RewordedRisk Factors
The Registrants have generated tax credits from renewable energy generation and DTE Energy has generated tax credits from renewable gas recovery, recovery and reduced emission fuel, and gas production operations. fuel.
DTEDTE Energy
- Employees
- 4,400
- Headquarters
- Detroit, MI
- Next results
- around Feb 16, 2027
10-K 0000936340-26-000054 (2026-02-17) vs 10-K 0000936340-25-000065 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 4,754 | 1.2% |
| MD&A | Item 7 | 11,421 | 14.2% |
| Legal Proceedings | Item 3, via Note 9 – Regulatory Matters | 0 | not compared |
| Accounting Policies | Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES | 3,129 | 5.6% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 145 words changed in this paragraph; it is 39% similar to last year's version.
Operation and maintenance expense increased $29 $71 million in 2024 2025 and decreased $35 $47 million in 2023. 2024. The 2024 increase in 2025 was primarily due to a new project in the On-site business higher gas operations expense of $54 million, higher corporate asset usage expense of $7 million and million, higher corporate support costs in the On-site business of $11 $7 million, Renewables business higher legal expense of $6 million, higher benefits and Steel business other compensation expense of $6 million. $2 million, and higher uncollectible expense of $2 million, partially offset by one-time costs in 2024 of $8 million resulting from the voluntary separation incentive program. The 2023 decrease increase in 2024 was primarily due to lower operating costs in the Renewables business of $13 million and lower operating costs in the On-site business higher gas operations expense of $24 million, which was primarily driven by a decrease one-time costs of $11 $8 million due to resulting from the sale voluntary separation incentive program noted above, higher uncollectible expense of a project. $6 million, higher benefits and other compensation expense of $3 million, higher EWR expense of $3 million, and higher corporate support costs of $3 million.
Source: Item 7, 10-K 0000936340-26-000054 vs Item 7, 10-K 0000936340-25-000065
Accounting Policies 88 words changed in this paragraph; it is 61% similar to last year's version.
Net Unrealized Gain (Loss) on Derivatives Benefit Obligations(b) Foreign Currency Translation Total (In millions) Balance, December 31, 2022 $ (4) $ (58) $ — $ (62) Other comprehensive income (loss) before reclassifications (14) 3 2 (9) Amounts reclassified from Accumulated other comprehensive loss 1 3 — 4 Net current period Other comprehensive income (loss) (13) 6 2 (5) Balance, December 31, 2023 $ (17) $ (52) $ 2 $ (67) Other comprehensive income (loss) before reclassifications 47 (3) (7) 37 Amounts reclassified from Accumulated other comprehensive loss — 4 — 4 Net current period Other comprehensive income (loss) 47 1 (7) 41 Balance, December 31, 2024 $ 30 $ (51) $ (5) $ (26) Other comprehensive income (loss) before reclassifications (8) (9) 3 (14) Amounts reclassified from Accumulated other comprehensive loss (3) 4 — 1 Net current period Other comprehensive income (loss) (11) (5) 3 (13) Balance, December 31, 2025 $ 19 $ (56) $ (2) $ (39)
Source: Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000936340-26-000054 vs Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000936340-25-000065
Risk Factors 45 words changed in this paragraph; it is 82% similar to last year's version.
Regional, national, and international economic conditions conditions, and market developments can have an unfavorable impact on the Registrants. The Registrants' utility and DTE Energy's non-utility businesses follow the economic cycles of the customers they serve and credit risk of counterparties they do business with. Should the financial conditions of some of DTE Energy's significant customers deteriorate as a result of regional, national or international economic conditions, conditions or other market developments, reduced volumes of electricity and gas, and demand for energy services DTE Energy supplies, collections of accounts receivable, reductions in federal and state energy assistance funding, and potentially higher levels of lost gas or stolen gas and electricity could result in decreased earnings and cash flows. In addition, import tariffs and other trade policies have the potential to disrupt global supply chains and could cause volatility in the availability and cost of materials and supplies for us and our customers.
Source: Item 1A, 10-K 0000936340-26-000054 vs Item 1A, 10-K 0000936340-25-000065
Every change, by type
Sentences and paragraphs of DTE's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-13. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
RewordedRisk Factors
Should the financial conditions of some of DTE Energy's significant customers deteriorate as a result of regional, national or international economic conditions, conditions or other market developments, reduced volumes of electricity and gas, and demand for energy services DTE Energy supplies, collections of accounts receivable, reductions in federal and state energy assistance funding, and potentially higher levels of lost gas or stolen gas and electricity could result in decreased earnings and cash flows.
RewordedRisk Factors
Regional, national, and international economic conditions conditions, and market developments can have an unfavorable impact on the Registrants.
RewordedRisk Factors
A breach of these third-party systems could adversely affect the Registrants' business as if it was were a breach of our their own system.
AddedMD&A
(a)Variance for 2025 includes MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case. The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.
