DTE 8-K
Dte Energy Co (DTE)
8-K
2026-07-28
For: 2026-07-28
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July 28, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2026
Commission File Number: 1-11607
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Commission File Number: 1-2198
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Registrants address of principal executive offices: One Energy Plaza , Detroit , Michigan 48226-1221
Registrants telephone number, including area code: (313 ) 235-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued July 28, 2026, announcing financial results for the quarter ended June 30, 2026. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
DTE Energy is furnishing the SEC with its slide presentation issued July 28, 2026. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
In its earnings release, slide presentation and this filing, DTE Energy discusses 2026 operating earnings guidance. It is likely that certain items that impact the company's 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Earnings Release of DTE Energy Company dated July 28, 2026. | |||||
| Slide Presentation of DTE Energy Company dated July 28, 2026. | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
Forward-Looking Statements:
This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2025 Form 10-K and 2026 Form 10-Qs (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Date: July 28, 2026 | |||||
DTE ENERGY COMPANY (Registrant) | |||||
/s/David Ruud David Ruud Vice Chairman and Chief Financial Officer | |||||
DTE ELECTRIC COMPANY (Registrant) | |||||
/s/David Ruud David Ruud Vice Chairman and Chief Financial Officer | |||||
Exhibit 99.1
DTE Energy reports second quarter 2026 accomplishments, investments and earnings
•Continued investments to improve reliability and accelerate cleaner energy; invested over $900 million in first half of 2026 to continue improving electric reliability while supporting customer affordability
•Advanced clean energy and Michigan’s economy through a $1.6 billion battery storage investment
•Expanded renewable energy partnership with the University of Michigan
•Earned Edison Electric Institute’s 2026 Supplier Engagement Excellence Award
DETROIT, July 28, 2026 – DTE Energy (NYSE:DTE) invested more than $2.6 billion in its utilities during the first half of 2026 to strengthen its electric and natural gas infrastructure, improve reliability during extreme weather and deliver cleaner energy for the communities it serves. The company is committed to make significant investments this year to build a stronger, more resilient energy system, while keeping its service safe and affordable for customers.
The company also reported second quarter earnings of $282 million or $1.35 per diluted share, compared with $229 million, or $1.10 per diluted share in 2025. Operating earnings for the second quarter of 2026 were $274 million, or $1.32 per diluted share, compared with 2025 operating earnings of $283 million, or $1.36 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
“As energy demand increases, we are meeting the moment by making responsible investments that strengthen our infrastructure and deliver real value and affordability for our customers,” said Joi Harris, DTE Energy’s president and CEO. “At the same time, we are building a cleaner energy future, expanding opportunities for local businesses and supporting economic growth across Michigan.”
Harris noted the following accomplishments:
•Invested over $900 million to continue improving electric reliability while supporting customer affordability: DTE continues to invest significantly to build the electric grid of the future by modernizing and rebuilding infrastructure, trimming trees and deploying smart grid technology that helps detect issues, isolate damage and restore power faster. Customers are seeing the benefits: Smart grid technology prevented more than 49,000 outages in the first half of 2026 and more than 90,000 since the program began in 2023. As long as the first data center project DTE is supporting
comes online as planned by the end of 2027 and the company receives other regulatory approvals, DTE plans to refrain from filing another electric rate request until at least 2028 - providing customers two years without an increase in rates after the current request is complete.
•Advanced clean energy and Michigan’s economy through a $1.6 billion battery storage investment: DTE partnered with LG Energy Solution Vertech to develop Michigan-made battery energy storage systems for eight projects across the state, supporting 1.5 gigawatts of storage capacity, improving grid reliability and generating an estimated $2.3 billion in total economic benefit for Michiganders.
