DUK
SP100NYSEDuke Energy Corporation
Utilities · Utilities - Regulated Electric · United States
Duke Energy Corporation, through its subsidiaries, operates as an energy company in the United States. The company operates through two segments: Electric Utilities and Infrastructure (EU&I); and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity to customers in the Southeast and Midwest regions. It generates electricity through coal, hydroelectric, natural gas, oil, renewables, and nuclear fuel. This segment also engages in the wholesale of electricity to municipalities, electric cooperative utilities, and other load-serving entities. The GU&I segment distributes natural gas to customers in the residential, commercial, industrial, and power generation natural gas sectors; and invests in pipeline transmission projects, renewable natural gas projects, and natural gas storage facilities. The company was formerly known as Duke Energy Holding Corp. and changed its name to Duke Energy Corporation in April 2006. Duke Energy Corporation was founded in 1904 and is headquartered in Charlotte, North Carolina.
www.duke-energy.com ↗Shares trade at a moderate 19.9× trailing earnings, easing to 18.1× on forward estimates. Profitability shows a net margin of 15.7% and return on equity of 9.7%. Leverage is high at 5.4× net debt/EBITDA. Revenue grew 11.3% year-on-year. It yields 3.3% in dividends. The mean analyst target of USD138.06 sits 6.5% above the current price (Buy, 18 analysts).
business model
Duke Energy is one of the largest U.S. regulated electric and gas utilities, generating, transmitting, and distributing electricity and delivering natural gas across the Southeast and Midwest. Earnings come predominantly from rate-regulated operations, providing relatively stable, predictable returns set by state commissions. Growth is driven by capital investment in the regulated rate base.
revenue segments
The main segments are Electric Utilities & Infrastructure (regulated generation, transmission, and distribution serving states including the Carolinas, Florida, Indiana, Ohio, and Kentucky) and Gas Utilities & Infrastructure (regulated natural gas distribution). The electric business provides the large majority of earnings.
key dependencies
The business depends on constructive state regulatory outcomes, allowed returns on equity, timely rate-base recovery, interest rates affecting its heavy debt load, load growth (including data centers and electrification), and the pace of the generation transition toward cleaner sources.
competitors
As a regulated monopoly utility, Duke faces limited direct competition in its service territories; peers for capital and comparison include other large utilities such as Southern Company, NextEra Energy, Dominion Energy, and American Electric Power. It competes for capital and can face distributed-generation and rooftop-solar pressure.
moat
Duke's moat comes from its regulated-monopoly service territories, essential-infrastructure scale, high barriers to entry, and predictable regulated cash flows that support a long dividend history. Its large customer base and rate-base growth pipeline underpin steady earnings.
risks
Risks include unfavorable regulatory or rate decisions, high capital-spending and financing needs in a higher-rate environment, storm and physical-climate exposure, coal-ash and environmental remediation liabilities, execution of the clean-energy transition, and commodity fuel-cost recovery.
Financials & metrics
as of 23 Aug 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $32.24B | $30.36B | $29.06B | $28.77B | — |
| Cost of revenue | $15.74B | $15.16B | $15.30B | $15.79B | — |
| Gross profit | $16.50B | $15.20B | $13.76B | $12.98B | — |
| Operating expense | $7.92B | $7.26B | $6.65B | $6.55B | — |
| Operating income | $8.58B | $7.94B | $7.10B | $6.42B | — |
| Interest expense | $3.63B | $3.38B | $3.01B | $2.44B | — |
| Pretax income | $5.71B | $5.19B | $4.77B | $4.08B | — |
| Tax provision | $642.00M | $590.00M | $438.00M | $300.00M | — |
| Net income | $4.97B | $4.52B | $2.84B | $2.55B | — |
| EBITDA | $17.05B | $15.00B | $13.87B | $12.36B | — |
| Diluted EPS | $6.31 | $5.71 | $3.54 | $3.33 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $195.74B | $186.34B | $176.89B | $178.09B | — |
| Current assets | $11.61B | $12.95B | $12.77B | $13.22B | — |
| Cash & equivalents | $245.00M | $314.00M | $253.00M | $409.00M | — |
| Inventory | $4.57B | $4.50B | $4.29B | $3.58B | — |
| Total liabilities | $142.72B | $135.09B | $126.71B | $126.23B | — |
| Current liabilities | $21.05B | $19.36B | $17.28B | $18.87B | — |
| Total debt | $90.87B | $85.23B | $80.46B | $74.58B | — |
| Long-term debt | $80.11B | $76.34B | $72.45B | $65.87B | — |
| Shareholders' equity | $51.84B | $50.13B | $49.11B | $49.32B | — |
| Retained earnings | $5.06B | $3.43B | $2.23B | $2.64B | — |
| Working capital | -$9.43B | -$6.41B | -$4.51B | -$5.65B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $12.33B | $12.33B | $9.88B | $5.93B | — |
| Investing cash flow | -$14.34B | -$13.12B | -$12.47B | -$11.97B | — |
| Financing cash flow | $1.95B | $859.00M | $2.35B | $6.13B | — |
| Capital expenditure | -$14.02B | -$12.28B | -$12.60B | -$11.37B | — |
| Free cash flow | -$1.69B | $48.00M | -$2.73B | -$5.44B | — |
| Dividends paid | -$3.30B | -$3.21B | -$3.24B | -$3.18B | — |
| Share buybacks | $0.00 | -$1.00B | $0.00 | $0.00 | — |
| End cash position | $363.00M | $421.00M | $357.00M | $603.00M | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
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