Duke Energy (DUK) financials
NYSE · Utilities · Regulated Electric · 26,441 employees · CEO Harry K. Sideris
- Price
- $127.39 +1.18%
- Market cap
- $99.3B
- Enterprise value
- $190B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-05 EPS est. $1.86
Revenue (TTM)$33.4B+6.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)27.6%+0.7 pp vs a year agoOperating income $9.21B
Net income (TTM)$5.25B+8.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$4.27B-659.1% vs a year agoCapex $15.8B
Diluted EPS (TTM)$6.66+8.8% vs a year agoSum of the last 4 quarters
Net cash-$90.6B-2.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $99.3B EV $190B
- Revenue
- $33.4B Trailing 12 months
- Revenue growth
- +4% FY2026 consensus
- Profit margin
- 15.7% Net income / revenue, TTM
- P/E
- 19.1× Forward 18.9× (FY2026)
- P/S
- 3.0× Price / sales, TTM
- EV / EBITDA
- 10.9× TTM
- Free cash flow
- -$4.27B Trailing 12 months
- Net income
- $5.25B Trailing 12 months
- Revenue estimate
- $33.6B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $8.91B
- Dividend
- $4.28 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue missed by 0.9%, EPS beat by 10.0%Revenue $7.59B vs $7.66B expected (-0.9%); EPS $1.43 vs $1.30 (+10.0%).
- Revenue growth slowing: 1.1% year on yearQ2 '26 revenue $7.59B, against an average of 7.5% over the four quarters before.
- Operating margin 27.6% (TTM), +0.7 pp on a year agoOperating income grew 9.4% while revenue grew 6.7%.
- 48.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $6.19B vs operating income $9.21B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 47.4% of revenue (a year ago 40.0%)$15.8B invested in the last 4 quarters (+26.6% on a year earlier). Free cash flow -$4.27B = -81.5% of net income.
- Diluted share count up 0.3% in a year779M diluted shares in Q2 '26, 777M a year earlier.
- Net debt $90.6BCash + short-term investments $673M, debt incl. leases $91.2B; a year ago net debt $88.1B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $7.59B | $7.51B | +1.1% |
| Gross margin | 73.1% | 29.8% | +43.3 pp |
| Operating income | $2.05B | $1.82B | +12.6% |
| Operating margin | 27.0% | 24.2% | +2.8 pp |
| Net income | $1.09B | $984M | +11.0% |
| Diluted EPS | $1.38 | $1.25 | +10.4% |
| Operating cash flow | $2.76B | $2.86B | -3.6% |
| Capex | $4.15B | $3.28B | +26.6% |
| Free cash flow | -$1.39B | -$417M | -233.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $7.59B | $7.66B | -0.9% |
| EPS (as estimated) | $1.43 | $1.30 | +10.0% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Electric Utilities and Infrastructure | $8.18B | +4.2% | 95.8% | $27.7B | -1.2% | |
| Gas Utilities and Infrastructure | $394M | +18.7% | 4.6% | $2.73B | +18.9% | |
| Total Reportable Segments | -$38M | – | -0.4% | – | – |
Revenue by region
share of total| Segment | Q3 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other | $17M | – | 100.0% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11.6B
- Capex
- -$15.8B
- Buybacks
- $0
- Dividends
- -$4.15B
- Acquisitions
- $2.5B
- Net debt issued
- $4.17B
- Stock-based compensation
- $0
- Free cash flow
- -$4.27B
- Returned to shareholders / FCF
- -97.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 19.1× | 21.8× | 17.9× – 32.5× |
| EV / EBITDA | 10.9× | 11.8× | 11.2× – 12.5× |
| EV / Sales | 5.7× | 5.6× | 5.3× – 6.0× |
| Price / FCF | -23.2× | 1,732.8× 1 of 5 years | 1,732.8× – 1,732.8× |
| Price / Book | 1.8× | 1.6× | 1.5× – 1.8× |
| FCF yield | -4.3% | -2.8% | -6.9% – 0.1% |
| Return on invested capital | 4.2% | 3.7% | 3.2% – 4.1% |
| Return on equity | 9.9% | 7.5% | 5.2% – 9.6% |
Analysts
Consensus target $130.30 (+2.3%)
range $121.00 – $140.00 · rating Hold
Strong buy0
Buy14
Hold18
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $33.6B | +4.4% | $6.72 | +6.6% | 18.9× | 14 |
| FY2027 | $35.2B | +4.5% | $7.17 | +6.6% | 17.8× | 14 |
| FY2028 | $36.6B | +4.1% | $7.67 | +7.0% | 16.6× | 9 |
| FY2029 | $38.1B | +4.1% | $8.20 | +6.9% | 15.5× | 3 |
| FY2030 | $39.5B | +3.8% | $8.71 | +6.3% | 14.6× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 353 figures Duke Energy Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $13M | – | – | – | – | – | |
| Accounts and Other Receivables, Net, Current | $3.95B | $4B | -1.2% | $4.21B | $2.17B | +94.2% |
| Accounts Payable, Current | $4.73B | $4.44B | +6.5% | $5.22B | $5.44B | -3.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $16M2025-12-31 | $1.89B | -99.2% | $16M | $1.89B | -99.2% |
| Accounts Receivable, Allowance for Credit Loss | $201M | $201M | 0.0% | $194M | $207M | -6.3% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $164M | $131M | +25.2% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $35M | $14M | +150.0% | $106M | $97M | +9.3% |
| Accrual for Environmental Loss Contingencies | $95M | $68M | +39.7% | $75M2020-12-31 | $58M | +29.3% |
