EarningsQ2 2026 Earnings Report

DTE Energy (DTE1) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:DTE1 Q2 2026 EPS Results

Actual EPS$22.51

Consensus EPS$19.36

Beat/MissBeat by +$3.16

One Year Ago EPS$23.20

MX:DTE1 Q2 2026 Revenue Results

Actual Revenue$56.90B

Expected Revenue$57.27B

Beat/MissMissed by -$365.99M

YoY Revenue Growth+0.97%

Earnings Announcement Details

QuarterQ2 2026

Date07/28/2026

TimeBefore Open

Conference CallTuesday, July 28, 2026

MX:DTE1 Upcoming Earnings

DTE Energy's next earnings date is estimated for October 22, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:DTE1 Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong execution on multiple fronts — a robust data center pipeline with material affordability benefits, significant reliability improvements (90% reduction in outage duration from 2023–2025), solid non-utility performance, and a clear funding plan to support a large capital program. Key near-term challenges include the severe July storm that extended restoration times, certain year-over-year utility earnings declines driven by tax timing and weather, counterparty credit volatility (Oracle downgrade) mitigated by contractual protections, and pipeline gating by zoning and permitting. On balance, the positive operational, financial and strategic developments (notably the data center agreements and demonstrated reliability gains) outweigh the discrete challenges noted during the call.

Company Guidance

DTE said it remains on track to hit the high end of 2026 operating EPS guidance (Q2 operating earnings $274M, $1.32/share) and reiterated a long‑term operating EPS growth target of 6%–8% through 2030 (5‑year plan supports 6%–8% growth with utility earnings ~93% of total by 2030), underpinned by planned investments of roughly $11B over the next five years and liquidity/credit targets (annual equity issuance $500M–$600M in 2026–2028 and through 2030, up to $100M internally, forward sales priced $350M in Q1 + $150M in Q2, target FFO/debt ~15%, maintain investment‑grade). Data centers provide upside (2.4 GW executed: 1.4 GW Oracle approved and under construction, 1.0 GW Google pending MPSC approval expected in September; pipeline 5–6 GW including ~2 GW in advanced discussions with a goal of another agreement by end‑2026 and a further 3–4 GW possible), and are expected to deliver material affordability benefits (Oracle ≈$300M annual to customers; Google ≈$1.7B over contract life) that could support a proposed rate‑case IRM with nearly $800M of capital by 2030 and a potential stay‑out until at least 2028 if mechanisms are approved; reliability targets include reducing outage frequency 30% and halving duration by 2029, with outage duration already improved 90% from 2023–2025, best all‑weather SAIDI in nearly two decades, 97% of customers restored within 24 hours (prior five storms), and operational metrics such as 700+ automated devices installed in 2025 (~20% over plan) with >500 planned in 2026, ~200 miles of hardening and ~1,000 miles of pole‑top maintenance in 2025 (target ~1,700 miles in 2026), >70 miles of 4.8 kV conversions and >20 miles of subtransmission rebuilt in 2025, and a goal to fully automate distribution by decade‑end.

Solid Quarterly Financials and EPS

Operating earnings of $274 million in Q2 2026, equivalent to $1.32 per share; company says results keep it on track to reach the high end of 2026 operating EPS guidance and supports long-term 6%–8% operating EPS growth through 2030.

Data Center Pipeline and Executed Agreements

2.4 gigawatts of executed data center agreements (1.4 GW Oracle approved and under construction; 1.0 GW Google submitted to MPSC); pipeline of an additional 5–6 GW of opportunities with 2 GW in advanced discussions and a target to secure another agreement by end of 2026.

Affordability Benefits from Large-Load Customers

Oracle expected to deliver roughly $300 million of annual benefits to existing customers once fully ramped; Google expected to provide about $1.7 billion of benefits over the life of the contract — material downward pressure on customer rates if approvals and ramps proceed as planned.

Major Reliability Improvements

Outage duration improved 90% from 2023 to 2025; best all‑weather SAIDI performance in nearly two decades; across five storms prior to July, 97% of customers restored within 24 hours and nearly 100% within 48 hours, validating prior grid investments.

Grid Modernization Progress and Planned Investment

Installed over 700 automated devices in 2025 (~20% above plan) and planning to deploy 500+ additional devices in 2026; completed 200+ miles of targeted hardening and nearly 1,000 miles of pole-top maintenance in 2025, planning ~1,700 miles of maintenance in 2026; targeting approximately $11 billion of investment over the next five years.

Strong Non-Utility Performance

DTE Vantage operating earnings of $45 million in Q2 2026, up $14 million year-over-year driven by custom energy solutions and RNG platforms; Energy Trading earnings of $41 million, up $17 million year-over-year, with confidence in hitting the high end of full-year guidance for the segment.

Balance Sheet and Funding Execution

Maintaining equity issuance plan of $500–$600 million annually (2026–2028) to fund capital plan; priced about $500 million of equity through forward sale agreements in H1 2026 (350M Q1, 150M Q2) to efficiently meet 2026 funding needs; targeting FFO-to-debt of ~15% and preserving investment-grade credit profile.

Recognition and Employee Engagement

Gallup Great Workplace Award for the 14th consecutive year with employee engagement ranking in the 94th percentile globally — indicates strong organizational execution and retention of talent supporting operations and projects.

MX:DTE1 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 22, 2026	2026 (Q3)	40.78 / -	38.378	―
Jul 28, 2026	2026 (Q2)	19.36 / 22.51	23.197	-2.94% (-0.68)
Apr 30, 2026	2026 (Q1)	34.30 / 33.26	35.819	-7.14% (-2.56)
Feb 17, 2026	2025 (Q4)	25.99 / 28.14	25.756	9.27% (+2.39)
Oct 30, 2025	2025 (Q3)	36.06 / 38.38	37.866	1.35% (+0.51)
Jul 29, 2025	2025 (Q2)	23.81 / 23.20	24.391	-4.90% (-1.19)
May 01, 2025	2025 (Q1)	34.37 / 35.82	28.485	25.75% (+7.33)
Feb 13, 2025	2024 (Q4)	24.63 / 25.76	33.602	-23.35% (-7.85)
Oct 24, 2024	2024 (Q3)	32.02 / 37.87	24.562	54.17% (+13.30)
Jul 25, 2024	2024 (Q2)	20.64 / 24.39	16.886	44.44% (+7.50)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed