DUKDuke Energy
Duke Energy was incorporated on May 3, 2005, and is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below. 10-K, Item 1
- Headquarters
- Charlotte, NC
- CEO
- Harry K. Sideris
- Next results
- around Feb 9, 2027
All key numbers (39) From EDGAR
| EPS (ttm) | 6.52 | Sales (ttm) | 33.2B | Net income (ttm) | 5.1B | Sales growth | +6.2% | EPS growth | +10.5% | Sales Q/Q | +11.3% |
| Free cash flow | -3.3B | Gross margin | - | Oper. margin | 27.2% | Net margin | 15.5% | FCF margin | -9.9% | ROE | 9.4% |
| ROA | 2.6% | R&D / sales | - | Dividend | 4.22 | Debt/Eq | 1.66 | Curr. ratio | 0.66 | Cash | 2.1B |
| Op. cash flow (ttm) | 11.7B | EBITDA | 16.3B | EBITDA margin | 50.7% | Net debt | 88.1B | Quick ratio | 0.66 | Interest cover | 2.37 |
| ROIC | 5.3% | Payout ratio | 66.9% | Tax rate | 11.2% | Stock pay / sales | 0.3% | Shares out. | 779.6M | Shares Y/Y | +0.6% |
| Book / share | 69.85 | Cash / share | 2.75 | Sales / share | 42.54 | Asset turnover | 0.17 | Days sales out. | 0 | Sales 3Y CAGR | +3.9% |
| Sales 5Y CAGR | +6.6% | EPS 3Y CAGR | +25.8% | EPS 5Y CAGR | +29.7% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow turned negative$48.0M → −$1.7B · Cash from operations − capital expenditure · 10-K ↗
DUK against Utilities peers
Ten years, side by side → · All 31 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| DUK Duke Energy | $33.2B | +6.2% | - | 15.5% | 9.4% | -9.9% | 1.66 |
| NRG NRG Energy | $35.0B | +9.2% | - | 3.6% | 23.9% | 2.0% | 4.37 |
| CEG Constellation Energy | $31.3B | +8.3% | - | 11.1% | 10.8% | 1.0% | 0.77 |
| SO Southern Company | $30.2B | +10.6% | - | 14.5% | 10.9% | -11.5% | 1.87 |
| NEE NextEra Energy | $27.9B | +10.7% | - | 29.4% | 14.8% | - | 1.87 |
| PCG PG&E Corporation | $25.8B | +2.1% | - | 11.8% | 9.0% | -16.5% | 1.89 |
Profitability
2 of 3- ✓Net margin above the peer median15.5% vs 13.8%
- !Return on equity below 15%9.4%
- ✓A profit in every one of 10 years
Balance sheet
0 of 3- !Interest covered less than 5 timesOperating income is 2.4× interest expense
- !Debt larger than equityDebt / equity 1.66 on the latest balance sheet (peer median 1.70)
- !Current ratio below 1Current ratio 0.66
Cash and shareholders
2 of 4- !Free cash flow positive in 1 of 10 years−$1.7B last year
- !Share count up over 5 years+5.3%
- ✓Dividend per share up over 5 years$3.82 → $4.22
- ✓Cash from operations above net income$12.3B vs $5.0B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Mar 31, 2026 · schedule of Dec 31, 2025The debt note's own lines, 2025-12-31
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| August 2024 6.450% Notes Due September 2054 (Unsecured Debt) | Secured | 6.45% | not stated | $1.0B |
| 4.950% Unsecured Debt Due September 2035 (Unsecured Debt) | Secured | 4.95% | not stated | $1.0B |
| First Mortgage Bonds Issued March 2025 Due March 2035 (First Mortgage) | Notes and bonds | 5.05% | not stated | $850.0M |
| First Mortgage Bonds Issued March 2025 Due March 2055 (First Mortgage) | Notes and bonds | 5.55% | not stated | $750.0M |
| 5.700 Unsecured Debt Due September 2055 (Unsecured Debt) | Secured | 5.70% | not stated | $750.0M |
| First Mortgage Bonds Issued January 2025 Due March 2035 (First Mortgage) | Notes and bonds | 5.25% | not stated | $700.0M |
