DTE US S&P 500Russell 1000 Earnings call
DTE Energy (DTE) · Q1 2026 results and valuation
Share price: $139.69 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 30 Apr 2026 and 17 Feb 2026
Net income down 33.1% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−33.1%
Net income vs Q4 2025
Outlook given
Net income 247.0M vs 369.0M
Revenue +16.1%
Against the same quarter last year (Q1 2025) it is −44.5%, so it is not just seasonal.
Why Net income fell primarily due to colder weather and IRM revenue, partially offset by higher rate base costs.
2 · How management spoke
Typical
More upbeat than 51% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
The company expects an order for the Google contract by September 10, which is based on the specific requirements of the contract.
Valuation
Is DTE Energy undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$139.69
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+12.5% for 10 yrs
Fair value / share
$-8.08
Buy below
$-6.06
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
EPS +68% · from the Q1 2026 report: “DTE confirmed its long-term operating EPS growth rate target of 68% through 2030.”
A guidance figure for eps, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
DTE confirmed its long-term operating EPS growth rate target of 68% through 2030.
-
Fading
DTE expects to move the next data center project through the regulatory approval process by midyear to provide capital upside and impacts to the long-term plan.
Source quote
“Although we will be filing for the approval of a large load customer tariff, we expect the next data center... ...we advance the related contracts and move this next project through the regulatory approval process by midyear, we will provide more details on the capital upside and the impacts to our long-term plan. The agreement will provide significant benefits and protections for our customers, including meaningful affordability benefits.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“2026 is off to a really strong start, and we remain well positioned to achieve the high end of our operating EPS guidance this year.”
“As the loan from these projects ramp it creates the potential to extend the timing of our next DTE Electric rate case filing, delivering the benefits to our existing customers...”
“From 2023 to 2025, we achieved a 90% improvement in outage duration, reflecting both stronger system performance and faster restoration.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 5.14B | 4.43B | +16.1% | 4.44B | +15.8% |
| Operating income | 412.0M | 704.0M | −41.5% | 624.0M | −34.0% |
| Net income | 247.0M | 369.0M | −33.1% | 445.0M | −44.5% |
| EPS | 1.19 | 1.77 | −32.8% | 2.14 | −44.4% |
| P/E today 20.6 | 24.0 | 18.3 | +5.7 | 18.7 | +5.3 |
Topics
Most discussed now
- Please refer to the reconciliation of GAAP earnings to operating earnings provided in the appendix.
- DTE Energy has a highly engaged organization that's executing extremely well.
- You can find a detailed breakdown of EPS by segment, including a reconciliation to GAAP reported earnings in the appendix.
- DTE Energy had its best reliability performance in 20 years and a really strong performance in the first quarter, as I...
- Vantage has a really strong pipeline of opportunities that DTE Energy continues to advance.
Faded since Q4 2025
- Fading As DTE Energy included in the deck, Shar, and it said all along that 3 gigawatts of incremental data center load...
- Dropped As DTE Energy mentioned last quarter, O&M at DTE Gas was higher in 2025 than it was in 2024 as O&M...
- Fading In 2025, DTE Energy remains sharply focused on improving reliability, executing on its growth plan and achieving solid financial results…
- Fading DTE Energy is well positioned to continue solid financial performance in 2026.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K