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Duke Energy (DUK) FY2025 results: revenue $32.2 billion, up 6.2% on the year

Duke Energy Corp. (DUK) reported revenue of $32.2 billion for fiscal 2025, the year ended 31 December 2025, up 6.2% on the year before. Net income was $5.0 billion, up 9.8%, and diluted earnings per share $6.31. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$32.2 billion
+6.2% on the year
FY2018FY2025
Operating margin
26.8%
26.1% a year earlier
FY2018FY2025
Net income
$5.0 billion
+9.8% on the year
FY2018FY2025
Diluted EPS
$6.31
+10.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Duke Energy is an energy company operating in the United States through regulated utility subsidiaries, selling electricity and natural gas. It was incorporated on 3 May 2005 and is headquartered in Charlotte, North Carolina. It reports two segments: Electric Utilities and Infrastructure, and Gas Utilities and Infrastructure, with everything else presented as Other.

Duke Energy Corp., the 10-K for 2025

Duke Energy is an energy company operating in the United States through regulated utility subsidiaries, selling electricity and natural gas. It was incorporated on 3 May 2005 and is headquartered in Charlotte, North Carolina. It reports two segments: Electric Utilities and Infrastructure, and Gas Utilities and Infrastructure, with everything else presented as Other.

Electric Utilities and Infrastructure

Run through the regulated public utilities Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio. The segment generates, transmits, distributes and sells electricity to approximately 8.7 million retail customers in the Southeast and Midwest, across a service territory of approximately 90,000 square miles in six states with a total estimated population of 27 million. It also sells electricity wholesale to municipalities, electric cooperatives and other load-serving entities.

It owns approximately 55,713 MW of generating capacity, and relies principally on natural gas, nuclear fuel and coal to generate electricity.

The segment is regulated by the federal energy regulator and the federal nuclear regulator at federal level, and by the state commissions in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky.

Gas Utilities and Infrastructure

Run through the regulated public utilities Piedmont, Duke Energy Ohio and Duke Energy Kentucky. These businesses operate as the sole provider of natural gas service within their retail service territories, and own and operate the facilities that transport and distribute the gas.

It earns a retail margin on transmitting and distributing the gas, and not on the cost of the gas itself. Services are priced at rates approved by the state commissions, designed to include the costs of providing the service plus a reasonable return on invested capital, which the filing says is intended to deliver safe and reliable gas service at fair prices.

Duke Energy Ohio appears in both segments. Its service area covers approximately 3,000 square miles, supplying electricity to approximately 920,000 residential, commercial and industrial customers while also providing gas transmission and distribution to approximately 565,000 customers.

Where Kentucky sits

Operations in Kentucky are conducted through Duke Energy Kentucky, a wholly owned subsidiary of Duke Energy Ohio, so references to Duke Energy Ohio in the filing include it.

Transactions in and around the year

In August 2025 Duke Energy entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners to receive $6 billion in exchange for an eventual anticipated 19.7 percent indirect investment in Duke Energy Florida, to be completed through a series of closings. In March 2025 it sold its indirect 50 percent ownership interest in DATC Path 15 Transmission, and in November 2024 it sold its 50 percent interest in Pioneer.

How the company describes its own period

The filing states that this is a transformative period for the utility industry, propelled by energy modernisation in support of load growth acceleration and the shift to more efficient and resilient energy infrastructure. It says that during 2025 it advanced policy and regulatory activities, executed transactions to support growth, and made progress through the preliminary stages of approval and construction for new generation investments, while operating and maintaining infrastructure in a way that extends the useful lives of critical assets.

Several companies file separately

Certain subsidiaries are registrants with the SEC in their own right, including Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Duke Energy's consolidated financial information necessarily includes their results.

From Duke Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue32,23730,35729,060+6.2%
Operating income8,6267,9267,070+8.8%
Operating margin26.8%26.1%24.3%
Interest expense3,6343,3843,014+7.4%
Pre-tax income5,7125,1944,767+10.0%
Income tax642590438+8.8%
Effective tax rate11.2%11.4%9.2%
Net income4,9684,5242,841+9.8%
Net margin15.4%14.9%9.8%
Diluted EPS$6.31$5.71$3.54+10.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow12,33012,3289,878+0.0%
Capital expenditure14,02412,28012,604+14.2%
Free cash flow-1,69448.0-2,726
Free cash flow margin-5.3%0.2%-9.4%
Cash from investing-14,338-13,123-12,475
Cash from financing1,9508592,351+127.0%
Depreciation and amortisation7,7046,4196,084+20.0%
Share-based compensation10296.097.0+6.2%
Dividends paid3,3003,2133,244+2.7%
Dividend per share$4.22$4.14$4.06+1.9%
Diluted shares, weighted777m772m771m+0.6%
Shares outstanding at period end778m776m771m+0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity51,84250,12749,112+3.4%
Non-controlling interest1,1771,1291,075+4.3%
Debt89,83684,27379,540+6.6%
Operating lease liabilities1,033957917+7.9%
Finance lease liabilities521524524-0.6%
Other liabilities51,32749,33345,725+4.0%
Total liabilities and equity195,736186,343176,893+5.0%
Fixed assets129,959121,626115,315+6.9%
Goodwill19,01019,01019,3030.0%
Intangible assets291277282+5.1%
Securities held for sale or to maturity4,4393,3263,003+33.5%
Cash and equivalents245314253-22.0%
Receivables16.01,8893,019-99.2%
Other assets41,77639,90135,718+4.7%
Total assets195,736186,343176,893+5.0%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.