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

Duke Energy brought in $32.2B of revenue in fiscal 2025, Southern $29.6B in fiscal 2025. Revenue changed by +6.2% at Duke Energy and +10.4% at Southern on the year before, so Southern grew faster. Duke Energy kept 15.4% of its revenue as net profit, Southern 14.7%. Free cash flow was -$1.7B at Duke Energy and -$2.9B at Southern.

Side by side, latest fiscal year

DUKSO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32.2B$29.6B
Revenue growth+6.2%+10.4%
Net income$5B$4.3B
Net margin15.4%14.7%
Free cash flow-$1.7B-$2.9B
Free cash flow margin-5.3%-9.9%
Earnings per share (diluted)$6.31$3.92
Cash$245M$1.6B
Debt$87.2B$71.9B
Price to earnings18.021.1
Market value$88.4B$95.3B
Dividend yield3.72%3.55%
Rank by revenue in sector#3 of 109 · Utilities#5 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: $32.2BSO FY2018: $25.2BSO FY2019: $22.6BSO FY2020: $21.1BSO FY2021: $23.5BSO FY2022: $29.3BSO FY2023: $25.3BSO FY2024: $26.8BSO FY2025: $29.6BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $32.2BSO $29.6B
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: $5BSO FY2018: $2.2BSO FY2019: $4.7BSO FY2020: $3.1BSO FY2021: $2.4BSO FY2022: $3.5BSO FY2023: $4BSO FY2024: $4.4BSO FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
DUK $5BSO $4.3B
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%SO FY2018: 8.8%SO FY2019: 21.0%SO FY2020: 14.8%SO FY2021: 10.2%SO FY2022: 12.0%SO FY2023: 15.7%SO FY2024: 16.4%SO FY2025: 14.7%FY18FY19FY20FY21FY22FY23FY24FY25
DUK 15.4%SO 14.7%
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%SO FY2019: -10.5%SO FY2020: -6.6%SO FY2021: +11.2%SO FY2022: +24.8%SO FY2023: -13.8%SO FY2024: +6.0%SO FY2025: +10.4%FY19FY20FY21FY22FY23FY24FY25
DUK +6.2%SO +10.4%
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: -$1.7BSO FY2018: -$1.1BSO FY2019: -$1.8BSO FY2020: -$826MSO FY2021: -$1.4BSO FY2022: -$1.6BSO FY2023: -$1.5BSO FY2024: $833MSO FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
DUK -$1.7BSO -$2.9B

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

Questions about Duke Energy and Southern

Which is bigger by revenue, Duke Energy or Southern?

Duke Energy is bigger by revenue: $32.2B in fiscal 2025, against $29.6B for Southern in fiscal 2025.

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

Duke Energy had a net margin of 15.4% in fiscal 2025; Southern had 14.7% in fiscal 2025.

Which grew revenue faster, Duke Energy or Southern?

In their latest fiscal years revenue changed by +6.2% at Duke Energy and +10.4% at Southern.

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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