# Duke Energy Corporation (DUK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DUK/thesis · /stocks/DUK/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DUK/fundamental

## Navigation

- Overview: /stocks/DUK
- Financials (this page): /stocks/DUK/financials
- Thesis: /stocks/DUK/thesis
- Investment Memo: /stocks/DUK/memo
- Coverage universe: /stocks