31companies in Utilities
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Compare companies, side by side

The same facts from the filings for each company in a group, where each stands among the others, and what each wrote about a topic in its latest 10-K.

Group median · 31 companies
Sales growth
+9.7%
Gross margin
76%
Operating margin
23%
Net margin
14%
Where each stands

The 3 largest, ranked among the group

Each corner is the share of Utilities companies the company is above on that ratio. The dashed line is the middle of the group. A rank, not a score.

NRG NRG Energy
Revenue $35.0B, last twelve months
Year by year
Revenue growth: 9.2%, above 43% of 30 peers (their median 9.7%) REVENUE GROWTH 9.2% · above 43% Operating margin: 7.7%, above 0% of 28 peers (their median 23.1%) OPERATING MARGIN 7.7% · above 0% Net margin: 3.6%, above 0% of 30 peers (their median 14.1%) NET MARGIN 3.6% · above 0% FCF margin: 2.0%, above 83% of 23 peers (their median -16.0%) FCF MARGIN 2.0% · above 83% Return on capital: 5.0%, above 36% of 28 peers (their median 5.3%) RETURN ON CAPITAL 5.0% · above 36%
Sales growth
+9.2%
Operating margin
7.7%
FCF margin
2.0%

11 paragraphs of its Risk Factors mention AI, against 11 the year before.

DUK Duke Energy
Revenue $33.2B, last twelve months
Year by year
Revenue growth: 6.2%, above 23% of 30 peers (their median 9.7%) REVENUE GROWTH 6.2% · above 23% Operating margin: 27.2%, above 82% of 28 peers (their median 23.1%) OPERATING MARGIN 27.2% · above 82% Net margin: 15.5%, above 63% of 30 peers (their median 13.6%) NET MARGIN 15.5% · above 63% FCF margin: -9.9%, above 65% of 23 peers (their median -16.0%) FCF MARGIN -9.9% · above 65% Return on capital: 5.3%, above 50% of 28 peers (their median 5.3%) RETURN ON CAPITAL 5.3% · above 50%
Sales growth
+6.2%
Operating margin
27%
FCF margin
-9.9%

14 paragraphs of its Risk Factors mention AI, against 2 the year before.

CEG Constellation Energy
Revenue $31.3B, last twelve months
Year by year
Revenue growth: 8.3%, above 30% of 30 peers (their median 9.7%) REVENUE GROWTH 8.3% · above 30% Operating margin: 14.7%, above 11% of 28 peers (their median 23.1%) OPERATING MARGIN 14.7% · above 11% Net margin: 11.1%, above 13% of 30 peers (their median 14.1%) NET MARGIN 11.1% · above 13% FCF margin: 1.0%, above 78% of 23 peers (their median -16.0%) FCF MARGIN 1.0% · above 78% Return on capital: 3.6%, above 0% of 28 peers (their median 5.3%) RETURN ON CAPITAL 3.6% · above 0%
Sales growth
+8.3%
Operating margin
15%
FCF margin
1.0%

7 paragraphs of its Risk Factors mention AI, against 2 the year before.

From the filings

Utilities: the same facts for each company

Showing 12 of 31, largest revenue first
Company Revenue, 12 months Sales growth Gross / operating margin Net margin Debt / equity Accounting items Insider buys Investors Open
NRG NRG Energy
$35.0B
+9.2%
GM -OM 7.7%
3.6% 4.37 0 of 6to read 0 0 10-K
DUK Duke Energy
$33.2B
+6.2%
GM -OM 27%
15% 1.66 0 of 5to read 0 0 10-K
CEG Constellation Energy
$31.3B
+8.3%
GM -OM 15%
11% 0.77 0 of 6to read 0 0 10-K
SO Southern Company
$30.2B
+11%
GM -OM 24%
14% 1.87 1 of 5to read 0 0 10-K
NEE NextEra Energy
$27.9B
+11%
GM -OM 30%
29% 1.87 0 of 6to read 0 0 10-K
PCG PG&E Corporation
$25.8B
+2.1%
GM -OM 20%
12% 1.89 1 of 6to read 1 0 10-K
EXC Exelon
$24.8B
+5.3%
GM -OM 21%
11% 1.73 1 of 5to read 0 0 10-K
AEP American Electric Power
$22.4B
+11%
GM -OM 24%
16% 1.58 0 of 5to read 0 0 10-K
VST Vistra Corp.
$20.6B
+3.0%
GM -OM 21%
13% 3.35 1 of 5to read 3 0 10-K
EIX Edison International
$18.6B
+9.8%
GM -OM 32%
20% 2.33 1 of 6to read 0 0 10-K
ED Consolidated Edison
$18.2B
+10%
GM -OM 19%
13% 0.98 0 of 5to read 1 0 10-K
D Dominion Energy
$17.5B
+17%
GM -OM 26%
17% 1.78 0 of 4to read 0 0 10-K
Sales growth is the last fiscal year against the one before; margins are over the last twelve months. Where each comes from