•Expanded renewable energy partnership with the University of Michigan: DTE and U-M announced a new renewable energy agreement, through DTE’s MIGreenPower program, that puts the university on track to eliminate emissions tied to its electricity use in 2027. The agreement supports development of DTE's new solar park in Lenawee County devoted to the energy needs of U-M’s academic buildings, residence halls, hospitals and research facilities, while advancing DTE’s commitment to helping customers meet their clean energy goals with Michigan-made renewable energy.
•Earned Edison Electric Institute’s 2026 Supplier Engagement Excellence Award: DTE was recognized by the Edison Electric Institute for its commitment to building strong partnerships with suppliers, creating opportunity for local businesses and strengthening Michigan’s economy. The award reflects the company’s comprehensive approach to supplier engagement, including supplier development and mentorship, sustainability and economic impact.
Outlook for 2026
DTE Energy confirms 2026 operating EPS guidance of $7.59 to $7.73.
“Our financial performance reflects the strength of our plan and the dedication of our teams,” said David Ruud, DTE vice chairman and CFO. “We remain on track with our 2026 operating EPS guidance and are managing costs and capital with discipline so DTE can continue investing for the future to benefit our customers.”
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The telephone dial-in USA and international toll is: +1 (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.4 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this release, DTE Energy discusses 2026 operating earnings guidance. It is likely that certain items that impact the company's 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any information contained in this document as a result of new information or future events or developments. Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in DTE Energy’s geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in
international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
For more information, members of the media may contact:
Dan Miner, DTE Energy: 313.235.5555
For further information, analysts may call:
Matt Krupinski, DTE Energy: 313.235.6649
John Dermody, DTE Energy: 313.235.8750
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 270 | $ | — | $ | — | $ | 270 | $ | 318 | $ | — | $ | — | $ | 318 | |||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | (4) | — | — | (4) | 6 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 45 | — | — | 45 | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | 49 | (10) | A | 2 | 41 | (16) | 54 | A | (14) | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 94 | (10) | 2 | 86 | 15 | 54 | (14) | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (78) | — | — | (78) | (110) | — | 14 | B | (96) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 282 | $ | (10) | $ | 2 | $ | 274 | $ | 229 | $ | 54 | $ | — | $ | 283 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments key | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Adjustment to Income Tax Expense due to a tax law change in Illinois | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 1.30 | $ | — | $ | — | $ | 1.30 | $ | 1.53 | $ | — | $ | — | $ | 1.53 | |||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | (0.02) | — | — | (0.02) | 0.03 | — | — | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | 0.21 | — | — | 0.21 | 0.15 | — | — | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | 0.24 | (0.04) | A | 0.01 | 0.21 | (0.07) | 0.25 | A | (0.06) | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 0.45 | (0.04) | 0.01 | 0.42 | 0.08 | 0.25 | (0.06) | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (0.38) | — | — | (0.38) | (0.54) | — | 0.07 | B | (0.47) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 1.35 | $ | (0.04) | $ | 0.01 | $ | 1.32 | $ | 1.10 | $ | 0.25 | $ | 0.01 | $ | 1.36 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments key — see previous page | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 488 | $ | — | $ | — | 488 | $ | 441 | $ | 33 | C | $ | (9) | $ | 465 | |||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | 206 | — | — | 206 | 212 | — | — | 212 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | (14) | 112 | A | (5) | 93 | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | (29) | 60 | B | (15) | 16 | 51 | 10 | B | (3) | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | (43) | 172 | (20) | 109 | 121 | 10 | (3) | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (122) | — | — | (122) | (100) | — | 14 | D | (86) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 529 | $ | 172 | $ | (20) | $ | 681 | $ | 674 | $ | 43 | $ | 2 | $ | 719 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments key | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A) Adjustment to legal reserve relating to EES Coke Battery — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| C) MPSC disallowance of power supply costs previously recorded — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| D) Adjustment to Income Tax Expense due to a tax law change in Illinois | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric segment | $ | 2.34 | $ | — | $ | — | $ | 2.34 | $ | 2.12 | $ | 0.16 | C | $ | (0.04) | $ | 2.24 | ||||||||||||||||||||||||||||||||||||||||||
| DTE Gas segment | 0.99 | — | — | 0.99 | 1.02 | — | — | 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage segment | (0.07) | 0.53 | A | (0.02) | 0.44 | 0.34 | — | — | 0.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading segment | (0.14) | 0.30 | B | (0.07) | 0.09 | 0.25 | 0.04 | B | (0.01) | 0.28 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | (0.21) | 0.83 | (0.09) | 0.53 | 0.59 | 0.04 | (0.01) | 0.62 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (0.59) | — | — | (0.59) | (0.49) | — | 0.07 | D | (0.42) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 2.53 | $ | 0.83 | $ | (0.09) | $ | 3.27 | $ | 3.24 | $ | 0.20 | $ | 0.02 | $ | 3.46 | |||||||||||||||||||||||||||||||||||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2Q 2026 Earnings Conference Call July 28, 2026
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.
