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

Constellation Energy brought in $25.5B of revenue in fiscal 2025, Duke Energy $32.2B in fiscal 2025. Revenue changed by +8.3% at Constellation Energy and +6.2% at Duke Energy on the year before, so Constellation Energy grew faster. Constellation Energy kept 9.1% of its revenue as net profit, Duke Energy 15.4%. Free cash flow was $1.3B at Constellation Energy and -$1.7B at Duke Energy.

Side by side, latest fiscal year

CEGDUK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.5B$32.2B
Revenue growth+8.3%+6.2%
Net income$2.3B$5B
Net margin9.1%15.4%
Free cash flow$1.3B-$1.7B
Free cash flow margin5.0%-5.3%
Earnings per share (diluted)$7.40$6.31
Cash$3.6B$245M
Debt$7.4B$87.2B
Price to earnings35.618.0
Market value$93.3B$88.4B
Dividend yield0.15%3.72%
Rank by revenue in sector#7 of 109 · Utilities#3 of 109 · Utilities

Over the years

Revenue
CEG FY2020: $17.6BCEG FY2022: $19.6BCEG FY2022: $24.4BCEG FY2023: $24.9BCEG FY2024: $23.6BCEG FY2025: $25.5BDUK FY2018: $24.5BDUK FY2019: $25.1BDUK FY2020: $23.4BDUK FY2021: $24.6BDUK FY2022: $28.8BDUK FY2023: $29.1BDUK FY2024: $30.4BDUK FY2025: $32.2BFY18FY19FY20FY21FY22FY23FY24FY25
CEG $25.5BDUK $32.2B
Net income
CEG FY2020: $589MCEG FY2022: -$205MCEG FY2022: -$160MCEG FY2023: $1.6BCEG FY2024: $3.7BCEG FY2025: $2.3BDUK FY2018: $2.7BDUK FY2019: $3.7BDUK FY2020: $1.4BDUK FY2021: $3.9BDUK FY2022: $2.6BDUK FY2023: $2.8BDUK FY2024: $4.5BDUK FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
CEG $2.3BDUK $5B
Net margin
CEG FY2020: 3.3%CEG FY2022: -1.0%CEG FY2022: -0.7%CEG FY2023: 6.5%CEG FY2024: 15.9%CEG FY2025: 9.1%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
CEG 9.1%DUK 15.4%
Revenue growth
CEG FY2022: +11.6%CEG FY2022: +24.4%CEG FY2023: +2.0%CEG FY2024: -5.4%CEG FY2025: +8.3%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
CEG +8.3%DUK +6.2%
Free cash flow
CEG FY2020: -$1.2BCEG FY2022: -$2.7BCEG FY2022: -$4BCEG FY2023: -$7.7BCEG FY2024: -$5BCEG FY2025: $1.3BDUK FY2018: -$2.2BDUK FY2019: -$2.9BDUK FY2020: -$1.1BDUK FY2021: -$1.4BDUK FY2022: -$5.4BDUK FY2023: -$2.7BDUK FY2024: $48MDUK FY2025: -$1.7BFY18FY19FY20FY21FY22FY23FY24FY25
CEG $1.3BDUK -$1.7B

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

Questions about Constellation Energy and Duke Energy

Which is bigger by revenue, Constellation Energy or Duke Energy?

Duke Energy is bigger by revenue: $32.2B in fiscal 2025, against $25.5B for Constellation Energy in fiscal 2025.

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

Constellation Energy had a net margin of 9.1% in fiscal 2025; Duke Energy had 15.4% in fiscal 2025.

Which grew revenue faster, Constellation Energy or Duke Energy?

In their latest fiscal years revenue changed by +8.3% at Constellation Energy 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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