How to read this page

  • A radar shows where a company ranks among its group on six ratios. A corner at the edge means it is above every other company on that ratio.
  • A table row lists the facts as the filings give them: revenue, growth, margins, debt to equity, the accounting checks, insider buying and followed investors holding.
  • A bubble to the right grew faster, and one higher up kept more of its sales as free cash flow.
  • A bar is paragraphs that mention the topic this year, and the mark on it is last year.

Risk Factors and XBRL figures from each company's latest 10-K, read nightly from SEC EDGAR. Nothing here is a rating.

By topic · 10-K Item 1A

AI: paragraphs that mention it

DUK 14 vs 2 AES 12 vs 6 CNP 12 vs 9 NRG 11 vs 11 AEP 10 vs 2 WEC 9 vs 5 PPL 8 vs 5 CEG 7 vs 2 ETR 7 vs 6 FE 7 vs 1 NEE 7 vs 2 PNW 7 vs 4 VST 7 vs 6 EVRG 6 vs 5 PEG 6 vs 5
All 34 companies
SRE 6 vs 2 AEE 5 vs 4 ES 5 vs 1 NI 5 vs 0 CMS 3 vs 2 D 3 vs 3 ED 2 vs 1 EXC 2 vs 2 PCG 2 vs 1 SO 2 vs 2 XEL 2 vs 3 DTE 1 vs 0 EIX 1 vs 1 LNT 1 vs 1 ATO 0 vs 0 AVA 0 vs 0 AWK 0 vs 0 AWR 0 vs 0 BKH 0 vs 0

Risk Factors paragraphs in each company's latest 10-K, most mentions first. The bar is this year and the mark is last year. 27 companies have no 10-K downloaded yet.

In their words

What the companies wrote

The paragraphs as filed, each linked to its filing on sec.gov

DUK Duke Energy CORP

14 paragraphs

… This year, we deployed a personal productivity generative AI tool to approximately 10,000 employees across the enterprise and we continue to assess and prioritize high-impact investment opportunities including the development of agentic AI tools.

Item 7, MD&A, 10-K Feb 26, 2026

… Furthermore, AI, including generative AI, may be used to facilitate or perpetrate these cybersecurity threats. Duke Energy’s use of generative AI (and use by their vendors and agents) may subject them to data privacy, legal, regulatory and security risks …

Item 1A, Risk Factors, 10-K Feb 26, 2026

AES AES CORP

12 paragraphs

In 2025, AES furthered its partnership with the AI Fund to combine its power sector expertise with the fund's artificial intelligence capabilities, leveraging generative AI technology to address bottlenecks in the energy transition. At the same time, AES made significant advancements with Maximo, an AI-powered robot designed to enhance the speed, efficiency, and safety of solar installations.

10-K, 10-K Mar 2, 2026

Business Description - In 2024, AES formed a partnership with the AI Fund, an AI-focused venture studio, to co-develop AI-based businesses. In 2025, AES made its first equity investments in two co-built companies.

10-K, 10-K Mar 2, 2026

NRG NRG ENERGY, INC.

11 paragraphs

The electricity industry is expected to experience a surge in demand driven primarily by new manufacturing, industrial and data center facilities (including to support the expected increase in demand for AI and generative AI (“GenAI”)). The U.S. Energy Information …

Item 1A, Risk Factors, 10-K Feb 24, 2026

• Operational and reputational risks related to the use of AI and the adherence to developing laws and regulations related to the use of AI;

Item 1A, Risk Factors, 10-K Feb 24, 2026

AEP AMERICAN ELECTRIC POWER CO INC

10 paragraphs

• Information technology failure, including failure of AI technology, that impairs AEP’s information technology infrastructure or disrupts normal business operations.

