Segment and Related Information

3 Months Ended

Mar. 31, 2026

SEGMENT AND RELATED INFORMATION

DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the four reportable segments below. DTE Electric is a standalone registrant with one reportable segment.

Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.

Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.4 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.

DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers.

Energy Trading segment consists of energy marketing and trading operations.

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth.

The chief operating decision maker (CODM) at DTE Energy is the Financial Objectives committee, which is comprised of the Chief Executive Officer, Chief Financial Officer, and other executive leaders of DTE Energy. The CODM at DTE Electric is comprised of the Chief Executive Officer and Chief Financial Officer. The CODMs assess performance for the reportable segments detailed above and decide how to allocate resources based on Net Income (Loss) Attributable to DTE Energy Company and monitoring budget versus actual results. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.


	Three Months Ended March 31,
		2026		2025
		(In millions)
Electric segment(a)		$	19	$	19
Gas segment		8		4
DTE Vantage segment		36		40
Energy Trading segment		50		46

		$	113	$	109

_______________________________________

(a)Inter-segment billing for the Electric segment relating to Non-utility operations includes $1 million for both the three months ended March 31, 2026 and 2025.

All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided.

The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. Carryforward items, such as tax credits and charitable contributions, are recorded at their individual company basis and adjusted at Corporate and Other for consolidated tax purposes.

The Reclassifications and Eliminations group below also includes the reclassification of deferred tax assets and prepaid pension assets, which are netted against deferred tax liabilities and accrued pension liabilities, respectively, for presentation on the DTE Energy Consolidated Statements of Financial Position.

Profit (loss) financial data of DTE Energy's business segments follows:


	Electric(a)		Gas	DTE Vantage	Energy Trading	Total Reportable Segments		Corporate and Other	Reclassifications and Eliminations	Total
	(In millions)
Three months ended March 31, 2026
Operating Revenues — Utility operations	$	1,717	932	—	—	$	2,649	—	(26)	$	2,623
Operating Revenues — Non-utility operations	$	27	—	227	2,351	$	2,605	—	(87)	$	2,518
Depreciation and amortization	$	409	58	15	1	$	483	—	—	$	483
Interest expense	$	147	35	7	6	$	195	117	(19)	$	293
Interest income	$	(3)	(1)	(25)	(3)	$	(32)	(18)	19	$	(31)
Equity earnings of equity method investees	$	—	1	2	—	$	3	—	—	$	3
Other segment items (pre-tax)(b)	$	989	566	311	2,451	$	4,317	—	(113)	$	4,204
Income Tax Expense (Benefit)	$	(16)	63	(24)	(26)	$	(3)	(55)	—	$	(58)
Net Income (Loss) Attributable to DTE Energy Company	$	218	210	(59)	(78)	$	291	(44)	—	$	247

Three months ended March 31, 2025
Operating Revenues — Utility operations	$	1,454	876	—	—	$	2,330	—	(23)	$	2,307
Operating Revenues — Non-utility operations	$	5	—	188	2,026	$	2,219	—	(86)	$	2,133
Depreciation and amortization	$	382	54	15	1	$	452	—	—	$	452
Interest expense	$	133	32	8	2	$	175	94	(19)	$	250
Interest income	$	(2)	(2)	(20)	(3)	$	(27)	(15)	19	$	(23)
Equity earnings of equity method investees	$	—	—	7	—	$	7	—	—	$	7
Other segment items (pre-tax)(b)	$	826	523	147	1,937	$	3,433	3	(109)	$	3,327
Income Tax Expense (Benefit)	$	(3)	63	(8)	22	$	74	(92)	—	$	(18)
Net Income Attributable to DTE Energy Company	$	123	206	39	67	$	435	10	—	$	445

_______________________________________

(a)The Electric segment consists principally of DTE Electric. Refer to the DTE Electric Consolidated Statements of Operations and the DTE Electric Consolidated Statements of Financial Position for the standalone DTE Electric amounts.

(b)Other segment items include Fuel, purchased power, and gas — utility; Fuel, purchased power, gas, and other — non-utility; Operation and maintenance; Taxes other than income; Asset (gains) losses and impairments, net; Non-operating retirement benefits, net; Other income; and Other expenses.

Other financial data of DTE Energy's business segments follows:


	Electric(a)		Gas	DTE Vantage	Energy Trading	Total Reportable Segments		Corporate and Other	Reclassifications and Eliminations	Total
	(In millions)
March 31, 2026
Investment in equity method investees	$	4	19	78	—	$	101	11	—	$	112
Capital expenditures and acquisitions	$	1,048	166	14	1	$	1,229	—	—	$	1,229
Goodwill	$	1,208	743	25	17	$	1,993	—	—	$	1,993
Total Assets	$	40,719	9,215	2,519	998	$	53,451	5,270	(3,613)	$	55,108

December 31, 2025
Investment in equity method investees	$	4	19	77	—	$	100	22	—	$	122
Capital expenditures and acquisitions	$	3,892	661	80	6	$	4,639	—	—	$	4,639
Goodwill	$	1,208	743	25	17	$	1,993	—	—	$	1,993
Total Assets	$	39,370	8,987	2,426	1,313	$	52,096	5,145	(3,175)	$	54,066

_______________________________________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

DTE ENERGY CO 10-Q