DTE Energy Company (DTE) Cash Flow Statement
Where DTE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.43B −5.9% vs 2024
- Capital expenditures
- $4.43B 28.0% of revenue
- Free cash flow
- −$1.00B −6.3% margin
- Returned to shareholders
- $871.0M
- Change in cash
- $162.0M cash at year-end $250.0M
Cash from operations
$3.43B
Capital expenditures
−$4.43B
Acquisitions & other
−$891.0M
Dividends
−$871.0M
Net borrowing (repayment)
+$2.95B
Other financing
−$25.0M
Change in cash
$162.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DTE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DTE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.08B2016 | $3.43B2025 | +5.7%/yr | |
| Capital expenditures | $2.04B2016 | $4.43B2025 | +9.0%/yr | |
| Free cash flow | $39.0M2016 | −$1.00B2025 | — | |
| Free cash flow margin | 0.4%2016 | −6.3%2025 | −6.7 pts | |
| Operating cash flow / net income | 2.502016 | 2.352025 | −0.15 | |
| Stock-based compensation | $61.0M2016 | $48.0M2023 | −3.4%/yr | |
| Dividends paid | $531.0M2016 | $871.0M2025 | +5.7%/yr | |
| Share buybacks (net) | $33.0M2016 | $02024 | −100.0% | |
| Capex / revenue | 19.2%2016 | 28.0%2025 | +8.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DTE cash flow by activity
OperatingInvestingFinancingChange in cash
DTE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DTE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.46B | $1.40B | $1.40B | $1.08B | $903.0M | $1.37B | $1.17B | $1.12B | $1.11B | $834.0M |
| Depreciation & amortization | $1.91B | $1.79B | $1.67B | $1.47B | $1.46B | $1.44B | $1.26B | $1.12B | $1.03B | $976.0M |
| Stock-based compensation | — | — | $48.0M | $62.0M | $375.0M | $10.0M | $49.0M | $64.0M | $58.0M | $61.0M |
| Change in working capital | −$219.0M | $328.0M | $65.0M | −$751.0M | $398.0M | $514.0M | −$190.0M | $381.0M | −$261.0M | −$36.0M |
| Other non-cash items | $279.0M | $124.0M | $45.0M | $115.0M | −$68.0M | $359.0M | $355.0M | −$7.0M | $178.0M | $249.0M |
| Cash from operating activities | $3.43B | $3.64B | $3.22B | $1.98B | $3.07B | $3.70B | $2.65B | $2.68B | $2.12B | $2.08B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.43B | −$4.47B | −$3.93B | −$3.38B | −$3.77B | −$3.86B | −$3.00B | −$2.71B | −$2.25B | −$2.04B |
| Investments (net) | −$2.0M | −$4.95B | −$3.92B | −$3.43B | −$63.0M | −$98.0M | −$243.0M | −$613.0M | −$275.0M | −$234.0M |
| Acquisitions & other investing | −$891.0M | $4.47B | $3.76B | $3.38B | −$28.0M | −$115.0M | −$2.49B | −$21.0M | −$37.0M | −$1.11B |
| Cash from investing activities | −$5.32B | −$4.95B | −$4.09B | −$3.43B | −$3.86B | −$4.07B | −$5.73B | −$3.35B | −$2.56B | −$3.39B |
| Financing activities | ||||||||||
| Dividends paid | −$871.0M | −$810.0M | −$752.0M | −$685.0M | −$791.0M | −$760.0M | −$692.0M | −$620.0M | −$592.0M | −$531.0M |
| Share repurchases & issuance (net) | — | $0 | $0 | −$55.0M | −$66.0M | $2.90B | $2.73B | $5.0M | −$51.0M | −$33.0M |
| Net borrowing (repayment) | $2.95B | $2.18B | $1.67B | $988.0M | $1.29B | $2.02B | $3.17B | $1.31B | $1.14B | $1.88B |
| Shares issued | $0 | $0 | $0 | $1.30B | $0 | $2.0M | $2.29B | $0 | $0 | $0 |
| Other financing | −$25.0M | −$23.0M | −$37.0M | −$86.0M | −$122.0M | −$3.37B | −$4.39B | −$46.0M | −$71.0M | $41.0M |
| Cash from financing activities | $2.06B | $1.34B | $883.0M | $1.46B | $315.0M | $796.0M | $3.10B | $654.0M | $421.0M | $1.36B |
| Summary | ||||||||||
| Net change in cash | $162.0M | $37.0M | $8.0M | $8.0M | −$481.0M | $423.0M | $17.0M | −$13.0M | −$24.0M | $76.0M |
| Cash at end of period | $250.0M | $88.0M | $51.0M | $43.0M | $35.0M | $516.0M | $93.0M | $76.0M | $89.0M | $113.0M |
| Free cash flow | −$1.00B | −$824.0M | −$714.0M | −$1.40B | −$705.0M | −$160.0M | −$348.0M | −$33.0M | −$133.0M | $39.0M |
| Free cash flow margin | −6.3% | −6.6% | −5.6% | −7.3% | −4.7% | −1.4% | −2.9% | −0.2% | −1.1% | 0.4% |
| Capex / revenue | 28.0% | 35.9% | 30.9% | 17.6% | 25.2% | 33.8% | 24.6% | 19.1% | 17.8% | 19.2% |
| Operating cash flow / net income | 2.35 | 2.59 | 2.30 | 1.83 | 3.40 | 2.70 | 2.26 | 2.40 | 1.90 | 2.50 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $280.0M | $247.0M | $515.0M | $505.0M | −$6.0M | $445.0M | $292.0M | $477.0M | $322.0M | $313.0M | $419.0M | $332.0M |
