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Duke Energy

DUK NYSE Electric Utilities Financials FY2016–FY2025

Duke Energy's revenue rose 5.6% to $31.7 billion in fiscal 2025. Its operating margin was 27.2%, up from 26.4% a year earlier. Free cash flow was −$1.7 billion, against $48 million a year earlier. It paid out $3.3 billion in dividends and buybacks. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$124.98

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$31.7B
5.6% vs prior year
Operating margin Operating income as a share of revenue.
27.2%
0.8 pts
Net income Profit after all expenses, interest and tax.
$5.0B
9.8%
Free cash flow Cash from operations minus capital spending.
−$1.7B
3,629.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.5%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$97.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.1x
On $6.53 EPS (TTM)

What Duke Energy does

No business description yet.

Legal name
Duke Energy CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001326160-26-000014
0001326160

Revenue and margins

Duke Energy had $31.7B of revenue in fiscal 2025, up 5.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.7B in fiscal 2025, −5.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Duke Energy returned $3.3B to shareholders in fiscal 2025. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Duke Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$90.2B and divides by 777.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.1x · peers 21.5x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Duke Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $341M$409M$253M$314M$245M
Debt incl. finance leases $68.1B$74.5B$80.2B$84.8B$90.4B
Net debt / EBITDA 6.1x6.3x6.1x5.9x5.5x
Debt / equity 1.4x1.5x1.6x1.7x1.7x
Interest coverage 2.5x2.5x2.4x2.3x2.4x
Current ratio 0.6x0.7x0.7x0.7x0.6x
Quick ratio 0.6x0.7x0.7x0.7x0.6x
Total assets $169.6B$178.1B$176.9B$186.3B$195.7B
Total liabilities $118.5B$126.2B$126.7B$135.1B$142.7B
Shareholders' equity $49.3B$49.3B$49.1B$50.1B$51.8B
Net debt (− = net cash) $67.7B$74.1B$79.9B$84.5B$90.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.6M

6 insiders

Of sales under plans

49%

$4.7M

DateInsiderTradeSharesPriceValueFiling
May 11, 2026 Louis E. RenjelEVP&CEO DEF&MW&ChiefCorpAffOff Sold 3,500 $125.15 $0.4M Form 4
May 8, 2026 Harry K. SiderisPresident, CEO, Director Sold 20,000 $124.37 $2.5M Form 4
Mar 2, 2026 Kodwo Ghartey-TagoeEVP&CEO DECarolinas&NatGasBus Sold plan 18,246 $131.57 $2.4M Form 4
Mar 2, 2026 Regis T. RepkoSVP, System Planning&Construct Sold plan 663 $131.00 $0.1M Form 4
Feb 24, 2026 Regis T. RepkoSVP, System Planning&Construct Sold plan 962 $127.86 $0.1M Form 4
Feb 23, 2026 Brian D SavoyEVP & CFO Sold plan 12,000 $127.69 $1.5M Form 4
Feb 20, 2026 Regis T. RepkoSVP, System Planning&Construct Sold plan 4,376 $127.18 $0.6M Form 4
Feb 12, 2026 Louis E. RenjelEVP&CEO DEF&MW&ChiefCorpAffOff Sold 6,800 $127.67 $0.9M Form 4
Nov 19, 2025 Robert Alexander GlennEVP & Chief Legal Officer Sold 8,200 $123.80 $1.0M Form 4
Nov 18, 2025 Louis E. RenjelEVP&CEO DEF&MW&ChiefCorpAffOff Sold 800 $125.65 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 85 / 85 / 8
Accruals ratio −4.0%−4.3%−3.9%
Altman Z'' 0.560.520.45

