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Duke Energy (DUK) stock

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NYSE: DUK NYSE Electric Utilities Next results ~November 5, 2026

C+ Fundamentals grade

Duke Energy is a US energy group based in Charlotte, North Carolina, operating mainly through regulated utility subsidiaries that generate, transmit and distribute electricity and natural gas. It owns around 55,713 MW of generation capacity, using natural gas, nuclear fuel, coal and some hydroelectric and solar resources, alongside purchased power, to supply homes, businesses and industrial sites.

The company earns revenue through state commission-approved rates charged to retail electricity and gas customers, plus wholesale sales to municipalities, cooperatives and other utilities. It is organised into two reportable segments: Electric Utilities and Infrastructure, serving roughly 8.7 million electricity customers across six south-eastern and midwestern states covering about 90,000 square miles, and Gas Utilities and Infrastructure, serving around 1.8 million gas customers in the Carolinas, Tennessee, Ohio and Kentucky. Remaining activities sit within an "Other" category.

Duke Energy also holds minority stakes in several pipeline and storage ventures, including Sabal Trail, Cardinal, Pine Needle and Hardy Storage. It operates 11 nuclear reactors across six stations and in 2025 agreed an investment deal giving Brookfield Super-Core Infrastructure Partners an eventual indirect stake in Duke Energy Florida in exchange for $6 billion.

Based on Duke Energy's 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Valuation models combined (5)

Base case. Range ~$75–$140. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 24% above our base value.

Price used: $128.38, November 2, 2026

Duke Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Duke Energy files

10-Q filed August 4: Duke Energy

Duke Energy generated revenue of $33.2bn in the twelve months to June 2026, up 6.3% on a year earlier. That pace marks a slowdown from the 7.2% growth recorded a quarter earlier. More striking is the deterioration in free-cash-flow margin, which fell to -12.9% from -1.8% a year earlier, a sharp swing into negative territory. Against this backdrop, our cash-flow model puts fair value at $104 a share, well below the current share price of $127. The gap between model value and market price suggests the shares are priced for more than the cash generation currently supports. The rating stays Hold.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Duke Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $33.2bn, up 7.2% on a year earlier, faster than 6.2% a quarter earlier. Free-cash-flow margin fell to -9.9% from -0.6% a year earlier. It passes 0 of our 6 financial-health checks. Our valuation models combined value is $104 a share, against a share price of $121.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Duke Energy's trailing-twelve-month revenue grew 6.3% year on year, with a free-cash-flow margin of -12.9%. Where it stands out: operating margin of 27.8% ranks 3 of 24 electric utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 659.1% while net income grew 8.2%: a 667pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 27.8% of revenue is left as operating profit, against a median of 22.5% for electric utilities companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -12.9% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $81.6bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -81% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.43 against an average estimate of $1.30: beat by 9.6%
Revenue
$7.59bn, up 1.1% on a year earlier
Share reaction
-0.8% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
2026 adjusted EPS guidance $6.55 to $6.8 (2026); long-term adjusted EPS growth rate growth 5% to 7% (through 2030)
Next report
November 5, 2026; average EPS estimate $1.86

Duke Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+3.2%
  • 1 month+12.5%
  • This year+12.4%
  • 1 year+6.9%
  • 5 years+51.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$33.3B
Operating margin
27.8%
Net margin
15.8%
EPS (TTM, diluted)
$6.74

Growth

Revenue growth
+6.3%
Change in growth rate
−0.9 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
-$4.3B
FCF margin
-12.9%

Earnings

Last results
August 4, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Results
  10. Dividend
  11. Leadership
  12. Announcement
  13. Announcement
  14. Results
  15. Guidance
  16. Announcement
  17. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Duke Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$100
Price used
$126.66close November 3, 2026
Implied change
▼ 18%
Uncertainty
Medium