Item 1A, Risk Factors, 10-K Feb 12, 2026

… Much of this demand is driven by interconnecting with and providing power to data centers and other large load customers to serve an increasingly digital economy and to support AI. The business and capital investment plans of AEP are focused …

Item 1A, Risk Factors, 10-K Feb 12, 2026

WEC WEC ENERGY GROUP, INC.

9 paragraphs

We are using AI primarily through services provided by our third party vendors. In addition, we are exploring the use of AI, including generative AI, and its ability to enhance the services we offer. There are significant risks involved in …

Item 1A, Risk Factors, 10-K Feb 20, 2026

This concentration of business with a small number of customers in an industry based on emerging technologies, including AI and machine learning, presents several risks. We cannot predict the rate at which or the extent to which these emerging technologies …

Item 1A, Risk Factors, 10-K Feb 20, 2026
Show all 34 companies' quotes

PPL PPL Corp

8 paragraphs

Artificial Intelligence (AI) is an evolving area of technology that has the potential to affect multiple aspects of our business operations, grid management, critical infrastructure management, customer interactions, cybersecurity posture, and decision support processes.

Item 1A, Risk Factors, 10-K Feb 20, 2026

• Utilizing artificial intelligence and other advanced technologies to inform decision making, optimize asset planning and maintenance and better manage supply and demand on the grid.

Item 7, MD&A, 10-K Feb 20, 2026

CEG Constellation Energy Corp

7 paragraphs

… Our implementation of generative AI to improve business and operational performance has led to the introduction of enhanced technologies that pose distinct governance and security risk management challenges. Continued implementation of advanced digital technologies, including generative AI and machine learning …

Item 1A, Risk Factors, 10-K Feb 24, 2026

The use of AI technologies in our operations presents risks that could adversely affect our business, financial condition, results of operations and reputation. AI systems, whether developed internally or used by our vendors, service providers or business partners, may produce …

Item 1A, Risk Factors, 10-K Feb 24, 2026

ETR ENTERGY CORP /DE/

7 paragraphs

being made primarily in connection with electric service agreements with a small number of customers representing significant new load to provide power for new data centers being constructed to support artificial intelligence and other technology capabilities. The Utility operating companies continue to explore similar opportunities and have engaged, and may continue to engage, in additional similar transactions in the future.

Item 1A, Risk Factors, 10-K Feb 19, 2026

… The recent dramatic expansion in anticipated demand from data center customers is largely based on emerging technologies, including artificial intelligence and machine learning. These technologies and their related business applications have developed rapidly in recent years and continue to evolve …

Item 1A, Risk Factors, 10-K Feb 19, 2026

FE FIRSTENERGY CORP

7 paragraphs

… FirstEnergy leverages opportunities to reduce costs - such as filling only critical positions, implementing our facility optimization plans, deploying advanced technology, including but not limited to artificial intelligence, and exploring other additional, sustainable opportunities, such as reducing contractor spend. There can …

Item 1A, Risk Factors, 10-K Feb 18, 2026

… Secretary of Energy directed FERC to conduct a rulemaking procedure to develop regulations that would speed interconnection to the transmission system of large loads, including “Artificial Intelligence” data centers and “hybrid” data center/electric generation facilities. The Energy Secretary advanced …

Item 7, MD&A, 10-K Feb 18, 2026

NEE NEXTERA ENERGY INC

7 paragraphs

The productivity increases and competitive advantages NEE and FPL plan to achieve through the use of artificial intelligence (AI) technologies may not be realized and the use of and reliance on AI may present certain risks, both of which could materially adversely affect their business, financial condition, results of operations and prospects.

Item 1A, Risk Factors, 10-K Feb 13, 2026

NEE and FPL use AI technologies in various aspects of their operations, including, without limitation, financial analysis, strategic planning, field work intelligence, work scheduling, grid optimization, energy forecasting, customer service and operations management. The use of and reliance on AI …

Item 1A, Risk Factors, 10-K Feb 13, 2026

PNW PINNACLE WEST CAPITAL CORP

7 paragraphs

Artificial Intelligence. To address the rapid advancement of AI technology risks and opportunities, APS has developed an AI strategy to responsibly utilize AI to advance our business strategy, enhance customer and employee experiences, and optimize operational reliability. At the core …

Item 7, MD&A, 10-K Feb 25, 2026

… APS’s strategy, including the timing of such strategy, in adopting new technologies, such as artificial intelligence, could also adversely impact APS’s business. For example, if APS fails to strategically implement artificial intelligence, it could miss the opportunity for …

Item 1A, Risk Factors, 10-K Feb 25, 2026

VST Vistra Corp.