AddedMD&A
(b)Increase in 2025 was primarily due to the acquisition of a non-utility business by DTE Sustainable Generation during the third quarter 2025. Refer to Note 4 to the Consolidated Financial Statements, "Acquisition," for additional information.
AddedMD&A
DTE Electric filed a rate case with the MPSC on April 24, 2025 requesting an increase in base rates of $574 million based on a projected twelve-month period ending December 31, 2026, and an increase in return on equity from 9.9% to 10.75%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. A final MPSC order in this case is expected in February 2026.
AddedMD&A
In October 2025, DTE Electric entered into a 1.4 gigawatt data center agreement. Capital investments required to support this agreement are included in DTE Electric's 5-year capital investment plan in the "Capital Investments" section above. DTE Electric secured MPSC approval in the fourth quarter of 2025.
AddedMD&A
DTE Gas filed a rate case with the MPSC on November 13, 2025 requesting a net increase in base rates of $163 million based on a projected twelve-month period ending September 30, 2027, and an increase in return on equity from 9.8% to 10.25%. The net increase is based on a total revenue deficiency of $238 million, net of the IRM roll-in of $75 million. The requested net increase in base rates was primarily due to continued infrastructure investment and increasing operations and maintenance costs needed to ensure the continued safe and reliable delivery of natural gas to customers. A final MPSC order in this case is expected in September 2026.
AddedMD&A
(In millions) 2025 Lower demand and prices in the Steel business $ (100) New project in the On-site business 7 Higher prices in the On-site business 8 Higher sales in the Renewables business 28 $ (57)
AddedMD&A
(In millions) 2025 Lower demand and prices in the Steel business $ (76) New project in the On-site business 1 Higher prices in the On-site business 8 Higher costs in the Renewables business 30 $ (37)
AddedMD&A
In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an at-the-market program, including an equity forward sales component. As of December 31, 2025, DTE Energy did not enter into any sales under the ATM Program.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
The decrease increase in 2023 2025 was primarily due to lower higher gas operations expense of $36 $54 million, lower higher corporate asset usage expense of $7 million, higher corporate support costs of $24 $7 million, and lower higher legal expense of $6 million, higher benefits and other compensation expense of $7 $2 million, and higher uncollectible expense of $2 million, partially offset by higher legal expense one-time costs in 2024 of $3 million. $8 million resulting from the voluntary separation incentive program.
RewordedMD&A
The change decrease in both periods 2024 was primarily due to MPSC disallowances of previously recorded capital expenditures, including $12 million from the January 2025 rate order written off in 2024 and expenditures of $25 million from the December 2023 rate order written off in 2023. 2023 that did not repeat, partially offset by the $12 million noted above from the January 2025 rate order written off in 2024.
RewordedMD&A
The increase in 2024 2025 was primarily due to production tax credits generated in the Renewables business of $82 million, partially offset by a new project in the On-site business in 2024 of $60 million, partially offset by 2023 tax credits of $48 million from new projects in the prior year that did not repeat. repeat in 2025.
RewordedMD&A
The discount rate determined on this basis was 5.43% for both the pension plans and other postretirement plans at December 31, 2025 compared to 5.65% for the pension plans and 5.66% for the other postretirement plans at December 31, 2024 compared to 5.00% for both the pension and other postretirement plans at December 31, 2023. 2024.
RewordedMD&A
RewordedMD&A
Net cash used for investing activities increased $856 $353 million in 2024 2025 primarily due to the Acquisition, net of cash acquired and $664 million an increase in 2023 due primarily to increases in utility plant and equipment expenditures and cash used related to Notes Investment in notes receivable.
RewordedMD&A
The increase was primarily due to an increase in cash related to less Redemption of long-term debt, partially offset by a decrease in Issuance of long-term debt, net of issuance costs, partially offset by decreases in cash related to Redemption of long-term debt and Short-term borrowings, net. costs.
RewordedMD&A
Total (In millions) MTM at December 31, 2023 2024 $ 97 72 Reclassified to realized upon settlement (342) (369) Changes in fair value recorded to income 347 373 Amounts recorded to unrealized income 5 4 Changes in fair value recorded in Regulatory liabilities 21 19 Amounts recorded in other comprehensive income, pretax 38 (17) Change in collateral (89) (13) Purchases 15 MTM at December 31, 2024 2025 $ 72 80
RewordedMD&A
DTE Electric has also announced plans to retire its remaining six five coal-fired generating units, including converting the two units remaining unit at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026. 2026.
RewordedMD&A
The increase in 2024 2025 was primarily due to higher sales volumes of $102 million and higher cost of gas of $40 million, partially offset by lower sales volumes of $25 $10 million.
RewordedMD&A
This increase was primarily due to higher net interest expense, expense and higher state income taxes, partially offset by lower equity investment losses, lower valuation allowances, lower corporate overhead costs, and lower benefits expense. losses.
RewordedMD&A
The increase reduction was primarily due to higher lower cash from working capital items and increases items, partially offset by an increase in Net income, Depreciation and amortization, amortization and an increase in Deferred income taxes.
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