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DUK-PA

Duke Energy Corporation

DUK-PA

Duke Energy Corporation • NYSE
$24.88 ▼ -0.56% (-0.14)
Market Cap $96.98 B
52w High $25.41
52w Low $24.06
Dividend Yield 1.44%
P/E 5.22
Volume 129.37K
Outstanding Shares 3.90B

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 ▲$1.12Bn ▲$490.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Duke Energy’s income statement shows a large, mature utility that has been steadily growing and gradually improving its profitability. Revenue has trended upward over the past several years, and core operating profit has generally followed that same path, suggesting that price increases and cost control have kept pace with the heavy spending needed for the energy transition. Earnings have been a bit bumpier than sales, with a couple of softer years mixed in, likely tied to one‑off items, storm costs, rate case timing, or asset changes. Even so, recent results point to firmer, more consistent profit levels than earlier in the period. Overall, the pattern is one of slow but steady financial progress rather than rapid growth. For holders of a preferred issue like DUK‑PA, this kind of relatively stable, regulated earnings base is typically more important than high growth, since it underpins the company’s ability to meet fixed obligations over time.

Balance Sheet

Balance Sheet Duke Energy’s balance sheet looks like a classic large regulated utility: very asset‑heavy, with substantial levels of long‑term debt and a sizable but slowly growing equity base. Total assets have expanded steadily as the company invests in power plants, grid upgrades, and cleaner generation. Debt has also climbed as these projects are largely funded through borrowing, which is normal for this sector but does mean leverage is significant. Equity has grown only modestly by comparison, so the company relies heavily on its ability to earn allowed returns and refinance debt on reasonable terms. Cash on hand is small relative to the overall size of the business, which is typical for a regulated utility that depends on steady customer payments and capital markets access rather than large cash reserves. For preferred investors, the key takeaway is that this is a highly leveraged but also highly regulated balance sheet, where financial strength rests on assets, regulatory support, and ongoing access to financing.

Cash Flow

Cash Flow Cash flow tells the story of a company in a heavy investment phase. Operating cash flow has improved meaningfully in recent years, reflecting healthier underlying operations and constructive rate outcomes. The business generates strong cash from its day‑to‑day utility activities. However, free cash flow has often been close to zero or negative because capital spending is very high. Duke is putting large amounts of money into new plants, grid modernization, and cleaner energy projects. This spending is expected to earn regulated returns over time, but in the near term it means the company must regularly tap debt (and occasionally equity) markets to bridge the gap. For a preferred security, the important point is that the business throws off solid operating cash, but its large investment program keeps it dependent on external funding and on regulatory approval to recover those investments through rates.

Competitive Edge

Competitive Edge Duke Energy’s competitive position is anchored in its role as a regulated monopoly utility in several U.S. states. Within its service territories, it effectively faces no direct competition for transmission and distribution, and its rates and returns are set through regulatory processes. This framework provides a high degree of revenue visibility and lowers business risk compared with unregulated power producers. The company’s vast network of power plants, transmission lines, and distribution assets creates high barriers to entry. Its generation mix is diversified, with meaningful contributions from nuclear, natural gas, and a growing share of renewables. Nuclear in particular is a strategic advantage, providing reliable, carbon‑free power that supports both decarbonization goals and system stability. Key risks to this position are largely regulatory and political rather than competitive: changes in allowed returns, cost recovery rules, or policy direction around decarbonization could affect profitability. Still, Duke’s long history, scale, and established relationships with regulators give it a relatively strong standing in its industry.

Innovation and R&D

Innovation and R&D Duke Energy is actively investing in innovation, even though utilities typically spend less on formal “R&D” than tech or pharma companies. Its efforts are more focused on applied technology and infrastructure modernization than on pure research. On the grid side, Duke is rolling out smart grid and self‑healing technologies that improve reliability and reduce outage time. This includes advanced meters, automated switching, and sophisticated control systems. It is also investing heavily in renewable energy and large‑scale battery storage, both to meet policy targets and to handle growing demand from data centers and advanced manufacturing. The company uses data analytics and artificial intelligence to monitor equipment and predict failures, which can lower maintenance costs and improve uptime. Looking ahead, Duke is exploring hydrogen as a future fuel and advanced nuclear designs such as small modular reactors. These are promising but technically and regulatory complex, so outcomes are uncertain and likely to unfold over many years rather than quarters.

Summary

Overall, Duke Energy looks like a large, stable, and heavily regulated utility in the midst of a long, capital‑intensive transition toward cleaner energy and a more modern grid. Financially, the company shows steady revenue growth, improving core profitability, and strong operating cash flows, offset by high debt levels and substantial ongoing capital needs. The balance sheet is geared, but this is supported by a regulated model that allows recovery of investments over time, assuming continued constructive regulation and capital market access. Strategically, Duke benefits from monopoly‑like positions in its service areas, a diversified generation mix that includes valuable nuclear assets, and a sizable pipeline of grid and clean‑energy projects. Its innovation agenda in smart grids, storage, hydrogen, and advanced nuclear could support long‑term relevance, but also adds execution and regulatory risk. For a preferred issue such as DUK‑PA, the central lens is the company’s overall credit quality and stability rather than upside growth: the combination of regulated earnings, high but manageable leverage, and an essential service franchise are the key pillars underpinning that profile, with the pace and cost of the energy transition as the main variables to watch.