0000936340-26-000146
SEC filingQ2 净利同比增 23% 至 $282M，Energy Trading 扭亏为盈是主要驱动，但 Electric 分部盈利下滑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $3.369B | $3.419B | -1.5% |
| Gross Profit | $1.749B | $1.740B | +0.5% |
| Gross Margin | 51.9% | 50.9% | +100 bps |
| Operating Income | $458M | $427M | +7.3% |
| Operating Margin | 13.6% | 12.5% | +110 bps |
| Net Income | $282M | $229M | +23.1% |
| Diluted EPS | $1.35 | $1.10 | +22.7% |
| Operating Cash Flow | $1.679B | $1.729B | -2.9% |
| Free Cash Flow | -$1.235B | -$293M | — |
Q2 净利同比大增 23% 至 $282M，主要驱动是 Energy Trading 分部扭亏为盈（净利 $49M vs 去年同期亏损 $16M），以及 Corporate and Other 亏损收窄（-$78M vs -$110M）。但 Electric 分部净利下滑 15% 至 $270M，因 Fuel and purchased power 成本上升（+$44M）及 Interconnection sales 减少（-$65M 营收影响）。
毛利率提升 100 bps 至 51.9%，主要因 Energy Trading 分部成本下降（Fuel, purchased power, gas, and other — non-utility 减少 $242M）及 Electric 分部营收增长。但盈利质量需注意：Q2 计提 EES Coke 民事罚款 $120M（非经常性），剔除后 DTE Vantage 分部盈利更强。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Electric | $1.775B | +5.3% | $370M | 20.8% | 营收增长但净利下滑，因燃料成本上升 |
| Gas | $315M | -0.3% | $24M | 7.6% | 营收持平，净利转亏因天气不利 |
| DTE Vantage | $200M | +18.3% | $1M | 0.5% | 营收增长，受 EES Coke 罚款影响 |
| Energy Trading | $1.153B | -12.9% | $67M | 5.8% | 扭亏为盈，gas 策略实现收益 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $42M | -$166M |
| Total Debt | $27.584B | +$2.434B |
| Net Debt | $27.542B | +$2.600B |
| Operating Cash Flow | $1.679B | -$50M |
| Capex | $2.721B | +$1.082B |
| Free Cash Flow | -$1.235B | -$942M |
| FCF 转化率 | -233% | — |
Net Debt/EBITDA 未披露，但 Total Debt 大幅增加主要因发行 $2.6B 长期债务（含 $1.0B Junior Subordinated Debentures）。