Participants 3 Joi Harris – President and CEO Dave Ruud – CFO Matt Krupinski – Director of Investor Relations
Continuing to deliver exceptional results for our stakeholders; well positioned for long-term growth 4 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Executing customer-focused investments to strengthen the grid and further improve reliability ✓ Data center opportunities continue to progress, providing significant affordability benefits • 1.4 GW Oracle data center (in plan) approved and construction started; 1 GW Google data center contract submitted to MPSC for approval • Google data center provides upside to current long-term plan; potential further upside to plan as additional discussions advance in pipeline ✓ Regulatory strategy focused on continuing to deliver reliability and value while providing visibility on affordability for our customers ✓ 2026 operating EPS1 guidance provides 6% - 8% growth over 2025 guidance midpoint; well positioned to achieve high end of the range due to RNG tax credits ✓ Long-term operating EPS growth rate target of 6% - 8% through 2030, with 2026 guidance midpoint as the base; confident we will reach the high end of the guidance range in each year driven by RNG tax credits and the flexibility they provide • Confident that the Google data center and other data center opportunities in the pipeline will provide upside to current long-term plan
Continued focus on strategic investments and operational execution to drive improvement in reliability for our customers Technology and Automation Fully automate the distribution system by end of 2029 and begin subtransmission automation work in 2029 • Installed 730 automatic devices in 2025; 20% more than planned through efficiency gains • Another 500+ additional devices planned for 2026 3 minutes AW SAIDI savings Infrastructure Resilience and Hardening Complete PTMM on half of the system by 2029 with 100% of pole top inspections completed • Completed 224 miles of 4.8kV hardening • Completed 969 miles of PTMM in 2025 and ramping up to 1,700 miles in 2026 26 minutes AW SAIDI savings Infrastructure Redesign and Modernization Increase conversion of 4.8kV circuits to address critical system needs • Converted 72 miles2 of 4.8kV to 13.2kV, and rebuilt 22 miles of subtransmission • 2026 plans include our highest volume of conversion miles yet 6 minutes AW SAIDI savings Tree Trimming Remain on tree trim cycle for all circuits and enhance inspection and maintenance practices • Completed the Surge • Piloting expansion model with brush opt-out, overhang removal, and priority tree boundary extension 20 minutes AW SAIDI savings Pillar Highlights Customer Benefit in 20251 2 3 4 Applying lessons learned from July storm ✓ The storm's unexpected severity and widespread damage posed greater challenges than other recent major weather events ✓ We will apply the lessons learned from these exceptional conditions to strengthen future storm response and keep improving service for our customers Significant reliability improvements driven by strategic investments and process enhancements, along with more favorable weather ✓ ~90% improvement in duration of outages from 2023 to 2025 ✓ Achieved best all-weather SAIDI metric in nearly 20 years in 2025 ✓ Demonstrated strong, consistent storm response in the five storms preceding July — restoring an average of 97% of customers within 24 hours and 99.8% within 48 hours On track with goal of reducing power outages by 30% and cutting outage time in half by 2029 $11 billion distribution investment plan over the next 5 years 5
Executing on data center opportunities that enhance customer affordability and drive growth 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings Proven execution with contracts that protect customers and drive growth 2.4 GW of executed agreements today ✓ 1.4 GW Oracle agreement approved and in plan ✓ 1 GW Google agreement in MPSC approval process; provides upside to current plan ✓ Affordability benefits could support potential rate case stay-out until at least 2028 Provides significant affordability benefits for existing customers Strong pipeline continues to advance 5-6 GW of additional opportunities ✓ 2 GW in advanced discussions; targeting additional agreement by end of 2026 ✓ 3-4 GW of additional pipeline opportunities ✓ Large load tariff moving through approval process Provides upside to operating EPS1 growth target as the pipeline advances 6
