Revenue growth accelerated to 11.3% in 2026Q1, supported by a 29.7% operating margin that reflects effective cost recovery mechanisms.
| 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 |
|---|
| Revenue | 33.17B | 32.24B | 29.93B | 28.6B | 28.32B | 24.62B | 23.87B | 25.08B | 24.52B | 23.57B | 22.75B | 22.35B | 22.01B | 22.15B | 17.45B | 14.53B | 14.27B | 12.73B | 13.21B | 8.61T | 15.18B |
| Revenue Growth % | 8.7% | 7.69% | 4.66% | 1% | 15.02% | 3.15% | -4.83% | 2.28% | 4.06% | 3.57% | 1.8% | 1.54% | -0.65% | 26.99% | 20.08% | 1.8% | 12.1% | -3.6% | -99.85% | 56571.72% | - |
| Cost of Revenue | 16.31B | 22.06B | 14.74B | 14.63B | 15.18B | 17.43B | 17B | 18.05B | 17.79B | 16.34B | 15.96B | 16.09B | 12.57B | 12.59B | 10.17B | 5.14B | 4.92B | 4.44B | 5.02B | 48.97B | 3.4B |
| Gross Profit | 16.85B | 10.17B | 15.2B | 13.98B | 13.14B | 7.2B | 6.86B | 7.03B | 6.73B | 7.22B | 6.8B | 6.26B | 9.44B | 9.57B | 7.28B | 9.38B | 9.35B | 8.29B | 8.19B | 8.56T | 11.78B |
| Gross Margin % | 50.81% | 31.56% | 50.76% | 48.86% | 46.39% | 29.23% | 28.76% | 28.02% | 27.44% | 30.65% | 29.87% | 28.02% | 42.87% | 43.18% | 41.72% | 64.59% | 65.49% | 65.09% | 61.99% | 99.43% | 77.59% |
| Gross Profit Growth % | - | -33.04% | 8.72% | 6.39% | 82.56% | 4.84% | -2.33% | 4.46% | -6.85% | 6.27% | 8.54% | -33.64% | -1.36% | 31.42% | -22.43% | 0.4% | 12.79% | 1.22% | -99.9% | 72525.94% | - |
| Operating Expenses | 9.19B | 1.6B | 7.27B | 6.91B | 7.13B | 1.35B | 1.34B | 1.31B | 1.28B | 1.23B | 1.14B | 1.13B | 4.16B | 4.25B | 3.85B | 11.76B | 11.96B | 10.52B | 10.77B | 8.34T | 12.49B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 16.34B | 14.9B | 14.35B | 13.15B | 11.86B | 10.6B | 10.23B | 10.27B | 9.52B | 9.52B | 8.95B | 8.19B | 8.42B | 8.53B | 6.55B | 4.58B | 4.25B | 3.9B | 4.18B | 330.76B | 5.22B |
| EBITDA Margin % | 49.26% | 46.22% | 47.92% | 45.99% | 41.86% | 43.06% | 42.87% | 40.95% | 38.83% | 40.39% | 39.33% | 36.63% | 38.25% | 38.51% | 37.57% | 31.54% | 29.76% | 30.67% | 31.66% | 3.84% | 34.36% |
| EBITDA Growth % | 9.78% | 3.88% | 9.05% | 10.96% | 11.81% | 3.63% | -0.36% | 7.85% | 0.05% | 6.35% | 9.32% | -2.78% | -1.31% | 30.16% | 43.03% | 7.91% | 8.76% | -6.6% | -98.74% | 6240.08% | - |
| Depreciation & Amortization | 7.34B | 6.32B | 6.42B | 6.08B | 5.84B | 4.76B | 4.71B | 4.55B | 4.07B | 3.53B | 3.29B | 3.05B | 3.51B | 3.23B | 2.65B | 1.81B | 1.79B | 1.66B | 1.67B | 110.73B | 2.05B |
| D&A / Revenue % | 22.15% | 19.62% | 21.44% | 21.27% | 20.63% | 19.34% | 19.71% | 18.13% | 16.61% | 14.97% | 14.48% | 13.66% | 15.93% | 14.58% | 15.2% | 12.43% | 12.51% | 13.01% | 12.64% | 1.29% | 13.49% |
| Operating Income (EBIT) | 8.99B | 8.58B | 7.93B | 7.07B | 6.01B | 5.84B | 5.53B | 5.72B | 5.45B | 5.99B | 5.66B | 5.13B | 4.91B | 5.3B | 3.9B | 2.78B | 2.46B | 2.25B | 2.51B | 220.03B | 3.17B |
| Operating Margin % | 27.12% | 26.61% | 26.48% | 24.72% | 21.23% | 23.72% | 23.16% | 22.81% | 22.22% | 25.42% | 24.85% | 22.97% | 22.32% | 23.94% | 22.37% | 19.11% | 17.24% | 17.67% | 19.01% | 2.56% | 20.86% |
| Operating Income Growth % | - | 8.21% | 12.11% | 17.6% | 2.93% | 5.68% | -3.39% | 5.01% | -9.05% | 5.92% | 10.17% | 4.48% | -7.35% | 35.87% | 40.55% | 12.84% | 9.43% | -10.43% | -98.86% | 6845.49% | - |
