Research · Sep 3, 2026
[DTE] DTE Energy Thesis 2026: Largest Data Center Deal in History Anchors Capex Surge
DTE Energy FY25 op EPS $7.36 (above guide $7.09-$7.23); GAAP EPS $7.06; revenue $15.81B; op income $2.37B (+14%); NI $1.46B (+4%). 1.4GW data center deal signed (first large hyperscaler); 3GW additional in late-stage negotiations. 5-year capital plan increased $30B → $36.5B. SAIDI best in 20 years; 99.9% restored within 48hr. RNG production tax credits at DTE Vantage. FY26 guide: op EPS $7.59-$7.73 (+6-8%); 6-8% LT EPS growth through 2030; utility op earnings to 93% by 2030; equity issuance $500-600M annual.