7 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2025 to March 2026 2. Source: EIA and Federal Reserve Economic Data (FRED) Data center projects combined with our continuous improvement culture will sustain our historical success of managing customer affordability Data centers drive significant affordability benefits for existing customers • Oracle data center provides ~$300 million of annual affordability benefits for existing customers once fully ramped Oracle 1.4 GW (approved and in plan) Google 1.0 GW (upside to plan) • Google data center expected to generate ~$1.7 billion of affordability benefits for existing customers over the life of the contract Top tier affordability Total electric residential bill change % from 2021 to 20261 Electric residential bill as a percent of median household income2 2.6% 0.0% 2.4% 2.2% 2.0% 1.8% Michigan National Average 2.0% 1.8% 7.2% 26.4% 27.1% DTE Electric Great Lakes average National average
Regulatory strategy focused on continuing to deliver value and provide visibility for our customers Integrated Resource Plan (IRP) and Renewable Energy Plan (REP) filings provide visibility into long-term generation and capacity needs • IRP outlines our plan to meet long-term resource needs, including significant data center load; next IRP expected to be filed 3Q 2026 • Transparent process helps determine the most effective and affordable way to serve our customers 8 Electric rate case filing supports disciplined investments in reliability and grid modernization with a continued focus on affordability • Supports our distribution infrastructure investment plan focused on reducing power outages by 30% and cutting outage time in half by 2029 • Requesting ~$800 million of distribution spend to be included in the IRM by 2030, to support consistent, predictable infrastructure investments for our customers Data center agreements enhance affordability, protect our customers and could help delay future rate increases • Delivers significant affordability benefits with strong customer protections: Oracle data center provides $300 million of annual benefit and Google data center expected to provide ~$1.7 billion over the life of the contract • Load ramps could allow us to delay the next DTE Electric rate case filing
2Q 2026 operating earnings1 variance 9 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2025 2026 Variance Primary drivers DTE Electric $318 $270 ($48) Timing of taxes, higher rate base costs and unfavorable weather partially offset by rate implementation DTE Gas 6 (4) (10) Higher rate base and O&M costs and warmer weather partially offset by IRM revenue DTE Vantage 31 45 14 Higher RNG and custom energy solutions earnings Energy Trading 24 41 17 Primarily timing in the power portfolio Corporate & Other (96) (78) 18 Timing of taxes partially offset by higher interest expense DTE Energy $283 $274 ($9) Operating EPS $1.36 $1.32 ($0.04) Avg. Shares Outstanding 207 208 (millions, except EPS) Positioned to achieve high end of operating EPS guidance in 2026 due to favorability from RNG tax credits at DTE Vantage
Maintaining strong cash flows, balance sheet and credit profile 10 Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Targeting equity issuances of $500 - $600 million annually 2026 – 2028, with similar levels planned through 2030 − The equity need is due to a ~$3.5 billion increase in capital over the next 3 years to support data center load growth and generation investments − Plan may also include additional junior subordinated debt to support balance sheet metrics • Effectively managing debt maturities to support long-term plan • Maintaining solid investment-grade credit ratings; targeting ~15% FFO / Debt1 1. Funds from Operations (FFO) is calculated using operating earnings, debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes as equity