7 paragraphs

Multiple demand drivers such as emergence of large load data centers, including in response to transformations in technologies like artificial intelligence (AI) and electrification of oil field operations (specifically in the Permian Basin of west Texas), have accelerated, and are …

Item 1A, Risk Factors, 10-K Feb 27, 2026

… To grow and remain competitive, we will need to adapt to changes in available technology like generative AI, continually invest in our assets, increase generation capacity, increase our use of low-carbon technologies, enhance our existing offerings, and introduce new …

Item 1A, Risk Factors, 10-K Feb 27, 2026

EVRG Evergy, Inc.

6 paragraphs

Artificial intelligence (AI) is an emerging area of technology that has the potential to impact various aspects of the Evergy Companies' business operations and customer interactions.

Item 1A, Risk Factors, 10-K Feb 19, 2026

Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by Evergy, its subsidiaries or third-party vendors could result in unintended consequences. While the Evergy Companies seek contractual …

Item 1A, Risk Factors, 10-K Feb 19, 2026

PEG PUBLIC SERVICE ENTERPRISE GROUP INC

6 paragraphs

AI, including Generative AI and Post-Quantum Cryptography, has the potential to change the way we operate by creating efficiencies and improving processes and customer experiences. The development, adoption, and use for generative AI technologies are still in their early …

Item 1A, Risk Factors, 10-K Feb 26, 2026

Artificial Intelligence is an emerging area of technology that has the potential to impact various aspects of our business operations and customer interactions.

Item 1A, Risk Factors, 10-K Feb 26, 2026

AEE AMEREN CORP

5 paragraphs

• failure to keep pace with and the ability to adapt to rapid technological change, including generative and agentic artificial intelligence; and

Item 1A, Risk Factors, 10-K Feb 18, 2026

… In addition, volatility in stock prices of perceived significant energy consumers, such as technology companies involved with artificial intelligence or cryptocurrency, or other significant developments with such companies, could cause increased volatility in stock prices of energy utility companies such …

Item 1A, Risk Factors, 10-K Feb 18, 2026

ES EVERSOURCE ENERGY

5 paragraphs

We are increasingly integrating artificial intelligence (AI) into our operations, and while these technologies offer operational benefits, they also introduce significant risks that could adversely impact our business and results of operations.

Item 1A, Risk Factors, 10-K Feb 17, 2026

We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions. This deployment is overseen by an internal governance and oversight committee, which has established policies and procedures and …

Item 1A, Risk Factors, 10-K Feb 17, 2026

NI NISOURCE INC.

5 paragraphs

… The concentration of business with a small number of customers in an industry based on emerging technologies, including artificial intelligence and machine learning, presents several risks for us. Our data center customers’ technologies and their related business applications have developed …

Item 1A, Risk Factors, 10-K Feb 11, 2026

connection with constructing their data centers, (iii) any decrease or lessening of current cloud-computing or artificial intelligence demand trends or a change in the current supportive legal and regulatory environment (in Northern Indiana or elsewhere) with respect to cloud …

Item 1A, Risk Factors, 10-K Feb 11, 2026

CMS CMS ENERGY CORP

3 paragraphs

… Rapid expansion of data centers associated with increasing demand for cloud services, artificial intelligence, and other applications could lead to an unprecedented increase in demand for electric power in MISO and in Consumers’ service territory. Data center electric demand could …

Item 1A, Risk Factors, 10-K Feb 10, 2026

• the ability to implement and integrate technology successfully, including artificial intelligence

10-K, 10-K Feb 10, 2026

D DOMINION ENERGY, INC

3 paragraphs

Increased energy demand or significant accelerated growth in demand due to new data centers, expanded use of artificial intelligence, widespread adoption of electric vehicles or other customer changes could require enhancements to the Companies’ infrastructure. As discussed above, the ability …

