DTE Beats Q3; DT Midstream Margin Drop

DT Midstream reported a sharp Q3 margin decline to 34.3% (from 41.2%) and just 0.2% year-over-year earnings growth, though analysts forecast roughly 14% annual earnings growth and margin expansion toward 38.9% over three years driven by higher pipeline utilization, U.S. LNG export demand and long-term fee-based contracts; the stock carries a high P/E (27.6) and concentration risks in key basins and customers. DTE Energy beat Q3 operating EPS estimates ($2.25 vs. $2.11), reported GAAP EPS of $2.01, operating revenues of $3,527 million and net income of $419 million, and reiterated 2025 operating EPS guidance of $7.09–$7.23 while issuing 2026 operating EPS guidance of $7.59–$7.73. DTE raised its five-year capital plan by $6.5 billion to $36.5 billion, expects about $4.4 billion in utility investments for 2025 and had invested roughly $3.0 billion through Q3 to modernize the grid and shift to cleaner generation. Management announced a 1.4‑GW data‑center supply agreement and said additional gigawatts are in advanced negotiations, which executives and analysts view as a structural growth driver that could improve system utilization and margins. Investors face a mixed picture: DT Midstream’s upside depends on LNG demand and pipeline utilization despite valuation and concentration risks, while DTE’s near-term performance hinges on execution of heavy capex, regulatory cost recovery and whether data‑center load translates into sustained earnings and margin recovery.