Duke Energy Corporation

DUK · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$91,150	$83,227	$74,790	$79,309	$80,704	$70,441	$70,172	$66,394	$64,709	$59,716	$54,923	$59,063	$48,721	$36,621	$29,304	$23,474	$22,253	$18,988	$25,414	$22,624	$14,928	$13,732	$10,752	$9,521	$17,534	$17,733	$10,639	$13,468	$11,609	$6,281	$5,696	$4,548	$5,044	$4,280	$4,146	$3,608	$3,288	$2,713	$2,529	$2,667	$2,086
Enterprise value	$182,951	$169,272	$156,069	$156,342	$150,466	$135,478	$133,683	$123,908	$118,791	$109,714	$97,085	$101,006	$89,401	$76,777	$48,097	$40,361	$37,862	$32,553	$36,683	$42,654	$31,196	$33,517	$33,245	$34,443	$35,095	$33,965	$22,095	$21,751	$18,783	$12,411	$9,530	$8,278	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	18.56×	18.91×	27.35×	32.45×	21.23×	55.47×	18.93×	24.90×	21.15×	27.75×	19.50×	31.37×	18.21×	20.57×	17.22×	17.85×	20.97×	13.94×	16.94×	11.50×	7.07×	11.24×	–	9.21×	9.24×	9.98×	7.06×	10.76×	11.91×	5.67×	5.60×	7.12×	8.05×	8.42×	7.10×	6.70×	5.75×	6.05×	5.06×	5.70×	4.77×
P/S (TTM) at period end	2.83×	2.74×	2.57×	2.76×	3.28×	3.01×	2.80×	2.71×	2.75×	2.63×	2.46×	2.62×	2.14×	1.87×	2.02×	1.64×	1.75×	1.44×	2.00×	1.49×	0.92×	0.67×	0.49×	0.60×	0.95×	1.16×	0.49×	0.76×	0.71×	0.51×	0.59×	1.01×	1.18×	1.08×	1.09×	0.98×	0.90×	0.75×	0.68×	0.78×	0.72×
P/B at period end	1.76×	1.66×	1.52×	1.61×	1.64×	1.47×	1.50×	1.52×	1.55×	1.46×	1.38×	1.44×	1.18×	0.90×	1.29×	1.04×	1.02×	0.90×	1.20×	0.87×	0.91×	0.83×	0.77×	0.63×	1.36×	1.72×	1.15×	1.59×	1.45×	1.13×	1.04×	0.86×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	11.20×	11.80×	11.86×	13.19×	13.48×	13.47×	12.28×	13.21×	12.28×	12.08×	11.17×	12.10×	11.06×	13.80×	10.01×	9.06×	9.25×	7.79×	8.65×	7.92×	5.67×	6.36×	26.62×	8.02×	6.83×	7.65×	7.44×	6.14×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.68×	5.58×	5.37×	5.43×	6.11×	5.80×	5.33×	5.05×	5.04×	4.82×	4.34×	4.49×	3.93×	3.91×	3.31×	2.83×	2.97×	2.46×	2.88×	2.81×	1.91×	1.63×	1.51×	2.17×	1.91×	2.21×	1.02×	1.23×	1.15×	1.01×	0.98×	1.84×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	9.5%	8.8%	5.6%	5.0%	7.7%	2.6%	7.9%	6.1%	7.3%	5.2%	7.1%	4.6%	6.5%	4.4%	7.5%	5.8%	4.9%	6.5%	7.1%	7.5%	12.8%	7.4%	(9.5%)	6.8%	14.7%	17.2%	16.2%	14.8%	12.1%	19.9%	18.6%	12.0%	–	–	–	–	–	–	–	–	–
Return on invested capital	5.3%	5.2%	4.9%	4.4%	4.3%	4.0%	4.5%	3.9%	4.2%	3.9%	4.2%	3.9%	4.0%	2.6%	4.6%	3.7%	3.5%	4.9%	5.2%	4.8%	7.3%	6.5%	(1.2%)	4.4%	7.7%	7.4%	5.7%	9.2%	7.8%	11.3%	13.5%	8.0%	–	–	–	–	–	–	–	–	–
Dividend yield	3.6%	3.9%	4.3%	4.0%	3.9%	4.0%	3.8%	3.7%	3.8%	3.9%	4.1%	3.8%	4.5%	4.8%	4.5%	5.5%	5.5%	6.0%	4.3%	6.6%	7.4%	7.8%	9.8%	9.9%	5.0%	4.7%	7.7%	6.0%	6.3%	7.4%	8.0%	9.8%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.55×	0.67×	0.74×	0.70×	0.62×	0.53×	0.62×	0.65×	0.68×	0.70×	0.73×	1.03×	1.22×	1.01×	1.24×	1.60×	1.41×	1.21×	0.86×	1.05×	0.95×	1.05×	1.02×	0.99×	0.91×	0.95×	1.05×	0.98×	1.13×	0.35×	1.53×	1.38×	–	–	–	–	–	–	–	–	–
Debt / equity	1.68×	1.61×	1.53×	1.41×	1.29×	1.25×	1.24×	1.24×	1.25×	1.17×	0.98×	0.98×	0.97×	0.97×	0.86×	0.77×	0.76×	0.66×	0.56×	0.77×	0.98×	1.14×	1.58×	1.49×	1.10×	1.26×	1.02×	0.85×	0.84×	1.04×	0.71×	0.71×	–	–	–	–	–	–	–	–	–
Effective tax rate	11.2%	11.4%	9.2%	7.4%	6.7%	(18.4%)	12.7%	14.6%	28.0%	31.0%	32.1%	32.6%	31.8%	27.9%	30.5%	40.3%	41.4%	32.6%	31.8%	29.5%	33.6%	26.9%	41.3%	32.1%	36.5%	36.5%	34.8%	38.1%	39.6%	39.0%	39.5%	38.3%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	777	772	771	770	769	738	729	708	700	691	694	707	706	575	444	440	431	422	422	396	323	321	301	279	257	246	244	241	240	155	137	137	136	136	136	135	134	134	135	135	135

