Operating cash flow of $2.8B covered dividends 1.6x, but capital expenditures of $8.2B far exceeded depreciation of $1.7B, resulting in a negative free cash flow of -$5.5B and increased reliance on external financing.
Duke Energy Corporation 5.625% (DUKB) cash flow statement — 20-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 11.56B | 12.33B | 12.35B | 9.89B | 5.93B | 8.33B | 8.99B | 8.21B | 7.19B | 6.62B | 6.8B | 6.68B | 6.59B | 6.38B | 5.24B | 3.67B | 4.51B | 3.46B | 3.33B | 3.21B | 3.75B |
| Operating CF Growth % | -23.55% | -0.19% | 24.85% | 66.76% | -28.81% | -7.29% | 9.5% | 14.24% | 8.48% | -2.56% | 1.83% | 1.37% | 3.2% | 21.7% | 42.81% | -18.6% | 30.26% | 4.06% | 3.74% | -14.41% | - |
| Operating CF / Revenue % | 34.77% | 38.25% | 41.27% | 34.59% | 20.95% | 33.85% | 37.66% | 32.73% | 29.31% | 28.11% | 29.88% | 29.87% | 29.92% | 28.81% | 30.06% | 25.27% | 31.61% | 27.2% | 25.2% | 0.04% | 24.68% |
| Net Income | 5.27B | 4.97B | 4.51B | 4.3B | 3.91B | 3.91B | 1.38B | 3.75B | 2.65B | 3.06B | 2.56B | 2.64B | 1.88B | 2.67B | 1.77B | 1.71B | 1.32B | 1.08B | 1.36B | 1.5B | 1.86B |
| Depreciation & Amortization | 9.17B | 7.7B | 5.79B | 5.25B | 5.09B | 4.76B | 5.49B | 4.55B | 4.07B | 3.53B | 3.29B | -3.05B | 3.51B | 3.23B | 2.65B | 2.03B | 1.99B | 1.85B | 1.83B | 1.89B | 2.21B |
| Deferred Taxes | 1.28B | 0 | 987M | 3M | -200M | 191M | 54M | 806M | 1.08B | 1.43B | 900M | 1.24B | -219M | 304M | 61M | 602M | 741M | 941M | 485M | 669M | 250M |
| Other Non-Cash Items | -1.85B | -515M | -119M | 92M | 312M | 80M | 2.52B | -27M | 8.41B | 6.9B | 6.49B | -145M | 1.72B | 1.49B | 824M | -670M | 453M | -409M | -353M | -849M | -580M |
| Working Capital Changes | -2.43B | 78M | 1.18B | 250M | -3.27B | -690M | -531M | -873M | -1.16B | -1.23B | -7M | -307M | -557M | -1.06B | -219M | -204M | 384M | -416M | -156M | -448M | -704M |
| Capital Expenditures | -5.9B | -14.02B | -12.28B | -12.6B | -11.37B | -9.71B | -9.91B | -11.12B | -9.39B | -8.05B | -7.9B | -6.77B | -5.38B | -5.53B | -5.5B | -4.36B | -4.8B | -4.3B | -4.39B | -3.13B | -3.38B |
| CapEx / Revenue % | 17.74% | 43.5% | 41.02% | 44.07% | 40.14% | 39.46% | 41.51% | 44.35% | 38.29% | 34.17% | 34.73% | 30.27% | 24.46% | 24.94% | 31.53% | 30.03% | 33.65% | 33.74% | 33.21% | 0.04% | 22.27% |
| CapEx / D&A | 0.64x | 1.82x | 2.12x | 2.40x | 2.23x | 2.04x | 1.81x | 2.45x | 2.30x | 2.28x | 2.40x | -2.22x | 1.54x | 1.71x | 2.07x | 2.15x | 2.41x | 2.33x | 2.39x | 1.66x | 1.53x |
| CapEx Coverage (OCF/CapEx) | 1.96x | 0.88x | 1.01x | 0.78x | 0.52x | 0.86x | 0.91x | 0.74x | 0.77x | 0.82x | 0.86x | 0.99x | 1.22x | 1.15x | 0.95x | 0.84x | 0.94x | 0.81x | 0.76x | 1.03x | 1.11x |
| Cash from Investing | -14.28B | -14.34B | -13.1B | -12.21B | -10.6B | -9.4B | -10.31B | -11.11B | -10.06B | -8.44B | -11.53B | -5.28B | -5.37B | -4.98B | -6.2B | -4.43B | -4.42B | -4.49B | -4.61B | -2.15B | -1.33B |
| Acquisitions | 0 | 0 | 47M | 1.01B | 1.38B | 1.57B | 426M | 843M | 41M | -13M | -4.78B | -1.33B | -54M | 0 | 0 | 0 | 0 | -124M | -389M | -66M | -284M |