| Interest Expense | 4M | 3.63B | 3.38B | 3.01B | 2.44B | 2.21B | 2.16B | 2.2B | 2.09B | 1.99B | 1.92B | 1.61B | 1.62B | 1.55B | 1.24B | 859M | 840M | 751M | 741M | -81.86B | 1.25B |
| Interest Coverage | - | 2.57x | 2.35x | 2.43x | 2.70x | 2.81x | 1.39x | 2.86x | 2.47x | 3.15x | 2.85x | 3.37x | 3.55x | 3.57x | 2.97x | 3.86x | 3.63x | 3.43x | 3.55x | 0.04x | 3.33x |
| Interest / Revenue % | 0.01% | 11.27% | 11.3% | 10.54% | 8.61% | 8.96% | 9.06% | 8.79% | 8.54% | 8.43% | 8.42% | 7.22% | 7.37% | 6.98% | 7.12% | 5.91% | 5.89% | 5.9% | 5.61% | -0.95% | 8.25% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 6.01B | 5.71B | 5.19B | 4.77B | 4.08B | 3.99B | 839M | 4.1B | 3.07B | 4.27B | 3.73B | 3.91B | 3.76B | 3.79B | 2.23B | 2.46B | 2.21B | 1.83B | 1.9B | 162.55B | 2.86B |
| Pretax Margin % | 18.13% | 17.72% | 17.35% | 16.67% | 14.4% | 16.21% | 3.52% | 16.34% | 12.53% | 18.1% | 16.41% | 17.49% | 17.1% | 17.13% | 12.81% | 16.97% | 15.48% | 14.38% | 14.35% | 1.89% | 18.85% |
| Income Tax | 782M | 642M | 590M | 438M | 300M | 268M | -236M | 519M | 448M | 1.2B | 1.16B | 1.26B | 1.23B | 1.21B | 623M | 752M | 890M | 758M | 616M | 0 | 843M |
| Effective Tax Rate % | 13.01% | 11.24% | 11.36% | 9.19% | 7.36% | 6.72% | -28.13% | 12.67% | 14.58% | 28.04% | 30.96% | 32.12% | 32.55% | 31.75% | 27.89% | 30.51% | 40.27% | 41.4% | 32.51% | 0% | 29.45% |
| Net Income | 5.17B | 4.97B | 4.52B | 2.84B | 2.55B | 3.91B | 1.38B | 3.75B | 2.67B | 3.06B | 2.67B | 2.86B | 2.53B | 2.56B | 1.59B | 1.71B | 1.32B | 1.07B | 1.36B | 162.55B | 1.86B |
| Net Margin % | 15.58% | 15.41% | 15.11% | 9.93% | 9% | 15.87% | 5.77% | 14.94% | 10.87% | 12.98% | 11.72% | 12.8% | 11.49% | 11.58% | 9.1% | 11.74% | 9.25% | 8.44% | 10.31% | 1.89% | 12.27% |
| Net Income Growth % | 8.42% | 9.81% | 59.24% | 11.41% | -34.75% | 183.81% | -63.26% | 40.59% | -12.85% | 14.74% | -6.82% | 13.13% | -1.4% | 61.52% | -6.92% | 29.24% | 22.79% | -21.07% | -99.16% | 8625.23% | - |
| EPS (Diluted) | 6.63 | 6.31 | 5.69 | 5.43 | 4.89 | 4.94 | 1.72 | 5.09 | 3.77 | 4.37 | 3.86 | 4.12 | 3.58 | 3.63 | 2.76 | 1.28 | 1.00 | 0.83 | 1.07 | 128.40 | 1.57 |
| EPS Growth % | 8.83% | 10.9% | 4.79% | 11.04% | -1.01% | 187.21% | -66.21% | 35.01% | -13.73% | 13.21% | -6.31% | 15.08% | -1.38% | 31.52% | 115.63% | 28% | 20.48% | -22.43% | -99.17% | 8078.34% | - |
| EPS (Basic) | - | 6.31 | 5.69 | 5.43 | 4.89 | 4.94 | 1.72 | 5.09 | 3.77 | 4.37 | 3.86 | 4.12 | 3.58 | 3.63 | 2.77 | 1.28 | 1.00 | 0.83 | 1.08 | 128.86 | 1.59 |
| Diluted Shares Outstanding | 779M | 777M | 772M | 771M | 770M | 769M | 738M | 729M | 708M | 700M | 691M | 694M | 707M | 706M | 575M | 1.33B | 1.32B | 1.29B | 1.27B | 1.27B | 1.19B |
Regulatory and capital expenditure execution risk
As reported in recent financial statements, Duke Energy's revenue growth reached 11.3% in 2026Q1, reflecting a robust trajectory supported by ongoing rate base investments and favorable regulatory outcomes that appear to be successfully translating into top-line expansion across the company's core regulated electric utility service territories.
The revenue acceleration suggests that capital deployment into grid modernization is effectively being captured through rate recovery mechanisms. Investors should monitor whether this growth remains sustainable or if it is heavily dependent on specific, non-recurring rate case settlements that may not repeat in future periods.
