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

Duke Energy brought in $32.2B of revenue in fiscal 2025, Energy Transfer $85.5B in fiscal 2025. Revenue changed by +6.2% at Duke Energy and +3.5% at Energy Transfer on the year before, so Duke Energy grew faster. Duke Energy kept 15.4% of its revenue as net profit, Energy Transfer 5.2%. Free cash flow was -$1.7B at Duke Energy and $3.8B at Energy Transfer.

Side by side, latest fiscal year

DUKET
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32.2B$85.5B
Revenue growth+6.2%+3.5%
Net income$5B$4.4B
Net margin15.4%5.2%
Free cash flow-$1.7B$3.8B
Free cash flow margin-5.3%4.5%
Earnings per share (diluted)$6.31n/a
Cash$245M$1.3B
Debt$87.2B$68.3B
Price to earnings18.0n/a
Market value$88.4B$69.5B
Dividend yield3.72%n/a
Rank by revenue in sector#3 of 109 · Utilities#1 of 109 · Utilities

Over the years

Revenue
DUK FY2018: $24.5BDUK FY2019: $25.1BDUK FY2020: $23.4BDUK FY2021: $24.6BDUK FY2022: $28.8BDUK FY2023: $29.1BDUK FY2024: $30.4BDUK FY2025: $32.2BET FY2018: $54.1BET FY2019: $54.2BET FY2020: $39BET FY2021: $67.4BET FY2022: $89.9BET FY2023: $78.6BET FY2024: $82.7BET FY2025: $85.5BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $32.2BET $85.5B
Net income
DUK FY2018: $2.7BDUK FY2019: $3.7BDUK FY2020: $1.4BDUK FY2021: $3.9BDUK FY2022: $2.6BDUK FY2023: $2.8BDUK FY2024: $4.5BDUK FY2025: $5BET FY2018: $1.7BET FY2019: $3.5BET FY2020: -$648MET FY2021: $5.5BET FY2022: $4.8BET FY2023: $3.9BET FY2024: $4.8BET FY2025: $4.4BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $5BET $4.4B
Net margin
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%ET FY2018: 3.2%ET FY2019: 6.5%ET FY2020: -1.7%ET FY2021: 8.1%ET FY2022: 5.3%ET FY2023: 5.0%ET FY2024: 5.8%ET FY2025: 5.2%FY18FY19FY20FY21FY22FY23FY24FY25
DUK 15.4%ET 5.2%
Revenue growth
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%ET FY2019: +0.2%ET FY2020: -28.1%ET FY2021: +73.1%ET FY2022: +33.3%ET FY2023: -12.6%ET FY2024: +5.2%ET FY2025: +3.5%FY19FY20FY21FY22FY23FY24FY25
DUK +6.2%ET +3.5%
Free cash flow
DUK FY2018: -$2.2BDUK FY2019: -$2.9BDUK FY2020: -$1.1BDUK FY2021: -$1.4BDUK FY2022: -$5.4BDUK FY2023: -$2.7BDUK FY2024: $48MDUK FY2025: -$1.7BET FY2018: $99MET FY2019: $2.1BET FY2020: $2.2BET FY2021: $8.3BET FY2022: $5.7BET FY2023: $6.4BET FY2024: $7.3BET FY2025: $3.8BFY18FY19FY20FY21FY22FY23FY24FY25
DUK -$1.7BET $3.8B

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

Questions about Duke Energy and Energy Transfer

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

Energy Transfer is bigger by revenue: $85.5B in fiscal 2025, against $32.2B for Duke Energy in fiscal 2025.

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

Duke Energy had a net margin of 15.4% in fiscal 2025; Energy Transfer had 5.2% in fiscal 2025.

Which grew revenue faster, Duke Energy or Energy Transfer?

In their latest fiscal years revenue changed by +6.2% at Duke Energy and +3.5% at Energy Transfer.

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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