Duke Energy CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Duke Energy CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	22,743	23,565	24,521	25,079	23,366	24,621	28,768	29,060	30,357	32,237
Cost of revenue	6,625	6,350	6,831	6,826	6,051
Gross profit	16,118	17,215	17,690	18,253	17,315
Operating income	5,202	5,625	4,685	5,709	4,571	5,500	6,012	7,070	7,926	8,626
Interest expense	1,916	1,986	2,094	2,204	2,097	2,207	2,439	3,014	3,384	3,634
Other non-operating income	448	627	482	592	-1,554	698	505	711	652	720
Pre-tax income	3,734	4,266	3,073	4,097	920	3,991	4,078	4,767	5,194	5,712
Income tax	1,156	1,196	448	519	-169	268	300	438	590	642
Income from continuing operations	2,571	3,065	2,647	3,714	981	3,602	3,659	4,126	4,395	4,911
Net income to minority interests	18	5	22	-177	-295	-329	-95	33	90	103
Net income	2,152	3,059	2,666	3,748	1,377	3,908	2,550	2,841	4,524	4,968
EBITDA	9,082	9,671	9,381	10,885	10,057	11,163	11,855	13,154	14,345	16,330
EPS, basic	3.11	4.36	3.76	5.06	1.72	4.94	3.17	3.54	5.71	6.31
EPS, diluted	3.11	4.36	3.76	5.06	1.72	4.94	3.17	3.54	5.71	6.31
Shares, basic (weighted)	691	700	708	729	737	769	770	771	772	777
Shares, diluted (weighted)	691	700	708	729	738	769	770	771	772	777
Dividend per share	3.36	3.49	3.64	3.75	3.82	3.90	3.98	4.06	4.14	4.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	392	358	442	311	259	341	409	253	314	245
Receivables	1,893	1,995	2,172	1,994	2,144	2,437	3,106	3,019	1,889	16
Other current assets	458	634	1,049	764	462	584	973	431	695	526
Total current assets	8,039	8,453	9,714	9,163	8,682	9,940	13,222	12,769	12,950	11,613
Property, plant and equipment	82,520	86,391	91,694	102,127	106,782	105,536	111,748	115,315	121,626	129,959
Lease right-of-use assets				1,658	1,524	1,136	1,042	1,092	1,148	1,241
Goodwill	19,425	19,396	19,303	19,303	19,303	19,303	19,303	19,303	19,010	19,010
Intangible assets	226	230	246	249	295	236	265	282	277	291
Other non-current assets	2,769	2,960	2,935	3,289	3,601	3,632	3,400	3,964	3,507	4,167
Total assets	132,761	137,914	145,392	158,838	162,388	169,587	178,086	176,893	186,343	195,736
Accounts payable	2,994	3,043	3,487	3,487	3,144	3,531	4,754	4,228	5,436	5,223
Short-term debt	2,319	3,244	3,406	3,141	4,238	3,387	3,878	2,800	4,349	7,104
Total current liabilities	11,551	12,482	15,041	14,752	16,305	15,931	18,873	17,283	19,357	21,047
Long-term debt	45,576	49,035	51,123	54,985	55,625	60,448	65,873	72,452	76,340	80,108
Lease liabilities				1,432	1,340	940	876	917	957	1,033
Total liabilities	91,720	96,177	101,558	110,887	113,204	118,451	126,233	126,706	135,087	142,717
Total debt	47,895	52,279	54,529	58,126	59,863	63,835	69,751	75,252	80,689	87,212
Paid-in capital	38,741	38,792	40,795	40,881	43,767	44,371	44,862	44,920	45,494	45,614
Retained earnings	2,384	3,013	3,113	4,108	2,471	3,265	2,637	2,235	3,431	5,056
Other comprehensive income	-93	-67	-92	-130	-237	-303	-140	-6	228	198
Shareholders' equity	41,033	41,739	43,817	46,822	47,964	49,296	49,322	49,112	50,127	51,842
Minority interests	8	-2	17	1,129	1,220	1,840	2,531	1,075	1,129	1,177
Total equity	41,041	41,737	43,834	47,951	49,184	51,136	51,853	50,187	51,256	53,019
Total liabilities and equity	132,761	137,914	145,392	158,838	162,388	169,587	178,086	176,893	186,343	195,736
Shares outstanding	700	700	727	733	769	769	770	771	776	778

