Revenue growth accelerated to 11.3% in 2026Q1, supported by a stable 29.7% operating margin that reflects effective fuel cost pass-through mechanisms.
Duke Energy Corporation (DUK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 33.38B | 32.24B | 30.36B | 29.06B | 28.77B | 24.62B | 23.37B | 25.08B | 24.52B | 23.57B | 22.74B | 22.37B | 22.51B | 22.76B | 17.91B | 14.53B | 14.35B | 12.73B | 13.21B | 12.72B | 15.18B | 16.3B | 20.55B | 22.08B | 15.86B | 18.41B | 15.34B | 21.77B | 17.66B | 16.31B | 12.3B |
| Revenue Growth % | 6.73% | 6.19% | 4.46% | 1.01% | 16.84% | 5.37% | -6.83% | 2.28% | 4.06% | 3.61% | 1.66% | -0.61% | -1.09% | 27.04% | 23.28% | 1.22% | 12.75% | -3.6% | 3.83% | -16.23% | -6.83% | -20.69% | -6.93% | 39.22% | -13.87% | 20.03% | -29.51% | 23.24% | 8.3% | 32.57% | 26.9% |
| Cost of Revenue | 10.62B | 22.06B | 15.16B | 15.3B | 15.79B | 12.66B | 12.01B | 13.52B | 13.99B | 12.93B | 13.11B | 13.04B | 13.42B | 13.54B | 11.23B | 8.91B | 8.75B | 4.44B | 5.02B | 4.5B | 3.71B | 1.59B | 11.73B | 13.49B | 7.55B | 9.01B | 7.2B | 14.91B | 11.18B | 10.41B | 6.63B |
| Gross Profit | 22.76B | 10.17B | 15.2B | 13.76B | 12.98B | 11.96B | 11.35B | 11.56B | 10.53B | 10.7B | 9.63B | 9.34B | 9.44B | 9.21B | 5.43B | 5.61B | 5.52B | 8.29B | 8.19B | 8.22B | 6.9B | 5.32B | 8.82B | 8.59B | 8.31B | 9.41B | 8.14B | 6.86B | 6.48B | 5.9B | 5.67B |
| Gross Margin % | 68.19% | 31.56% | 50.06% | 47.34% | 45.11% | 48.57% | 48.59% | 46.09% | 42.94% | 45.42% | 42.34% | 41.73% | 41.92% | 40.48% | 30.33% | 38.64% | 38.47% | 65.09% | 61.99% | 64.6% | 45.42% | 32.63% | 42.91% | 38.89% | 52.39% | 51.08% | 53.08% | 31.51% | 36.7% | 36.18% | 46.11% |
| Gross Profit Growth % | - | -33.05% | 10.48% | 6.01% | 8.51% | 5.33% | -1.79% | 9.78% | -1.62% | 11.15% | 3.14% | -1.06% | 2.44% | 69.57% | -3.24% | 1.67% | -33.37% | 1.22% | -0.37% | 19.16% | 29.67% | -39.68% | 2.69% | 3.33% | -11.67% | 15.52% | 18.72% | 5.82% | 9.85% | 4.02% | 6.01% |
| Operating Expenses | 13.55B | 1.6B | 7.27B | 6.69B | 6.96B | 6.46B | 6.78B | 5.86B | 5.35B | 4.76B | 4.44B | 4.18B | 4.17B | 3.94B | 3.11B | 2.51B | 2.49B | 5.62B | 5.66B | 5.72B | 5.5B | 4B | 5.64B | 9.32B | 5.71B | 5.72B | 5.05B | 5.04B | 4B | 3.93B | 3.51B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 15.65B | 14.9B | 14.35B | 13.15B | 11.86B | 11.16B | 10.06B | 10.88B | 9.38B | 9.67B | 9.08B | 8.69B | 8.35B | 8.08B | 6.55B | 4.8B | 4.46B | 4.09B | 4.34B | 4.39B | 5.38B | 5.5B | 5.27B | 1.25B | 4.29B | 5.14B | 4.44B | 2.97B | 3.54B | 2.95B | 3.12B |
| EBITDA Margin % | 46.89% | 46.22% | 47.25% | 45.26% | 41.21% | 45.34% | 43.04% | 43.4% | 38.26% | 41.04% | 39.93% | 38.85% | 37.09% | 35.52% | 36.6% | 33.06% | 31.04% | 32.17% | 32.9% | 34.48% | 35.45% | 33.75% | 25.67% | 5.66% | 27.07% | 27.9% | 28.92% | 13.65% | 20.04% | 18.1% | 25.39% |