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Duke Energy DUK $97.4B 5.6% 27.2% −5.3% 5.5% 19.1x 5
Southern SO $104.8B 10.6% 24.7% −9.9% 5.8% 23.8x 4 Compare →
Constellation Energy CEG $91.2B 8.3% 12.1% 5.0% 10.4% 24.7x 5 Compare →
Exelon EXC $45.6B 5.3% 21.2% −9.4% 5.7% 16.3x 5 Compare →
American Electric Power AEP $71.0B 10.9% 24.3% −6.9% 6.7% 19.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $22.7B $23.6B $23.8B $24.3B $23.3B $24.5B $28.7B $28.7B $30.1B $31.7B
Gross profit $16.1B $17.2B $16.9B $17.5B — — — — — —
Operating income $5.2B $5.6B $4.7B $5.7B $4.6B $5.5B $6.0B $7.1B $7.9B $8.6B
Interest expense $1.9B $2.0B $2.1B $2.2B $2.1B $2.2B $2.4B $3.0B $3.4B $3.6B
Pretax income $3.7B $4.3B $3.1B $4.1B $920M $4.0B $4.1B $4.8B $5.2B $5.7B
Income tax $1.2B $1.2B $448M $519M −$169M $268M $300M $438M $590M $642M
Net income $2.2B $3.1B $2.7B $3.7B $1.4B $3.9B $2.6B $2.8B $4.5B $5.0B
Diluted EPS $3.11 $4.36 $3.76 $5.06 $1.72 $4.94 $3.17 $3.54 $5.71 $6.31
Diluted shares 0.69B 0.70B 0.71B 0.73B 0.74B 0.77B 0.77B 0.77B 0.77B 0.78B
Cash flow
Cash from operations $6.9B $6.6B $7.2B $8.2B $8.9B $8.3B $5.9B $9.9B $12.3B $12.3B
Capital expenditure $7.9B $8.1B $9.4B $11.1B $9.9B $9.7B $11.4B $12.6B $12.3B $14.0B
Free cash flow −$1.0B −$1.4B −$2.2B −$2.9B −$1.1B −$1.4B −$5.4B −$2.7B $48.0M −$1.7B
Depreciation and amortization $3.9B $4.0B $4.7B $5.2B $5.5B $5.7B $5.8B $6.1B $6.4B $7.7B
Stock-based compensation $55.0M $68.0M $78.0M $89.0M $84.0M $88.0M $100M $97.0M $96.0M $102M
Acquisitions $4.8B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $2.3B $2.5B $2.5B $2.7B $2.8B $3.1B $3.2B $3.2B $3.2B $3.3B
Dividends and buybacks $2.3B $2.5B $2.5B $2.7B $2.8B $3.1B $3.2B $3.2B $3.2B $3.3B
Balance sheet
Cash and short-term investments $392M $358M $442M $311M $259M $341M $409M $253M $314M $245M
Total debt $50.4B $54.4B $57.9B $61.3B $62.7B $67.1B $73.7B $79.5B $84.3B $89.8B
Finance lease liabilities $0.0M $0.0M $0.0M $969M $845M $915M $764M $639M $570M $576M
Current assets $8.0B $8.5B $9.7B $9.2B $8.7B $9.9B $13.2B $12.8B $13.0B $11.6B
Current liabilities $11.6B $12.5B $15.0B $14.8B $16.3B $15.9B $18.9B $17.3B $19.4B $21.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $82.5B $86.4B $91.7B $102.1B $106.8B $105.5B $111.7B $115.3B $121.6B $130.0B
Total assets $132.8B $137.9B $145.4B $158.8B $162.4B $169.6B $178.1B $176.9B $186.3B $195.7B
Total liabilities $91.7B $96.2B $101.6B $110.9B $113.2B $118.5B $126.2B $126.7B $135.1B $142.7B
Shareholders' equity $41.0B $41.7B $43.8B $46.8B $48.0B $49.3B $49.3B $49.1B $50.1B $51.8B
Margins
Gross margin 70.9% 73.1% 71.3% 72.0% — — — — — —
Operating margin 22.9% 23.9% 19.7% 23.5% 19.7% 22.5% 21.0% 24.7% 26.4% 27.2%
EBITDA margin 39.9% 41.0% 39.5% 44.7% 43.3% 45.6% 41.3% 45.9% 47.7% 51.5%
Net margin 9.5% 13.0% 11.2% 15.4% 5.9% 16.0% 8.9% 9.9% 15.1% 15.7%
FCF margin −4.6% −6.1% −9.3% −12.0% −4.5% −5.8% −19.0% −9.5% 0.2% −5.3%
Returns
Return on capital 4.2% 4.3% 4.1% 4.7% 4.1% 4.4% 4.6% 5.0% 5.3% 5.5%
Return on capital employed 4.5% 4.6% 3.7% 4.2% 3.2% 3.7% 3.8% 4.4% 4.9% 5.1%
Return on equity 5.3% 7.4% 6.2% 8.3% 2.9% 8.0% 5.2% 5.8% 9.1% 9.7%
Return on assets 1.7% 2.3% 1.9% 2.5% 0.9% 2.4% 1.5% 1.6% 2.5% 2.6%
Growth
Revenue growth 1.7% 3.6% 0.8% 2.5% −4.5% 5.3% 17.1% 0.0% 4.8% 5.6%
Net income growth −23.6% 42.2% −12.9% 40.6% −63.3% 183.8% −34.8% 11.4% 59.2% 9.8%
EPS growth −23.2% 40.2% −13.8% 34.6% −66.0% 187.2% −35.8% 11.7% 61.3% 10.5%
FCF growth — — — — — — — — — −3,629.2%
Share count change −0.4% 1.3% 1.1% 3.0% 1.2% 4.2% 0.1% 0.1% 0.1% 0.7%
Financial health
Net debt / EBITDA 5.5x 5.6x 6.1x 5.7x 6.3x 6.1x 6.3x 6.1x 5.9x 5.5x
Debt / equity 1.2x 1.3x 1.3x 1.3x 1.3x 1.4x 1.5x 1.6x 1.7x 1.7x
Interest coverage 2.7x 2.8x 2.2x 2.6x 2.2x 2.5x 2.5x 2.4x 2.3x 2.4x
Current ratio 0.7x 0.7x 0.7x 0.6x 0.5x 0.6x 0.7x 0.7x 0.7x 0.6x
Quick ratio 0.7x 0.7x 0.7x 0.6x 0.5x 0.6x 0.7x 0.7x 0.7x 0.6x
Capital allocation
Capex / revenue 34.7% 34.2% 39.5% 45.7% 42.6% 39.7% 39.6% 44.0% 40.9% 44.2%
Stock comp / revenue 0.2% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3%
Payouts / FCF — — — — — — — — 6,693.8% —
Quality scores
Piotroski F-score 5.0 5.0 3.0 6.0 4.0 6.0 5.0 5.0 5.0 5.0
Altman Z'' 0.6 0.6 0.5 0.6 0.4 0.5 0.5 0.6 0.5 0.5
Accruals ratio −3.7% −2.6% −3.2% −2.9% −4.7% −2.6% −1.9% −4.0% −4.3% −3.9%

Source: SEC EDGAR XBRL filings (CIK 0001326160). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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