DTE Energy Company (DTE) Earnings
DTE Energy Company is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.52. DTE has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +2.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.98 | $1.95 | -1.5% | $5.1B | +17.6% |
| Feb 17, 2026 | $1.54 | $1.65 | +7.1% | $4.2B | +25.1% |
| Oct 30, 2025 | $2.11 | $2.25 | +6.6% | $3.5B | +8.9% |
| Jul 29, 2025 | $1.40 | $1.36 | -2.9% | $3.4B | +23.3% |
| May 1, 2025 | $2.02 | $2.10 | +4.0% | $4.4B | +30.1% |
| Feb 13, 2025 | $1.44 | $1.51 | +4.9% | $3.4B | +3.7% |
| Oct 24, 2024 | $1.88 | $2.22 | +18.1% | $2.9B | -2.6% |
| Jul 25, 2024 | $1.22 | $1.43 | +17.2% | $2.9B | +18.4% |
| Apr 25, 2024 | $1.71 | $1.67 | -2.3% | $3.2B | +5.3% |
| Feb 8, 2024 | $1.96 | $1.97 | +0.5% | $3.4B | -25.7% |
| Nov 1, 2023 | $1.63 | $1.44 | -11.7% | $2.9B | -36.2% |
| Jul 27, 2023 | $0.93 | $0.99 | +6.5% | $2.7B | -47.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- 2026 off to a strong start with highly engaged team. Team responded well to storms in Q1, restoring 100% of impacted customers in January storm within 48 hours and over 99% in March storm within 48 hours. - Executing customer-focused capital plan to strengthen grid and improve reliability, with rate case filing targeting investments for high impact and customer affordability. - Data centers: Oracle Data Center approved and construction underway, Google data center project advanced with contracts filed for NPSC approval, and ongoing discussions with other potential customers. - Improvements in reliability: Delivered meaningful reliability improvements in 2025, with 90% improvement in outage duration from 2023 to 2025, best all-weather SADI performance in nearly 20 years, and continued success in storm response into 2026. - Modernizing electric distribution systems with smart grid devices, pull-top maintenance, tree trim program, and 4.8 KV system rebuild. - Data center development: Steady progress with Oracle contracts approved and construction underway, Google project advancing, and additional data center opportunities in advanced discussions. - Benefits of data centers: Bring large, steady loads to spread fixed system costs and create affordability benefits for existing customers, with Oracle expected to drive about $300 million annual benefits and Google about $1.7 billion over contract life. - Regulatory strategy: Electric rate case filing supports customer-focused investments in reliability and grid modernization, with data center agreements structured to enhance affordability and protect customers, and IRP to provide visibility into serving growing demand.
Guidance
- 2026 is well positioned to achieve the high end of operating EPS guidance. - Confident in long-term operating EPS growth rate target of 6-8% through 2030, driven by R&D tax credits and flexibility they provide, with Google Data Center project and other data center opportunities providing upside. - 2026 guidance reflects operating EPS growth of 6% to 8% over 2025 guidance midpoint, and RNG tax credits give confidence to deliver at the higher end of that range. - Targeting annual equity issuances of $500 to $600 million in 2026 through 2028, with similar levels through 2030, and maximizing use of internal mechanisms with an equity ATM program.
Segment performance
Operating earnings for the quarter were $407 million, translating to $1.95 per share. DT Electric earnings were $218 million, $71 million higher than Q1 2025 due to timing of taxes, rate implementation, and colder weather, partially offset by higher rate base and O&M costs. DT Gas operating earnings were $210 million, $4 million higher than Q1 2025 driven by colder weather and IRM revenue, partially offset by higher rate-based costs. DT Vantage operating earnings were $48 million, a $9 million increase from 2025 due to higher custom energy solutions and steel-related earnings, partially offset by lower renewable earnings. Energy training earnings were $59 million lower than Q1 2025 primarily due to timing in the power portfolio. Corporate and other was unfavorable by $54 million primarily due to timing of taxes and higher interest expense.
Analyst Q&A
Q: Shar Parisa with Wells Fargo asked about the Google deal's approvals, feedback, and next deal timing.
A: Feedback on Google deal is positive with community welcoming, expecting order in September, and targeting to have something done before end of year with two gigawatts of hyperscalers in late-stage negotiations.
Q: Michael Lonegan with Barclays asked about rate case assumptions, ROE, equity ratio, and gas rate case timing.
A: Entering rate case with expectation of constructive outcome, requested 10 and a quarter ROE and 51% equity, and will determine gas rate case filing cadence after current case plays out.
Q: Julian DeMolin-Smith with Jefferies asked about stay out dependency, electric stand impact with Google approval, and Vantage recycling.
A: Stay out dependent on proposed mechanism, Google approval could push out electric cases further, and Vantage has strong pipeline with data center opportunity progressing and recycling avenue examined but nothing imminent.
Q: Jeremy Tenet with JP Morgan asked about Oracle and Google data center ramp, comparison to minimum contracted levels, customer benefits from contracts, and future deals.
A: Oracle ramps exponentially beyond 2026, Google starts small and expands to gigawatt by 2028, contract allows flexibility, Oracle contract has smaller affordability benefit due to no substantial construction needed, and future deals need to provide affordability benefits to customers.
Q: Richard Sunderland with Truist Securities asked about IRM outcome for stay out, state data center dynamic, and Oracle site expansion.
A: Stay out around proposed mechanism, state data center dynamic has hyperscalers engaging with local government and more acceptance, and Oracle site has expansion potential.
Q: Bill Apicelli with UBS asked about financing for Google's $5 billion investment, future deals, and R&G tax credits.
A: Incremental capital partially funded with equity, focus on growing utilities, conservative assumptions for R&G tax credits with potential for modest upside.
Q: Michael Sullivan with Wolf Research asked about Google deal's CapEx rule of thumb, Vantage's one gigawatt deal, and trading print dynamics.
A: Deals are bespoke, Vantage has assorted sizes of new deals, trading print shaping contemplated in guidance with confidence to hit high end of full year guidance due to hedged and contracted revenues.
Q: Andrew Riesel with Scotiabank asked about data center customer concentration, credit protections, and stakeholder responses to storms.
A: Concentration roughly 40% once ramped, credit protections differ based on counterparty strength, and stakeholders are responding positively to reliability improvements from investments.
Q: Paul Freeman with Redenberg asked about Google investment in five-year plan, capital spending plan update, and governor's race impact.
A: Some Google investment falls into five-year plan, will update plan with regulatory approval, and governor's race candidates generally support data centers and affordability benefits.
Q: Anthony Croteau with Mizuho asked about Vantage's interest in other regions and Google's infrastructure needs.
A: Vantage is scanning for potential elsewhere, and to reach Google's full ramp, DTE will build renewables, battery storage, and incorporate demand response.
Q: Bank of America asked about mechanism precedent, triggers, and contract structure changes with more data centers.
A: Precedent exists, mechanism has additional regulatory approvals, and contract structures are bespoke based on size, counterparty, and resources needed.