Capital intensity remains high, with a CapEx-to-OCF ratio of 97.5% in 2026Q1, necessitating continued reliance on external capital markets to fund infrastructure projects.
| 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 | 11.66B | 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% | -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 % | 35.17% | 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 | 5.17B | 5.07B | 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 | 4.81B | 0 | 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 | 748M | 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 | 1.21B | 7.26B | -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 | -274M | 0 | 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 | -11.87B | -14.34B | -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 % | 20.3% | 44.48% | 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 | 1.40x | - | 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) | 1.73x | 0.86x | 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 | -12.88B | -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 | 559M | 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 | -5.13B | 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 | 5.15B | 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 | -6.73B | -14.34B | -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 | 2.94B | 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 | -1.65B | 0 | -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 % | - | - | 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) | 2M | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Stock Issued | 9M | 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 | 2.64B | 1.95B | -52M | -124M | -130M | -94M | -133M | -26M | 29M | 4.23B | 3M | -12M | -34M | 15M | 46M | -36M | -14M | -40M | 10M | -368M | -192M |
| Net Change in Cash | 1.58B | -58M | 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 | -134M | 0 | 5M | -7M | -12M | 94M | -63M | -32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22M |
| Cash at Beginning | 363M | 421M | 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 | 2.25B | 363M | 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 | -200M | -2.01B | 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 % | -21.95% | -2850.68% | 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 % | -0.6% | -6.23% | 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 % | -3.87% | -40.42% | 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% |
Regulatory capital recovery lag
According to the provided quarterly data, Duke Energy generated operating cash flows ranging from $1.5 billion to $3.7 billion, demonstrating the inherent volatility of utility cash cycles despite the underlying stability of the company's regulated electric and gas service territories across the Southeast and Midwest regions.
The fluctuation in operating cash flow suggests that seasonal demand and the timing of regulatory cost recovery mechanisms significantly impact short-term liquidity. Investors should monitor whether these swings in cash generation align with the company's aggressive capital deployment schedule to ensure that core operations remain self-sustaining.
As reported in the financial statements, Duke Energy consistently deployed capital expenditures between $3.0 billion and $3.7 billion per quarter, with the CapEx-to-OCF ratio reaching as high as 144.6% in 2025Q1, reflecting a heavy investment phase aimed at long-term grid modernization and infrastructure expansion.
This high level of capital intensity is typical for a regulated utility, though it necessitates constant external financing to bridge the gap between investment and rate recovery. The persistent reinvestment appears to be the primary engine for future rate base growth, provided that regulators continue to approve timely cost recovery.
Based on the reported figures, Duke Energy frequently experienced negative free cash flow, with a deficit reaching $971 million in 2025Q1, which underscores the company's reliance on capital markets to fund its massive infrastructure projects while maintaining its dividend obligations to shareholders during these periods.
The recurring need for external capital suggests that the company's credit profile and access to debt markets are critical to its operational continuity. Analysts should evaluate whether the current financing terms remain favorable, as any tightening in credit conditions could complicate the execution of the multi-year capital plan.
As indicated by the quarterly data, the OCF-to-dividend coverage ratio fluctuated between 2.7x and 4.3x, suggesting that despite significant capital expenditure requirements, the company maintains a buffer that appears to support its dividend policy through various cycles of regulatory and operational cash flow volatility.
While the coverage ratios appear adequate, the sustainability of the dividend remains tethered to the company's ability to secure timely rate increases. Investors should monitor whether future regulatory outcomes in the Carolinas and Florida provide sufficient cash headroom to balance shareholder returns with necessary grid hardening investments.
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 $2.01B in 2025, indicating capital requirements exceeded cash from operations.
Duke Energy Corporation 5.625% (DUKB) spent $14.34B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.