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What changed in DTE ENERGY CO's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of DTE ENERGY CO's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+211 added−202 removedSource: 10-K (2026-02-17) vs 10-K (2025-02-13)

Top changes in DTE ENERGY CO's 2025 10-K

211 paragraphs added · 202 removed · 184 edited across 7 sections

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeProposals for voluntary initiatives and mandatory controls are being discussed in Michigan, the United States, and worldwide to reduce GHGs such as carbon dioxide, a by-product of burning fossil fuels. If increased regulations of GHG emissions are implemented, or if existing deadlines for these regulations are accelerated, the operations of DTE Electric's fossil-fueled generation assets may be significantly impacted.
Biggest changeThe Registrants may also incur liabilities as a result of potential future requirements to address climate change issues. Proposals for voluntary initiatives and mandatory controls are being discussed in Michigan, the United States, and worldwide to reduce GHGs such as carbon dioxide, a by-product of burning fossil fuels.
Many factors that could cause delays or increased prices for these complex projects are beyond the Registrants' control, including the cost of materials and labor, subcontractor performance, timing and issuance of necessary permits or approvals (including required certificates from regulatory agencies), construction disputes, impediments to acquiring rights-of-way or land rights on a timely basis and on acceptable terms, cost overruns, and weather conditions.
Many factors that could cause delays or increased prices for these complex projects are beyond the Registrants' control, including the cost and availability of materials and skilled labor, subcontractor performance, timing and issuance of necessary permits or approvals (including required certificates from regulatory agencies), construction disputes, impediments to acquiring rights-of-way or land rights on a timely basis and on acceptable terms, cost overruns, and weather conditions.
The Registrants' long-term revolving credit facilities do not expire until 2029, but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's non-utility businesses, and the Registrants cannot predict the pricing or demand for those future transactions. Emerging technologies may have a material adverse effect on the Registrants .
The Registrants' long-term revolving credit facilities do not expire until 2030, but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's non-utility businesses, and the Registrants cannot predict the pricing or demand for those future transactions. Emerging technologies may have a material adverse effect on the Registrants .
DTE Energy manages its exposure by establishing and enforcing strict risk limits and risk management procedures. During periods of extreme volatility, these risk limits and risk management procedures may not work as planned and cannot eliminate all risks associated with these activities. Regional, national, and international economic conditions can have an unfavorable impact on the Registrants.
DTE Energy manages its exposure by establishing and enforcing strict risk limits and risk management procedures. During periods of extreme volatility, these risk limits and risk management procedures may not work as planned and cannot eliminate all risks associated with these activities. Regional, national, and international economic conditions, and market developments can have an unfavorable impact on the Registrants.
Any increase in funding requirements may have a material impact on the Registrants’ liquidity, financial position, or results of operations. The supply and/or price of energy commodities and/or related services may impact the Registrants' financial results. The Registrants are dependent on coal for much of their electrical generating capacity as well as uranium for their nuclear operations.
Any increase in funding requirements may have a material impact on the Registrants’ liquidity, financial position, or results of operations. The supply and/or price of energy commodities and/or related services may impact the Registrants' financial results. The Registrants are dependent on natural gas and coal for much of their electrical generating capacity as well as uranium for their nuclear operations.
DTE Gas can also experience higher than anticipated expenses from emergency repairs on its gas distribution infrastructure required as a result of weather-related issues. 20 Table of Contents Unplanned outages at our power plants and other generating assets may be costly. Unforeseen maintenance may be required to safely produce electricity or comply with environmental regulations.
DTE Gas can also experience higher than anticipated expenses from emergency repairs on its gas distribution infrastructure required as a result of weather-related issues. Unplanned outages at our power plants and other generating assets may be costly. Unforeseen maintenance may be required to safely produce electricity or comply with environmental regulations.
Because the Registrants’ distribution systems are interconnected with those of third parties, the operation of the Registrants’ systems could be adversely affected by unexpected or uncontrollable events occurring on the systems of such third parties. 19 Table of Contents Construction and capital improvements to the Registrants' power facilities and DTE Energy's distribution systems subject them to risk.
Because the Registrants’ distribution systems are interconnected with those of third parties, the operation of the Registrants’ systems could be adversely affected by unexpected or uncontrollable events occurring on the systems of such third parties. Construction and capital improvements to the Registrants' power facilities and DTE Energy's distribution systems subject them to risk.
Adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims. The Clean Energy Standard, Renewable Portfolio Standard and energy waste reduction may affect the Registrants' business and federal and state fuel standards may affect DTE Energy's non-utility investments.
Adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims. 19 Table of Contents The Clean Energy Standard, Renewable Portfolio Standard and energy waste reduction may affect the Registrants' business and federal and state fuel standards may affect DTE Energy's non-utility investments.
The Registrants are unable to predict the effect a work stoppage would have on their costs of operations and financial performance. DTE Energy may not achieve the carbon emissions goals of its electric and gas utilities.
The Registrants are unable to predict the effect a work stoppage would have on their costs of operations and financial performance. 21 Table of Contents DTE Energy may not achieve the carbon emissions goals of its electric and gas utilities.
The Registrants have generated tax credits from renewable energy generation and DTE Energy has generated tax credits from renewable gas recovery, reduced emission fuel, and gas production operations.
The Registrants have generated tax credits from renewable energy generation and DTE Energy has generated tax credits from renewable gas recovery and reduced emission fuel.
There are several bargaining units for DTE Energy's approximately 4,800 and DTE Electric's approximately 2,550 represented employees. The majority of represented employees are under contracts that expire in 2027. A union choosing to strike would have an impact on the Registrants' businesses.
There are several bargaining units for DTE Energy's approximately 4,850 and DTE Electric's approximately 2,600 represented employees. The majority of represented employees are under contracts that expire in 2027. A union choosing to strike would have an impact on the Registrants' businesses.
Suppliers, vendors, contractors, and information technology providers have access to systems that support the Registrants’ operations and maintain customer and employee data. A breach of these third-party systems could adversely affect the business as if it was a breach of our own system.
Suppliers, vendors, contractors, and information technology providers have access to systems that support the Registrants’ operations and maintain customer and employee data. A breach of these third-party systems could adversely affect the Registrants' business as if it were a breach of their own system.
Should a major subsidiary not be able to pay dividends or transfer cash flows to DTE Energy, its ability to pay interest and dividends would be restricted. Item 1B. Unresolved Staff Comments None.
Should a major subsidiary not be able to pay dividends or transfer cash flows to DTE Energy, its ability to pay interest and dividends would be restricted. 24 Table of Contents Item 1B. Unresolved Staff Comments None.
Economic losses might not be covered in full by insurance, or the Registrants' insurers may be unable to meet contractual obligations. Safety and Security Risks The Registrants' businesses have safety risks.
Economic losses might not be covered in full by insurance, or the Registrants' insurers may be unable to meet contractual obligations. 23 Table of Contents Safety and Security Risks The Registrants' businesses have safety risks.
These risks include, among others, plant security, environmental regulation and remediation, changes in federal nuclear regulation, increased capital expenditures to meet industry requirements, and operational factors that can significantly impact the performance and cost of operating a nuclear facility compared to other generation options.
Ownership of an operating nuclear generating plant subjects the Registrants to significant additional risks. These risks include, among others, plant security, environmental regulation and remediation, changes in federal nuclear regulation, increased capital expenditures to meet industry requirements, and operational factors that can significantly impact the performance and cost of operating a nuclear facility compared to other generation options.
Failure to complete these projects on schedule and on budget for any reason could adversely affect the Registrants' financial performance, operations, or expected investment returns at the affected facilities, businesses and development projects. Operation of a nuclear facility subjects the Registrants to risk. Ownership of an operating nuclear generating plant subjects the Registrants to significant additional risks.
Failure to complete these projects on schedule and on budget for any reason could adversely affect the Registrants' financial performance, operations, or expected investment returns at the affected facilities, businesses and development projects. 20 Table of Contents Operation of a nuclear facility subjects the Registrants to risk.
Regulators also may decide to disallow recovery of certain costs in customers' rates if they determine that those costs do not meet the standards for recovery under current governing laws and regulations.
The Registrants' ability to recover costs may be impacted by the time lag between the incurring of costs and the recovery of the costs in customers' rates. Regulators also may decide to disallow recovery of certain costs in customers' rates if they determine that those costs do not meet the standards for recovery under current governing laws and regulations.
Should the financial conditions of some of DTE Energy's significant customers deteriorate as a result of regional, national or international economic conditions, reduced volumes of electricity and gas, and demand for energy services DTE Energy supplies, collections of accounts receivable, reductions in federal and state energy assistance funding, and potentially higher levels of lost gas or stolen gas and electricity could result in decreased earnings and cash flows. 22 Table of Contents If DTE Energy's goodwill becomes impaired, it may be required to record a charge to earnings.
Should the financial conditions of some of DTE Energy's significant customers deteriorate as a result of regional, national or international economic conditions or other market developments, reduced volumes of electricity and gas, and demand for energy services DTE Energy supplies, collections of accounts receivable, reductions in federal and state energy assistance funding, and potentially higher levels of lost gas or stolen gas and electricity could result in decreased earnings and cash flows.
In addition, a reduction in the Registrants' credit ratings may require them to post collateral related to various physical or financially settled contracts for the purchase of energy-related commodities, products, and services, which could impact their liquidity. 21 Table of Contents Poor investment performance of pension and other postretirement benefit plan assets and other factors impacting benefit plan costs could unfavorably impact the Registrants' liquidity and results of operations.
In addition, a reduction in the Registrants' credit ratings may require them to post collateral related to various physical or financially settled contracts for the purchase of energy-related commodities, products, and services, which could impact their liquidity.
Although the Registrants have tried to identify and discuss key risk factors, others could emerge in the future. Each of the following risks could affect performance. Regulatory, Legislative, and Legal Risks The Registrants are subject to rate regulation. Electric and gas rates for the utilities are set by the MPSC and the FERC and cannot be changed without regulatory authorization.
Although the Registrants have tried to identify and discuss key risk factors, others could emerge in the future. Each of the following risks could affect performance. 18 Table of Contents Regulatory, Legislative, and Legal Risks The Registrants are subject to rate regulation.