| Purchase of Investments | -13.84B | 0 | -5.71B | -3.79B | -4.3B | -6.18B | -8.38B | -3.67B | -4.18B | -4.49B | -5.46B | -4.3B | 0 | -11M | 0 | -3.19B | -2.17B | -3.01B | -7.35B | -23.64B | -33.44B |
| Sale of Investments | 13.87B | 0 | 5.8B | 3.82B | 4.33B | 6.1B | 7.95B | 3.34B | 3.75B | 4.1B | 5.24B | 4.23B | 0 | 7M | 0 | 3.18B | 2.67B | 2.99B | 7.45B | 24.77B | 35.26B |
| Other Investing | -8.42B | -314M | -960M | -650M | -644M | -1.19B | -398M | -506M | -281M | 10M | 1.37B | 2.89B | 65M | 548M | -696M | -58M | -121M | -47M | 63M | -88M | 517M |
| Cash from Financing | 3.13B | 1.95B | 812M | 2.07B | 4.75B | 1.03B | 1.3B | 2.89B | 2.96B | 1.78B | 4.27B | -2.58B | -678M | -1.33B | 267M | 1.2B | 40M | 1.58B | 1.59B | -1.33B | -1.96B |
| Dividends Paid | -4.23B | -3.3B | -3.21B | -3.24B | -3.18B | -3.11B | -2.81B | -2.67B | -2.47B | -2.45B | -2.33B | -2.25B | -2.23B | -2.19B | -1.75B | -1.33B | -1.28B | -1.22B | -1.14B | -1.09B | -1.49B |
| Dividend Payout Ratio % | - | 66.43% | 71.02% | 114.19% | 124.67% | 79.68% | 204.21% | 71.18% | 92.69% | 80.09% | 87.47% | 78.78% | 88.34% | 85.3% | 110.33% | 77.9% | 97.27% | 113.67% | 83.92% | 0.67% | 79.87% |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Stock Issued | 2M | 0 | 405M | 8M | 9M | 5M | 2.75B | 2.35B | 1.84B | 0 | 731M | 17M | 0 | 0 | 0 | 67M | 302M | 519M | 133M | 50M | 127M |
| Share Repurchases | 0 | 0 | -1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500M |
| Other Financing | 2.59B | -989M | -52M | -124M | -130M | -94M | -133M | -26M | 29M | 4.23B | 3M | -12M | -34M | 15M | 46M | -36M | -14M | -40M | 10M | -368M | -192M |
| Net Change in Cash | 275M | -153M | 69M | -253M | 71M | 58M | -80M | -50M | 87M | 104M | 9M | -80M | -1.04B | 1.47B | 1.32B | 440M | 128M | 556M | 308M | -270M | 437M |
| Exchange Rate Effect | -133M | -95M | 5M | -7M | -12M | 94M | -63M | -32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22M |
| Cash at Beginning | 2.25B | 398M | 329M | 582M | 511M | 453M | 533M | 583M | 496M | 392M | 383M | 463M | 1.5B | 36M | 99M | 1.67B | 1.54B | 986M | 678M | 948M | 511M |
| Cash at End | 850M | 245M | 398M | 329M | 582M | 511M | 453M | 533M | 583M | 496M | 392M | 383M | 463M | 1.5B | 1.42B | 2.11B | 1.67B | 1.54B | 986M | 678M | 948M |
| Free Cash Flow | 5.66B | -1.69B | 73M | -2.71B | -5.43B | -1.38B | -918M | -2.91B | -2.2B | -1.43B | -1.1B | -90M | 1.2B | 856M | -257M | -691M | -292M | -833M | -1.06B | 83M | 367M |
| FCF Growth % | 1152.42% | -2420.55% | 102.69% | 50.13% | -293.48% | -50.44% | 68.49% | -32.23% | -54.27% | -29.47% | -1125.56% | -107.49% | 40.42% | 433.07% | 62.81% | -136.64% | 64.95% | 21.27% | -1374.7% | -77.38% | - |
| FCF Margin % | 17.03% | -5.25% | 0.24% | -9.47% | -19.19% | -5.61% | -3.85% | -11.62% | -8.98% | -6.06% | -4.85% | -0.4% | 5.46% | 3.86% | -1.47% | -4.76% | -2.05% | -6.54% | -8.01% | 0% | 2.42% |
| FCF / Net Income % | 107.36% | -34.1% | 1.61% | -95.39% | -213.1% | -35.34% | -66.67% | -77.72% | -82.63% | -46.68% | -41.37% | -3.15% | 47.53% | 33.37% | -16.18% | -40.5% | -22.12% | -77.49% | -77.68% | 0.05% | 19.7% |
Quick answers to the most common questions about buying DUKB stock.