11 Well positioned to continue to drive long-term value for shareholders while delivering affordable, reliable energy for our customers Strong Long-Term Growth Opportunities Solid Regulatory Construct Reliable and Affordable Energy for our Customers Consistent Financial Results • Met or exceeded operating EPS1 guidance 18 of past 19 years • Strong balance sheet and credit metrics support the execution of our long-term plan • Executing on significant improvement in system reliability • On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Continuous improvement culture and data center projects support continued success in maintaining affordability • Residential electric bill increase well below national average since 2021 • Consistent collaboration with the MPSC to ensure safe, reliable and affordable energy for our customers • Renewable investments supported by cost recovery mechanism defined by Michigan energy law • IRMs drive consistent, predictable infrastructure investments with timely recovery • 10-month rate case cycle and forward test-year help reduce regulatory lag • Transparent IRP process provides opportunity to align with key stakeholders on generation investments • $36.5 billion five-year capital plan supports Oracle data center development, cleaner generation transformation and improved reliability • Long-term operating EPS growth rate target of 6% - 8% through 2030; confident we will reach the high end of the guidance range in each year driven by RNG tax credits • Confident that the Google data center and other data center opportunities in the pipeline will provide upside to long-term plan 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
12 Appendix
13 • Contracts approved by MPSC and construction initiated; demand expected to ramp in the 2027/2028 timeframe • Load ramp supported by existing capacity and new energy storage investments; nearly $2 billion storage investment in plan • 19-year power supply agreement with minimum monthly charges; 15-year energy storage contract covers capital investment; termination fees combined with credit and collateral requirements protect existing customers Data center opportunities continue to progress; 1.4 GW Oracle data center approved and moving forward; executed 1 GW agreement with Google Oracle 1.4 GW (approved and in plan) Google 1.0 GW (upside to plan) Additional Pipeline 5-6 GW (upside to plan) • Contracts filed with MPSC for approval; demand expected to fully ramp by end of 2028 • Load ramp supported by up to 1,600 MW of renewable generation, 480 MW of energy storage and 350 MW of demand response; additional ~700 MW of longer-term generation will be identified through the IRP process • Generation and storage requirements could drive ~$5 billion1 incremental capital investment through 2032 • 20-year power supply agreement with minimum monthly charges; 20-year clean capacity acceleration agreement covers renewable and storage investments; termination fees combined with credit and collateral requirements protect existing customers • Advanced discussions with additional hyperscalers for ~2 GW of additional load • Multiple other opportunities with hyperscalers and other customers for an additional 3-4 GW of new load • Additional demand expected longer-term from customer expansions • Opportunities would require investments in new baseload generation, renewables and/or related storage investment; generation requirements will be solidified through the IRP process 1. Preliminary – final generation resources will be determined through the 2026 IRP filing which will be filed later this year
2026 operating EPS1 guidance midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end 14 (millions, except EPS) 2026 operating earnings DTE Electric $1,340 - $1,360 DTE Gas 315 - 325 DTE Vantage 180 - 190 Energy Trading 50 - 60 Corporate & Other (310) - (300) Positioned to achieve high end of operating EPS guidance in 2026 due to favorability from RNG tax credits at DTE Vantage DTE operating earnings guidance $1,585 - $1,615 DTE operating EPS guidance $7.59 - $7.73 • Utility growth driven by customer-focused investment supporting building the grid of the future and cleaner energy transition • DTE Vantage guidance supported by new project development in the custom energy solutions space and production tax credit opportunities • Continued strength in contracted physical power and gas portfolios at Energy Trading 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Data center development and investments in reliability and cleaner generation drive significant increase to capital plan; additional data center opportunities provide upside to plan and additional