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Ameren vs Duke Energy: revenue, profit, margins and growth compared

Ameren brought in $8.8B of revenue in fiscal 2025, Duke Energy $32.2B in fiscal 2025. Revenue changed by +15.4% at Ameren and +6.2% at Duke Energy on the year before, so Ameren grew faster. Ameren kept 16.5% of its revenue as net profit, Duke Energy 15.4%. Free cash flow was -$775M at Ameren and -$1.7B at Duke Energy.

Side by side, latest fiscal year

AEEDUK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.8B$32.2B
Revenue growth+15.4%+6.2%
Net income$1.5B$5B
Net margin16.5%15.4%
Free cash flow-$775M-$1.7B
Free cash flow margin-8.8%-5.3%
Earnings per share (diluted)$5.35$6.31
Cash$13M$245M
Debt$19.4B$87.2B
Price to earnings18.618.0
Market value$27.5B$88.4B
Dividend yield2.86%3.72%
Rank by revenue in sector#33 of 109 · Utilities#3 of 109 · Utilities

Over the years

Revenue
AEE FY2018: $6.3BAEE FY2019: $5.9BAEE FY2020: $5.8BAEE FY2021: $6.4BAEE FY2022: $8BAEE FY2023: $7.5BAEE FY2024: $7.6BAEE FY2025: $8.8BDUK FY2018: $24.5BDUK FY2019: $25.1BDUK FY2020: $23.4BDUK FY2021: $24.6BDUK FY2022: $28.8BDUK FY2023: $29.1BDUK FY2024: $30.4BDUK FY2025: $32.2BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $8.8BDUK $32.2B
Net income
AEE FY2018: $815MAEE FY2019: $828MAEE FY2020: $871MAEE FY2021: $990MAEE FY2022: $1.1BAEE FY2023: $1.2BAEE FY2024: $1.2BAEE FY2025: $1.5BDUK FY2018: $2.7BDUK FY2019: $3.7BDUK FY2020: $1.4BDUK FY2021: $3.9BDUK FY2022: $2.6BDUK FY2023: $2.8BDUK FY2024: $4.5BDUK FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $1.5BDUK $5B
Net margin
AEE FY2018: 13.0%AEE FY2019: 14.0%AEE FY2020: 15.0%AEE FY2021: 15.5%AEE FY2022: 13.5%AEE FY2023: 15.4%AEE FY2024: 15.5%AEE FY2025: 16.5%DUK FY2018: 10.9%DUK FY2019: 14.9%DUK FY2020: 5.9%DUK FY2021: 15.9%DUK FY2022: 8.9%DUK FY2023: 9.8%DUK FY2024: 14.9%DUK FY2025: 15.4%FY18FY19FY20FY21FY22FY23FY24FY25
AEE 16.5%DUK 15.4%
Revenue growth
AEE FY2019: -6.1%AEE FY2020: -2.0%AEE FY2021: +10.4%AEE FY2022: +24.4%AEE FY2023: -5.7%AEE FY2024: +1.6%AEE FY2025: +15.4%DUK FY2019: +2.3%DUK FY2020: -6.8%DUK FY2021: +5.4%DUK FY2022: +16.8%DUK FY2023: +1.0%DUK FY2024: +4.5%DUK FY2025: +6.2%FY19FY20FY21FY22FY23FY24FY25
AEE +15.4%DUK +6.2%
Free cash flow
AEE FY2018: -$116MAEE FY2019: -$241MAEE FY2020: -$1.5BAEE FY2021: -$1.8BAEE FY2022: -$1.1BAEE FY2023: -$1BAEE FY2024: -$1.6BAEE FY2025: -$775MDUK FY2018: -$2.2BDUK FY2019: -$2.9BDUK FY2020: -$1.1BDUK FY2021: -$1.4BDUK FY2022: -$5.4BDUK FY2023: -$2.7BDUK FY2024: $48MDUK FY2025: -$1.7BFY18FY19FY20FY21FY22FY23FY24FY25
AEE -$775MDUK -$1.7B

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameren and Duke Energy

Which is bigger by revenue, Ameren or Duke Energy?

Duke Energy is bigger by revenue: $32.2B in fiscal 2025, against $8.8B for Ameren in fiscal 2025.

Which keeps more of its revenue as profit, Ameren or Duke Energy?

Ameren had a net margin of 16.5% in fiscal 2025; Duke Energy had 15.4% in fiscal 2025.

Which grew revenue faster, Ameren or Duke Energy?

In their latest fiscal years revenue changed by +15.4% at Ameren and +6.2% at Duke Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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