Duke Energy Corporation
DUKBusiness 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.