Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

b35d532ba9f54e829e97b9b9407e21a1f17f95f2109efbc6804808adc5f38159

b9ba51d2de0bc0d974916c52741174dc7f343c3063e51b890a52987baeb7e8a0

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

a90f08ea116b28120c090609ba329cbd4d9d9206a08da77e19ac7378c5c3c46a

Electric

- Residential

- Commercial

- Industrial

- Other

- Gas Sales

- End User Transportation

- Intermediate Transportation

Gas Storage and Pipelines

Power and Industrial

DTE Vantage

Energy Trading

Corporate and Other

Reconciliation & Eliminations

Total Revenue

884fecf9e84853ee5af45077a5c5c5e4934982f37cf40d1002ba12cced2d9f1b

Gas sales (Bcf)

End-user transportation (Bcf)

Intermediate transportation (Bcf)

Total Gas sales (Bcf)

Residential (thousands of MWh)

Commercial (thousands of MWh)

Industrial (thousands of MWh)

Other (thousands of MWh)

DTE Electric Sales (thousands of MWh)

Interconnection sales (thousands of MWh)

Total DTE Electric Sales (thousands of MWh)

Retail and wholesale (thousands of MWh)

Electric retail access (thousands of MWh)

Total DTE Electric Sales and Deliveries (thousands of MWh)

6a517249e895a6edd88c5a96d3c7e13dff77df3f798bca621e15a2b4103e6672

Operating Revenues - Utility operations (USD, millions)

Operating Revenues - Non-utility operations (USD, millions)

Operating Revenues (USD, millions)

Operating Expenses - Fuel, purchased power, and gas - utility (USD, millions)

Operating Expenses - Fuel, purchased power, gas, and other - non-utility (USD, millions)

Operating Expenses - Operation and maintenance (USD, millions)

Operating Expenses - Depreciation and amortization (USD, millions)

Operating Expenses - Taxes other than income (USD, millions)

Operating Expenses - Asset (gains) losses and impairments, net (USD, millions)

Operating Expenses (USD, millions)

Operating Income (USD, millions)

Other (Income) and Deductions - Interest expense (USD, millions)

Other (Income) and Deductions - Interest income (USD, millions)

Other (Income) and Deductions - Non-operating retirement benefits, net (USD, millions)

Other (Income) and Deductions - Other income (USD, millions)

Other (Income) and Deductions - Other expenses (USD, millions)

Other (Income) and Deductions (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Expense (Benefit) (USD, millions)

Net Income from Continuing Operations (USD, millions)

Net Income Attributable to DTE Energy Company (USD, millions)

957129b5236e8d666e88a4402013b983c5603470a23353a6a034c5e2d5355bc0

The significant drop in **Non-utility revenues** in Q2 2023 was primarily driven by two factors. First, the **Energy Trading Segment** saw a reduction of **$1,928 million** due to lower gas prices—affecting both **gas structured/gas transportation strategies ($1,891 million)** and **settled financial hedges ($46 million)**—despite a modest offset from increased unrealized mark-to-market gains (**$88 million** compared to **$25 million**).  **[0000936340-23-000169_dte-20230630.htm:68]**  Additionally, the **DTE Vantage Segment** contributed to the decline with a **$31 million** decrease, largely because of **lower sales and prices in the Renewables and On-site businesses**, along with a **project sale in the On-site business** that further reduced revenues by **$5 million**.  **[0000936340-23-000169_dte-20230630.htm:66]** 

Why did Non-utility revenues drop so significantly in Q2 2023?

The substantial increase in Operating Income in Q2 2023 was driven by **timing-related gains of $168 million** primarily linked to gas strategies, along with the reversal of **$4 million in timing-related losses** from previous periods as the underlying contracts settled. This contributed to an overall increase of **$201 million** in Operating Income.  **[0000936340-23-000169_dte-20230630.htm:69]** 

What drove the substantial increase in Operating Income in Q2 2023?

The **Net Income increase in Q2 2023** was driven primarily by the **Energy Trading segment's turnaround** from a **$127 million loss** in Q2 2022 to a **$31 million profit** in Q2 2023. This improvement was largely due to enhanced operating revenues and reduced expenses related to **gas structured and gas transportation strategies**, as well as **unrealized mark-to-market gains** that boosted profitability.  **[0000936340-23-000169_dte-20230630.htm:57]** **[0000936340-23-000169_dte-20230630.htm:68]** 

What factors contributed to the remarkable surge in Net Income in Q2 2023?

The **spike** in asset losses and impairments in Q4 2023 was mainly due to **MPSC disallowances of previously recorded capital expenditures**. Specifically, there was a **$25 million disallowance from the December 2023 rate order**, compared to an **$8 million disallowance in November 2022**, which collectively increased the expense by **$19 million in 2023**.  **[0000936340-24-000076_dte-20231231.htm:48]** 

What caused the spike in asset losses and impairments in Q4 2023?

The **Income Tax Expense** was significantly higher in Q1 2023 because **Income Before Income Taxes** increased from **$410 million in Q1 2022** to **$495 million in Q1 2023**, which naturally raised the tax expense.  **[0000936340-23-000101_dte-20230331.htm:6]**  Additionally, there was a reduction in the impact of **tax credits**—with **Production Tax Credits** having less of a negative effect (from **(7.5%) in Q1 2022** to **(6.2%) in Q1 2023**) and a smaller benefit from **TCJA Amortization** (from **(12.4%) in Q1 2022** to **(4.1%) in Q1 2023**)—compared to the previous quarter, resulting in a higher reported tax expense.  **[0000936340-23-000101_dte-20230331.htm:17]**  Moreover, while **State and Local Income Taxes** remained consistent, discrete items such as the enactment of West Virginia income tax legislation in Q1 2023 (which reduced the effective tax rate by **(1.2%)** and was not present in Q1 2022) also factored into the overall increase.  **[0000936340-23-000101_dte-20230331.htm:17]** 

Why was the Income Tax Expense significantly higher in Q1 2023?

31fccc676778ccc61402405ef2c06f5ef2de1a35a264e46dde1f918bf83dc35c

DTE Energy Co (DTE)

Financials