Earnings Releases·Nov 6, 2026, 4:18 PM ET

DTE Gas Company — Three and Nine Months Ended September 30, 2026 Earnings Summary

**Financial Performance:** Operating revenues increased to $211 million for the three months ended September 30, 2026 (vs. $207 million prior year) and $1,445 million for the nine months (vs. $1,388 million prior year); net income improved to a $29 million loss for the quarter (vs. $36 million loss) and rose to $176 million for the nine months (vs. $175 million).
**Capital and Debt Strategy:** The Company issued $300 million in new mortgage bonds in September 2026 and anticipates 2026 annual capital expenditures of approximately $900 million, while long-term debt increased to $3,302 million as of September 30, 2026.
**Regulatory and Rate Outlook:** The Michigan Public Service Commission approved a $149 million annual revenue increase and a 9.8% return on equity effective October 1, 2026, citing infrastructure investment and rising O&M costs.
**Future Revenue Recognition:** The Company expects to recognize $31 million in revenue from fixed consideration associated with remaining performance obligations in 2026, with subsequent annual amounts ranging from $76 million to $169 million through 2031 and thereafter.
**Liquidity and Cash Flow:** Net cash provided by operating activities was $508 million for the nine months ended September 30, 2026 (down from $513 million), while cash and cash equivalents declined to $0 million from $31 million at year-end 2025.