| Accumulated Deferred Investment Tax Credit | $985M | $888M | +10.9% | $969M | $894M | +8.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $171M | $194M | -11.9% | $198M | $228M | -13.2% |
| Additional Collateral, Aggregate Fair Value | $150M | $31M | +383.9% | $100M | $95M | +5.3% |
| Additional Paid in Capital, Common Stock | $47.6B | $45.5B | +4.5% | $45.6B | $45.5B | +0.3% |
| Allowance for Funds Used During Construction, Capitalized Interest | – | – | – | $182M | $201M | -9.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2M | 2M | 0.0% | 2M | 2M | 0.0% |
| Asset Retirement Obligation | $9.63B2025-12-31 | $9.99B | -3.6% | $9.63B | $9.99B | -3.6% |
| Asset Retirement Obligation, Accretion Expense | $117M2025-12-31 | $118M | -0.8% | $474M | $434M | +9.2% |
| Asset Retirement Obligation, Cash Paid to Settle | $119M | $102M | +16.7% | $509M | $545M | -6.6% |
| Asset Retirement Obligation, Current | $574M | $643M | -10.7% | $579M | $650M | -10.9% |
| Asset Retirement Obligation, Legally Restricted Assets, Fair Value | $11.4B2025-12-31 | $10B | +13.2% | $11.4B | $10B | +13.2% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $18M | $20M | -10.0% |
| Asset Retirement Obligation, Liabilities Settled | $149M2025-12-31 | $149M | 0.0% | $584M | $634M | -7.9% |
| Asset Retirement Obligation, Revision of Estimate | -$5M2025-12-31 | -$147M | +96.6% | -$271M | $1.02B | -126.7% |
| Asset Retirement Obligations, Noncurrent | $9.04B | $9.35B | -3.4% | $9.05B | $9.34B | -3.1% |
| Assets | $198B | $196B | +1.2% | $196B | $186B | +5.0% |
| Assets, Current | $13.4B | $12.8B | +5.3% | $11.6B | $13B | -10.3% |
| Assets, Fair Value Disclosure | $13.6B | $12.3B | +10.7% | $13.7B | $12.3B | +11.1% |
| Capital Expenditures Incurred but Not yet Paid | $2.31B | $1.9B | +21.7% | $2.67B | $1.91B | +40.1% |
| Cash and Cash Equivalents, at Carrying Value | $2.14B | $475M | +350.5% | $245M | $314M | -22.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.25B | $536M | +320.1% | $363M | $421M | -13.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.89B | $115M | +1,542.6% | -$58M | $64M | -190.6% |
| Collateral Already Posted, Aggregate Fair Value | $2M2025-12-31 | $6M | -66.7% | $2M | $6M | -66.7% |
| Common Stock, Dividends, Per Share, Declared | $1.07 | $1.05 | +1.9% | $4.22 | $4.14 | +1.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Outstanding | 778M | 777M | +0.1% | 778M | 776M | +0.3% |
| Common Stock, Value, Issued | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $27M | $25M | +8.0% | $103M | $90M | +14.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.52B | $1.35B | +13.2% | $4.94B | $4.76B | +3.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.55B | $1.37B | +13.1% | $5.04B | $4.85B | +4.0% |
| Cost, Depreciation, Amortization and Depletion | $1.69B | $1.51B | +11.7% | $6.32B | $5.79B | +9.2% |
| Costs and Expenses | $6.84B | $5.91B | +15.6% | $23.7B | $22.5B | +5.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$565M | -$365M | -54.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2M | $2M | 0.0% |
| Current Income Tax Expense (Benefit) | – | – | – | -$569M | -$332M | -71.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$6M | $31M | -119.4% |
| Debt and Lease Obligation | $89.8B2025-12-31 | $84.3B | +6.6% | $89.8B | $84.3B | +6.6% |
| Debt Instrument, Face Amount | $2.28B | $3.2B | -28.9% | $7.01B | $7.74B | -9.5% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $921M2025-12-31 | $1B | -7.9% | $921M | $1B | -7.9% |
| Debt Instrument, Unamortized Discount (Premium), Net | -$762M2025-12-31 | -$845M | +9.8% | -$762M | -$845M | +9.8% |
| Debt Securities, Available-for-sale | $5.42B | $3.53B | +53.6% | $4.44B | $3.33B | +33.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $2.63B | $1.91B | +37.3% | $2.25B | $1.73B | +30.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $1.16B | $610M | +90.5% | $955M | $721M | +32.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.51B | $921M | +63.5% | $1.13B | $791M | +42.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $122M | $83M | +47.0% | $108M | $89M | +21.3% |
| Debt Securities, Available-for-sale, Realized Gain | $17M | $10M | +70.0% | $67M | $28M | +139.3% |
| Debt Securities, Available-for-sale, Realized Loss | $16M | $20M | -20.0% | $77M | $67M | +14.9% |
| Debt, Weighted Average Interest Rate | 4.4%2025-12-31 | 4.4% | +0.9% | 4.4% | 4.4% | +0.9% |
| Decommissioning Fund Investments | $12.6B | $11.2B | +12.4% | $12.9B | $11.4B | +12.7% |
| Decommissioning Liability, Noncurrent | $8.97B2025-12-31 | $9.03B | -0.7% | $8.97B | $9.03B | -0.7% |
| Deferred Credits and Other Liabilities | $1.82B | $1.59B | +14.6% | $1.89B | $1.55B | +21.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01