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,170	3,064	2,644	3,571	1,082	3,579	2,455	2,874	4,614	5,071
Depreciation and amortization	3,880	4,046	4,696	5,176	5,486	5,663	5,843	6,084	6,419	7,704
Stock-based compensation	55	68	78	89	84	88	100	97	96	102
Deferred income tax	1,181	1,446	1,113	817	124	275	314	372	939	1,236
Change in receivables	-372	-83	-345	78	-56	-297	-788	443	-23	-187
Change in inventory	272	268	156	-122	66	-34	-476	-706	-212	-63
Change in payables	296	-204	479	-164	-21	249	805	-800	1,329	-821
Cash from operations	6,863	6,624	7,186	8,209	8,856	8,290	5,927	9,878	12,328	12,330
Capital expenditures	-7,901	-8,052	-9,389	-11,122	-9,907	-9,715	-11,367	-12,604	-12,280	-14,024
Acquisitions	-4,778
Purchases of investments		-4,071	-3,762	-3,348	-8,011	-6,098	-4,243	-3,761	-5,703	-8,888
Sales and maturities of investments				3,343	7,949	6,103	4,333	3,824	5,803	9,005
Cash from investing	-11,528	-8,442	-10,060	-11,957	-10,604	-10,935	-11,973	-12,475	-13,123	-14,338
Debt issued	9,238	6,909	5,299	7,091	6,330	9,052	11,874	10,028	8,956	11,891
Debt repaid	-1,923	-2,316	-2,906	-3,476	-4,506	-5,294	-4,396	-4,737	-3,357	-5,652
Stock issued	731		1,838	384	2,745	5	9	8	405	16
Dividends paid	-2,332	-2,450	-2,471	-2,668	-2,812	-3,114	-3,179	-3,244	-3,213	-3,300
Cash from financing	4,251	1,782	2,960	3,730	1,731	2,609	6,129	2,351	859	1,950
Net change in cash	60	-36	86	-18	-17	-36	83	-246	64	-58
Free cash flow	-1,038	-1,428	-2,203	-2,913	-1,051	-1,425	-5,440	-2,726	48	-1,694
Interest paid	1,794	1,963	2,086	2,195	2,186	2,248	2,361	2,883	3,284	3,590
Income taxes paid	229	4	-266	-651	-585	-3	-6	1	-400	-625

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $113.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	27.2%	Operating income / revenue.
EBITDA margin	51.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.1%	Pre-tax income / revenue.
Net margin	15.5%	Net income / revenue.
FCF margin	-9.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.2%	Cash from operations / revenue.
Effective tax rate	13.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	45.1%	Capital expenditures / revenue.
D&A / revenue	23.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	29.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3,629.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	1.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.66x	Current assets / current liabilities.
Quick ratio	0.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.61x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.4%	Total debt / total assets.
Liabilities / assets	71.5%	Total liabilities / total assets.
Net debt	$85.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$6.89B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$35.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
FCF conversion	-64.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	128.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$42.58	Revenue / diluted weighted shares.
FCF per share	-$4.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$14.97	Cash from operations / diluted weighted shares.
Book value per share	$70.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$45.56	Tangible book value / shares outstanding.
Cash per share	$2.75	(Cash + short-term investments) / shares outstanding.
Payout ratio	65.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$88.38B	Share price x shares outstanding.
Enterprise value	$174.11B	Market cap + total debt - cash - short-term investments.
P/E	17.2x	Market cap / net income. Only when net income is positive.
P/S	2.66x	Market cap / revenue.
P/B	1.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.49x	Market cap / tangible book value, when positive.
P/OCF	7.58x	Market cap / cash from operations, when positive.
EV/Sales	5.25x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.7%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.67x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Duke Energy CORP's revenue in fiscal 2025?

Duke Energy CORP reported revenue of $32.24B for fiscal 2025, 6.2% higher than the year before.

Was Duke Energy CORP profitable in fiscal 2025?

Yes. Net income was $4.97B, a net margin of 15.4%.

How much free cash flow did Duke Energy CORP generate in fiscal 2025?

Cash from operations of $12.33B minus capital expenditures of $14.02B left free cash flow of -$1.69B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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