Increased environmental regulation may also result in greater energy efficiency requirements and decreased demand at both the electric and gas utilities. Since there can be no assurances that environmental costs may be recovered through the regulatory process, the Registrants' financial performance may be negatively impacted as a result of environmental matters.
Since there can be no assurances that environmental costs may be recovered through the regulatory process, the Registrants' financial performance may be negatively impacted as a result of environmental matters.
In addition, the failure of a successful transfer of knowledge and expertise from any departing employees could negatively impact the Registrants' operations. DTE Energy relies on cash flows from subsidiaries. DTE Energy is a holding company. Cash flows from the utility and non-utility subsidiaries are required to pay interest expenses and dividends on DTE Energy debt and securities.
DTE Energy is a holding company. Cash flows from the utility and non-utility subsidiaries are required to pay interest expenses and dividends on DTE Energy debt and securities.
The Registrants are managing ongoing, and planning future, significant construction and capital improvement projects at the Registrants' multiple power generation and distribution facilities and at DTE Energy's gas distribution system.
The Registrants are managing ongoing, and planning future, significant construction and capital improvement projects at the Registrants' multiple power generation and distribution facilities and at DTE Energy's gas distribution system. Among others, these projects include construction and operation of energy facilities and storage capacity to serve one or more data centers in the Registrants' service territory.
In addition, the level of borrowing by other energy companies and the market as a whole could limit the Registrants' access to capital markets.
Rising interest rates could also reduce investor interest in DTE Energy's common stock, negatively impacting its share price and increasing its cost of equity. In addition, the level of borrowing by other energy companies and the market as a whole could limit the Registrants' access to capital markets.
Without sustained growth in the plan investments over time to increase the value of plan assets, the Registrants could be required to fund these plans with significant amounts of cash. Such cash funding obligations could have a material impact on the Registrants' cash flows, financial position, or results of operations. The Registrants' ability to access capital markets is important.
Without sustained growth in the plan investments over time to increase the value of plan assets, the Registrants could be required to fund these plans with significant amounts of cash.
The Registrants cannot predict with certainty the amount and timing of future expenditures related to environmental matters because of the difficulty of estimating cleanup costs.
The Registrants cannot predict with certainty the amount and timing of future expenditures related to environmental matters because of the difficulty of estimating cleanup costs. There is also uncertainty in quantifying liabilities under environmental laws that impose joint and several liability on potentially responsible parties.
A significant theft, loss, or fraudulent use of customer, shareholder, employee, or Registrant data by cybercrime or otherwise, could adversely impact the Registrants' reputation, and could result in significant costs, fines, and litigation. 23 Table of Contents General and Other Risks Failure to attract and retain key executive officers and other skilled professional and technical employees could have an adverse effect on the Registrants ’ operations.
A significant theft, loss, or fraudulent use of customer, shareholder, employee, or Registrant data by cybercrime or otherwise, could adversely impact the Registrants' reputation, and could result in significant costs, fines, and litigation.
The Registrants' ability to access capital markets is important to operate their businesses and to fund capital investments. Turmoil in credit markets may constrain the ability of Registrants and their subsidiaries to issue new debt, including commercial paper, and to refinance existing debt.
Turmoil in credit markets may constrain the ability of Registrants and their subsidiaries to issue new debt, including commercial paper, and to refinance existing debt. Macroeconomic events may lead to higher interest rates on debt and could increase financing costs and adversely affect the Registrants' results of operations.
The Registrants have experienced, and expect to continue to be subject to, cybersecurity threats and incidents.
The Registrants have experienced, and expect to continue to be subject to, cybersecurity threats and incidents. Technological developments, including advances in artificial intelligence, could have the potential to increase the Registrants' vulnerability to these threats.
The Registrants' businesses are dependent on their ability to attract and retain skilled employees. Competition for skilled employees in some areas is high, and the inability to attract and retain these employees could adversely affect the Registrants' business and future operating results.
Competition for skilled employees in some areas is high, and the inability to attract and retain these employees could adversely affect the Registrants' business and future operating results. In addition, the failure of a successful transfer of knowledge and expertise from any departing employees could negatively impact the Registrants' operations. DTE Energy relies on cash flows from subsidiaries.
The Registrants may be negatively impacted by new regulations or interpretations by the MPSC, the FERC, or other regulatory bodies. The Registrants' ability to recover costs may be impacted by the time lag between the incurring of costs and the recovery of the costs in customers' rates.
Electric and gas rates for the utilities are set by the MPSC and the FERC and cannot be changed without regulatory authorization. The Registrants may be negatively impacted by new regulations or interpretations by the MPSC, the FERC, or other regulatory bodies.
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There is also uncertainty in quantifying liabilities under environmental laws that impose joint and several liability on potentially responsible parties. 18 Table of Contents The Registrants may also incur liabilities as a result of potential future requirements to address climate change issues.
Added
If increased regulations of GHG emissions are implemented, or if existing deadlines for these regulations are accelerated, the operations of DTE Electric's fossil-fueled generation assets may be significantly impacted. Increased environmental regulation may also result in greater energy efficiency requirements and decreased demand at both the electric and gas utilities.
Removed
Macroeconomic events may lead to higher interest rates on debt and could increase financing costs and adversely affect the Registrants' results of operations. Rising interest rates could also reduce investor interest in DTE Energy's common stock, negatively impacting its share price and increasing its cost of equity.
Added
Poor investment performance of pension and other postretirement benefit plan assets and other factors impacting benefit plan costs could unfavorably impact the Registrants' liquidity and results of operations.
Added
Such cash funding obligations could have a material impact on the Registrants' cash flows, financial position, or results of operations. 22 Table of Contents The Registrants' ability to access capital markets is important. The Registrants' ability to access capital markets is important to operate their businesses and to fund capital investments.
Added
In addition, import tariffs and other trade policies have the potential to disrupt global supply chains and could cause volatility in the availability and cost of materials and supplies for us and our customers. If DTE Energy's goodwill becomes impaired, it may be required to record a charge to earnings.
Added
General and Other Risks Failure to attract and retain key executive officers and other skilled professional and technical employees could have an adverse effect on the Registrants ’ operations. The Registrants' businesses are dependent on their ability to attract and retain skilled employees.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe cybersecurity team is responsible for implementing proper safeguards to mitigate the risk of cyber threats, including but not limited to firewalls, continuous monitoring, and training. DTE Energy also engages with third parties to conduct cybersecurity maturity assessments to provide an independent and objective view of our cybersecurity and assess opportunities for improvement.
Biggest changeTo protect against cybersecurity threats, DTE Energy employs a dedicated cybersecurity team led by the Chief Information Officer. The cybersecurity team is responsible for implementing proper safeguards to mitigate the risk of cyber threats, including but not limited to firewalls, continuous monitoring, and training.
Access from a potentially compromised third-party is restricted until DTE Energy receives confirmation the compromise has been mitigated. DTE Energy has experienced, and expects to continue to be subject to, cybersecurity threats and incidents. As of December 31, 2024, cybersecurity risks have not materially affected the Registrants’ business strategy, results of operations, or financial condition.
Access from a potentially compromised third-party is restricted until DTE Energy receives confirmation the compromise has been mitigated. DTE Energy has experienced, and expects to continue to be subject to, cybersecurity threats and incidents. As of December 31, 2025, cybersecurity risks have not materially affected the Registrants’ business strategy, results of operations, or financial condition.
If a service provider experiences a cyber incident, DTE Energy monitors their compliance with our security requirements; however, DTE Energy may not have the ability in all cases to effectively oversee the implementation of these control measures. 24 Table of Contents The CSDC monitors and responds to actual and potential compromises from third-party service providers.
If a service provider experiences a cyber incident, DTE Energy monitors their compliance with our security requirements; however, DTE Energy may not have the ability in all cases to effectively oversee the implementation of these control measures. The CSDC monitors and responds to actual and potential compromises from third-party service providers.
The IPS cybersecurity team is also led by two full-time directors with over 40 combined years of industry experience, including (1) the director of cybersecurity operations responsible for the CSDC, identity and access assurance, and cloud security and (2) the IPS director of cybersecurity strategy, risk, and engagement who is also responsible for engagement and outreach to internal and external stakeholders.
The IPS cybersecurity team is also led by two full-time directors with over 40 combined years of industry experience, including (1) the director of cybersecurity operations responsible for the CSDC, security awareness, identity, and access assurance and (2) the IPS director of cybersecurity strategy, risk, and engagement who is also responsible for engagement and outreach to internal and external stakeholders, cloud security, and vulnerability management.
The ESCC is the principal liaison between the energy sector and the federal government in coordinating efforts to prepare for and respond to any threats to critical infrastructure. 25 Table of Contents
The ESCC is the principal liaison between the energy sector and the federal government in coordinating efforts to prepare for and respond to any threats to critical infrastructure. 26 Table of Contents
For additional discussion of the risks related to cybersecurity threats and incidents, see Item 1A. "Risk Factors." Governance DTE Energy has an enterprise risk management program to reduce overall risk, including risks related to cybersecurity, through comprehensive risk assessments and execution of corresponding mitigation plans.
For additional discussion of the risks related to cybersecurity threats and incidents, see Item 1A. "Risk Factors." 25 Table of Contents Governance DTE Energy has an enterprise risk management program to reduce overall risk, including risks related to cybersecurity, through comprehensive risk assessments and execution of corresponding mitigation plans.
The RMC directs the development and maintenance of comprehensive risk management policies and procedures. The RMC also sets, reviews, and monitors risk limits for enterprise-level risk and other exposures • The Operational Risk and Resilience (ORR) Committee is chaired by the President and Chief Operating Officer and comprised of operational leaders in DTE Energy’s business units.
The RMC directs the development and maintenance of comprehensive risk management policies and procedures. The RMC also sets, reviews, and monitors risk limits for enterprise-level risk and other exposures • The Operational Risk and Resilience (ORR) Committee is chaired by and comprised of operational leaders in DTE Energy’s business units.
The CSDC may receive incident reports from DTE Energy employees, corporate security, or external sources. The incident response plan is intended to be flexible so it may be adapted to an array of potential scenarios. Depending on the incident, the CSDC may decide to engage external resources for assistance with responding to the incident.
The CSDC maintains an incident response plan designed to protect against, detect, evaluate, and respond to and recover from a cyber incident. The CSDC may receive incident reports from DTE Energy employees, corporate security, or external sources. The incident response plan is intended to be flexible so it may be adapted to an array of potential scenarios.