| Depreciation & amortization | $504.0M | $483.0M | $491.0M | $481.0M | $484.0M | $452.0M | $461.0M | $417.0M | $448.0M | $423.0M | $421.0M | $373.0M |
| Stock-based compensation | — | — | — | — | — | — | — | −$17.0M | $9.0M | $8.0M | $21.0M | −$3.0M |
| Change in working capital | $68.0M | $252.0M | −$38.0M | −$381.0M | $44.0M | $156.0M | $126.0M | −$22.0M | −$58.0M | $282.0M | −$88.0M | −$136.0M |
| Other non-cash items | −$76.0M | −$74.0M | $93.0M | $28.0M | $191.0M | −$33.0M | $205.0M | −$97.0M | $38.0M | $16.0M | $72.0M | $50.0M |
| Cash from operating activities | $776.0M | $908.0M | $1.06B | $633.0M | $713.0M | $1.02B | $1.08B | $758.0M | $759.0M | $1.04B | $845.0M | $616.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.49B | −$1.23B | −$1.36B | −$1.22B | −$971.0M | −$873.0M | −$1.25B | −$1.13B | −$1.04B | −$1.05B | −$1.12B | −$937.0M |
| Investments (net) | — | −$2.0M | $2.0M | −$1.66B | −$1.05B | −$968.0M | −$238.0M | −$1.19B | −$1.91B | −$1.62B | −$1.15B | −$983.0M |
| Acquisitions & other investing | −$111.0M | −$85.0M | −$273.0M | $1.22B | $967.0M | $873.0M | $1.25B | $1.13B | $1.04B | $1.05B | $1.12B | −$1.02B |
| Cash from investing activities | −$1.60B | −$1.32B | −$1.63B | −$1.66B | −$1.06B | −$968.0M | −$238.0M | −$1.19B | −$1.91B | −$1.62B | −$1.15B | −$2.94B |
| Financing activities | ||||||||||||
| Dividends paid | −$234.0M | −$233.0M | −$230.0M | −$218.0M | −$206.0M | −$217.0M | −$203.0M | −$203.0M | −$202.0M | −$202.0M | −$188.0M | −$188.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Net borrowing (repayment) | — | $684.0M | $980.0M | $1.25B | $554.0M | $174.0M | −$1.58B | $1.57B | — | — | — | $587.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $867.0M | −$15.0M | −$6.0M | −$3.0M | −$9.0M | −$7.0M | −$1.0M | −$5.0M | $1.09B | $1.07B | $482.0M | −$7.0M |
| Cash from financing activities | $633.0M | $436.0M | $744.0M | $1.02B | $339.0M | −$50.0M | −$1.78B | $1.37B | $887.0M | $872.0M | $294.0M | $392.0M |
| Summary | ||||||||||||
| Net change in cash | −$194.0M | $28.0M | $171.0M | −$5.0M | −$6.0M | $2.0M | −$935.0M | $936.0M | −$262.0M | $298.0M | −$15.0M | $25.0M |
| Cash at end of period | $84.0M | $278.0M | $250.0M | $79.0M | $84.0M | $90.0M | $88.0M | $1.02B | $87.0M | $349.0M | $51.0M | $66.0M |
| Free cash flow | −$716.0M | −$323.0M | −$302.0M | −$589.0M | −$258.0M | $147.0M | −$163.0M | −$370.0M | −$282.0M | −$9.0M | −$276.0M | −$321.0M |
| Free cash flow margin | −21.5% | −6.3% | −7.1% | −16.7% | −7.5% | 3.3% | −4.7% | −12.7% | −9.8% | −0.3% | −8.1% | −11.1% |
| Capex / revenue | 44.7% | 23.9% | 32.1% | 34.6% | 28.4% | 19.7% | 36.3% | 38.8% | 36.2% | 32.4% | 33.0% | 32.4% |
| Operating cash flow / net income | 2.77 | 3.68 | 2.06 | 1.25 | — | 2.29 | 3.71 | 1.59 | 2.36 | 3.33 | 2.02 | 1.86 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DTE cash generation
In fiscal 2025 (ended December 31, 2025), DTE Energy generated $3.4 billion of cash from operations (down 5.9%) and spent $4.4 billion on capital expenditures, leaving free cash flow of -$1.0 billion, −6.3% of revenue. It returned $871.0 million to shareholders through dividends ($871.0 million) and net share buybacks ($0). Cash and equivalents rose by $162.0 million over the year.
Related: DTE income statement, DTE balance sheet, DTE dividend history. See the DTE stock overview for the latest quote and news.
DTE cash flow FAQ
What is DTE Energy's free cash flow?
DTE Energy's free cash flow was -$1.0 billion in fiscal 2025: $3.4 billion of operating cash flow minus $4.4 billion of capital expenditures It was -$824.0 million a year earlier..
How much cash does DTE Energy generate from operations?
DTE Energy generated $3.4 billion of cash from operating activities in fiscal 2025, 2.35 times its net income of $1.5 billion.
How much does DTE Energy spend on capital expenditures?
DTE Energy spent $4.4 billion on capital expenditures in fiscal 2025, 28.0% of revenue, compared with $4.5 billion the year before.
How much does DTE Energy pay in dividends?
DTE Energy paid $871.0 million in dividends in fiscal 2025.
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