DTE Energy

DTE Energy is a utility holding company based in Detroit, Michigan. DTE Electric supplies electricity in southeast Michigan, and DTE Gas supplies natural gas across Michigan. The company also has DTE Vantage, which owns renewable natural gas and other energy projects, and an energy trading business. In November 2026, DTE agreed to sell DTE Vantage for about $2.97 billion, with closing expected in mid-2027.

The Michigan Public Service Commission (MPSC) sets its rates. DTE plans to retire all its coal plants by 2032 and to add solar, wind, battery storage and natural gas plants. It has signed contracts to serve a 1.4 gigawatt Oracle data center, which is under construction, and a 1 gigawatt Google data center, whose contracts the MPSC approved with conditions in October 2026.

The market prices DTE for a costly building plan that needs new shares and fair rate orders. In November 2026, DTE raised its 2027 to 2031 capital plan to about $44 billion, to serve data centers and build new plants, and it now targets about $1 billion of new equity each year from 2027 to 2031. It also agreed to sell DTE Vantage, so its 2027 operating EPS baseline stays at $7.59 to $7.73, and it raised its operating EPS growth target to more than 9% a year through 2031, from 6% to 8%. In February 2026, the MPSC approved a $242 million annual increase for DTE Electric, well short of the $574 million that it asked for.

DTE asked for a further $474 million in April 2026. Customer bills and affordability are political issues in Michigan. For the gap to close, three things must be true. The MPSC must give a fair order on the 2026 electric rate case, which DTE expects in February 2027.

The MPSC approved the Google data center contracts on October 1, 2026, and DTE must now sign a further data center agreement by the end of 2026, as it targets, from the 2 gigawatts in advanced discussions. Operating EPS must reach the high end of the 2026 guidance of $7.59 to $7.73 and then grow more than 9% a year from the $7.66 baseline. The sale of DTE Vantage must close in the first half of 2027. The rate order in February 2027 is the main test.

If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a weak rate order, which cuts the return on the large investment plan.

1. Nov 5, 2026Passed

   Q3 2026 earnings: guidance and data centersOperating EPS on track for the high end of the $7.59 to $7.73 guidance and progress on a new data center agreement pass; lower guidance or no progress on new data center agreements fails.Outcome: DTE said that it is positioned for the high end of its 2026 guidance, and it has 2 gigawatts of data center demand in advanced discussions.
2. Dec 2026 · est.Pending

   A further data center agreementA signed agreement for a further data center by the end of 2026, as DTE targets, passes; no agreement by then fails.
3. Feb 5, 2027 · est.Pending

   Q4 2026 earnings: 2026 result and 2027 guidance2026 operating EPS at the high end of $7.59 to $7.73 and 2027 guidance in line with growth of more than 9% a year pass; a lower result or a weaker outlook fails.
4. Feb 2027 · est.Pending

   MPSC order on the 2026 electric rate caseAn order that grants a large part of the $474 million request with a return on equity near 9.9% or higher passes; an order for much less, or a lower return on equity, fails.

Every passed and failed checkpoint across all picks

• November 5, 2026DTE reported Q3 2026 results. Operating earnings were $2.30 per share, against $2.25 a year earlier, and reported earnings were $2.25 per share. DTE confirmed its 2026 operating EPS guidance of $7.59 to $7.73 and said that it is positioned for the high end. It set a 2027 pro forma baseline of $7.59 to $7.73 after the DTE Vantage sale and raised its operating EPS growth target to more than 9% a year through 2031, from 6% to 8%. Its 2027 to 2031 capital plan is about $44 billion, nearly 30% more than the prior plan, and it targets about $1 billion of new equity each year. It has 2 gigawatts of data center demand in advanced discussions.
• November 5, 2026DTE said that on November 1, 2026 it agreed to sell DTE Vantage, its renewable energy and custom energy solutions business, for about $2.97 billion, subject to adjustments. The buyer is owned by investors advised by J.P. Morgan Asset Management's Global Infrastructure group and has no financing condition. The sale needs regulatory approvals, including from FERC, and DTE expects it to close in mid-2027. If the buyer ends the deal in some cases, it pays DTE a fee of about $149 million.
• October 1, 2026The MPSC approved, with conditions, DTE Electric's special contracts to serve Google's data center in Van Buren Township. The contracts run for 20 years, with minimum monthly billing of 80% of contract capacity and a termination payment of at least 15 years of minimum charges. Google pays for up to 1,600 megawatts of renewable energy and 480 megawatts of battery storage that DTE Electric develops. Service is expected to start in December 2027 and reach maximum load by December 2028.

Last earnings

November 6, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 8-KInvestor disclosureFiled November 6, 2026 · dte-20261106
• 8-KEarnings releaseFiled November 6, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · dte-20260930
• 8-KNew material agreementFiled November 5, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled November 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 28, 2026 · dte-20260928
• 8-KInvestor disclosureFiled September 8, 2026 · dte-20260908
• 8-KChange of directors or officersFiled September 4, 2026 · dte-20260901
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · dte-20260630

Every filing on SEC EDGAR (CIK 936340)

• The MPSC sets DTE's rates and returns. In February 2026, it approved less than half of the electric increase that DTE asked for. Another weak order can reduce earnings growth.
• The growth plan needs about $1 billion of new equity each year from 2027 to 2031, plus more junior subordinated debt. A lower share price makes each issue more dilutive.
• Much of the extra growth depends on data centers. The MPSC approved the Google contracts in October 2026, but service starts only in December 2027. A delay of the first data center past 2027 can change DTE's plan to pause rate cases.
• DTE Vantage earnings depend on renewable natural gas tax credits and on the prices of environmental attributes. Changes in tax law or prices can lower these earnings until DTE completes the sale of DTE Vantage, which it expects in mid-2027.

DTE funds its utility investments with mortgage bonds, senior notes, junior subordinated debentures and equity. At September 30, 2026, debt was about $28.5 billion: $2.85 billion of long-term debt due within one year, $21.94 billion of other mortgage bonds, notes and other debt, $2.46 billion of junior subordinated debentures, $525 million of securitization bonds and $737 million of short-term borrowings. Read more

Yield at the current rate

3.3% (current annual rate, at today’s price)

Dividend yield

3.3% (last 12 months, at today’s price of $139.69)

Paid per share

$4.66 in the last 12 months (4 payments)

Current annual rate

$4.66 ($1.165 × 4 a year)

Payout ratio

63% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 21, 2026, $1.165 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.8% a year. From 2015 to 2025, the dividend grew by about 6.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.