Duke Energy
DUK · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
Duke Energy reported revenue of $31.7B in the fiscal year ended Dec 2025, up 5.6% from the year before. Operating income was $8.6B, an operating margin of 27.2%, and net income was $5B. Operating cash flow of $12.3B less capital expenditure of $14B left free cash flow of −$1.7B. Net debt was $87B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $24.5B | $28.7B | $28.7B | $30.1B | $31.7B |
| Operating income | $5.5B | $6B | $7.1B | $7.9B | $8.6B |
| Interest expense | $2.2B | $2.4B | $3B | $3.4B | $3.6B |
| Pre-tax income | $4B | $4.1B | $4.8B | $5.2B | $5.7B |
| Income tax | $268M | $300M | $438M | $590M | $642M |
| Net income | $3.9B | $2.6B | $2.8B | $4.5B | $5B |
| Diluted EPS | 4.94 | 3.17 | 3.54 | 5.71 | 6.31 |
| Diluted shares | 769M | 770M | 771M | 772M | 777M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $341M | $409M | $253M | $314M | $245M |
| Receivables | $2.4B | $3.1B | $3B | $1.9B | $16M |
| Current assets | $9.9B | $13.2B | $12.8B | $13B | $11.6B |
| Net PP&E | $106B | $112B | $115B | $122B | $130B |
| Goodwill | $19.3B | $19.3B | $19.3B | $19B | $19B |
| Total assets | $170B | $178B | $177B | $186B | $196B |
| Payables | $3.5B | $4.8B | $4.2B | $5.4B | $5.2B |
| Current liabilities | $15.9B | $18.9B | $17.3B | $19.4B | $21B |
| Short-term debt | $3.4B | $3.9B | $2.8B | $4.3B | $7.1B |
| Long-term debt | $60.4B | $65.9B | $72.5B | $76.3B | $80.1B |
| Shareholders' equity | $49.3B | $49.3B | $49.1B | $50.1B | $51.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.3B | $5.9B | $9.9B | $12.3B | $12.3B |
| Capital expenditure | $9.7B | $11.4B | $12.6B | $12.3B | $14B |
| Free cash flow | −$1.4B | −$5.4B | −$2.7B | $48M | −$1.7B |
| Depreciation & amortisation | $5.7B | $5.8B | $6.1B | $6.4B | $7.7B |
| Stock-based compensation | $88M | $100M | $97M | $96M | $102M |
| Dividends paid | $3.1B | $3.2B | – | – | – |
| Dividend per share | 3.90 | 3.98 | 4.06 | 4.14 | 4.22 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.1% | −0.0% | 4.8% | 5.6% |
| Operating income growth (YoY) | – | 9.3% | 17.6% | 12.1% | 8.8% |
| EPS growth (YoY) | – | −35.8% | 11.7% | 61.3% | 10.5% |
| Operating margin | 22.5% | 21.0% | 24.7% | 26.4% | 27.2% |
| Net margin | 16.0% | 8.9% | 9.9% | 15.1% | 15.7% |
| Return on equityBlank when equity is negative | 7.9% | 5.2% | 5.8% | 9.0% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.6% | 3.8% | 4.4% | 4.7% | 4.9% |
| Free cash flow margin | −5.8% | −19.0% | −9.5% | 0.2% | −5.3% |
| Cash conversion (CFO ÷ net income) | 2.12x | 2.32x | 3.48x | 2.73x | 2.48x |
| Receivable days | 36 | 40 | 38 | 23 | 0 |
| Interest cover | 2.49x | 2.46x | 2.35x | 2.34x | 2.37x |
| Debt ÷ equity | 1.29x | 1.41x | 1.53x | 1.61x | 1.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $63.5B | $69.3B | $75B | $80.4B | $87B |
| Current ratio | 0.62x | 0.70x | 0.74x | 0.67x | 0.55x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.