Dte Energy Co (DTE) · Nov 5, 2026 · Disposition

DTE Energy sale lifts growth plan above 9% as capex jumps

$3B Vantage sale — $3B transaction; long-term operating EPS CAGR raised to >9% from 6%-8%

DTE Energy’s earnings beat modestly, but its Vantage sale and data-center-led utility plan are the real story: higher capex and faster long-term growth.

DTE entered this quarter as a regulated utility with a $36.5 billion five-year capital plan, a 6%-8% long-term operating EPS growth target, Oracle demand approved and Google positioned as upside rather than part of the base plan. The filing materially upgrades that setup: DTE is now rotating out of Vantage and concentrating capital on regulated utility infrastructure built around data-center demand.

The quarter itself was a modest beat, but not the main event. Operating EPS was $2.30 versus $2.25 a year earlier, while published estimates clustered around roughly $2.17-$2.22, putting the quarter ahead of the immediate earnings bar. The quality was mixed underneath: DTE Electric earnings fell $73 million because of tax timing, storm costs and other items, while Vantage contributed a $69 million increase from higher renewable natural gas and investment tax credits (3Q 2026 operating earnings variance).

Figure	Q3 2026 / Updated plan	Prior period / plan	Consensus / prior target
Operating EPS (3Q 2026 operating earnings variance)	$2.30 (+2.2%)	$2.25	~$2.17-$2.22
Operating earnings (3Q 2026 operating earnings variance)	$481M (+2.8%)	$468M
Five-year utility investment plan (5-year utility investment plan)	$44.2B (+21.1%)	$36.5B
Long-term operating EPS CAGR (Revised plan delivers operating EPS growth)	>9%	6%-8%

The Vantage sale changes the business mix and accelerates the stated growth profile. DTE agreed to sell primarily all Vantage assets for approximately $3 billion, with closing targeted for the first half of 2027. This is not simply a portfolio cleanup: management says the proceeds will be directed into the electric and gas utilities, reducing future equity and debt needs while moving the company toward a simpler, more regulated earnings model (Transaction Details; Use of Proceeds). 〔0〕

The upgrade is substantial relative to the prior plan. The five-year utility investment program rises from $36.5 billion to roughly $44.2 billion, nearly a 30% increase, while the long-term operating EPS growth target moves from 6%-8% through 2030 to greater than 9% through 2031. 〔1〕 The key driver is not broad-based demand growth: it is contracted and prospective hyperscale load, including 2.4 GW of executed Oracle and Google agreements and another 5-6 GW of pipeline opportunities (Data center opportunities continue to progress).

The strategic benefit is clearer funding and a higher-growth utility story, but execution now matters more. DTE is committing $23 billion to cleaner generation, $12 billion to distribution infrastructure and $5 billion to gas investment, while still targeting roughly $1 billion of annual equity issuance from 2027 through 2031 (5-year utility investment plan; Maintaining strong cash flows, balance sheet and credit profile). The sale helps defer $500 million of equity issuance, but the company is also taking on a much larger construction and regulatory program. The upside rests on data-center load ramps, regulatory recovery and additional agreements—not just the completed quarter.

Bottom line: This is more than a quarterly beat: DTE is replacing a diversified energy portfolio with a larger, faster-growing regulated-utility buildout centered on data centers. The sale is strategically positive versus the prior plan, although the upgraded growth case remains dependent on execution and closing the transaction.

What to watch next

Vantage sale closing and additional hyperscaler agreement by year-end

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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DTE Energy sale lifts growth plan above 9% as capex jumps

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