affordability benefits 15 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2026 2027 2028 2029 2030 $7.73 Additional data center opportunities (above the approved 1.4 GW Oracle agreement) provide upside to plan (operating EPS1 guidance) ~3 GW could drive over 8% operating EPS CAGR from 2027 - 2030 Additional ~3 GW could drive over 8% operating EPS CAGR from 2027 – 2030 and drive incremental affordability benefits for customers Current target is high end of 6% - 8% guidance range in each year $24 $4 ~$2 2025 - 2029 prior plan 2026 - 2030 current plan $30 $36.5 DTE Electric DTE Gas DTE Vantage22 % 5-year investment plan (billions) ~$2 $4.5 $30 Additional data center opportunities could provide upside to plan
• Capital increase of $6 billion from prior plan is primarily driven by Oracle data center project and other customer-focused initiatives — Incremental storage investment to support data center transaction; fully covered by Oracle — Renewable investment supports continued success of MIGreenPower voluntary program and fulfills requirements of legislated clean energy plan — Combined cycle gas turbine (CCS1 capable) build to replace base load generation as coal plants retire by 2032; submitted a competitive bid for the 2026 Integrated Resource Plan (IRP) All Source RFP — Distribution investment to continue to harden our system and improve reliability • Strategic investments and process improvements, along with more favorable weather, have led to significant improvement in reliability for our customers — On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Rate case filing supports our grid reliability investment commitment while maintaining affordability 16 DTE Electric: significant investment increase driven by Oracle data center project, cleaner generation investments supporting future coal plant retirements and continued hardening of our distribution system $4 $4 $10 $11 $10 $15 2025 - 2029 prior plan 2026 - 2030 current plan Base infrastructure Cleaner generation2 $24 DTE Electric investment (billions) $30 25 % Distribution infrastructure 1. Carbon capture and storage 2. Current plan includes $10 billion of renewable investment, $2.5 billion of energy storage investment and $2.5 billion of combined cycle gas turbine investment
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers 17 Gas renewal program Base infrastructure $1.5 $1.8 $2.5 $2.7 2025 - 2029 prior plan 2026 - 2030 current plan $4.0 $4.5 DTE Gas investment (billions) • Continuing to improve customer service excellence and progress on main renewal − Ongoing progress on main renewal program; renewed over 2,000 miles since program inception • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers − Significant investment to support main renewal recovered through Infrastructure Recovery Mechanism (IRM) − Base infrastructure investments enhance distribution, transmission, compression and storage − Continued focus on safety and affordability for customers ~1 3%
DTE Vantage: strategic focus on custom energy solutions projects 18 • Progressing on project development − Began construction on project to design, build, own and operate a combined heat and power project; expecting commercial operation in late 2027 − Continuing to advance the development of a behind the meter generation project to serve a large data center customer − Commissioning the long-term, fixed-fee custom energy solutions project with Ford Motor Company; expecting commercial operation in 2026 − Continuing construction on project to design, build, own, operate and maintain a 42 MW combined heat and power project serving a large industrial customer; expecting commercial operation in early 2027 − ~$2 billion five-year capital investment plan supports continued execution of utility-like, long-term, fixed-fee contracted projects and decarbonization growth opportunities • New projects coming on-line in 2026 and 2027, combined with a solid long-term development pipeline, provide confidence we can achieve our DTE 6% - 8% operating EPS1 growth through 2030 − 2030 operating earnings projection of $150 - $160 million following the expiration of RNG tax credits in 2029 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Top tier affordability for our customers over the last 5 years 19 State comparison – electric residential bill change % from 2021 to 20261 Great Lakes average 26.4% U.S. average 27.1% 1st quartile 2nd quartile 3rd quartile 4th quartile 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2025 to March 2026 DTE 7.2% Great Lakes peer states
