Duke Energy Corporation

DUK
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$9.2B
Q1 2026 · +11.3% YoY
TTM ROIC
4.5%
FY2025 · NOPAT / Invested Capital (Total Assets - Non-interest liabilities) · WACC ~6% · Moat spread +-1.5pp
Margin Profile
Gross 51.2%
Operating 26.8%
FY2025
Net Debt
$90.4B
Cash $500M · Debt $90.9B · FY2025

Business Overview


ticker: DUK step: 01 generated: 2026-05-12 source: quick-research

Duke Energy Corporation (DUK) — Business Overview

Business Description

Duke Energy is one of America's largest electric and gas utility holding companies, serving 8.6 million electric customers (NC, SC, FL, IN, OH, KY) and 1.7 million natural gas customers (NC, SC, TN, OH, KY). State-regulated vertically integrated utility model. Headquartered in Charlotte, NC with 55,100 MW total energy capacity. Major beneficiary of US data center power demand super-cycle.

Revenue Model

~$32.2B FY2025 revenue from regulated electric (~85%) and natural gas (~15%) utilities. Tariff-regulated, cost-of-service model: rate base × allowed ROE = earnings. Capital recovery via rate cases (typically 3-year cycles). $103B 5-year capex plan ($75B through 2028) drives ~8.8% rate base growth → 5-7% EPS growth.

Products & Services

  • Duke Energy Carolinas — 20,800 MW serving 2.9M customers in NC/SC
  • Duke Energy Progress — 13,800 MW serving 1.8M customers in NC/SC (merging with DEC)
  • Duke Energy Florida — 13,000 sq mi service area, 1.7M customers
  • Duke Energy Indiana, Ohio, Kentucky — Midwest electric operations
  • Natural Gas (LDCs) — 1.7M customers across 5 states
  • 2025 Carolinas Resource Plan — Includes ~14 GW incremental capacity, natural gas + renewables + storage + nuclear extensions

Customer Base & Go-to-Market

8.6M electric + 1.7M gas customers = ~10M total accounts. Mix: residential (~55%), commercial (~30%), industrial (~15%). Major data center customers entering rapidly: 4.5 GW signed ESAs + 9 GW in late-stage pipeline = ~14 GW. Customers benefit from below-national-average rates in vertically integrated states.

Competitive Position

Top 3 US utility by market cap. Monopoly franchises in service territories under state regulation. Competes for capital + investor attention with NextEra, Southern Company, Dominion, AEP, ED, Constellation. Differentiation: Southeast US data center hub geography (NC, SC, FL, GA proximity) + diversified generation mix + 2 nuclear plants (~9 GW base load).

Key Facts

  • Founded: 1900 (Duke Power Company); current form 2006 (Cinergy merger)
  • Headquarters: Charlotte, NC
  • Employees: ~28,000
  • Exchange: NYSE (DUK)
  • Sector / Industry: Utilities / Electric Utilities
  • Market Cap: ~$100B
  • CEO: Harry Sideris (succeeded Lynn Good April 2025)

Financial Snapshot


ticker: DUK step: 04 generated: 2026-05-12 source: quick-research

Duke Energy Corporation (DUK) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 FY2025 YoY (25)
Revenue $28.7B $29.0B $30.4B $32.2B +6.2%
Operating Income $5.0B $6.6B $6.6B $7.0B +6%
Net Income $2.51B $2.86B $3.78B $4.30B +14%
Adjusted EPS $5.27 $5.56 $5.90 $6.20 +5.1%
Rate Base ~$95B ~$104B +9.5%

FY25 adj EPS within $6.17-6.42 guidance range. Long-term EPS growth target 5-7% through 2029. FY25 rate base growth 9.5% drives EPS compounding.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$10.5B
Capex ~$13-15B annually (rising)
Free Cash Flow negative (growth capex phase)
Cash & Equivalents ~$0.5B
Total Debt ~$80B
Net Debt/EBITDA ~5.5x (typical utility)
Equity Issuance ~$1.5B annually (growth funding)

Key Ratios (approximate)

  • P/E: ~22x | EV/EBITDA: ~13x | P/B: ~1.7x
  • Revenue Growth (TTM): ~6% | Op Margin: ~22%
  • Dividend Yield: ~3.6% | Dividend: $4.36/share (annual)
  • 99-year consecutive dividend payment track record

Growth Profile

$103B 5-year capital plan ($75B through 2028) supports 9.6% rate base growth and 5-7% adj EPS growth through 2029. Major drivers: ~14 GW new generation (gas + storage + nuclear extensions + renewables); transmission grid investments; gas LDC expansion. Data center demand acceleration provides upside to base plan.

Forward Estimates

  • FY 2026: Adj EPS $6.65-7.00 (5-7% growth); rate base ~$113B
  • FY 2027: Adj EPS $7.05-7.50; data center demand acceleration to 3-4% load growth
  • 2030 target: Adj EPS ~$8.50-9.00 with 14 GW capacity additions complete
  • Carolinas Resource Plan + $103B capex plan + 4.5 GW signed data center ESAs

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DUK.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/DUK/fundamental$1.00 · Bearer token required
Markdown: /stocks/duk/financials/md · → thesis · → memo