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Company file · DUK

Duke Energy

Duke Energy's revenue and net income grew in 2025

Revenue rose 5.6% to $31.7B. Net income rose 9.8% to $5.0B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 26, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026) · Data pulled Oct 25, 2026

Key facts

Duke Energy (NYSE: DUK) reported total operating revenues of $31.7B for fiscal 2025, the year ended Dec 31, 2025, up 5.6% from fiscal 2024. Net income to Duke Energy was $5.0B, up 9.8%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $7.4B, up 0.7% from the same quarter a year earlier, and net income was $1.1B. The largest piece by segment was Electric Utilities and Infrastructure, at 91% of fiscal 2025 total operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).

Revenue$31.7BFY2025 · +5.6% vs FY2024
Net income to Duke Energy$5.0BFY2025 · +9.8% vs FY2024
Operating cash flow$12.3BFY2025 · +0.0% vs FY2024
Cash & equivalents$673Mat Jun 30, 2026 · +174.7% vs FY2025 end
Total debt$91.2Bat Jun 30, 2026 · +1.6% vs FY2025 end
Diluted shares777MFY2025 avg · +0.6% vs FY2024
Total operating revenues and net income to Duke Energy, three fiscal yearsBy fiscal year, $bn
Total operating revenuesNet income to Duke Energy
Total operating revenues and net income to Duke Energy by fiscal yearTotal operating revenues FY2023: $28.7B28.7Net income to Duke Energy FY2023: $2.8B2.8FY2023Total operating revenues FY2024: $30.1B30.1Net income to Duke Energy FY2024: $4.5B4.5FY2024Total operating revenues FY2025: $31.7B31.7Net income to Duke Energy FY2025: $5.0B5.0FY2025

Source: 10-K FY2025, filed Feb 26, 2026

Quarterly total operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total operating revenues, fiscal 2026 vs 2025FY2025 Q1: $8.2B8.2FY2026 Q1: $9.0B9.0Q1FY2025 Q2: $7.4B7.4FY2026 Q2: $7.4B7.4Q2

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026

How it makes money

FY2025 total by categoryElectric Utilities and Infrastructure: $28.9B (91%)Gas Utilities and Infrastructure: $2.9B (9%)$31.7BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Electric Utilities and Infrastructure$28.9B91%+3.9%
  • Gas Utilities and Infrastructure$2.9B9%+27.1%

Source: 10-K FY2025, XBRL breakdown

Electric Utilities and Infrastructure was 91% of 2025 segment revenue and Gas Utilities and Infrastructure 9%. Operating cash flow was $12.3B.

By segment: three-year mixShare of the total each fiscal year
Electric Utilities and InfrastructureGas Utilities and Infrastructure

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$7.4B Q2 2026
$7.4B Q2 2025
0.7% increase
Net income
$1.1B Q2 2026
$984M Q2 2025
11.0% increase

Source: Duke Energy 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

By segment

Electric Utilities and Infrastructure
$7.0B Q2 2026
$6.9B Q2 2025
1.4% increase
Gas Utilities and Infrastructure
$398M Q2 2026
$436M Q2 2025
8.7% decrease

Source: Duke Energy 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

  • Cash & equivalents $673M at Jun 30, 2026, vs $245M at FY2025 end.
  • Total debt $91.2B at Jun 30, 2026, vs $89.8B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $4.3B vs $5.0B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Total debt was $89.8B at the end of 2025, up 6.6%, and $91.2B at Jun 30, 2026. 10-K, FY2025
  • Operating cash flow was flat in 2025 at $12.3B, while debt kept rising. 10-K, FY2025
  • The 10-K lists regulation, storms and weather, the cost of building new plants and grids, financing and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Duke Energy is one of the largest US utility companies. It sells electricity in the Carolinas, Florida and the Midwest, and natural gas in several Southeastern and Midwestern states.

Electric Utilities and Infrastructure generates, transmits and sells electricity to homes and businesses. Gas Utilities and Infrastructure delivers natural gas to customers and invests in pipelines and storage.