| EBITDA Growth % | 4.26% | 3.88% | 9.05% | 10.96% | 6.2% | 11% | -7.61% | 16.03% | -3% | 6.49% | 4.5% | 4.1% | 3.29% | 23.31% | 36.48% | 7.81% | 8.79% | -5.75% | -0.93% | -18.52% | -2.13% | 4.29% | 322.26% | -70.91% | -16.41% | 15.78% | 49.39% | -16.1% | 19.89% | -5.47% | 3.36% |
| Depreciation & Amortization | 6.44B | 6.32B | 6.42B | 6.08B | 5.84B | 5.66B | 5.49B | 5.18B | 4.7B | 4.05B | 3.88B | 3.61B | 3.51B | 3.23B | 2.65B | 2.03B | 1.99B | 1.85B | 1.83B | 1.89B | 2.21B | 1.88B | 2.04B | 1.99B | 1.69B | 1.45B | 1.35B | 1.15B | 1.05B | 0 | 0 |
| D&A / Revenue % | 19.29% | 19.62% | 21.15% | 20.94% | 20.31% | 23% | 23.48% | 20.64% | 19.15% | 17.17% | 17.06% | 16.15% | 15.58% | 14.19% | 14.81% | 13.94% | 13.89% | 14.5% | 13.89% | 14.84% | 14.59% | 11.56% | 9.91% | 9% | 10.67% | 7.87% | 8.79% | 5.29% | 5.97% | 0% | 0% |
| Operating Income (EBIT) | 9.21B | 8.58B | 7.93B | 7.07B | 6.01B | 5.5B | 4.57B | 5.71B | 4.68B | 5.63B | 5.2B | 5.08B | 4.84B | 4.85B | 3.9B | 2.78B | 2.46B | 2.25B | 2.51B | 2.5B | 3.17B | 3.62B | 3.24B | -738M | 2.6B | 3.69B | 3.09B | 1.82B | 2.48B | 1.97B | 2.16B |
| Operating Margin % | 27.6% | 26.61% | 26.11% | 24.33% | 20.9% | 22.34% | 19.56% | 22.76% | 19.11% | 23.87% | 22.87% | 22.7% | 21.51% | 21.33% | 21.79% | 19.11% | 17.15% | 17.67% | 19.01% | 19.64% | 20.86% | 22.19% | 15.75% | -3.34% | 16.41% | 20.02% | 20.13% | 8.36% | 14.07% | 12.08% | 17.55% |
| Operating Income Growth % | - | 8.21% | 12.11% | 17.6% | 9.31% | 20.32% | -19.93% | 21.86% | -16.71% | 8.13% | 2.44% | 4.87% | -0.25% | 24.37% | 40.55% | 12.84% | 9.43% | -10.43% | 0.52% | -21.15% | -12.39% | 11.71% | 538.62% | -128.36% | -29.43% | 19.36% | 69.82% | -26.8% | 26.14% | -8.73% | 4.37% |
| Interest Expense | 4M | 3.63B | 3.38B | 3.01B | 2.44B | 2.21B | 2.16B | 2.2B | 2.09B | 1.99B | 1.73B | 1.53B | 1.62B | 1.6B | 1.24B | 854M | 835M | 746M | 741M | 685M | 1.25B | 1.07B | 1.28B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.57x | 2.53x | 2.58x | 2.67x | 2.81x | 1.40x | 2.86x | 2.47x | 3.15x | 3.27x | 3.56x | 3.26x | 3.33x | 2.98x | 3.89x | 3.65x | 3.46x | 3.55x | 3.65x | 1.11x | 1.24x | 2.48x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.01% | 11.27% | 11.15% | 10.37% | 8.48% | 8.96% | 9.25% | 8.79% | 8.54% | 8.43% | 7.59% | 6.83% | 7.21% | 7.05% | 6.9% | 5.88% | 5.82% | 5.86% | 5.61% | 5.39% | 8.25% | 6.54% | 6.23% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 6.19B | 5.71B | 5.19B | 4.77B | 4.08B | 3.99B | 920M | 4.1B | 3.07B | 4.27B | 3.73B | 3.91B | 3.76B | 3.79B | 2.23B | 2.46B | 2.21B | 1.83B | 1.89B | 2.24B | 2.86B | 3.82B | 1.99B | -1.71B | 1.91B | 3.15B | 2.8B | 1.3B | 2.04B | 1.61B | 1.79B |