These measures serve to maintain compliance with regulations and protect the confidentiality, integrity and availability of confidential and proprietary information, DTE Energy’s computing resources, and the electrical and gas systems. To protect against cybersecurity threats, DTE Energy employs a dedicated cybersecurity team led by the Chief Information Officer.
These measures serve to maintain compliance with regulations and protect the confidentiality, integrity and availability of confidential and proprietary information, DTE Energy’s computing resources, and the electrical and gas systems. The cybersecurity structure of DTE Electric is overseen in alignment with the enterprise-wide framework established by DTE Energy.
DTE Energy regularly conducts exercises to help ensure the plan’s effectiveness and overall preparedness. DTE Energy engages third-party service providers to assist with managing various aspects of its business. These service providers are subject to due diligence reviews of their information security programs prior to onboarding.
Depending on the incident, the CSDC may decide to engage external resources for assistance with responding to the incident. DTE Energy regularly conducts exercises to help ensure the plan’s effectiveness and overall preparedness. DTE Energy engages third-party service providers to assist with managing various aspects of its business.
The National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) is the basis for these assessments to manage cyber risks, mature and monitor existing security controls, and communicate security posture coherently. The NIST CSF provides a common language to understand, manage, and express cyber risks internally and externally.
DTE Energy also engages with third parties to conduct cybersecurity maturity assessments to provide an independent and objective view of our cybersecurity and assess opportunities for improvement. The National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) is the basis for these assessments to manage cyber risks, mature and monitor existing security controls, and communicate security posture coherently.
Another component of DTE Energy’s cybersecurity team is the Cybersecurity Defense Center (CSDC), which has the primary responsibility for monitoring and responding to cybersecurity incidents. The CSDC maintains an incident response plan designed to protect against, detect, evaluate, and respond to and recover from a cyber incident.
The NIST CSF provides a common language to understand, manage, and express cyber risks internally and externally. Another component of DTE Energy’s cybersecurity team is the Cybersecurity Defense Center (CSDC), which has the primary responsibility for monitoring and responding to cybersecurity incidents.
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These service providers are subject to due diligence reviews of their information security programs prior to onboarding.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings For more information on legal proceedings and matters related to the Registrants, see Notes 8 and 17 to the Consolidated Financial Statements, "Regulatory Matters" and "Commitments and Contingencies," respectively. For environmental proceedings in which the government is a party, the Registrants include disclosures if any sanctions of $1 million or greater are expected. Item 4.
Biggest changeItem 3. Legal Proceedings For more information on legal proceedings and matters related to the Registrants, see Notes 9 and 18 to the Consolidated Financial Statements, "Regulatory Matters" and "Commitments and Contingencies," respectively. For environmental proceedings in which the government is a party, the Registrants include disclosures if any sanctions of $1 million or greater are expected. Item 4.
Mine Safety Disclosures Not applicable. 26 Table of Contents Part II
Mine Safety Disclosures Not applicable. 27 Table of Contents Part II

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeItem 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.
Biggest changeItem 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 29 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeFor additional detail, see Note 20 to the Consolidated Financial Statements, "Stock-Based Compensation." See the following table for information as of December 31, 2024: Number of Securities to be Issued Upon Exercise of Outstanding Options Weighted-Average Exercise Price of Outstanding Options Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans Plans approved by shareholders — $ — 2,074,209 UNREGISTERED SALES OF DTE ENERGY EQUITY SECURITIES AND USE OF PROCEEDS Purchases of DTE Energy Equity Securities by the Issuer and Affiliated Purchasers The following table provides information about DTE Energy's purchases of equity securities that are registered by DTE Energy pursuant to Section 12 of the Exchange Act of 1934 for the quarter ended December 31, 2024: Number of Shares Purchased (a) Average Price Paid per Share (a) Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs 10/01/2024 — 10/31/2024 1,097 $ 124.68 — — — 11/01/2024 — 11/30/2024 3,371 $ 120.31 — — — 12/01/2024 — 12/31/2024 2,721 $ 121.57 — — — Total 7,189 — _______________________________________ (a) Primarily represents shares of DTE Energy common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the market price at the vesting date. 27 Table of Contents COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN Total Return to DTE Energy Shareholders (Includes reinvestment of dividends) Annual Return Percentage Year Ended December 31, Company/Index 2020 2021 2022 2023 2024 DTE Energy Company (2.90) 19.42 1.27 (2.81) 13.47 S&P 500 Index 18.39 28.68 (18.13) 26.26 25.00 S&P 500 Multi-Utilities Index (5.87) 14.17 0.62 (5.82) 20.86 Indexed Returns Year Ended December 31, Base Period Company/Index 2019 2020 2021 2022 2023 2024 DTE Energy Company 100.00 97.10 115.95 117.42 114.11 129.49 S&P 500 Index 100.00 118.39 152.34 124.72 157.48 196.84 S&P 500 Multi-Utilities Index 100.00 94.13 107.46 108.12 101.83 123.06
Biggest changeFor additional detail, see Note 21 to the Consolidated Financial Statements, "Stock-Based Compensation." See the following table for information as of December 31, 2025: Number of Securities to be Issued Upon Exercise of Outstanding Options Weighted-Average Exercise Price of Outstanding Options Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans Plans approved by shareholders — $ — 4,584,548 UNREGISTERED SALES OF DTE ENERGY EQUITY SECURITIES AND USE OF PROCEEDS Purchases of DTE Energy Equity Securities by the Issuer and Affiliated Purchasers The following table provides information about DTE Energy's purchases of equity securities that are registered by DTE Energy pursuant to Section 12 of the Exchange Act of 1934 for the quarter ended December 31, 2025: Number of Shares Purchased (a) Average Price Paid per Share (a) Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs 10/01/2025 — 10/31/2025 11,679 $ 141.01 — — — 11/01/2025 — 11/30/2025 2,856 $ 120.36 — — — 12/01/2025 — 12/31/2025 — $ — — — — Total 14,535 — _______________________________________ (a) Primarily represents shares of DTE Energy common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the market price at the vesting date. 28 Table of Contents COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN Total Return to DTE Energy Shareholders (Includes reinvestment of dividends) Annual Return Percentage Year Ended December 31, Company/Index 2021 2022 2023 2024 2025 DTE Energy Company 19.42 1.27 (2.81) 13.47 10.41 S&P 500 Index 28.68 (18.13) 26.26 25.00 17.86 S&P 500 Multi-Utilities Index 14.17 0.62 (5.82) 20.86 10.61 Indexed Returns Year Ended December 31, Base Period Company/Index 2020 2021 2022 2023 2024 2025 DTE Energy Company 100.00 119.42 120.93 117.53 133.36 147.24 S&P 500 Index 100.00 128.68 105.36 133.02 166.27 195.97 S&P 500 Multi-Utilities Index 100.00 114.17 114.87 108.18 130.74 144.61
For information on DTE Energy dividend restrictions, see Note 15 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings." All of DTE Energy's equity compensation plans that provide for the annual awarding of stock-based compensation have been approved by shareholders.
For information on DTE Energy dividend restrictions, see Note 16 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings." All of DTE Energy's equity compensation plans that provide for the annual awarding of stock-based compensation have been approved by shareholders.
These shares were held by a total of 40,177 shareholders of record. All of the 138,632,324 issued and outstanding shares of DTE Electric common stock, par value $10 per share, are indirectly-owned by DTE Energy, and constitute 100% of the voting securities of DTE Electric. Therefore, no market exists for DTE Electric's common stock.
These shares were held by a total of 37,916 shareholders of record. All of the 138,632,324 issued and outstanding shares of DTE Electric common stock, par value $10 per share, are indirectly-owned by DTE Energy, and constitute 100% of the voting securities of DTE Electric. Therefore, no market exists for DTE Electric's common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities DTE Energy common stock is listed under the ticker symbol "DTE" on the New York Stock Exchange, which is the principal market for such stock. At December 31, 2024, there were 207,171,582 shares of DTE Energy common stock outstanding.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities DTE Energy common stock is listed under the ticker symbol "DTE" on the New York Stock Exchange, which is the principal market for such stock. At December 31, 2025, there were 207,745,154 shares of DTE Energy common stock outstanding.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

123 edited+20 added−16 removed86 unchanged
Biggest changeThe change in both periods was due to the following: 2024 (In millions) Coal - higher consumption and higher prices $ 52 Higher transmission expenses 39 Purchased power - MISO refund in 2023 and higher volumes in 2024 primarily due to higher demand 34 Nuclear fuel - lower amortization due to refueling outage in 2024 (4) Other 3 $ 124 2023 (In millions) Purchased power - lower market prices and lower purchase volumes due to lower demand $ (351) Coal - lower consumption due to coal plant retirements, partially offset by higher prices (82) Gas - lower prices, partially offset by higher consumption primarily due to Blue Water Energy Center (78) Nuclear fuel - higher amortization due to refueling outage in 2022 17 Other (3) $ (497) Operation and maintenance expense increased $22 million in 2024 and decreased $147 million in 2023.
Biggest changeThe change in both periods was due to the following: 2025 (In millions) Gas - higher prices $ 118 Higher transmission expenses 27 Coal - higher consumption, partially offset by lower prices 21 Nuclear fuel - higher amortization due to refueling outage in 2024 12 Fuel additives - higher due to increased coal consumption 11 Purchased power - higher prices, partially offset by lower volumes due to higher generation 3 Other 7 $ 199 2024 (In millions) Coal - higher consumption and higher prices $ 52 Higher transmission expenses 39 Purchased power - MISO refund in 2023 and higher volumes in 2024 primarily due to higher demand 34 Nuclear fuel - lower amortization due to refueling outage in 2024 (4) Other 3 $ 124 Fuel and purchased power — non-utility expense increased $13 million in 2025.
The 2024 increase was primarily due to higher interest income of $41 million associated with a new project in the On-site business and a gain in the Renewable business of $25 million attributed to the sale of a partnership interest, partially offset by a write-off of an equity investment in the Renewables business due to impairment of $23 million and higher net interest expense of $9 million.
The increase in 2024 was primarily due to higher interest income of $41 million associated with a new project in the On-site business and a gain in the Renewable business of $25 million attributed to the sale of a partnership interest, partially offset by a write-off of an equity investment in the Renewables business due to impairment of $23 million and higher net interest expense of $9 million.