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$33,250	$32,237	$30,357	$29,060	$28,768	$24,621	$23,366	$25,079	$24,521	$23,565	$22,743	$22,371	$22,509	$22,756	$19,624	$14,529	$14,272	$12,731	$13,207	$12,720	$15,184	$16,297	$20,549	$22,080	$15,860	$18,415	$15,342	$21,766	$17,662	$16,309	$12,302	$9,695	$4,489	$4,282	$3,962	$3,817	$3,682	$3,639	$3,627	$3,706	$3,401	$2,899
Cost of revenue	($9,521)	($9,041)	($9,771)	($9,679)	($10,058)	($6,960)	($6,051)	($6,826)	($6,831)	($6,350)	($6,625)	($7,496)	($7,917)	($7,872)	($6,448)	($5,145)	–	($4,444)	($5,020)	($4,503)	–	–	($11,732)	($13,494)	($7,551)	($9,008)	($7,199)	($14,907)	($11,180)	($10,408)	($6,630)	($4,344)	($1,258)	–	–	–	–	–	–	–	–	–
Gross profit	$23,729	$23,196	$20,586	$19,381	$18,710	$17,661	$17,315	$18,253	$17,690	$17,215	$16,118	$14,875	$14,592	$14,884	$11,464	$9,384	–	$8,287	$8,187	$8,217	–	–	$8,817	$8,586	$8,309	$9,407	$8,143	$6,859	$6,482	$5,901	$5,673	$5,351	$3,230	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	($6,066)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($14,502)	($14,570)	($12,660)	($12,311)	($12,698)	($12,161)	($12,744)	($12,544)	($13,005)	($11,590)	($10,916)	($9,797)	($9,750)	($10,030)	($8,553)	($6,607)	–	($6,038)	($5,676)	($5,724)	–	–	($5,580)	($9,324)	($5,707)	($5,720)	($5,054)	($5,040)	($3,997)	($3,931)	($3,514)	($3,283)	($2,051)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($24,023)	($23,611)	($22,431)	($21,990)	($22,756)	($19,121)	($18,795)	($19,370)	($19,836)	($17,940)	($17,541)	($17,293)	($17,667)	($17,902)	($16,713)	($11,752)	($11,811)	($10,482)	($10,696)	($10,227)	($12,016)	($12,681)	($17,312)	($22,818)	($13,258)	($14,728)	($12,253)	($19,947)	($15,177)	($14,339)	($10,144)	($7,626)	($3,309)	–	–	–	–	–	–	–	–	–
Operating income	$9,227	$8,626	$7,926	$7,070	$6,012	$5,500	$4,571	$5,709	$4,685	$5,625	$5,202	$5,078	$4,842	$4,854	$2,911	$2,777	$2,461	$2,249	$2,511	$2,493	$3,168	$3,616	$3,237	($738)	$2,602	$3,687	$3,089	$1,819	$2,485	$1,970	$2,159	$2,068	$1,180	$4,282	$3,962	$3,817	$3,682	$3,639	$3,627	$3,706	$3,401	$2,899
Earnings
EBITDA	$16,974	$16,330	$14,345	$13,154	$11,855	$11,163	$10,057	$10,885	$9,381	$9,671	$9,082	$8,691	$8,349	$8,083	$5,563	$4,803	$4,455	$4,095	$4,181	$4,239	$5,383	$5,500	$5,274	$1,249	$4,294	$5,137	$4,437	$2,970	$3,540	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	–	$63	$29	$27	$13	$30	$31	$20	$13	$21	$20	$57	$26	$50	$53	$67	$77	$130	$192	$190	$120	$71	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($3,773)	($3,634)	($3,384)	($3,014)	($2,439)	