| Pretax Margin % | 18.55% | 17.72% | 17.11% | 16.4% | 14.18% | 16.21% | 3.94% | 16.34% | 12.53% | 18.1% | 16.42% | 17.48% | 16.72% | 16.68% | 12.47% | 16.97% | 15.4% | 14.38% | 14.32% | 17.58% | 18.85% | 23.42% | 9.66% | -7.74% | 12.02% | 17.1% | 18.22% | 5.97% | 11.53% | 9.89% | 14.54% |
| Income Tax | 823M | 642M | 590M | 438M | 300M | 268M | -169M | 519M | 448M | 1.2B | 1.16B | 1.26B | 1.23B | 1.21B | 623M | 752M | 890M | 758M | 616M | 712M | 843M | 1.28B | 533M | -707M | 611M | 1.15B | 1.02B | 453M | 777M | 638.9M | 697.8M |
| Effective Tax Rate % | 13.3% | 11.24% | 11.36% | 9.19% | 7.36% | 6.72% | -18.37% | 12.67% | 14.58% | 28.04% | 30.96% | 32.12% | 32.55% | 31.75% | 27.89% | 30.51% | 40.27% | 41.4% | 32.58% | 31.84% | 29.45% | 33.6% | 26.85% | 41.35% | 32.06% | 36.52% | 36.48% | 34.85% | 38.14% | 39.6% | 39.01% |
| Net Income | 5.25B | 4.97B | 4.51B | 4.3B | 2.55B | 3.91B | 1.38B | 3.75B | 2.67B | 3.06B | 2.67B | 2.86B | 2.81B | 2.67B | 1.77B | 1.71B | 1.32B | 1.07B | 1.28B | 1.5B | 1.97B | 2.11B | 1.22B | -1.32B | 1.03B | 1.9B | 1.78B | 1.51B | 1.25B | 974.4M | 1.11B |
| Net Margin % | 15.72% | 15.41% | 14.86% | 14.78% | 8.86% | 15.87% | 5.89% | 14.94% | 10.87% | 12.98% | 11.72% | 12.79% | 12.49% | 11.71% | 9.87% | 11.74% | 9.2% | 8.44% | 9.69% | 11.83% | 12.96% | 12.95% | 5.95% | -5.98% | 6.52% | 10.31% | 11.58% | 6.92% | 7.09% | 5.97% | 9% |
| Net Income Growth % | 8.5% | 10.16% | 4.98% | 68.47% | -34.75% | 183.81% | -63.26% | 40.59% | -12.85% | 14.74% | -6.82% | 1.74% | 5.52% | 50.74% | 3.63% | 29.24% | 22.79% | -16.02% | -14.95% | -23.53% | -6.77% | 72.75% | 192.51% | -227.76% | -45.52% | 6.87% | 17.85% | 20.37% | 28.49% | -12.03% | 8.8% |
| EPS (Diluted) | 6.74 | 6.31 | 5.71 | 5.43 | 3.17 | 4.94 | 1.72 | 5.06 | 3.77 | 4.36 | 3.11 | 4.05 | 2.66 | 3.76 | 3.07 | 3.83 | 3.00 | 2.49 | 3.21 | 3.54 | 4.71 | 11.28 | 4.62 | -4.44 | 3.66 | 7.32 | 7.14 | 6.09 | 5.10 | 3.75 | 7.12 |
| EPS Growth % | 8.82% | 10.51% | 5.16% | 71.29% | -35.83% | 187.21% | -66.01% | 34.22% | -13.53% | 40.19% | -23.21% | 52.26% | -29.26% | 22.48% | -19.84% | 27.67% | 20.48% | -22.43% | -9.32% | -24.84% | -58.24% | 144.16% | 204.05% | -221.31% | -50% | 2.52% | 17.24% | 19.41% | 36% | -47.33% | 45.9% |
| EPS (Basic) | - | 6.31 | 5.71 | 5.43 | 3.17 | 4.94 | 1.72 | 5.06 | 3.77 | 4.36 | 3.11 | 4.05 | 2.66 | 3.77 | 3.07 | 3.83 | 3.00 | 2.49 | 3.24 | 3.57 | 4.77 | 11.64 | 4.77 | -4.44 | 3.66 | 7.35 | 7.17 | 6.12 | 5.12 | 3.77 | 7.12 |
| Diluted Shares Outstanding | 779M | 777M | 772M | 771M | 770M | 769M | 738M | 729M | 708M | 700M | 691M | 694M | 707M | 706M | 575M | 444.33M | 440M | 431.33M | 422.33M | 422M | 396M | 323.33M | 320.56M | 301.33M | 278.96M | 257.38M | 246.08M | 244.17M | 241.37M | 240.43M | 155.48M |
Quick answers to the most common questions about buying DUK stock.
