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DUK

Duke Energy Corporation

DUK

Duke Energy Corporation • NYSE
$123.81 ▲ 0.31% (+0.38)
Market Cap $96.28 B
52w High $130.03
52w Low $105.20
Dividend Yield 4.22%
P/E 19.26
Volume 1.44M
Outstanding Shares 777.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.669B ▲ $6.225B ▲ $1.421B ▲ 16.392% ▲ $1.81 ▲ $4.158B ▲
Q2-2025 $7.508B ▼ $415M ▼ $984M ▼ 13.106% ▼ $1.25 ▼ $3.607B ▼
Q1-2025 $8.249B ▲ $1.934B ▲ $1.375B ▲ 16.669% ▲ $1.76 ▲ $4.177B ▲
Q4-2024 $7.36B ▼ $1.783B ▼ $1.213B ▼ 16.481% ▲ $1.54 ▼ $3.836B ▼
Q3-2024 $8.154B $1.887B $1.264B 15.502% $1.57 $4.017B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $688M ▲ $192.293B ▲ $139.666B ▲ $51.462B ▲
Q2-2025 $344M ▼ $189.713B ▲ $137.683B ▲ $50.891B ▲
Q1-2025 $475M ▲ $187.476B ▲ $135.682B ▲ $50.67B ▲
Q4-2024 $314M ▼ $186.343B ▲ $135.088B ▲ $50.126B ▲
Q3-2024 $376M $183.566B $133.317B $49.133B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.588B ▲ $3.632B ▲ $-3.712B ▼ $377M ▲ $320M ▲ $10.06B ▲
Q2-2025 $-127M ▼ $2.863B ▲ $-2.964B ▲ $7M ▼ $-95M ▼ $-417M ▲
Q1-2025 $1.404B ▲ $2.177B ▼ $-3.3B ▼ $1.238B ▲ $115M ▲ $-971M ▼
Q4-2024 $1.227B ▼ $3.377B ▼ $-3.272B ▲ $-131M ▲ $-26M ▲ $288M ▼
Q3-2024 $1.256B $3.524B $-3.276B $-284M $-37M $537M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Electric Utilities and Infrastructure
Electric Utilities and Infrastructure
 $7.85Bn ▲$5.34Bn ▼$7.14Bn ▲$7.04Bn ▼
Gas Utilities and Infrastructure
Gas Utilities and Infrastructure
 $330.00M ▲$700.00M ▲$1.14Bn ▲$490.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Duke Energy’s revenue and operating profits have trended steadily higher over the past five years, reflecting both rate growth and a larger asset base. Profitability has improved as operating margins widened, helped by scale and cost controls. Net income has been a bit uneven from year to year, influenced by one‑off items and the timing of regulatory and fuel cost recoveries, but the overall direction has been upward, with recent years showing stronger, more stable earnings. This profile is typical of a large regulated utility investing heavily while still growing its bottom line.

Balance Sheet

Balance Sheet The balance sheet shows a very large asset base that continues to grow as Duke expands and modernizes its grid and generation fleet. Equity has increased only modestly, while debt has risen more noticeably, which means the company is relying heavily on borrowing to fund its capital program. This level of leverage is common for regulated utilities but still represents a structural risk if interest rates stay elevated or regulators become less supportive. Liquidity in pure cash terms is low, but access to capital markets and regulatory frameworks generally underpin its financial flexibility.

Cash Flow

Cash Flow Operating cash flow has strengthened over time and is now robust, showing that the core business generates substantial cash from customers’ bills. However, capital spending has been very heavy, consistently consuming almost all of that cash and often more, which has kept free cash flow near breakeven or negative in several years. This pattern signals a classic “spend now for regulated growth later” utility model: strong cash generation, immediately recycled into long‑lived projects, with a reliance on external funding to close the gap. The key sensitivity is whether regulators continue to allow timely recovery of these investments.

Competitive Edge

Competitive Edge Duke Energy benefits from a strong competitive position as a regulated monopoly utility across multiple fast‑growing states. This gives it a largely captive customer base, predictable demand, and relatively stable allowed returns, creating a wide economic moat compared with unregulated power producers. Its large scale, diverse generation mix, and sizable nuclear fleet support reliability and cost efficiency, while the exit from commercial renewables narrows its focus to regulated assets with clearer visibility on returns. The main challenge is balancing growth, affordability, and regulatory relationships as it pushes through large rate‑base expansions.

Innovation and R&D

Innovation and R&D Innovation at Duke is less about traditional R&D spending and more about large‑scale deployment of advanced technologies across the grid and generation fleet. The company is modernizing its network with smart grid and self‑healing capabilities, applying data analytics and AI to predict equipment failures, and using cloud partnerships to improve grid planning. On the generation side, it is expanding renewables and storage, while exploring advanced nuclear, hydrogen‑ready gas plants, and carbon capture as long‑term decarbonization tools. Customer‑facing programs—such as demand response, energy efficiency offerings, and usage alerts—aim to deepen customer engagement and smooth system loads, which can enhance both reliability and regulatory goodwill over time.

Summary

Overall, Duke Energy looks like a mature, capital‑intensive regulated utility that is leaning hard into grid modernization and cleaner generation. Earnings and operating cash flow have strengthened, supported by a growing asset base, while the balance sheet carries the higher debt load that often accompanies such an investment cycle. The company’s regulated monopoly status, scale, and nuclear and renewable assets give it a solid competitive footing, but also tie its fortunes closely to regulators and policymakers as it executes a large and complex transition plan. Its focus on smart grid technology, advanced clean energy options, and customer‑centric programs positions it well for the evolving energy landscape, provided it can manage costs, regulatory approvals, and execution risks along the way.

NEWS

November 20, 2025 · 4:29 PM UTC

Duke Energy proposes new investments in North Carolina to boost reliability and support economic growth across the state

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November 19, 2025 · 2:30 PM UTC

Duke Energy names Katie Aittola as head of supply chain and real estate, and chief procurement officer

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November 7, 2025 · 2:00 PM UTC

Duke Energy shares ways to save energy and money as coldest air of the season arrives next week

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November 7, 2025 · 10:44 AM UTC

Duke Energy kicks off monthlong campaign providing more than $600,000 to help fight hunger in South Carolina

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November 7, 2025 · 7:00 AM UTC

Duke Energy reports third-quarter 2025 financial results

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