DTE Energy did not make other postretirement benefit plan contributions in 2024 or 2023 and does not anticipate making any contributions to the other postretirement plans in 2025 or over the next five years. All planned contributions will be at the discretion of management and subject to any changes in financial market conditions.
DTE Energy did not make other postretirement benefit plan contributions in 2025 or 2024 and does not anticipate making any contributions to the other postretirement plans over the next five years. All planned contributions will be at the discretion of management and subject to any changes in financial market conditions.
The increase in 2024 was primarily due to one-time costs of $32 million resulting from the voluntary separation incentive program, higher RPS expense of $25 million, higher EWR expense of $17 million, higher uncollectible expense of $12 million, higher corporate support costs of $12 million, higher sales and marketing expense of $10 million, higher legal expense of $9 million, higher planning and development expense of $7 million, and higher plant generation expense of $3 million, partially offset by lower distribution operations expense of $106 million (primarily due to lower storm restoration costs).
The increase in 2024 was primarily due to one-time costs of $32 million resulting from the voluntary separation incentive program noted above, higher RPS expense of $25 million, higher EWR expense of $17 million, higher uncollectible expense of $12 million, higher corporate support costs of $12 million, higher sales and marketing expense of $10 million, higher legal expense of $9 million, higher planning and development expense of $7 million, and higher plant generation expense of $3 million, partially offset by lower distribution operations expense of $106 million (primarily due to lower storm restoration costs).
Over the long-term, DTE Energy is also monitoring and pursuing the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, hydrogen, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability. 29 Table of Contents For the gas utility, DTE Energy aims to cut carbon emissions across the entire value chain.
Over the long-term, DTE Energy is also monitoring and pursuing the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, hydrogen, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability. 30 Table of Contents For the gas utility, DTE Energy aims to cut carbon emissions across the entire value chain.
Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies. Dividends are subject to certain restrictions as discussed in Note 15 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings." However, these restrictions are not expected to impact DTE Energy's planned dividend payments.
Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies. Dividends are subject to certain restrictions as discussed in Note 16 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings." However, these restrictions are not expected to impact DTE Energy's planned dividend payments.
Business and Properties and Note 17 to the Consolidated Financial Statements, "Commitments and Contingencies," for further discussion of Environmental Matters. OUTLOOK The next few years will be a period of rapid change for DTE Energy and for the energy industry. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.
Business and Properties and Note 18 to the Consolidated Financial Statements, "Commitments and Contingencies," for further discussion of Environmental Matters. OUTLOOK The next few years will be a period of rapid change for DTE Energy and for the energy industry. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.
Looking forward, DTE Energy will focus on several areas that are expected to improve future performance: • electric and gas customer satisfaction; • electric distribution system reliability; • new electric generation and storage; • gas distribution system renewal; • reducing carbon emissions at the electric and gas utilities; • rate competitiveness and affordability; • regulatory stability and investment recovery for the electric and gas utilities; • strategic investments in growth projects at DTE Vantage; • employee engagement, health, safety and wellbeing, and diversity, equity, and inclusion; • cost structure optimization across all business segments; and • cash, capital, and liquidity to maintain or improve financial strength.
Looking forward, DTE Energy will focus on several areas that are expected to improve future performance: • electric and gas customer satisfaction; • electric distribution system reliability; • new electric generation and storage; • gas distribution system renewal; • reducing carbon emissions at the electric and gas utilities; • rate competitiveness and affordability; • regulatory stability and investment recovery for the electric and gas utilities; • strategic investments in growth projects at DTE Vantage; • employee engagement and health, safety, and wellbeing; • cost structure optimization across all business segments; and • cash, capital, and liquidity to maintain or improve financial strength.
The increase in 2023 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Energy Trading, DTE Vantage, and Gas segments, partially offset by lower earnings in the Electric segment and Corporate and Other. STRATEGY DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend.
The increase in 2024 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric segment, partially offset by lower earnings in the Energy Trading, Gas, and DTE Vantage segments and Corporate and Other. STRATEGY DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend.
See Notes 11 and 12 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. Goodwill DTE Energy's reporting units have goodwill or allocated goodwill resulting from business combinations. DTE Energy performs an impairment test for each of the reporting units annually or whenever events or circumstances indicate that the value of goodwill may be impaired.
See Notes 12 and 13 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. Goodwill DTE Energy's reporting units have goodwill or allocated goodwill resulting from business combinations. DTE Energy performs an impairment test for each of the reporting units annually or whenever events or circumstances indicate that the value of goodwill may be impaired.
DTE Energy will continue to pursue opportunities to grow its businesses in a disciplined manner if it can secure opportunities that meet its strategic, financial, and risk criteria. 31 Table of Contents RESULTS OF OPERATIONS The following sections provide a detailed discussion of the operating performance and future outlook of DTE Energy's segments.
DTE Energy will continue to pursue opportunities to grow its businesses in a disciplined manner if it can secure opportunities that meet its strategic, financial, and risk criteria. 32 Table of Contents RESULTS OF OPERATIONS The following sections provide a detailed discussion of the operating performance and future outlook of DTE Energy's segments.
The mortality assumptions used at December 31, 2024 are the PRI-2012 mortality table projected using Scale MP-2021, with generational projection. The base mortality tables vary by type of plan, employee's union status and employment status, with additional adjustments to reflect the actual experience and credibility of each population.
The mortality assumptions used at December 31, 2025 are the PRI-2012 mortality table projected using Scale MP-2021, with generational projection. The base mortality tables vary by type of plan, employee's union status and employment status, with additional adjustments to reflect the actual experience and credibility of each population.
To the extent projected results or cash flows are revised downward, the reporting unit may be required to write down all or a portion of its goodwill, which would adversely impact DTE Energy's earnings. DTE Energy performed its annual impairment test as of October 1, 2024.
To the extent projected results or cash flows are revised downward, the reporting unit may be required to write down all or a portion of its goodwill, which would adversely impact DTE Energy's earnings. DTE Energy performed its annual impairment test as of October 1, 2025.
See Notes 11 and 12 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. The tables below do not include the expected earnings impact of non-derivative natural gas storage, transportation, certain power contracts, and some environmental contracts which are subject to accrual accounting.
See Notes 12 and 13 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. The tables below do not include the expected earnings impact of non-derivative natural gas storage, transportation, certain power contracts, and some environmental contracts which are subject to accrual accounting.
The Registrants also assess their ability to utilize tax attributes, including those in the form of carry-forwards, for which the benefits have already been reflected in the Consolidated Financial Statements. The Registrants believe the resulting tax reserve balances as of December 31, 2024 and 2023 are appropriate.
The Registrants also assess their ability to utilize tax attributes, including those in the form of carry-forwards, for which the benefits have already been reflected in the Consolidated Financial Statements. The Registrants believe the resulting tax reserve balances as of December 31, 2025 and 2024 are appropriate.
Uses of Cash DTE Energy has $1.3 billion in long-term debt, including securitization bonds and finance leases, maturing in the next twelve months. Repayment of the debt is expected to be made through internally generated funds and the issuance of short-term and/or long-term debt.
Uses of Cash DTE Energy has $1.4 billion in long-term debt, including securitization bonds and finance leases, maturing in the next twelve months. Repayment of the debt is expected to be made through internally generated funds and the issuance of short-term and/or long-term debt.
Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at December 31, 2024 and 2023. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.
Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at December 31, 2025 and 2024. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.
Management selects comparable peers based on each peer’s primary business mix, operations, and market capitalization compared to the applicable reporting unit and calculates implied market multiples based on available projected earnings guidance and peer company market values as of the test date. 45 Table of Contents DTE Energy performs an annual impairment test each October.
Management selects comparable peers based on each peer’s primary business mix, operations, and market capitalization compared to the applicable reporting unit and calculates implied market multiples based on available projected earnings guidance and peer company market values as of the test date. DTE Energy performs an annual impairment test each October.
For cash obligations related to leases and future purchase commitments, refer to Note 16 and Note 17 to the Consolidated Financial Statements, "Leases." and "Commitments and Contingencies," respectively. Purchase commitments include capital expenditures that are contractually obligated.
For cash obligations related to leases and future purchase commitments, refer to Note 17 and Note 18 to the Consolidated Financial Statements, "Leases." and "Commitments and Contingencies," respectively. Purchase commitments include capital expenditures that are contractually obligated.
A goodwill impairment loss is measured as the amount by which a reporting unit's carrying value exceeds fair value, not to exceed the carrying amount of goodwill. DTE Energy estimates the reporting unit's fair value using standard valuation techniques, including techniques which use estimates of projected future results and cash flows to be generated by the reporting unit.
A goodwill impairment loss is measured as the amount by which a reporting unit's carrying value exceeds fair value, not to exceed the carrying amount of goodwill. 46 Table of Contents DTE Energy estimates the reporting unit's fair value using standard valuation techniques, including techniques which use estimates of projected future results and cash flows to be generated by the reporting unit.
The increase in 2024 and 2023 was primarily due to higher compensation costs. Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract.
The increase in 2025 was primarily due to higher compensation and software costs. The increase in 2024 was primarily due to higher compensation costs. Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract.
The increase in 2024 was primarily due to higher gas operations expenses of $24 million, one-time costs resulting from the voluntary separation incentive program of $8 million, higher uncollectible expense of $6 million, higher benefits and other compensation expense of $3 million, higher EWR expense of $3 million, and higher corporate support costs of $3 million.
The increase in 2024 was primarily due to higher gas operations expense of $24 million, one-time costs of $8 million resulting from the voluntary separation incentive program noted above, higher uncollectible expense of $6 million, higher benefits and other compensation expense of $3 million, higher EWR expense of $3 million, and higher corporate support costs of $3 million.
DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $0.9 billion in 2025. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition.
DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $1.0 billion in 2026. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition.
DTE Energy's strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. DTE Energy targets balance sheet financial metrics to ensure it is consistent with the objective of a strong investment grade debt rating. Net cash from financing activities increased $462 million in 2024.
DTE Energy's strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. DTE Energy targets balance sheet financial metrics to ensure it is consistent with the objective of a strong investment grade debt rating. Net cash from financing activities increased $712 million in 2025.