| First Mortgage Bonds Issued November 2025 Due December 2035 (First Mortgage) | Notes and bonds | 4.85% | not stated | $600.0M |
| 4.898% Secured Debt due July 2046 (Secured Debt) | Secured | 4.90% | not stated | $561.0M |
| First Mortgage Bonds Issued March 2025 Due March 2027 (First Mortgage) | Notes and bonds | 4.35% | not stated | $500.0M |
| First Mortgage Bonds Issued November 2025 Due December 2030 (First Mortgage) | Notes and bonds | 4.20% | not stated | $500.0M |
| 4.890% Secured Debt due July 2048 (Secured Debt) | Secured | 4.89% | not stated | $461.0M |
| First Mortgage Bonds Issued January 2025 Due March 2030 (First Mortgage) | Notes and bonds | 4.85% | not stated | $400.0M |
| 5.070% Secured Debt due July 2048 (Secured Debt) | Secured | 5.07% | not stated | $382.0M |
| First Mortgage Bonds Issued June 2025 Due June 2035 (First Mortgage) | Notes and bonds | 5.30% | not stated | $350.0M |
| First Mortgage Bonds Issued May 2025 Due may 2055 (First Mortgage) | Notes and bonds | 5.90% | not stated | $300.0M |
| 4.226% Secured Debt due July 2037 (Secured Debt) | Secured | 4.23% | not stated | $200.0M |
| 5.410% Unsecured Debt Due September 2030 (Unsecured Debt) | Secured | 5.41% | not stated | $68.0M |
| 6.010 Unsecured Debt Due September 2035 (Unsecured Debt) | Secured | 6.01% | not stated | $43.0M |
| 6.110% Unsecured Debt Due September 2037 (Unsecured Debt) | Secured | 6.11% | not stated | $40.0M |
All 19 lines
From the debt note in the 10-K's XBRL (0001326160-26-000014), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2025
Revenue 32.2B Net income 5.0BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $31.7B of revenue came from
by segment, year to Dec 31, 2025- Electric Utilities and Infrastructure $28.9B · 91%
- Gas Utilities and Infrastructure $2.9B · 9%
- Other $28.0M · 0%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
DUK's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Electric Utilities and Infrastructure | 28.9B | 89.5% | +3.9% |
| Gas Utilities and Infrastructure | 2.9B | 8.8% | +27.1% |
| Other | 28.0M | 0.1% | -26.3% |
10-K 0001326160-26-000014, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 22.7B | 23.6B | 24.5B | 25.1B | 23.4B | 24.6B | 28.8B | 29.1B | 30.4B | 32.2B |
| Cost of revenue | 6.6B | 6.3B | 6.8B | 6.8B | - | - | - | - | - | - |
| 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 | 920.0M | 4.0B | 4.1B | 4.8B | 5.2B | 5.7B |
| Income tax | 1.2B | 1.2B | 448.0M | 519.0M | -169.0M | 268.0M | 300.0M | 438.0M | 590.0M | 642.0M |
| Net income | 2.2B | 3.1B | 2.7B | 3.7B | 1.4B | 3.9B | 2.5B | 2.8B | 4.5B | 5.0B |
| EPS (diluted) | 3.11 | 4.36 | 3.76 | 5.06 | 1.72 | 4.94 | 3.17 | 3.54 | 5.71 | 6.31 |
| Diluted shares | 691.0M | 700.0M | 708.0M | 729.0M | 738.0M | 769.0M | 770.0M | 771.0M | 772.0M | 777.0M |
| Depreciation & amortization | 3.9B | 4.0B | 4.7B | 5.2B | 5.5B | 5.7B | 5.8B | 6.1B | 6.4B | 7.7B |
| EBITDA | 9.1B | 9.7B | 9.4B | 10.9B | 10.1B | 11.2B | 11.9B | 13.2B | 14.3B | 16.3B |
| Operating margin | 22.9% | 23.9% | 19.1% | 22.8% | 19.6% | 22.3% | 20.9% | 24.3% | 26.1% | 26.8% |
| Net margin | 9.5% | 13.0% | 10.9% | 14.9% | 5.9% | 15.9% | 8.9% | 9.8% | 14.9% | 15.4% |