($2,207)	($2,097)	($2,204)	($2,094)	($1,986)	($1,916)	($1,527)	($1,529)	($1,543)	($1,244)	($859)	($840)	($751)	($741)	($685)	($1,253)	($1,066)	($1,281)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$6,190	$5,712	$5,194	$4,767	$4,078	$3,991	$920	$4,097	$3,073	$4,266	$3,734	$3,910	$3,763	$3,795	$2,234	$2,465	$2,210	$1,831	$1,891	$2,236	$2,862	$3,816	$1,985	($1,710)	$1,906	$3,149	$2,796	$1,300	$2,037	$1,613	$1,789	$1,682	$1,036	–	–	–	–	–	–	–	–	–
Income tax expense	($823)	($642)	($590)	($438)	($300)	($268)	$169	($519)	($448)	($1,196)	($1,156)	($1,256)	($1,225)	($1,205)	($623)	($752)	($890)	($758)	($616)	($712)	($843)	($1,282)	($533)	$707	($611)	($1,150)	($1,020)	($453)	($777)	($639)	($698)	($664)	($397)	$626	$508	$584	$538	$572	$448	$500	$468	$438
Net income	$5,247	$4,968	$4,524	$2,841	$2,550	$3,908	$1,377	$3,748	$2,666	$3,059	$2,152	$2,816	$1,883	$2,665	$1,768	$1,706	$1,320	$1,075	$1,362	$1,500	$1,968	$2,111	$1,222	($1,321)	$1,034	$1,898	$1,776	$1,507	$1,252	$974	$1,108	$1,018	$639	$626	$508	$584	$538	$572	$448	$500	$468	$438
Per share
Diluted EPS (GAAP)	$6.66	$6.31	$5.71	$3.54	$3.17	$4.94	$1.72	$5.06	$3.76	$4.36	$3.11	$4.05	$2.66	$3.76	$3.07	$3.83	$3.00	$2.49	$3.21	$3.54	$4.71	$11.28	$4.62	($4.44)	$3.66	$7.32	$7.14	$6.09	$5.10	$3.75	$7.12	$4.88	$4.32	$3.18	$3.33	$3.90	$3.60	$3.87	$2.94	$3.30	$3.03	$2.79
Basic EPS (GAAP)	$6.66	$6.31	$5.71	$3.54	$3.17	$4.94	$1.72	$5.06	$3.76	$4.36	$3.11	$4.05	$2.66	$3.77	$3.07	$3.83	$3.00	$2.49	$3.24	$3.57	$4.77	$11.64	$4.77	($4.44)	$3.66	$7.35	$7.17	$6.12	$5.12	$3.77	$7.12	$4.88	$4.32	$3.18	$3.33	$3.90	$3.60	$3.87	$2.94	$3.30	$3.03	$2.79
Basic shares outstanding	778	777	772	771	770	769	737	729	708	700	691	694	707	706	574	444	439	431	422	420	390	311	310	301	279	256	245	243	241	240	155	137	137	136	136	136	135	134	134	135	135	135
Margins
Gross margin	71.4%	72.0%	67.8%	66.7%	65.0%	71.7%	74.1%	72.8%	72.1%	73.1%	70.9%	66.5%	64.8%	65.4%	58.4%	64.6%	–	65.1%	62.0%	64.6%	–	–	42.9%	38.9%	52.4%	51.1%	53.1%	31.5%	36.7%	36.2%	46.1%	55.2%	72.0%	–	–	–	–	–	–	–	–	–
Operating margin	27.8%	26.8%	26.1%	24.3%	20.9%	22.3%	19.6%	22.8%	19.1%	23.9%	22.9%	22.7%	21.5%	21.3%	14.8%	19.1%	17.2%	17.7%	19.0%	19.6%	20.9%	22.2%	15.8%	(3.3%)	16.4%	20.0%	20.1%	8.4%	14.1%	12.1%	17.5%	21.3%	26.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	15.8%	15.4%	14.9%	9.8%	8.9%	15.9%	5.9%	14.9%	10.9%	13.0%	9.5%	12.6%	8.4%	11.7%	9.0%	11.7%	9.2%	8.4%	10.3%	11.8%	13.0%	13.0%	5.9%	(6.0%)	6.5%	10.3%	11.6%	6.9%	7.1%	6.0%	9.0%	10.5%	14.2%	14.6%	12.8%	15.3%	14.6%	15.7%	12.4%	13.5%	13.8%	15.1%