Based on the provided income statement data, Duke Energy maintained an operating margin of 29.7% in 2026Q1, indicating that the utility's regulatory framework effectively manages fuel and purchased power cost volatility through automatic adjustment riders that shield the core earnings power from commodity price fluctuations.
The consistency in operating margins suggests that the regulatory compact remains constructive, allowing for the pass-through of essential costs without eroding profitability. However, analysts should remain cautious regarding potential working capital strain if fuel cost inflation accelerates faster than the recovery mechanisms can process.
According to the latest quarterly figures, Duke Energy achieved an EPS of $1.97 in 2026Q1, representing an 11.9% growth rate that appears to be driven by core regulated operations rather than significant non-recurring items, suggesting a high quality of earnings consistent with a pure-play utility model.
The reported earnings growth warrants further investigation into the extent of AFUDC contributions, which can artificially inflate non-cash earnings during heavy construction cycles. Investors should distinguish between sustainable rate-base-driven growth and temporary accounting benefits that may obscure the underlying operational performance.
As indicated by the financial data, Duke Energy continues to deploy significant capital, with depreciation and amortization expenses reaching $1.7B in 2026Q1, which underscores the company's commitment to a massive multi-year capital plan aimed at expanding the rate base and securing long-term earnings growth.
The relationship between incremental CAPEX and EPS growth suggests that the company is successfully converting construction work into rate-base-eligible assets. The primary risk remains the potential for cost overruns or regulatory pushback, which could compress the return on invested capital if the commission limits the recovery of these expenditures.
While the income statement shows strong performance, the figures may mask underlying risks such as the potential for future decommissioning costs and the sensitivity to regulatory lag, which could compress earned ROE if the political environment in the Carolinas shifts toward more adversarial rate-setting practices.
The reliance on regulatory assets and liabilities suggests that current earnings are partially contingent on future commission approvals, which may not be guaranteed in an inflationary environment. Investors should be wary of the potential for structurally declining demand due to energy efficiency, which could necessitate future rate hikes that may face significant public and regulatory resistance.
Quick answers to the most common questions about buying DUKB stock.
For fiscal year 2025, Duke Energy Corporation 5.625% (DUKB) reported total revenue of $32.24B. This represents a 112.3% increase compared to $15.18B in 2006.
Duke Energy Corporation 5.625% (DUKB) 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 5.625% (DUKB) 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 5.625% (DUKB) 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.