.05 | 5.11 | 3.76 | 3.56 | 4.19 | 3.75 | 3.24 | 3.34 | 5.73 | 2.44 | 3.07 | 2.49 | 2.50 | 3.18 | 1.44 | 3.28 | 3.33 | 3.05 | 2.88 | 2.13 |
| 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 | 174.3M | 168M | 165M | 151M | 143.12M | 145.05M | 145.26M | 144.79M | 145.21M |
Elevated regulatory and operational scrutiny
According to quarterly financial data, DTE experienced significant revenue fluctuations, peaking at a 37% growth rate in 2025Q1 before moderating, suggesting that top-line performance remains heavily tethered to the timing of rate case outcomes and seasonal demand rather than consistent organic expansion of the regulated rate base.
The observed revenue volatility implies that DTE's top-line trajectory is highly sensitive to regulatory lag and the specific timing of rate adjustments. Investors should monitor whether these swings represent structural shifts in demand or merely the accounting recognition of deferred regulatory assets.
As reported in recent income statements, operating margins have compressed to 8.0% in 2026Q1, a notable decline from the 19.3% levels seen in 2023Q4, which may indicate that rising O&M costs and service reliability investments are outpacing the company's ability to secure timely recovery through the MPSC.
The narrowing operating margin suggests that the utility is facing difficulty in maintaining profitability between rate cases. This trend warrants further investigation into whether the current regulatory environment is becoming more adversarial, potentially limiting the company's ability to earn its authorized return on equity.
Based on the provided EPS figures, earnings have exhibited extreme quarterly variance, including a 44.4% decline in 2026Q1, which suggests that reported net income is being significantly impacted by non-recurring items or the timing of regulatory deferrals rather than steady growth in core regulated earnings power.
The lack of consistency in EPS growth makes it difficult to discern the underlying health of the regulated business. Analysts should be cautious of interpreting these quarterly swings as indicative of long-term earnings potential, as they likely reflect accounting noise rather than fundamental operational shifts.
Financial statements indicate that interest coverage ratios have remained tight, hovering near 1.65x in 2026Q1, which suggests that the company's aggressive capital expenditure program for grid modernization is placing a significant burden on the income statement through increased financing costs and depreciation expenses.
The heavy reliance on capital investment to drive rate base growth appears to be creating a drag on current earnings. It remains unclear whether the incremental returns from these investments will be sufficient to offset the rising cost of capital in the current interest rate environment.
Quick answers to the most common questions about buying DTW stock.
For fiscal year 2025, DTE Energy Company JR SUB DB 2017 E (DTW) reported total revenue of $15.81B. This represents a 333.8% increase compared to $3.65B in 1996.
DTE Energy Company JR SUB DB 2017 E (DTW) is profitable, generating $1.46B in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
DTE Energy Company JR SUB DB 2017 E (DTW) reported an operating income of $2.37B, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
DTE Energy Company JR SUB DB 2017 E (DTW) generated $13.43B in gross profit for the year, representing a gross profit margin of 84.9%. This demonstrates the company's core pricing power and production efficiency.