See also the "Fair Value" section herein and Notes 11 and 12 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. 40 Table of Contents CORPORATE AND OTHER Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth.
See also the "Fair Value" section herein and Notes 12 and 13 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively. 41 Table of Contents CORPORATE AND OTHER Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth.
In estimating fair value for the income approach, DTE Energy used discounted rates ranging from 6.5% to 9.0%. Based on the weighting of the estimated fair value using an income and market approach, DTE Energy determined that the estimated fair value of each reporting unit substantially exceeded its carrying value, and no impairment existed.
In estimating fair value for the income approach, DTE Energy used discounted rates ranging from 6.1% to 8.9%. Based on the weighting of the estimated fair value using an income and market approach, DTE Energy determined that the estimated fair value of each reporting unit substantially exceeded its carrying value, and no impairment existed.
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and potential for data centers, will drive a continued need for substantial grid investment over the long-term.
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and future data center load, will drive a continued need for substantial grid investment over the long-term.
Net cash used for investing activities increased $856 million in 2024 and $664 million in 2023 due primarily to increases in utility plant and equipment expenditures and cash used related to Notes receivable. Cash from Financing Activities DTE Energy relies on both short-term borrowing and long-term financing as a source of funding for capital requirements not satisfied by its operations.
Net cash used for investing activities increased $856 million in 2024 primarily due to increases in utility plant and equipment expenditures and an increase in cash used related to Investment in notes receivable. Cash from Financing Activities DTE Energy relies on both short-term borrowing and long-term financing as a source of funding for capital requirements not satisfied by its operations.
Lowering the discount rate and the salary increase assumptions by one percentage point would have decreased the 2024 other postretirement credit by approximately $7 million. The value of the qualified pension and other postretirement benefit plan assets was $5.3 billion at December 31, 2024 and $5.6 billion at December 31, 2023.
Lowering the discount rate and the salary increase assumptions by one percentage point would have decreased the 2025 other postretirement credit by approximately $6 million. The value of the qualified pension and other postretirement benefit plan assets was $5.4 billion at December 31, 2025 and $5.3 billion at December 31, 2024.
DTE Vantage also expects enhanced growth opportunities in decarbonization as a result of the Inflation Reduction Act, including tax credits for renewable natural gas and carbon capture projects. 42 Table of Contents DTE Energy's utilities may be impacted by the timing of collection or refund of various recovery and tracking mechanisms as a result of timing of MPSC orders.
DTE Vantage also expects enhanced growth opportunities in decarbonization, including tax credits for renewable natural gas and carbon capture projects. 43 Table of Contents DTE Energy's utilities may be impacted by the timing of collection or refund of various recovery and tracking mechanisms as a result of timing of MPSC orders.
As of December 31, 2024, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $360 million.
As of December 31, 2025, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $483 million.
See Note 19 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets." 47 Table of Contents Legal Reserves The Registrants are involved in various legal proceedings, claims, and litigation arising in the ordinary course of business. The Registrants regularly assess their liabilities and contingencies in connection with asserted or potential matters and establish reserves when appropriate.
See Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets." Legal Reserves The Registrants are involved in various legal proceedings, claims, and litigation arising in the ordinary course of business. The Registrants regularly assess their liabilities and contingencies in connection with asserted or potential matters and establish reserves when appropriate.
The increase in 2024 was primarily due to a new project in the On-site business of $60 million, partially offset by 2023 tax credits of $48 million from new projects in the prior year that did not repeat.
The increase in 2024 was primarily due to a new project in the On-site business of $60 million noted above, partially offset by 2023 tax credits of $48 million from new projects in 2023 that did not repeat.
The discount rate determined on this basis was 5.65% for the pension plans and 5.66% for the other postretirement plans at December 31, 2024 compared to 5.00% for both the pension and other postretirement plans at December 31, 2023. DTE Energy changed the mortality assumptions as of December 31,2024 to reflect recent plan experience.
The discount rate determined on this basis was 5.43% for both the pension plans and other postretirement plans at December 31, 2025 compared to 5.65% for the pension plans and 5.66% for other postretirement plans at December 31, 2024. DTE Energy last changed the mortality assumptions as of December 31,2024 to reflect recent plan experience.
As of December 31, 2024, DTE Energy had $131 million of cumulative losses related to investment performance in prior years that were not yet recognized in the calculation of the MRV of pension assets.
As of December 31, 2025, DTE Energy had $32 million of cumulative losses related to investment performance in prior years that were not yet recognized in the calculation of the MRV of pension assets.
Because of market volatility, DTE Energy periodically reviews the asset allocation and rebalances the portfolio when considered appropriate. DTE Energy is decreasing its long-term rate of return assumption for the pension plans to 7.80% and decreasing the other postretirement plans to 7.50% for 2025.
Because of market volatility, DTE Energy periodically reviews the asset allocation and rebalances the portfolio when considered appropriate. DTE Energy is maintaining its long-term rate of return assumption for the pension plans of 7.80% and decreasing the other postretirement plans to 7.40% for 2026.
DTE Gas' capital investments over the 2025-2029 period are estimated at $4.0 billion, comprised of $2.5 billion for base infrastructure and $1.5 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects. DTE Electric and DTE Gas plan to seek regulatory approval for capital expenditures consistent with ratemaking treatment.
DTE Gas' capital investments over the 2026-2030 period are estimated at $4.5 billion, comprised of $2.7 billion for base infrastructure and $1.8 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects. DTE Electric and DTE Gas plan to seek regulatory approval for capital expenditures consistent with ratemaking treatment.
DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1.5 billion to $2.0 billion from 2025-2029 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration. 30 Table of Contents ENVIRONMENTAL MATTERS The Registrants are subject to extensive environmental regulations, including those addressing climate change.
DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $2.0 billion from 2026-2030 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration. 31 Table of Contents ENVIRONMENTAL MATTERS The Registrants are subject to extensive environmental regulations, including those addressing climate change.
The change in sales in 2023 was primarily due to unfavorable weather. Intermediate transportation volumes fluctuate period to period based on available market opportunities. Cost of gas — utility expense increased $15 million in 2024 and decreased $163 million in 2023.
The change in sales in 2024 was primarily due to unfavorable weather. Intermediate transportation volumes fluctuate period to period based on available market opportunities. Cost of gas — utility expense increased $112 million in 2025 and $15 million in 2024.
Any significant non-cash items are included in the Supplemental disclosure of non-cash investing and financing activities within the Consolidated Statements of Cash Flows. 2024 2023 2022 (In millions) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period $ 51 $ 43 $ 35 Net cash from operating activities 3,643 3,220 1,977 Net cash used for investing activities (4,951) (4,095) (3,431) Net cash from financing activities 1,345 883 1,462 Net Increase in Cash, Cash Equivalents, and Restricted Cash 37 8 8 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 88 $ 51 $ 43 Cash from Operating Activities A majority of DTE Energy's operating cash flows are provided by the electric and natural gas utilities, which are significantly influenced by factors such as weather, electric retail access, regulatory deferrals, regulatory outcomes, economic conditions, changes in working capital, and operating costs.
Any significant non-cash items are included in the Supplemental disclosure of non-cash investing and financing activities within the Consolidated Statements of Cash Flows. 2025 2024 2023 (In millions) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period $ 88 $ 51 $ 43 Net cash from operating activities 3,409 3,643 3,220 Net cash used for investing activities (5,304) (4,951) (4,095) Net cash from financing activities 2,057 1,345 883 Net Increase in Cash, Cash Equivalents, and Restricted Cash 162 37 8 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 250 $ 88 $ 51 Cash from Operating Activities A majority of DTE Energy's operating cash flows are provided by the electric and natural gas utilities, which are significantly influenced by factors such as weather, electric retail access, regulatory deferrals, regulatory outcomes, economic conditions, changes in working capital, and operating costs.
Segment information, described below, includes intercompany revenues, expenses, and other income and deductions that are eliminated in the Consolidated Financial Statements. 2024 2023 2022 (In millions) Net Income (Loss) Attributable to DTE Energy Electric segment $ 1,072 $ 772 $ 956 Gas segment 257 294 272 DTE Vantage segment 135 153 92 Energy Trading segment 125 336 (92) Corporate and Other (185) (158) (145) Net Income Attributable to DTE Energy Company $ 1,404 $ 1,397 $ 1,083 ELECTRIC SEGMENT The Results of Operations discussion for DTE Electric is presented in a reduced disclosure format in accordance with General Instruction I(2)(a) of Form 10-K for wholly-owned subsidiaries.
Segment information, described below, includes intercompany revenues, expenses, and other income and deductions that are eliminated in the Consolidated Financial Statements. 2025 2024 2023 (In millions) Net Income (Loss) Attributable to DTE Energy Electric segment $ 1,158 $ 1,072 $ 772 Gas segment 295 257 294 DTE Vantage segment 154 135 153 Energy Trading segment 123 125 336 Corporate and Other (268) (185) (158) Net Income Attributable to DTE Energy Company $ 1,462 $ 1,404 $ 1,397 ELECTRIC SEGMENT The Results of Operations discussion for DTE Electric is presented in a reduced disclosure format in accordance with General Instruction I(2)(a) of Form 10-K for wholly-owned subsidiaries.
DTE Energy's 2025 expected long-term rate of return on pension plan assets is based on an asset allocation assumption utilizing active and passive investment management of 15% in equity markets, 58% in fixed income markets - including long duration bonds, and 27% invested in other assets.
DTE Energy's 2026 expected long-term rate of return on pension plan assets is based on an asset allocation assumption utilizing active and passive investment management of 15% in equity markets, 57% in fixed income markets - including long duration bonds, and 28% invested in other assets.
DTE Energy's 2025 expected long-term rate of return on other postretirement plan assets is based on an asset allocation assumption utilizing active and passive investment management of 7% in equity markets, 63% in fixed income markets - including long duration bonds, and 30% invested in other assets.
DTE Energy's 2026 expected long-term rate of return on other postretirement plan assets is based on an asset allocation assumption utilizing active and passive investment management of 7% in equity markets, 62% in fixed income markets - including long duration bonds, and 31% invested in other assets.
Net cash from operations increased $423 million in 2024. The increase was primarily due to higher cash from working capital items and an increase in Depreciation and amortization, partially offset by a decrease in cash related to Allowance for equity funds used during construction.
