DTE Energy(US:DTE)2025-10-30 14:14Financial Performance - Utility operations revenue for Q3 2025 was $2,223 million, up 16.8% from $1,903 million in Q3 2024[28] - Non-utility operations revenue increased to $1,304 million in Q3 2025, a 30.1% rise from $1,003 million in Q3 2024[28] - Total operating revenues for the nine months ended September 30, 2025, reached $11,386 million, compared to $9,021 million for the same period in 2024, reflecting a 26.3% increase[28] - Operating income for Q3 2025 was $619 million, a 19.7% increase from $517 million in Q3 2024[28] - Net income attributable to DTE Energy Company for Q3 2025 was $419 million, down 12.1% from $477 million in Q3 2024[28] - Basic earnings per share for Q3 2025 were $2.02, compared to $2.30 in Q3 2024, representing a decrease of 12.2%[28] - Net income for the nine months ended September 30, 2025, was $1,093 million, a slight decrease from $1,112 million in the same period of 2024[38] - Operating income for the nine months ended September 30, 2025, rose to $1,235 million, up from $1,129 million in 2024, marking an increase of 9.4%[42] Assets and Liabilities - Total assets as of September 30, 2025, were $52,028 million, an increase from $48,846 million as of December 31, 2024[32] - Long-term debt (net of current portion) increased to $24,496 million as of September 30, 2025, compared to $20,690 million at the end of 2024[36] - Total cash, cash equivalents, and restricted cash at the end of the period was $79 million, a significant decrease from $1,023 million at the end of the previous period[38] - The balance of common stock increased to $6,835 million as of September 30, 2025, from $6,754 million at the end of September 2024[40] - Total shareholder's equity increased to $11,463 million as of September 30, 2025, up from $11,154 million at the end of 2024, marking a growth of 2.8%[50] Cash Flow and Expenditures - Net cash from operating activities for the nine months ended September 30, 2025, was $2,361 million, down from $2,559 million in 2024, a decrease of 7.7%[38] - Plant and equipment expenditures for utility operations were $2,999 million for the nine months ended September 30, 2025, compared to $3,170 million in 2024, a decrease of 5.4%[38] - Dividends paid on common stock increased to $653 million in 2025 from $607 million in 2024, reflecting an increase of 7.6%[38] Regulatory and Compliance - DTE Electric filed a rate case requesting a $574 million increase in base rates, with a projected return on equity increase from 9.9% to 10.75%[121] - DTE Electric has spent approximately $2.4 billion to comply with air pollution requirements and does not anticipate additional capital expenditures for air pollution compliance in the near term[197] - The estimated cost to comply with the revised coal combustion residuals rule is approximately $430 million, increased by $130 million in Q3 2025 due to more thorough site investigations[203] Environmental and Legal Matters - DTE Energy's non-utility businesses are subject to various environmental laws and regulations[215] - The EPA's Good Neighbor Rule remains uncertain due to ongoing litigation, with no significant financial impact expected at this time[213] - The court granted a motion allowing the DOJ to amend their complaint to include DTE Energy as a defendant in the EES Coke case[216] Derivative and Financial Instruments - DTE Energy's derivative assets included $18 million in FTRs (Financial Transmission Rights) as of September 30, 2025, compared to $9 million in the previous year[143] - DTE Energy's total fair value of derivatives reported was $103 million in assets and $(48) million in liabilities as of September 30, 2025[179] - DTE Energy's net remaining amount from derivative positions, after accounting for collateral obligations, was $36 million as of September 30, 2025[182] Customer and Market Information - DTE Electric serves approximately 2.3 million customers in southeastern Michigan, while DTE Gas serves about 1.3 million customers across Michigan[61] - DTE Electric's residential revenue increased to $968 million in Q3 2025, up from $946 million in Q3 2024[107] Miscellaneous - DTE Energy recorded a valuation allowance of $16 million related to charitable contribution carryforward due to the enactment of the One Big Beautiful Bill Act[82] - DTE Energy's acquisition of a 123 MW cogeneration facility for approximately $216 million enhances its generating capacity[104]