DTE Energy Co Pref Series E (DTW) Cash Flow Statement
Where DTW’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
Drawn to scale: where the cash came from and how it was used. Hover for values.
DTW operating cash flow, capex and free cash flow
DTW 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 | $02022 | −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.
DTW cash flow by activity
DTW net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DTW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.46B | $1.40B | $1.40B | $955.0M | $866.0M | $1.37B | $1.17B | $1.12B | $1.11B | $834.0M |
| Depreciation & amortization | $1.91B | $1.79B | $1.67B | $1.20B | $1.11B | $1.44B | $1.26B | $1.12B | $1.03B | $976.0M |
| Stock-based compensation | — | — | $48.0M | $62.0M | −$122.0M | −$422.0M | $180.0M | $64.0M | $58.0M | $61.0M |
| Change in working capital | −$219.0M | $328.0M | $65.0M | −$494.0M | $122.0M | $422.0M | −$180.0M | $381.0M | −$261.0M | −$36.0M |
| Other non-cash items | $279.0M | $124.0M | $45.0M | −$37.0M | $341.0M | $883.0M | $214.0M | −$7.0M | $178.0M | $249.0M |
| Cash from operating activities | $3.43B | $3.64B | $3.22B | $1.69B | $2.32B | $3.70B | $2.65B | $2.68B | $2.12B | $2.08B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.43B | −$4.47B | −$3.93B | −$435.0M | −$353.0M | −$266.0M | −$311.0M | −$2.71B | −$2.25B | −$2.04B |
| Investments (net) | — | — | — | −$26.0M | −$63.0M | −$98.0M | −$243.0M | −$613.0M | −$275.0M | −$234.0M |
| Acquisitions & other investing | −$893.0M | −$484.0M | −$161.0M | −$2.97B | −$3.45B | −$3.71B | −$5.18B | −$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 | −$763.0M | −$588.0M | −$760.0M | −$692.0M | −$620.0M | −$592.0M | −$531.0M |
| Share repurchases & issuance (net) | — | — | — | $1.24B | −$67.0M | −$1.0M | $1.00B | $5.0M | −$51.0M | −$33.0M |
| Net borrowing (repayment) | — | — | — | $988.0M | $1.29B | $2.02B | $3.17B | $1.31B | $1.14B | $1.88B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.93B | $2.15B | $1.64B | −$476.0M | $85.0M | −$463.0M | −$379.0M | −$46.0M | −$71.0M | $41.0M |
| Cash from financing activities | $2.06B | $1.34B | $883.0M | $990.0M | $724.0M | $796.0M | $3.10B | $654.0M | $421.0M | $1.36B |
| Summary | ||||||||||
| Net change in cash | $162.0M | $37.0M | $8.0M | $15.0M | −$7.0M | $423.0M | $17.0M | −$13.0M | −$24.0M | $76.0M |
| Cash at end of period | $250.0M | $88.0M | $51.0M | $24.0M | $9.0M | $516.0M | $93.0M | $76.0M | $89.0M | $113.0M |
| Free cash flow | −$1.00B | −$824.0M | −$714.0M | $1.69B | $2.32B | $3.70B | $2.65B | −$33.0M | −$133.0M | $39.0M |
| Free cash flow margin | −6.3% | −6.6% | −5.6% | 8.8% | 15.5% | 32.4% | 21.8% | −0.2% | −1.1% | 0.4% |
| Capex / revenue | 28.0% | 35.9% | 30.9% | 2.3% | 2.4% | 2.3% | 2.6% | 19.1% | 17.8% | 19.2% |
| Operating cash flow / net income | 2.35 | 2.59 | 2.30 | 1.77 | 2.67 | 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 | $416.0M |
| Stock-based compensation | — | — | — | — | — | — | — | −$17.0M | $9.0M | $8.0M | $21.0M | $7.0M |
| 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 | −$141.0M |
| 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 | $2.0M |
| 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 |
| Acquisitions & other investing | −$111.0M | −$87.0M | −$271.0M | −$440.0M | −$87.0M | −$95.0M | $1.01B | −$61.0M | −$867.0M | −$565.0M | −$33.0M | −$46.0M |
| 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 | −$983.0M |
| 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 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $867.0M | $669.0M | $974.0M | $1.24B | $545.0M | $167.0M | −$1.58B | $1.57B | $1.09B | $1.07B | $482.0M | $580.0M |
| 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.
DTW cash generation
In fiscal 2025 (ended December 31, 2025), DTE Energy Co Pref Series E 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: DTW income statement, DTW balance sheet, DTW dividend history. See the DTW stock overview for the latest quote and news.
DTW cash flow FAQ
What is DTE Energy Co Pref Series E's free cash flow?
DTE Energy Co Pref Series E'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 Co Pref Series E generate from operations?
DTE Energy Co Pref Series E 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 Co Pref Series E spend on capital expenditures?
DTE Energy Co Pref Series E 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 Co Pref Series E pay in dividends?
DTE Energy Co Pref Series E paid $871.0 million in dividends in fiscal 2025.