How we got here: the combined value of 5 valuation models built for a business like Duke Energy (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$75–~$140; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Duke Energy's free cash flow after stock-based pay ( $753M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Duke Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$140 ~$110–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$110–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$78 ~$66–$94 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$75 ~$54–$110 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$80 ~$65–$110 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$75–$140 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Duke Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$46.12$52.31$59.09$63.47$70.01$73.35$87.36$89.13$87.68$101.33$114.22$128.38
Market value$32.0bn$36.1bn$41.4bn$44.9bn$51.0bn$54.1bn$67.2bn$68.6bn$67.6bn$78.2bn$88.7bn$99.9bn
+ Net debt (− = net cash)$42.1bn$50.0bn$54.1bn$57.5bn$61.0bn$62.5bn$66.8bn$73.3bn$79.3bn$84.0bn$89.6bn$90.6bn
Enterprise value$74.1bn$86.1bn$95.4bn$102.4bn$112.0bn$116.6bn$134.0bn$141.9bn$146.9bn$162.2bn$178.3bn$190.4bn
Multiples
Price / sales 1.4x1.6x1.8x1.8x2.0x2.3x2.7x2.4x2.3x2.6x2.8x3.0x
Price / earnings 11.4x16.8x13.5x16.9x13.6x39.3x17.2x26.9x23.8x17.3x17.9x19.0x
Price / free cash flow —————————n/m——
EV / EBITDA 8.5x9.5x9.9x10.9x10.3x11.6x12.0x12.0x11.2x11.3x10.9x11.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Duke Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.1% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 22.6%; its worst year was 19.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -7.6% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.1% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $9.0bn and EPS of $1.86 (range $1.80 to $1.90) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.72 +7% $33.8bn +5%
Next $7.17 +7% $35.3bn +5%

Next year's EPS estimate has moved 0.0% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 1 analyst raised Duke Energy's forecast and 1 cut it.

Consensus EPS forecast Duke Energy, last 90 days
$6.60 $6.80 $7.00 $7.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.70 Current fiscal year, 60 days ago: $6.71 Current fiscal year, 30 days ago: $6.71 Current fiscal year, 7 days ago: $6.71 Current fiscal year, Now: $6.72 $6.72 Next fiscal year, 90 days ago: $7.17 Next fiscal year, 60 days ago: $7.17 Next fiscal year, 30 days ago: $7.17 Next fiscal year, 7 days ago: $7.17 Next fiscal year, Now: $7.17 $7.17

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.70$7.17
60 days ago $6.71$7.17
30 days ago $6.71$7.17
7 days ago $6.71$7.17
Now $6.72$7.17

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.30 $1.43 +9.6%
Mar 2026 $1.80 $1.93 +7.2%
Dec 2025 $1.49 $1.50 +0.5%
Sept 2025 $1.75 $1.81 +3.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • 2026 adjusted EPS guidance 2026 $6.55 to $6.80 Non-GAAP Maintained
    “The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028.” source
  • long-term adjusted EPS growth rate through 2030 5% growth to 7% growth Non-GAAP Maintained
    “The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Duke Energy's revenue by +4.3% next year and +5.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.8%, weight 70%) and the company's own record (+5.5%, weight 30%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1252%
Hold1148%
Sell00%

Monthly trend

  1. Oct 2026391123
  2. Sep 2026391022
  3. Aug 2026291122
  4. Jul 2026291223

Counts of recommendations published by analysts covering Duke Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
4.25
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
0.1%
of shares
Employees
26,441
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.9%

$120.09 on October 31, 2025 to $128.38

ThenNowEffect
Revenue (last 12 months) $31.3bn $33.3bn +6.3%
Net margin 15.5% 15.8% +1.8%
P/E multiple 19.2x 19.0x −0.8%
Share count 775m 778m −0.4%

Biggest factor: revenue.

Last 3 years +59.2%

$80.64 on November 3, 2023 to $128.38

ThenNowEffect
Revenue (last 12 months) $29.0bn $33.3bn +14.5%
Net margin 4.7% 15.8% +238.0%
P/E multiple 45.8x 19.0x −58.4%
Share count 770m 778m −1.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DUK+19%+2%−2%+16%+13%+12%
Industry peers (median)+18%−1%−4%+16%+17%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DUK67%58%58%58%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DUK−10%−24%−17%−12%−11%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from February 21, 2020 to March 23, 2020. Getting back needed a 60% gain, reached on April 13, 2021, 386 days after the low.

