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Duke Energy vs PG&E: revenue, profit, margins and growth compared

Duke Energy brought in $32.2B of revenue in fiscal 2025, PG&E $24.9B in fiscal 2025. Revenue changed by +6.2% at Duke Energy and +2.1% at PG&E on the year before, so Duke Energy grew faster. Duke Energy kept 15.4% of its revenue as net profit, PG&E 10.4%. Free cash flow was -$1.7B at Duke Energy and -$3.1B at PG&E.

Side by side, latest fiscal year

DUKPCG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32.2B$24.9B
Revenue growth+6.2%+2.1%
Net income$5B$2.6B
Net margin15.4%10.4%
Free cash flow-$1.7B-$3.1B
Free cash flow margin-5.3%-12.3%
Earnings per share (diluted)$6.31$1.18
Cash$245M$713M
Debt$87.2B$57.4B
Price to earnings18.010.5
Market value$88.4B$33.1B
Dividend yield3.72%n/a
Rank by revenue in sector#3 of 109 · Utilities#9 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: $32.2BPCG FY2018: $16.8BPCG FY2019: $17.1BPCG FY2020: $18.5BPCG FY2021: $20.6BPCG FY2022: $21.7BPCG FY2023: $24.4BPCG FY2024: $24.4BPCG FY2025: $24.9BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $32.2BPCG $24.9B
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: $5BPCG FY2018: -$6.9BPCG FY2019: -$7.7BPCG FY2020: -$1.3BPCG FY2021: -$102MPCG FY2022: $1.8BPCG FY2023: $2.2BPCG FY2024: $2.5BPCG FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $5BPCG $2.6B
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%PCG FY2018: -40.9%PCG FY2019: -44.7%PCG FY2020: -7.1%PCG FY2021: -0.5%PCG FY2022: 8.3%PCG FY2023: 9.2%PCG FY2024: 10.1%PCG FY2025: 10.4%FY18FY19FY20FY21FY22FY23FY24FY25
DUK 15.4%PCG 10.4%
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%PCG FY2019: +2.2%PCG FY2020: +7.8%PCG FY2021: +11.8%PCG FY2022: +5.0%PCG FY2023: +12.7%PCG FY2024: -0.0%PCG FY2025: +2.1%FY19FY20FY21FY22FY23FY24FY25
DUK +6.2%PCG +2.1%
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: -$1.7BPCG FY2018: -$1.8BPCG FY2019: -$1.5BPCG FY2020: -$26.8BPCG FY2021: -$5.4BPCG FY2022: -$5.9BPCG FY2023: -$5BPCG FY2024: -$2.3BPCG FY2025: -$3.1BFY18FY19FY20FY21FY22FY23FY24FY25
DUK -$1.7BPCG -$3.1B

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

Questions about Duke Energy and PG&E

Which is bigger by revenue, Duke Energy or PG&E?

Duke Energy is bigger by revenue: $32.2B in fiscal 2025, against $24.9B for PG&E in fiscal 2025.

Which keeps more of its revenue as profit, Duke Energy or PG&E?

Duke Energy had a net margin of 15.4% in fiscal 2025; PG&E had 10.4% in fiscal 2025.

Which grew revenue faster, Duke Energy or PG&E?

In their latest fiscal years revenue changed by +6.2% at Duke Energy and +2.1% at PG&E.

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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