For fiscal year 2025, Duke Energy Corporation (DUK) reported total revenue of $32.24B. This represents a 162.0% increase compared to $12.30B in 1996.
Duke Energy Corporation (DUK) is profitable, generating $4.97B in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Duke Energy Corporation (DUK) reported an operating income of $8.58B, resulting in an operating profit margin of 26.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Duke Energy Corporation (DUK) generated $10.17B in gross profit for the year, representing a gross profit margin of 31.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and capital intensity risks remain elevated due to the ongoing transition from coal to renewable generation assets.
Metrics are mathematically derived from official filings.
Revenue Expansion Driven by CAPEX
According to the provided income statement data, Duke Energy achieved a notable 11.3% revenue growth in 2026Q1, reflecting the successful integration of capital investments into the rate base and favorable regulatory outcomes that support the company's ongoing grid modernization and decarbonization initiatives across its core service territories.
The revenue trajectory appears increasingly tied to the company's ability to execute large-scale infrastructure projects that qualify for rate base inclusion. While this growth is positive, investors should monitor whether these gains are being offset by rising operating costs or if they represent a sustainable shift in the company's earnings power.
Fuel Pass-Through Dynamics Remain Stable
As reported in financial statements, Duke Energy maintains an operating margin of 29.7% as of 2026Q1, suggesting that the utility effectively utilizes regulatory mechanisms to pass through volatile fuel and purchased power costs, thereby insulating its core earnings from direct exposure to commodity price fluctuations in the energy markets.
The stability of these margins implies that the regulatory compact remains constructive, allowing for timely recovery of essential costs. However, any significant delay in rate case approvals could create working capital strain, potentially impacting the company's ability to maintain these margins during periods of high inflation.
Earnings Power Obscured by Adjustments
Based on the quarterly data, Duke Energy reported an EPS of 1.97 in 2026Q1, though analysts should remain cautious as reported figures often incorporate non-cash items like AFUDC and weather normalization adjustments that may mask the underlying volatility of the company's core regulated earnings growth rate.
The reliance on these accounting adjustments warrants further investigation to determine the true cash-generative capacity of the business. Investors should distinguish between sustainable earnings derived from rate base growth and temporary gains that may not recur in future periods.
Capital Deployment Fuels Future Returns
Data from recent filings indicates that Duke Energy continues to prioritize heavy capital expenditure, which is essential for expanding its rate base and securing future earnings growth, although this strategy necessitates constant monitoring of the company's ability to earn its authorized return on these significant new investments.
The current CAPEX cycle appears to be a structural step-change rather than mere maintenance, aimed at long-term decarbonization. If the company fails to achieve its authorized ROE on these projects, the resulting regulatory lag could compress margins and diminish the expected value creation for shareholders.
Hidden Liabilities and Regulatory Risks
While the income statement shows consistent profitability, it potentially obscures long-term environmental remediation costs and the political risk associated with maintaining high authorized ROEs in an inflationary environment, which could lead to future regulatory pushback and a compression of the company's earned returns over the coming years.
The reported figures do not fully capture the potential for accelerated asset retirement costs or the impact of shifting demand patterns due to energy efficiency. Investors should be wary that current earnings may be supported by regulatory constructs that could become more adversarial if political pressure to lower customer bills intensifies.