Price behaviour

52-week range
$111.09 – $131.16
From 52-week high
−2.1%
vs 50-day average
+7.6%
vs 200-day average
+4.3%
Volatility (1 year)
17%
Beta vs S&P 500
-0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±1.8%
After a week
5 up, 7 down
typical move ±2.0%
After a month
6 up, 6 down
typical move ±4.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −0.8% +1.6% −0.9% −2.1%
May 5, 2026 −1.5% +2.2% −1.9% −3.6%
February 10, 2026 +2.9% −0.3% +3.8% +9.2%
November 7, 2025 −0.9% +1.7% −0.2% −6.3%
August 5, 2025 +0.8% +0.3% +0.2% −1.8%
May 6, 2025 +1.5% −0.4% −6.4% −3.3%
February 13, 2025 −3.2% +1.1% +0.2% +4.8%
November 7, 2024 −0.4% +1.2% −2.6% −0.6%
August 6, 2024 +2.3% +0.2% +2.4% +6.2%
May 7, 2024 +2.0% +0.1% +1.9% +3.5%
February 8, 2024 −4.0% +0.6% −2.2% +1.5%
November 2, 2023 +0.8% +2.8% −1.8% +4.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Duke Energy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.11× the last 60 days’ realised volatility .
  • Puts are priced 3 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DUK Duke Energy Grade C+ $128.59

Own 100 shares, sell the $135 call expiring December 18, 2026 (46 days) for $1.00 a share — $100 per contract.

Previous session · Bid $1.00, ask $1.20, quoted Mon 2 Nov, 17:21 New York time with DUK at $128.59. Option prices move with the shares: check the live chain at your broker before trading.

  • If DUK ends below $135: you keep your shares and the $100 — 0.8% extra on the position, 6.2% a year at that pace.
  • If it ends above $135: your shares are sold at $135, a total return of 5.8% including the premium — at or above our value of ~$100.
$741 $0 −$2.6k Break-even $127.59 Price $128.59 ← Our value ~$100
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$100
Annualised
6.2%
Break-even
$127.59
Max gain
$741
Chance of selling
~27%

Results are expected around November 6, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $125 put and sell the $135 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.55 a share ($155 per contract of 100 shares).
  • Worst case at expiry: -4.0%, if the shares fall below $125 (-2.8% from today).
  • Best case at expiry: +3.8%, if the shares rise above $135 (+5.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $100: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Duke Energy in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Duke Energy
$28B $30B $32B $34B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $29.2B Revenue (TTM), FY23 Q4: $29.1B Revenue (TTM), FY24 Q1: $29.5B Revenue (TTM), FY24 Q2: $30B Revenue (TTM), FY24 Q3: $30.2B Revenue (TTM), FY24 Q4: $30.4B Revenue (TTM), FY25 Q1: $30.9B Revenue (TTM), FY25 Q2: $31.3B Revenue (TTM), FY25 Q3: $31.7B Revenue (TTM), FY25 Q4: $32.2B Revenue (TTM), FY26 Q1: $33.2B Revenue (TTM), FY26 Q2: $33.3B $33.3B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $29.2B
FY23 Q4 $29.1B
FY24 Q1 $29.5B
FY24 Q2 $30B
FY24 Q3 $30.2B
FY24 Q4 $30.4B
FY25 Q1 $30.9B
FY25 Q2 $31.3B
FY25 Q3 $31.7B
FY25 Q4 $32.2B
FY26 Q1 $33.2B
FY26 Q2 $33.3B
Revenue growth, TTM YoY Duke Energy
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.0% Revenue growth, TTM YoY, FY23 Q4: 1.0% Revenue growth, TTM YoY, FY24 Q1: 1.5% Revenue growth, TTM YoY, FY24 Q2: 3.4% Revenue growth, TTM YoY, FY24 Q3: 3.5% Revenue growth, TTM YoY, FY24 Q4: 4.5% Revenue growth, TTM YoY, FY25 Q1: 5.0% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 4.8% Revenue growth, TTM YoY, FY25 Q4: 6.2% Revenue growth, TTM YoY, FY26 Q1: 7.2% Revenue growth, TTM YoY, FY26 Q2: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.0%
FY23 Q4 1.0%
FY24 Q1 1.5%
FY24 Q2 3.4%
FY24 Q3 3.5%
FY24 Q4 4.5%
FY25 Q1 5.0%
FY25 Q2 4.1%
FY25 Q3 4.8%
FY25 Q4 6.2%
FY26 Q1 7.2%
FY26 Q2 6.3%
Operating margin (TTM) Duke Energy
20% 22% 24% 26% 28% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 21.9% Operating margin (TTM), FY23 Q4: 24.3% Operating margin (TTM), FY24 Q1: 25.0% Operating margin (TTM), FY24 Q2: 25.4% Operating margin (TTM), FY24 Q3: 25.4% Operating margin (TTM), FY24 Q4: 26.1% Operating margin (TTM), FY25 Q1: 26.8% Operating margin (TTM), FY25 Q2: 27.0% Operating margin (TTM), FY25 Q3: 27.2% Operating margin (TTM), FY25 Q4: 26.8% Operating margin (TTM), FY26 Q1: 27.2% Operating margin (TTM), FY26 Q2: 27.8% 27.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 21.9%
FY23 Q4 24.3%
FY24 Q1 25.0%
FY24 Q2 25.4%
FY24 Q3 25.4%
FY24 Q4 26.1%
FY25 Q1 26.8%
FY25 Q2 27.0%
FY25 Q3 27.2%
FY25 Q4 26.8%
FY26 Q1 27.2%
FY26 Q2 27.8%
FCF margin (TTM) Duke Energy
-20% -15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -15.3% FCF margin (TTM), FY23 Q4: -9.4% FCF margin (TTM), FY24 Q1: -6.1% FCF margin (TTM), FY24 Q2: -3.4% FCF margin (TTM), FY24 Q3: -3.2% FCF margin (TTM), FY24 Q4: 0.2% FCF margin (TTM), FY25 Q1: -0.6% FCF margin (TTM), FY25 Q2: -1.8% FCF margin (TTM), FY25 Q3: -2.9% FCF margin (TTM), FY25 Q4: -5.3% FCF margin (TTM), FY26 Q1: -9.9% FCF margin (TTM), FY26 Q2: -12.9% -12.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -15.3%
FY23 Q4 -9.4%
FY24 Q1 -6.1%
FY24 Q2 -3.4%
FY24 Q3 -3.2%
FY24 Q4 0.2%
FY25 Q1 -0.6%
FY25 Q2 -1.8%
FY25 Q3 -2.9%
FY25 Q4 -5.3%
FY26 Q1 -9.9%
FY26 Q2 -12.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Duke Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $32.2B
  2. Other operating costs $23.6B · 73.2%
  3. Operating income $8.6B · 26.8%
  4. Income tax $642M · 2.0%
  5. Interest and other $3B · 9.4%
  6. Net income $5B · 15.4%