The increase was primarily due to higher cash from working capital items and an increase in Depreciation and amortization, partially offset by a decrease in cash related to Allowance for equity funds used during construction.
Lowering the discount rate and the salary increase assumptions by one percentage point would have decreased the 2024 pension credit by approximately $18 million. Lowering the expected long-term rate of return on plan assets by one percentage point would have decreased the 2024 other postretirement credit by approximately $16 million.
Lowering the discount rate and the salary increase assumptions by one percentage point would have increased the 2025 pension expense by approximately $19 million. Lowering the expected long-term rate of return on plan assets by one percentage point would have decreased the 2025 other postretirement credit by approximately $16 million.
The following table summarizes DTE Energy's financial results: Years Ended December 31, 2024 2023 2022 (In millions, except per share amounts) Net Income Attributable to DTE Energy Company $ 1,404 $ 1,397 $ 1,083 Diluted Earnings per Common Share $ 6.77 $ 6.76 $ 5.52 The increase in 2024 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric segment, partially offset by lower earnings in the Energy Trading, Gas, and DTE Vantage segments and Corporate and Other.
The following table summarizes DTE Energy's financial results: Years Ended December 31, 2025 2024 2023 (In millions, except per share amounts) Net Income Attributable to DTE Energy Company $ 1,462 $ 1,404 $ 1,397 Diluted Earnings per Common Share $ 7.03 $ 6.77 $ 6.76 The increase in 2025 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric, Gas, and DTE Vantage segments, partially offset by lower earnings at Corporate and Other.
EXECUTIVE OVERVIEW DTE Energy is a diversified energy company with 2024 Operating Revenues of approximately $12.5 billion and Total Assets of approximately $48.8 billion. DTE Energy is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan.
EXECUTIVE OVERVIEW DTE Energy is a diversified energy company with 2025 Operating Revenues of approximately $15.8 billion and Total Assets of approximately $54.1 billion. DTE Energy is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan.
These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts. Operating Income (Loss) decreased $268 million in 2024, which includes a $167 million unfavorable change in timing-related gains primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle.
These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts. Operating Income increased $17 million in 2025, which includes a $70 million unfavorable change in timing-related gains primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle.
The decrease also includes a $107 million unfavorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
The increase also includes a $48 million favorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
The increase in 2024 was primarily due to $22 million of higher contributions to not-for-profit organizations, partially offset by higher net interest income of $9 million. The decrease in 2023 was primarily due to $10 million of lower contributions to not-for-profit organizations and lower net interest expense of $3 million.
The increase in 2025 was primarily due to $17 million higher contributions to not-for-profit organizations and lower net interest income of $3 million. The increase in 2024 was primarily due to $22 million of higher contributions to not-for-profit organizations, partially offset by higher net interest income of $9 million.
See Note 9 to the Consolidated Financial Statements, "Income Taxes." NEW ACCOUNTING PRONOUNCEMENTS See Note 3 to the Consolidated Financial Statements, "New Accounting Pronouncements." FAIR VALUE Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities.
See Note 10 to the Consolidated Financial Statements, "Income Taxes." 49 Table of Contents NEW ACCOUNTING PRONOUNCEMENTS See Note 3 to the Consolidated Financial Statements, "New Accounting Pronouncements." FAIR VALUE Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities.
Pension and other postretirement benefit costs attributed to the segments are included with labor costs and ultimately allocated to projects within the segments, some of which are capitalized. DTE Energy had pension credits of $18 million and $69 million in 2024 and 2023, respectively, and pension costs of $123 million in 2022.
Pension and other postretirement benefit costs attributed to the segments are included with labor costs and ultimately allocated to projects within the segments, some of which are capitalized. 47 Table of Contents DTE Energy had pension expense of $60 million in 2025. DTE Energy had pension credits of $18 million, and $69 million in 2024, and 2023 respectively.
DTE Electric's capital investments over the 2025-2029 period are estimated at $24 billion, comprised of $10 billion for distribution infrastructure, $4 billion for base infrastructure, and $10 billion for cleaner generation including renewables. DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St.
DTE Electric's capital investments over the 2026-2030 period are estimated at $30 billion, comprised of $11 billion for distribution infrastructure, $4 billion for base infrastructure, and $15 billion for cleaner generation including renewables. DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St.
Over the long-term, some additional equity may be needed beginning in 2028 to support long-term growth. DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.
DTE Energy will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.
Future actual pension and other postretirement benefit costs or credits will depend on future investment performance, changes in future discount rates, and various other factors related to plan design. Lowering the expected long-term rate of return on the plan assets by one percentage point would have decreased the 2024 pension credit by approximately $43 million.
Future actual pension and other postretirement benefit costs or credits will depend on future investment performance, changes in future discount rates, and various other factors related to plan design. 48 Table of Contents Lowering the expected long-term rate of return on the plan assets by one percentage point would have increased the 2025 pension expense by approximately $37 million.
Other postretirement benefit credits were $44 million in 2024, $38 million in 2023, and $66 million in 2022. Pension and other postretirement benefit credits for 2024 were calculated based upon several actuarial assumptions, including an expected long-term rate of return on plan assets of 8.00% for the pension plans and 7.60% for the other postretirement benefit plans.
Other postretirement benefit credits were $39 million in 2025, $44 million in 2024, and $38 million in 2023. Pension expense and other postretirement benefit credits for 2025 were calculated based upon several actuarial assumptions, including an expected long-term rate of return on plan assets of 7.80% for the pension plans and 7.50% for the other postretirement benefit plans.
The changes were due to the following: 2024 (In millions) Lower demand and prices in the Steel business $ (44) Lower sales in the Renewables business (21) Sale of project in the On-site business (3) New project in the On-site business 13 Other (1) $ (56) 2023 (In millions) Lower demand and prices in the On-site business $ (42) Sale of project in the On-site business (29) Lower sales in the Renewables business (3) Higher demand and prices in the Steel business 36 Other (1) $ (39) 37 Table of Contents Fuel, purchased power, and gas — non-utility expense decreased $43 million in 2024 and $10 million in 2023.
The changes were due to the following: 2025 (In millions) Lower demand and prices in the Steel business $ (100) New project in the On-site business 7 Higher prices in the On-site business 8 Higher sales in the Renewables business 28 $ (57) 38 Table of Contents 2024 (In millions) Lower demand and prices in the Steel business $ (44) Lower sales in the Renewables business (21) Sale of project in the On-site business (3) New project in the On-site business 13 Other (1) $ (56) Fuel, purchased power, and gas — non-utility expense decreased $37 million in 2025 and $43 million in 2024.
The increase in 2024 was primarily due to higher cost of gas of $40 million, partially offset by lower sales volumes of $25 million. The decrease in 2023 was primarily due to a lower cost of gas of $92 million and lower sales volumes of $71 million.
The increase in 2025 was primarily due to higher sales volumes of $102 million and higher cost of gas of $10 million. The increase in 2024 was primarily due to a higher cost of gas of $40 million, partially offset by lower sales volumes of $25 million.
The change in working capital items in 2024 was primarily due to an increase in cash related to Accounts payable, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by a decrease in cash related to Accounts receivable net, Inventories, Accrued pension liability, and Accrued postretirement liability. 41 Table of Contents Net cash from operations increased $1.2 billion in 2023.
The change in working capital items in 2024 was primarily due to an increase in cash related to Accounts payable, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by a decrease in cash related to Accounts receivable net, Inventories, Accrued pension liability, and Accrued postretirement liability.
At December 31, 2024, DTE Energy's qualified pension plans were underfunded by $115 million and its other postretirement benefit plans were over-funded by $471 million.
At December 31, 2025, DTE Energy's qualified pension plans were underfunded by $127 million and its other postretirement benefit plans were over-funded by $513 million.
DTE Vantage results and outlook are discussed below: 2024 2023 2022 (In millions) Operating Revenues — Non-utility operations $ 753 $ 809 $ 848 Operating Expenses Fuel, purchased power, and gas — non-utility 378 421 431 Operation and maintenance 261 232 267 Depreciation and amortization 59 53 52 Taxes other than income 11 9 10 Asset (gains) losses and impairments, net 10 (10) (7) 719 705 753 Operating Income 34 104 95 Other (Income) and Deductions (64) (27) (15) Income Taxes Expense 34 38 27 Tax Credits (71) (60) (9) (37) (22) 18 Net Income Attributable to DTE Energy Company $ 135 $ 153 $ 92 Operating Revenues — Non-utility operations decreased $56 million in 2024 and $39 million in 2023.
DTE Vantage results and outlook are discussed below: 2025 2024 2023 (In millions) Operating Revenues — Non-utility operations $ 696 $ 753 $ 809 Operating Expenses Fuel, purchased power, and gas — non-utility 341 378 421 Operation and maintenance 265 261 232 Depreciation and amortization 59 59 53 Taxes other than income 14 11 9 Asset (gains) losses and impairments, net 2 10 (10) 681 719 705 Operating Income 15 34 104 Other (Income) and Deductions (78) (64) (27) Income Taxes Expense 23 34 38 Tax Credits (84) (71) (60) (61) (37) (22) Net Income Attributable to DTE Energy Company $ 154 $ 135 $ 153 Operating Revenues — Non-utility operations decreased $57 million in 2025 and $56 million in 2024.
The 2024 increase was primarily due to a new project in the On-site business of $7 million and higher costs in the On-site business of $11 million, Renewables business of $6 million, and Steel business of $6 million.
The increase in 2024 was primarily due to a new project in the On-site business of $7 million and higher costs in the On-site business of $11 million, Renewables business of $6 million, and Steel business of $6 million. Depreciation and amortization expense had no change in 2025 and increased $6 million in 2024.
Electric results and outlook are discussed below: 2024 2023 2022 (In millions) Operating Revenues Utility operations $ 6,277 $ 5,804 $ 6,397 Non-utility operations 16 14 15 6,293 5,818 6,412 Operating Expenses Fuel and purchased power — utility 1,605 1,481 1,978 Operation and maintenance 1,439 1,417 1,564 Depreciation and amortization 1,447 1,340 1,218 Taxes other than income 353 339 339 Asset (gains) losses and impairments, net 12 27 8 4,856 4,604 5,107 Operating Income 1,437 1,214 1,305 Other (Income) and Deductions 396 364 324 Income Tax Expense (Benefit) (31) 78 25 Net Income Attributable to DTE Energy Company $ 1,072 $ 772 $ 956 See DTE Electric's Consolidated Statements of Operations in Item 8 of this Report for a complete view of its results.