Duke Energy Corporation 5.625% (DUKB) generated $12.33B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Duke Energy Corporation 5.625% (DUKB) reported negative free cash flow of $1.69B in 2025, indicating capital requirements exceeded cash from operations.
Duke Energy Corporation 5.625% (DUKB) spent $14.02B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Duke Energy Corporation 5.625% (DUKB) returned $3.30B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory lag and rate case outcomes
Metrics are mathematically derived from official filings.
Regulated Cash Flow Stability
Operating cash flow averaged $2.8B per quarter over the last year, with OCF/Div coverage of 1.6x in 2026Q2, indicating robust cash generation from regulated operations.
OCF has remained consistently above $2B each quarter, reflecting the predictability of regulated revenue streams. The 2026Q2 OCF of $2.8B, though down from $3.7B in 2025Q4, still comfortably covers fixed obligations, with interest paid reported as zero in the data, suggesting either a data gap or that interest is capitalized. This stability supports the company's ability to fund its capital program without straining liquidity.
Capital Investment Outpacing Depreciation
CapEx surged to $8.2B in 2026Q2, far exceeding the $1.7B depreciation, indicating aggressive rate base expansion that may pressure near-term cash flows.
The CapEx/OCF ratio spiked to 293% in 2026Q2, up from 95% in 2025Q3, reflecting a significant acceleration in investment. This level of spending, while typical for utilities, implies a heavy reliance on external financing. The prior income statement analysis noted D&A growth to $1.7B, but CapEx is running nearly five times that, suggesting the rate base is expanding rapidly, which should support future earnings if regulatory recovery is timely.
Financing Needs Intensify with FCF Deficit
Free cash flow turned sharply negative at -$5.5B in 2026Q2, with long-term debt issuance of only $1.0M, indicating a growing reliance on external capital markets.
The FCF deficit in 2026Q2 is the largest in the series, driven by the $8.2B CapEx. Despite this, the company issued only $1.0M in long-term debt, which appears insufficient to cover the gap, suggesting either a data anomaly or that other financing sources are being utilized. The balance sheet signal of 'Adequate' from prior analysis suggests there is still capacity, but investors should monitor the pace of debt issuance to ensure it keeps up with the capital program.
Dividend Coverage Remains Secure
Dividends paid rose to $1.7B in 2026Q2, yet OCF/Div coverage of 1.6x indicates the dividend is well-covered by operating cash flow.
Despite the seasonal increase in dividends, OCF comfortably covers the payout, with coverage ratios above 1.5x in the latest quarter. The prior income statement analysis highlighted stable earnings growth, which supports the sustainability of the dividend. However, the large CapEx program could pressure future coverage if OCF does not grow proportionally, but current levels appear safe.
Cash Earnings Align with GAAP
Net income of $1.1B in 2026Q2 is roughly 39% of OCF, suggesting minimal non-cash distortions, though AFUDC may be a factor.
The ratio of net income to OCF is within a normal range for utilities, indicating that earnings are translating into cash. However, the prior analysis noted a drop in interest coverage to 1.92x, which could signal rising financing costs that may not be fully reflected in cash flows yet. The absence of interest paid in the data is notable, but it does not appear to distort the overall cash generation.
Hidden Pressures in the Cash Flow
The cash flow statement may not fully capture future decommissioning and environmental liabilities, which could strain cash flows beyond current CapEx.
While the data shows no explicit environmental or decommissioning costs, utilities typically face significant future obligations. The aggressive CapEx program, if not recovered through rates, could lead to regulatory lag and cash flow shortfalls. Investors should monitor rate case outcomes and any potential unfunded liabilities that could emerge, as these are not visible in the current cash flow data.