| Revenue growth | - | +3.6% | +4.1% | +2.3% | -6.8% | +5.4% | +16.8% | +1.0% | +4.5% | +6.2% |
| EPS growth | - | +40.2% | -13.8% | +34.6% | -66.0% | +187% | -35.8% | +11.7% | +61.3% | +10.5% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 392.0M | 358.0M | 442.0M | 311.0M | 259.0M | 341.0M | 409.0M | 253.0M | 314.0M | 245.0M |
| Receivables | 1.9B | 2.0B | 2.2B | 2.0B | 2.1B | 2.4B | 3.1B | 3.0B | 1.9B | 16.0M |
| Current assets | 8.0B | 8.5B | 9.7B | 9.2B | 8.7B | 9.9B | 13.2B | 12.8B | 12.9B | 11.6B |
| Property & equipment | 82.5B | 86.4B | 91.7B | 102.1B | 106.8B | 105.5B | 111.7B | 115.3B | 121.6B | 130.0B |
| Goodwill | 19.4B | 19.4B | 19.3B | 19.3B | 19.3B | 19.3B | 19.3B | 19.3B | 19.0B | 19.0B |
| Total assets | 132.8B | 137.9B | 145.4B | 158.8B | 162.4B | 169.6B | 178.1B | 176.9B | 186.3B | 195.7B |
| Accounts payable | 3.0B | 3.0B | 3.5B | 3.5B | 3.1B | 3.5B | 4.8B | 4.2B | 5.4B | 5.2B |
| Current liabilities | 11.6B | 12.5B | 15.0B | 14.8B | 16.3B | 15.9B | 18.9B | 17.3B | 19.4B | 21.0B |
| Total debt | 50.4B | 54.4B | 57.9B | 61.3B | 62.7B | 67.1B | 73.7B | 79.5B | 84.3B | 89.8B |
| Shareholders' equity | 41.0B | 41.7B | 43.8B | 46.8B | 48.0B | 49.3B | 49.3B | 49.1B | 50.1B | 51.8B |
| Retained earnings | 2.4B | 3.0B | 3.1B | 4.1B | 2.5B | 3.3B | 2.6B | 2.2B | 3.4B | 5.1B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.9B | 6.6B | 7.2B | 8.2B | 8.9B | 8.3B | 5.9B | 9.9B | 12.3B | 12.3B |
| Capital spending | 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 |
| Stock-based pay (added back) | 55.0M | 68.0M | 78.0M | 89.0M | 84.0M | 88.0M | 100.0M | 97.0M | 96.0M | 102.0M |
| Dividends paid | 2.3B | 2.5B | 2.5B | 2.7B | 2.8B | 3.1B | 3.2B | - | - | - |
| Acquisitions | 4.8B | - | - | - | - | - | - | - | - | - |
| Debt raised | 9.2B | 6.9B | 5.3B | 7.1B | 6.3B | 9.1B | 11.9B | 10.0B | 9.0B | 11.9B |
| Debt repaid | 1.9B | 2.3B | 2.9B | 3.5B | 4.5B | 5.3B | 4.4B | 4.7B | 3.4B | 5.7B |
| Investing cash flow | -11.5B | -8.4B | -10.1B | -12.0B | -10.6B | -10.9B | -12.0B | -12.5B | -13.1B | -14.3B |
| Financing cash flow | 4.3B | 1.8B | 3.0B | 3.7B | 1.7B | 2.6B | 6.1B | 2.4B | 859.0M | 1.9B |
| Dividend per share | 3.36 | 3.49 | 3.64 | 3.75 | 3.82 | 3.90 | 3.98 | 4.06 | 4.14 | 4.22 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 55.0M | 68.0M | 78.0M | 89.0M | 84.0M | 88.0M | 100.0M | 97.0M | 96.0M | 102.0M |
| Stock-based pay / revenue | 0.2% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% |
| Operating lease cost | - | - | - | 292.0M | 283.0M | 245.0M | 229.0M | 236.0M | 275.0M | 283.0M |
| Operating lease cash paid | - | - | - | 285.0M | 271.0M | 245.0M | 230.0M | 228.0M | 250.0M | 277.0M |
| Finance lease principal paid | - | - | - | 111.0M | 119.0M | 219.0M | 151.0M | 160.0M | 113.0M | 64.0M |
| Right-of-use assets | - | - | 1.8B | 1.7B | 1.5B | 1.1B | 1.0B | 1.1B | 1.1B | 1.2B |
| Operating lease liabilities | - | - | 1.7B | 1.6B | 1.5B | 1.3B | 1.1B | 1.1B | 1.2B | 1.3B |
| Finance lease liabilities | - | - | - | 969.0M | 845.0M | 915.0M | 764.0M | 639.0M | 570.0M | 576.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on DUK in a spreadsheet:
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