Item 1A, Risk Factors, 10-K Feb 23, 2026

… Emerging technologies, such as advanced forms of automation and artificial intelligence, which are subject to limited government oversight and regulations and evolve rapidly, may result in an increase in the frequency and sophistication of cyber attacks. The Companies’ businesses also …

Item 1A, Risk Factors, 10-K Feb 23, 2026

ED CONSOLIDATED EDISON INC

2 paragraphs

… Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences. While the Companies seek contractual protections with …

Item 1A, Risk Factors, 10-K Feb 19, 2026

… Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence (AI), and from nation-state and …

Item 1A, Risk Factors, 10-K Feb 19, 2026

EXC EXELON CORP

2 paragraphs

… Exelon has forecast substantial increases in load, driven largely by the increasing use of data processing facilities dedicated to cloud services, artificial intelligence technologies, and other applications. If third-party power generation capacity is insufficient to meet any Utility Registrant …

Item 1A, Risk Factors, 10-K Feb 12, 2026

… In addition, the rapid evolution and increased adoption of artificial intelligence technologies may intensify the Registrants' cybersecurity risks.

Item 1A, Risk Factors, 10-K Feb 12, 2026

PCG PG&E Corp

2 paragraphs

… Additionally, artificial intelligence, including generative artificial intelligence, may be used to facilitate or perpetrate these cybersecurity threats. Accordingly, the Utility may not be able to prevent unauthorized access to its operational networks, information technology systems or data, or the disruption …

Item 1A, Risk Factors, 10-K Feb 12, 2026

… The personal information that PG&E Corporation and the Utility collect, as well as other commercially-sensitive data that they possess, could nonetheless become compromised or improperly disclosed, including through the use of generative artificial intelligence or as a result …

Item 1A, Risk Factors, 10-K Feb 12, 2026

SO SOUTHERN CO

2 paragraphs

… Use of generative artificial intelligence has also increased the frequency, scale, and sophistication of cyber attacks and increased the capability of less sophisticated actors. As generative artificial intelligence continues to evolve, new technologies and increased computing power could cause these …

Item 1A, Risk Factors, 10-K Feb 19, 2026

… The majority of this demand is driven by the power needs and projected power needs of data centers to serve an increasingly digital economy and to support artificial intelligence. Other demands are coming from new industrial facilities with advanced manufacturing …

Item 1A, Risk Factors, 10-K Feb 19, 2026

XEL XCEL ENERGY INC

2 paragraphs

Advancements in artificial intelligence and large language models may increase cybersecurity threats and operational risks. Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.

Item 1A, Risk Factors, 10-K Feb 25, 2026

… New demand remains robust in our territories as we fuel the rapid growth from AI and data centers, industrial electrification and electric vehicle adoption. As such, we are transforming and expanding our electric grid to accommodate this load growth, and …

10-K, 10-K Feb 25, 2026

DTE DTE ENERGY CO

1 paragraph

… Technological developments, including advances in artificial intelligence, could have the potential to increase the Registrants' vulnerability to these threats. If the Registrants' information technology systems were to fail and they were unable to recover in a timely way, the Registrants …

Item 1A, Risk Factors, 10-K Feb 17, 2026

EIX EDISON INTERNATIONAL

1 paragraph

… SCE's current security controls and defenses may also not protect against insider threats, including deliberate and unintentional actions (e.g., human error) and other emerging cybersecurity risks created by artificial intelligence, quantum computing, cyber skills shortages, and regulatory constraints.

Item 1A, Risk Factors, 10-K Feb 18, 2026

LNT ALLIANT ENERGY CORP

1 paragraph

… Emerging artificial intelligence technologies may be used to develop new hacking tools, exploit vulnerabilities, obscure malicious activities, and increase the difficulty detecting threats. Cyber attacks targeting electronic control systems used at our generating facilities and for electric and gas distribution …

Item 1A, Risk Factors, 10-K Feb 20, 2026

ATO ATMOS ENERGY CORP

0 paragraphs

Not mentioned in the latest 10-K.

AVA AVISTA CORP

0 paragraphs

Not mentioned in the latest 10-K.

AWK American Water Works Company, Inc.

0 paragraphs

Not mentioned in the latest 10-K.

AWR AMERICAN STATES WATER CO

0 paragraphs

Not mentioned in the latest 10-K.

BKH BLACK HILLS CORP /SD/

0 paragraphs

Not mentioned in the latest 10-K.