Duke Energy (DUK) financial statements
Duke Energy reported revenue of $32.2B in fiscal 2025, up 4.0% a year over 9 years.
Net income was $5.0B and the operating margin 26.8%, against 22.9% in 2016.
Free cash flow was -$1.7B.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Duke Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $6.1B | — | — | — | — | — |
| Gross profit | $16.1B | $17.2B | $17.7B | $18.3B | $17.3B | — | — | — | — | — |
| 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 |
| Pre-tax income | $3.7B | $4.3B | $3.1B | $4.1B | $920M | $4.0B | $4.1B | $4.8B | $5.2B | $5.7B |
| Income tax | $1.2B | $1.2B | $448M | $519M | -$169M | $268M | $300M | $438M | $590M | $642M |
| 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 | 691M | 700M | 708M | 729M | 738M | 769M | 770M | 771M | 772M | 777M |
| Gross margin | 70.9% | 73.1% | 72.1% | 72.8% | 74.1% | — | — | — | — | — |
| 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% |
Balance sheet
Fiscal years, from Duke Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $392M | $358M | $442M | $311M | $259M | $343M | $409M | $253M | $314M | $245M |
| Receivables | $1.9B | $2.0B | $2.2B | $2.0B | $2.1B | $2.4B | $3.1B | $3.0B | $1.9B | $16M |
| Total current assets | $8.0B | $8.5B | $9.7B | $9.2B | $8.7B | $9.9B | $13.2B | $12.8B | $12.9B | $11.6B |
| Property, plant and 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 |
| Total current liabilities | $11.6B | $12.5B | $15.0B | $14.8B | $16.3B | $15.9B | $18.9B | $17.3B | $19.4B | $21.0B |
| Long-term debt | $45.6B | $49.0B | $51.1B | $55.0B | $55.6B | $60.4B | $65.9B | $72.5B | $76.3B | $80.1B |
| Total liabilities | $91.7B | $96.2B | $101.6B | $110.9B | $113.2B | $118.5B | $126.2B | $126.7B | $135.1B | $142.7B |
| Shareholders' equity | $41.0B | $41.7B | $43.8B | $46.8B | $48.0B | $49.3B | $49.3B | $49.1B | $50.1B | $51.8B |
| Net debt | $47.5B | $51.9B | $54.1B | $57.8B | $59.6B | $63.5B | $69.3B | $75.0B | $80.4B | $87.0B |
Cash flow
Fiscal years, from Duke Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $48M | -$1.7B |
| Stock-based compensation | $55M | $68M | $78M | $89M | $84M | $88M | $100M | $97M | $96M | $102M |
| Dividends paid | $2.3B | $2.5B | $2.5B | $2.7B | $2.8B | $3.1B | $3.2B | — | — | — |
| Net borrowing | $6.0B | $4.2B | $3.4B | $3.3B | $1.8B | $4.9B | $8.3B | $4.9B | $5.2B | $5.0B |
| Free cash flow margin | -4.6% | -6.1% | -9.0% | -11.6% | -4.5% | -5.8% | -18.9% | -9.4% | 0.2% | -5.3% |
| Dividends per share | $3.37 | $3.50 | $3.49 | $3.66 | $3.81 | $4.05 | $4.13 | — | — | — |
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Open DUK in InvestinglyQuestions
What was Duke Energy's revenue in 2025?
$32.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Duke Energy generate?
-$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From Duke Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.