Most of its prices are set by state regulators. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Duke Energy's latest 10-K. Read the original for the full list.

  1. RegulationState regulators decide what it can charge and which costs it can recover.
  2. WeatherHurricanes and other storms can damage its systems and raise costs.
  3. ConstructionBuilding new plants and power lines may cost more or take longer than planned.
  4. FinancingLarge spending plans depend on borrowing and raising capital.
  5. EnvironmentRules on emissions and coal ash affect costs and plans.
  6. CybersecurityAttacks on the grid or its systems could disrupt service.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total operating revenues$28.7B$30.1B$31.7B
Net income to Duke Energy$2.8B$4.5B$5.0B
Operating cash flow$9.9B$12.3B$12.3B
Cash & equivalents (year end)$253M$314M$245M
Total debt (year end)$79.5B$84.3B$89.8B
Diluted shares771M772M777M
  • Total operating revenues: Electricity and natural gas sold to homes, businesses and other utilities, mainly in the Carolinas, Florida and the Midwest.
  • Net income to Duke Energy: Net income available to Duke Energy, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term borrowings plus current and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the two segments' revenue, which add up to slightly less than reported total revenue.

Recent filings

FormFiledPeriod
10-QAug 4, 2026Jun 30, 2026
10-QMay 5, 2026Mar 31, 2026
DEF 14AMar 20, 2026May 7, 2026
10-KFeb 26, 2026Dec 31, 2025

Latest filings

  1. Oct 84:40 PM ET

    Form 4

    Duke Energy director Idalene Fay Kesner reports an award of 303 Director Savings Plan restricted stock units Deferrals

    The filing reports 303 Director Savings Plan restricted stock units Deferrals in a grant or award (code A).

  2. Sep 304:19 PM ET

    Form 4

    Duke Energy director Joyce A. Mullen reports an award of 1,066 Director Savings Plan restricted stock units Deferrals

    The filing reports 1,066 Director Savings Plan restricted stock units Deferrals in a grant or award (code A).

  3. Sep 256:30 AM ET

    8-K

    Duke Energy files an 8-K on director or officer changes and other events

    Duke Energy filed a Form 8-K on Sep 25, 2026 at 6:30 AM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 8.01 (Other Events).

All Duke Energy filings notes →

Common questions about Duke Energy

How does Duke Energy make money?

Duke Energy's total operating revenues were $31.7B in fiscal 2025. Electric Utilities and Infrastructure was 91% of 2025 segment revenue and Gas Utilities and Infrastructure 9%. Operating cash flow was $12.3B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What was Duke Energy's revenue in fiscal 2025?

$31.7B of total operating revenues for the fiscal year ended Dec 31, 2025, up 5.6% from $30.1B in fiscal 2024. Fiscal 2023 was $28.7B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

Is Duke Energy profitable?

Duke Energy reported net income to Duke Energy of $5.0B for fiscal 2025, up 9.8% from $4.5B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What did Duke Energy report in its latest quarterly filing?

Revenue was $7.4B in the quarter ended Jun 30, 2026, up 0.7% from $7.4B a year earlier. Net income was $1.1B, up 11.0% from $984M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.

How much cash and debt does Duke Energy have?

Duke Energy had $673M in cash and cash equivalents and $91.2B of total debt on Jun 30, 2026. Total debt here is short-term borrowings plus current and long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.

What are the main risks Duke Energy lists?

Duke Energy's 10-K for fiscal 2025, filed Feb 26, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Regulation; weather; construction; financing; environment; cybersecurity. The first: State regulators decide what it can charge and which costs it can recover. Source: 10-K, Item 1A Risk Factors.

Where do these Duke Energy numbers come from?

From Duke Energy's own SEC filings: the 10-K for fiscal 2025 (filed Feb 26, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in DUK
The editor holds no position in Duke Energy (DUK). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell DUK from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DUK, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Duke EnergyDUKFY2025$31.7B+5.6%$5.0B
Southern CompanySOFY2025$29.6B+10.6%$4.3B
NextEra EnergyNEEFY2025$27.4B+10.7%$6.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.