Environmental, social and governance (ESG) efforts are key priorities; aspiring to be the best in the industry Environment • Transitioning towards net zero1 emissions at both utilities • Accelerating transition to cleaner generation • Protecting our natural resources Social • Focusing on the diversity, safety, well-being and success of employees • Investing in communities • Leader in volunteerism Governance • Focusing on the oversight of environmental sustainability, social and governance • Ensuring board diversity • Providing incentive plans tied to safety and customer satisfaction targets 20 1. Definition of net zero included in the appendix 2024 Sustainability Report https://empoweringmichigan.com/dte-impact/performance Link:
Weather impact on sales Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas (millions) (per share) 2Q YTD 2Q YTD 2025 $0 $2 $0.00 $0.01 2026 ($19) ($11) ($0.09) ($0.05) (millions) (per share) 2Q YTD 2Q YTD 2025 $3 $8 $0.01 $0.03 2026 ($1) $9 $0.00 $0.05 2Q 2025 2Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 252 225 (11%) 252 225 (11%) Normal 254 264 4% 254 264 4% Deviation from normal (1%) (15%) (1%) (15%) 2Q 2025 2Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 836 788 (6%) 4,049 4,068 0% Normal 782 798 2% 3,935 3,961 1% Deviation from normal 7% (1%) 3% 3% 21 (GWh) YTD 2025 YTD 2026 % Change Drivers Residential 7,217 7,248 0.4% Slightly higher customer count offset by Energy Optimization Commercial 9,146 9,120 (0.3%) Slightly higher customer count offset by Energy Optimization Industrial 4,968 4,795 (3.5%) Lower steel output and Energy Optimization Other 95 89 (6.3%) 21,426 21,252 (0.8%) Sales slightly up after adjusting for Energy Optimization (2%) 1. DTE Electric 2025 weather normalized data based on 2009 – 2023 weather and 2026 weather normalized data based on 2010 – 2024 weather 2. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 3. DTE Gas 2025 weather normalized data based on 2010 – 2024 weather and 2026 weather normalized data based on 2011 – 2025 weather
Cash flow and capital expenditures guidance 22 1. Includes equity issued for employee benefit programs. Up to $100 million expected in 2026 2026 guidance DTE Electric Base infrastructure $1,020 Cleaner generation 2,440 Distribution infrastructure 1,760 $5,220 DTE Gas Base infrastructure $590 Gas renewal program 310 $900 Non-utility $600 - $700 Total $6,720 - $6,820 (millions) Cash flow Capital expenditures 2026 guidance Cash from operations1 $3.9 Capital expenditures (6.8) Free cash flow ($2.9) Dividends (1.0) Other (0.2) Net cash ($4.1) Financing Debt Issuances $4.9 Debt Redemptions (1.3) External equity issuances 0.5 Total financing $4.1 (billions)
YTD 2Q 2025 YTD 2Q 2026 DTE Electric Base infrastructure $324 $395 Cleaner generation 427 1,031 Distribution infrastructure 782 914 $1,533 $2,340 DTE Gas Base infrastructure $140 $224 Gas renewal program 138 124 $278 $348 Non-utility $130 $138 Total $1,941 $2,826 Cash flow and capital expenditures 23 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs YTD 2Q 2025 YTD 2Q 2026 Cash from operations1 $1.7 $1.7 Capital expenditures (1.9) (2.8) Free cash flow ($0.2) ($1.1) Dividends (0.4) (0.5) Other (0.1) (0.2) Net cash ($0.7) ($1.8) Debt financing Issuances $2.4 $2.6 Redemptions (1.7) (1.0) Total debt financing $0.7 $1.6 Change in cash on hand ($0.2)
2Q 2026 and 2Q 2025 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) 24 Adjustments key A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility B) Adjustment to Income Tax Expense due to a tax law change in Illinois 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments 2. Per share amounts are divided by Weighted Average Common Shares Outstanding – Diluted, as noted on the Consolidated Statements of Operations (Unaudited) (Earnings per share2)
Reconciliation of reported to operating earnings (non-GAAP) 25 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. Definition of net zero Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets. Carbon emissions is defined as emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases.