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

Duke Energy brought in $32.2B of revenue in fiscal 2025, Exelon $24.3B in fiscal 2025. Revenue changed by +6.2% at Duke Energy and +5.3% at Exelon on the year before, so Duke Energy grew faster. Duke Energy kept 15.4% of its revenue as net profit, Exelon 11.4%. Free cash flow was -$1.7B at Duke Energy and -$2.3B at Exelon.

Side by side, latest fiscal year

DUKEXC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32.2B$24.3B
Revenue growth+6.2%+5.3%
Net income$5B$2.8B
Net margin15.4%11.4%
Free cash flow-$1.7B-$2.3B
Free cash flow margin-5.3%-9.4%
Earnings per share (diluted)$6.31n/a
Cash$245M$626M
Debt$87.2B$49.4B
Price to earnings18.0n/a
Market value$88.4B$41.6B
Dividend yield3.72%3.97%
Rank by revenue in sector#3 of 109 · Utilities#10 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: $32.2BEXC FY2018: $36BEXC FY2019: $34.4BEXC FY2020: $16.7BEXC FY2021: $17.9BEXC FY2022: $19.1BEXC FY2023: $21.7BEXC FY2024: $23BEXC FY2025: $24.3BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $32.2BEXC $24.3B
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: $5BEXC FY2018: $2BEXC FY2019: $2.9BEXC FY2020: $2BEXC FY2021: $1.7BEXC FY2022: $2.2BEXC FY2023: $2.3BEXC FY2024: $2.5BEXC FY2025: $2.8BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $5BEXC $2.8B
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%EXC FY2018: 5.6%EXC FY2019: 8.5%EXC FY2020: 11.8%EXC FY2021: 9.5%EXC FY2022: 11.4%EXC FY2023: 10.7%EXC FY2024: 10.7%EXC FY2025: 11.4%FY18FY19FY20FY21FY22FY23FY24FY25
DUK 15.4%EXC 11.4%
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%EXC FY2019: -4.3%EXC FY2020: -51.6%EXC FY2021: +7.7%EXC FY2022: +6.4%EXC FY2023: +13.9%EXC FY2024: +6.0%EXC FY2025: +5.3%FY19FY20FY21FY22FY23FY24FY25
DUK +6.2%EXC +5.3%
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: -$1.7BEXC FY2018: $1.1BEXC FY2019: -$589MEXC FY2020: -$3.8BEXC FY2021: -$5BEXC FY2022: -$2.3BEXC FY2023: -$2.7BEXC FY2024: -$1.5BEXC FY2025: -$2.3BFY18FY19FY20FY21FY22FY23FY24FY25
DUK -$1.7BEXC -$2.3B

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

Questions about Duke Energy and Exelon

Which is bigger by revenue, Duke Energy or Exelon?

Duke Energy is bigger by revenue: $32.2B in fiscal 2025, against $24.3B for Exelon in fiscal 2025.

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

Duke Energy had a net margin of 15.4% in fiscal 2025; Exelon had 11.4% in fiscal 2025.

Which grew revenue faster, Duke Energy or Exelon?

In their latest fiscal years revenue changed by +6.2% at Duke Energy and +5.3% at Exelon.

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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