Electric results and outlook are discussed below: 2025 2024 2023 (In millions) Operating Revenues Utility operations $ 6,885 $ 6,277 $ 5,804 Non-utility operations 50 16 14 6,935 6,293 5,818 Operating Expenses Fuel and purchased power — utility 1,804 1,605 1,481 Fuel and purchased power — non-utility 13 — — Operation and maintenance 1,475 1,439 1,417 Depreciation and amortization 1,553 1,447 1,340 Taxes other than income 382 353 339 Asset (gains) losses and impairments, net 47 12 27 5,274 4,856 4,604 Operating Income 1,661 1,437 1,214 Other (Income) and Deductions 430 396 364 Income Tax Expense (Benefit) 73 (31) 78 Electric Segment Net Income Attributable to DTE Energy Company $ 1,158 $ 1,072 $ 772 Reconciliation of Electric Segment to DTE Electric Net Income $ (6) $ — $ — DTE Electric Net Income $ 1,152 $ 1,072 $ 772 See DTE Electric's Consolidated Statements of Operations in Item 8 of this Report for a complete view of its results.
The increase also includes a $19 million favorable change in timing-related losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled. Other (Income) and Deductions increased $13 million in 2024 and decreased $13 million in 2023.
The decrease also includes a $107 million unfavorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled. Other (Income) and Deductions increased $20 million in 2025 and $13 million in 2024.
Other (Income) and Deductions increased $32 million in 2024 and $40 million in 2023. The increase in 2024 was primarily due to higher net interest expense of $79 million, partially offset by higher AFUDC equity of $44 million and lower non-operating retirement benefits of $7 million.
The increase in 2025 was primarily due to higher net interest expense of $53 million, partially offset by higher AFUDC equity of $19 million. The increase in 2024 was primarily due to higher net interest expense of $79 million, partially offset by higher AFUDC equity of $44 million and lower non-operating retirement benefits of $7 million.
DTE Energy will continue to evaluate the actuarial assumptions, including its expected rate of return, at least annually. 46 Table of Contents DTE Energy calculates the expected return on pension and other postretirement benefit plan assets by multiplying the expected return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year.
DTE Energy calculates the expected return on pension and other postretirement benefit plan assets by multiplying the expected return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year.
Revenue results are impacted by changes in sales volumes, which are summarized in the table below: 2024 2023 2022 (In thousands of MWh) DTE Electric Sales Residential 15,131 14,452 15,844 Commercial 16,220 15,916 16,296 Industrial 8,555 8,551 8,548 Other 199 204 210 40,105 39,123 40,898 Interconnection sales 8,899 7,658 6,615 Total DTE Electric Sales 49,004 46,781 47,513 DTE Electric Deliveries Retail and wholesale 40,105 39,123 40,898 Electric retail access 4,315 4,381 4,486 Total DTE Electric Sales and Deliveries 44,420 43,504 45,384 DTE Electric sales and deliveries increased in 2024 primarily due to favorable weather compared to 2023.
Revenue results are impacted by changes in sales volumes, which are summarized in the table below: 2025 2024 2023 (In thousands of MWh) DTE Electric Sales Residential 15,527 15,131 14,452 Commercial 16,090 16,220 15,916 Industrial 8,269 8,555 8,551 Other 192 199 204 40,078 40,105 39,123 Interconnection sales 11,691 8,899 7,658 Total DTE Electric Sales 51,769 49,004 46,781 DTE Electric Deliveries Retail and wholesale 40,078 40,105 39,123 Electric retail access 4,514 4,315 4,381 Total DTE Electric Sales and Deliveries 44,592 44,420 43,504 DTE Electric sales and deliveries increased in 2025 primarily due to favorable weather compared to 2024.
For further discussion of the fair value hierarchy, see Note 11 to the Consolidated Financial Statements, "Fair Value." 48 Table of Contents The following table provides details on changes in DTE Energy's MTM net asset (or liability) position: Total (In millions) MTM at December 31, 2023 $ 97 Reclassified to realized upon settlement (342) Changes in fair value recorded to income 347 Amounts recorded to unrealized income 5 Changes in fair value recorded in Regulatory liabilities 21 Amounts recorded in other comprehensive income, pretax 38 Change in collateral (89) MTM at December 31, 2024 $ 72 The table below shows the maturity of DTE Energy's MTM positions.
For further discussion of the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value." The following table provides details on changes in DTE Energy's MTM net asset (or liability) position: Total (In millions) MTM at December 31, 2024 $ 72 Reclassified to realized upon settlement (369) Changes in fair value recorded to income 373 Amounts recorded to unrealized income 4 Changes in fair value recorded in Regulatory liabilities 19 Amounts recorded in other comprehensive income, pretax (17) Change in collateral (13) Purchases 15 MTM at December 31, 2025 $ 80 50 Table of Contents The table below shows the maturity of DTE Energy's MTM positions.
Gas results and outlook are discussed below: 2024 2023 2022 (In millions) Operating Revenues — Utility operations $ 1,798 $ 1,748 $ 1,924 Operating Expenses Cost of gas — utility 484 469 632 Operation and maintenance 535 488 552 Depreciation and amortization 221 209 192 Taxes other than income 118 108 101 Asset (gains) losses and impairments, net 6 — — 1,364 1,274 1,477 Operating Income 434 474 447 Other (Income) and Deductions 100 87 87 Income Tax Expense 77 93 88 Net Income Attributable to DTE Energy Company $ 257 $ 294 $ 272 Operating Revenues — Utility operations increased $50 million in 2024 and decreased $176 million in 2023.
Gas results and outlook are discussed below: 2025 2024 2023 (In millions) Operating Revenues — Utility operations $ 2,052 $ 1,798 $ 1,748 Operating Expenses Cost of gas — utility 596 484 469 Operation and maintenance 606 535 488 Depreciation and amortization 225 221 209 Taxes other than income 128 118 108 Asset (gains) losses and impairments, net — 6 — 1,555 1,364 1,274 Operating Income 497 434 474 Other (Income) and Deductions 114 100 87 Income Tax Expense 88 77 93 Net Income Attributable to DTE Energy Company $ 295 $ 257 $ 294 36 Table of Contents Operating Revenues — Utility operations increased $254 million in 2025 and $50 million in 2024.
Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration.
DTE Energy expects long-term growth in sales related to vehicle electrification, but no significant impacts in the near-term. Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration.
The following tables detail changes relative to comparable prior periods: 2024 (In millions) Gas structured and gas transportation strategies - primarily lower gas prices $ (436) Unrealized MTM - gains of ($233) compared to gains of ($122) in the prior period (111) Other realized (gain) loss 41 $ (506) 2023 (In millions) Gas structured and gas transportation strategies - primarily significantly lower gas prices $ (5,780) Unrealized MTM - gains of ($122) compared to losses of $108 in the prior period (230) Other realized (gain) loss (253) $ (6,263) Operation and maintenance expense increased $5 million in 2024 and $14 million in 2023.
The following tables detail changes relative to the comparable prior periods: 2025 (In millions) Realized gas structured and gas transportation strategies - primarily higher gas prices $ 2,027 Unrealized MTM - losses of $160 compared to gains of ($233) in the prior period 393 Other realized (gain) loss 192 $ 2,612 2024 (In millions) Realized gas structured and gas transportation strategies - primarily lower gas prices $ (436) Unrealized MTM - gains of ($233) compared to gains of ($122) in the prior period (111) Other realized (gain) loss 41 $ (506) Operation and maintenance expense increased $5 million in both 2025 and 2024.
The change in 2024 was primarily due to the write-off of carbon capture and sequestration assets of $10 million and net gains of $10 million from 2023 that did not repeat in the current year.
The change in 2024 was primarily due to the write-off noted above of carbon capture and sequestration assets of $10 million in 2024 and net gains of $10 million from 2023 that did not repeat in 2024. Other (Income) and Deductions increased $14 million in 2025 and $37 million in 2024.
The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
The normal purchases and normal sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that are designated as normal purchases and normal sales are not recorded at fair value.
Changes in the fair value of the derivative instruments are recognized in earnings in the period of change. The normal purchases and normal sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business.
DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects. ENERGY TRADING SEGMENT Energy Trading focuses on physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its asset portfolio, and optimization of contracted natural gas pipeline transportation and storage positions.
ENERGY TRADING SEGMENT Energy Trading focuses on physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its asset portfolio, and optimization of contracted natural gas pipeline transportation and storage positions.
Energy Trading results and outlook are discussed below: 2024 2023 2022 (In millions) Operating Revenues — Non-utility operations $ 3,843 $ 4,612 $ 10,308 Operating Expenses Purchased power, gas, and other — non-utility 3,562 4,068 10,331 Operation and maintenance 83 78 64 Depreciation and amortization 5 4 5 Taxes other than income 4 5 7 Asset (gains) losses and impairments, net — — 2 3,654 4,155 10,409 Operating Income (Loss) 189 457 (101) Other (Income) and Deductions 22 9 22 Income Tax Expense (Benefit) 42 112 (31) Net Income (Loss) Attributable to DTE Energy Company $ 125 $ 336 $ (92) Operating Revenues — Non-utility operations decreased $769 million in 2024 and $5,696 million in 2023.
Energy Trading results and outlook are discussed below: 2025 2024 2023 (In millions) Operating Revenues — Non-utility operations $ 6,477 $ 3,843 $ 4,612 Operating Expenses Purchased power, gas, and other — non-utility 6,174 3,562 4,068 Operation and maintenance 88 83 78 Depreciation and amortization 4 5 4 Taxes other than income 5 4 5 6,271 3,654 4,155 Operating Income 206 189 457 Other (Income) and Deductions 42 22 9 Income Tax Expense 41 42 112 Net Income Attributable to DTE Energy Company $ 123 $ 125 $ 336 Operating Revenues — Non-utility operations increased $2,634 million in 2025 and decreased $769 million in 2024.