Analyst consensus

Hold32 analysts

Bearish · 0 · Hold · 19 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$1.62	$1.70	Miss
Q4 2024	$1.66	$1.65	Beat
Q1 2025	$1.76	$1.60	Beat
Q2 2025	$1.25	$1.18	Beat
Q3 2025	$1.81	$1.76	Beat
Q4 2025	$1.50	$1.49	Beat
Q1 2026	$1.93	$1.87	Beat
Q2 2026	$1.43	$1.30	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOHarry K. Sideris

Employees26,441

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.duke-energy.com

Duke Energy Corporation, an energy provider operating across the United States with its various affiliates, structures its operations into three primary divisions: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables. The Electric Utilities and Infrastructure division is responsible for generating, transmitting, distributing, and retailing electricity across the Carolinas, Florida, and the Midwestern states. Its power generation relies on a diverse portfolio of fuel sources, including coal, hydroelectric, natural gas, oil, renewable technologies, and nuclear energy. Beyond direct retail sales, it also provides electricity at wholesale rates to various entities such as municipalities, electric cooperative utilities, and other load-serving organizations. This segment caters to approximately 8.2 million customers spanning six states within the Southeastern and Midwestern U.S., encompassing a service area of about 91,000 square miles, and boasts an impressive generating capacity of approximately 50,259 megawatts. The Gas Utilities and Infrastructure segment focuses on the distribution of natural gas to a broad customer base, including residential homes, commercial enterprises, industrial facilities, and power generation plants. It also manages, operates, and invests in essential pipeline transmission networks and natural gas storage facilities. This segment serves around 1.6 million customers in total, with roughly 1.1 million located in North Carolina, South Carolina, and Tennessee, and an additional 550,000 customers in southwestern Ohio and northern Kentucky. Through its Commercial Renewables division, Duke Energy is actively involved in the acquisition, development, construction, ownership, and operation of wind and solar power projects. This includes offering non-regulated renewable energy and energy storage solutions to a variety of clients, such as utility companies, electric cooperatives, municipal governments, and corporate entities. The division's portfolio comprises 23 wind farms, 178 solar installations, two battery storage sites, and 71 fuel cell locations, totaling a substantial capacity of 3,554 MW spread across 22 different states. Established in 1904, the company was initially known as Duke Energy Holding Corp. before adopting its current name, Duke Energy Corporation, in April 2005. Its corporate headquarters are situated in Charlotte, North Carolina.

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