The change in both periods was due to the following: 2024 2023 (In millions) Infrastructure recovery mechanism $ 25 $ 39 Implementation of new rates 19 — Gas Cost Recovery 15 (161) Midstream storage and transportation revenues 10 3 Home Protection Program 5 5 Regulatory mechanism — EWR 2 4 Voluntary refund (5) 10 Base sales (10) 7 Weather (14) (85) Other 3 2 $ 50 $ (176) 35 Table of Contents Revenue results are impacted by changes in sales volumes, which are summarized in the table below: 2024 2023 2022 (In Bcf) Gas Markets Gas sales 125 129 145 End-user transportation 167 174 168 292 303 313 Intermediate transportation 517 541 527 Total Gas sales 809 844 840 The change in sales in 2024 was primarily due to unfavorable weather.
The change in both periods was due to the following: 2025 2024 (In millions) Weather $ 119 $ (14) Gas Cost Recovery 112 15 Implementation of new rates 86 19 Regulatory mechanism — RDM 13 (4) Midstream storage and transportation revenues 12 10 Home Protection Program 8 5 Base sales (27) (10) Infrastructure recovery mechanism (64) 25 Other (5) 4 $ 254 $ 50 Revenue results are impacted by changes in sales volumes, which are summarized in the table below: 2025 2024 2023 (In Bcf) Gas Markets Gas sales 145 125 129 End-user transportation 164 167 174 309 292 303 Intermediate transportation 566 517 541 Total 875 809 844 The change in sales in 2025 was primarily due to favorable weather.
The following tables detail changes relative to comparable prior periods: 2024 (In millions) Gas structured and gas transportation strategies - primarily lower gas prices ($380), and settled financial hedges ($56) $ (436) Unrealized MTM - losses of ($210) compared to gains of $171 in the prior period (381) Other realized gain (loss) 48 $ (769) 2023 (In millions) Gas structured and gas transportation strategies - primarily significantly lower gas prices ($5,673), and settled financial hedges ($114) $ (5,787) Unrealized MTM - gains of $171 compared to losses of ($28) in the prior period 199 Other realized gain (loss) (108) $ (5,696) 39 Table of Contents Purchased power, gas, and other — non-utility expense decreased $506 million in 2024 and $6,263 million in 2023.
The following tables detail changes relative to the comparable prior periods: 2025 (In millions) Realized gas structured and gas transportation strategies - primarily higher gas prices $2,005, and settled financial hedges $12 $ 2,017 Unrealized MTM - gains of $182 compared to losses of ($210) in the prior period 392 Other realized gain (loss) 225 $ 2,634 2024 (In millions) Realized gas structured and gas transportation strategies - primarily lower gas prices ($380), and settled financial hedges ($56) $ (436) Unrealized MTM - losses of ($210) compared to gains of $171 in the prior period (381) Other realized gain (loss) 48 $ (769) 40 Table of Contents Purchased power, gas, and other — non-utility expense increased $2,612 million in 2025 and decreased $506 million in 2024.
The decrease in 2023 was primarily due to unfavorable weather compared to 2022. 33 Table of Contents Fuel and purchased power — utility expense increased $124 million in 2024 and decreased $497 million in 2023.
The increase in 2024 was primarily due to favorable weather compared to 2023. 34 Table of Contents Fuel and purchased power — utility expense increased $199 million in 2025 and $124 million in 2024.
Outlook — DTE Gas will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Gas expects that planned significant infrastructure capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather and the outcome of regulatory proceedings.
Outlook — DTE Electric will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Electric expects that planned significant capital investments will result in earnings growth.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

11 edited+1 added−0 removed8 unchanged
Biggest changeThe results of the sensitivity analyses: Assuming a 10% Increase in Prices/Rates Assuming a 10% Decrease in Prices/Rates As of December 31, As of December 31, Activity 2024 2023 2024 2023 Change in the Fair Value of (In millions) Gas contracts $ 26 $ 40 $ (26) $ (40) Commodity contracts Power contracts $ 1 $ 1 $ (1) $ (1) Commodity contracts Environmental contracts $ (8) $ (7) $ 8 $ 7 Commodity contracts Oil contracts $ — $ 1 $ — $ (1) Commodity contracts Interest rate risk — DTE Energy $ (789) $ (733) $ 848 $ 786 Long-term debt Interest rate risk — DTE Electric $ (494) $ (492) $ 538 $ 535 Long-term debt For further discussion of market risk, see Management's Discussion and Analysis in Item 7 of this Report and Note 12 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." 51 Table of Contents
Biggest changeThe hypothetical losses related to long-term debt would be realized only if DTE Energy transferred all of its fixed-rate long-term debt to other creditors. 52 Table of Contents The results of the sensitivity analyses: Assuming a 10% Increase in Prices/Rates Assuming a 10% Decrease in Prices/Rates As of December 31, As of December 31, Activity 2025 2024 2025 2024 Change in the Fair Value of (In millions) Gas contracts $ 22 $ 26 $ (22) $ (26) Commodity contracts Power contracts $ 5 $ 1 $ (5) $ (1) Commodity contracts Environmental contracts $ (5) $ (8) $ 5 $ 8 Commodity contracts Interest rate risk — DTE Energy $ (904) $ (789) $ 966 $ 848 Long-term debt Interest rate risk — DTE Electric $ (538) $ (494) $ 586 $ 538 Long-term debt For further discussion of market risk, see Management's Discussion and Analysis in Item 7 of this Report and Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." 53 Table of Contents
(c) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented 11% of the total gross credit exposure.
(c) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented 9% of the total gross credit exposure.
(Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented 23% of the total gross credit exposure. (b) This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented 1% of the total gross credit exposure.
(Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented 17% of the total gross credit exposure. (b) This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented 2% of the total gross credit exposure.
Other The Registrants engage in business with customers that are non-investment grade. The Registrants closely monitor the credit ratings of these customers and, when deemed necessary and permitted under the tariffs, request collateral or guarantees from such customers to secure their obligations. Interest Rate Risk DTE Energy is subject to interest rate risk in connection with the issuance of debt.
The Registrants closely monitor the credit ratings of these customers and, when deemed necessary and permitted under the tariffs, request collateral or guarantees from such customers to secure their obligations. Interest Rate Risk DTE Energy is subject to interest rate risk in connection with the issuance of debt.
(d) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented less than 1% of the total gross credit exposure.
(d) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented 2% of the total gross credit exposure. Other The Registrants engage in business with customers that are non-investment grade.
The Registrants believe their accrued amounts are adequate for probable loss. The Registrants manage this risk by working at the state and federal levels to promote funding programs for low-income customers, providing energy assistance programs and support, and promoting timely customer payments through adherence to MPSC billing practice rules relating to payment arrangements, energy disconnects, and restores.
The Registrants manage this risk by working at the state and federal levels to promote funding programs for low-income customers, providing energy assistance programs and support, and promoting timely customer payments through adherence to MPSC billing practice rules relating to payment arrangements, energy disconnects, and restores. Trading Activities DTE Energy is exposed to credit risk through trading activities.
As of December 31, 2024, DTE Energy had floating rate debt of $1.1 billion and a floating rate debt-to-total debt ratio of 4.8%. 50 Table of Contents Foreign Currency Exchange Risk DTE Energy has foreign currency exchange risk arising from market price fluctuations associated with fixed priced contracts.
As of December 31, 2025, DTE Energy had floating rate debt of $0.9 billion and a floating rate debt-to-total debt ratio of 3.5%. Foreign Currency Exchange Risk DTE Energy has foreign currency exchange risk arising from market price fluctuations associated with fixed priced contracts.
The following table displays the credit quality of DTE Energy's trading counterparties as of December 31, 2024: Credit Exposure Before Cash Collateral Cash Collateral Net Credit Exposure (In millions) Investment Grade (a) A- and Greater $ 403 $ — $ 403 BBB+ and BBB 371 — 371 BBB- 12 — 12 Total Investment Grade 786 — 786 Non-investment grade (b) 12 — 12 Internally Rated — investment grade (c) 331 — 331 Internally Rated — non-investment grade (d) 10 (1) 9 Total $ 1,139 $ (1) $ 1,138 _______________________________________ (a) This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB- assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc.
DTE Energy utilizes both external and internal credit assessments when determining the credit quality of trading counterparties. 51 Table of Contents The following table displays the credit quality of DTE Energy's trading counterparties as of December 31, 2025: Credit Exposure Before Cash Collateral Cash Collateral Net Credit Exposure (In millions) Investment Grade (a) A- and Greater $ 511 $ — $ 511 BBB+ and BBB 381 — 381 BBB- 5 — 5 Total Investment Grade 897 — 897 Non-investment grade (b) 35 — 35 Internally Rated — investment grade (c) 637 (9) 628 Internally Rated — non-investment grade (d) 51 (9) 42 Total $ 1,620 $ (18) $ 1,602 _______________________________________ (a) This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB- assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc.
These risks are managed by the energy marketing and trading operations through the use of forward energy, capacity, storage, options, and futures contracts, within predetermined risk parameters. 49 Table of Contents Credit Risk Allowance for Doubtful Accounts The Registrants regularly review contingent matters, existing and future economic conditions, customer trends and other factors relating to customers and their contracts and record provisions for amounts considered at risk of probable loss in the allowance for doubtful accounts.
Credit Risk Allowance for Doubtful Accounts and Notes Receivable The Registrants regularly review contingent matters, existing and future economic conditions, customer trends and other factors relating to customers and their contracts and record provisions for amounts considered at risk of probable loss in the allowance for doubtful accounts. The Registrants believe their accrued amounts are adequate for probable loss.
Trading Activities DTE Energy is exposed to credit risk through trading activities. Credit risk is the potential loss that may result if the trading counterparties fail to meet their contractual obligations. DTE Energy utilizes both external and internal credit assessments when determining the credit quality of trading counterparties.
Credit risk is the potential loss that may result if the trading counterparties fail to meet their contractual obligations.
The sensitivity analyses involved increasing and decreasing forward prices and rates at December 31, 2024 and 2023 by a hypothetical 10% and calculating the resulting change in the fair values. The hypothetical losses related to long-term debt would be realized only if DTE Energy transferred all of its fixed-rate long-term debt to other creditors.
The sensitivity analyses involved increasing and decreasing forward prices and rates at December 31, 2025 and 2024 by a hypothetical 10% and calculating the resulting change in the fair values.
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These risks are managed by the energy marketing and trading operations through the use of forward energy, capacity, storage, options, and futures contracts, within predetermined risk parameters.

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