Shares of revenue. Source: Duke Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 12.7 14.3 14.5 19.6 22.8 22.5 22.4 22.7 23.6 24.5 25.1 23.4 24.6 28.8 29.1 30.4 32.2 33.3
Gross profit — — — — — — — 16.1 17.2 17.7 18.3 — — — — — — —
EBITDA 4.1 4.5 4.8 5.6 8.1 8.3 8.7 9.1 9.7 9.4 10.9 10.1 11.2 11.9 13.2 14.3 16.3 17.0
Operating income 2.2 2.5 2.8 2.9 4.9 4.8 5.1 5.2 5.6 4.7 5.7 4.6 5.5 6.0 7.1 7.9 8.6 9.2
Net income 1.1 1.3 1.7 1.8 2.7 1.9 2.8 2.2 3.1 2.7 3.7 1.4 3.9 2.6 2.8 4.5 5.0 5.2
Diluted EPS $2.49 $3.00 $3.83 $3.07 $3.76 $2.66 $4.05 $3.11 $4.36 $3.76 $5.06 $1.72 $4.94 $3.17 $3.54 $5.71 $6.31 $6.74
Growth (year on year)
Revenue −3.6% +12.1% +1.8% +35.1% +16.0% −1.1% −0.6% +1.7% +3.6% +4.1% +2.3% −6.8% +5.4% +16.8% +1.0% +4.5% +6.2% +6.3%
EBITDA −2.1% +8.8% +7.8% +15.8% +45.3% +3.3% +4.1% +4.5% +6.5% −3.0% +16.0% −7.6% +11.0% +6.2% +11.0% +9.1% +13.8% +10.2%
Operating income −10.4% +9.4% +12.8% +4.8% +66.7% −0.2% +4.9% +2.4% +8.1% −16.7% +21.9% −19.9% +20.3% +9.3% +17.6% +12.1% +8.8% +9.5%
Net income −21.1% +22.8% +29.2% +3.6% +50.7% −29.3% +49.5% −23.6% +42.1% −12.8% +40.6% −63.3% +183.8% −34.7% +11.4% +59.2% +9.8% +8.2%
Diluted EPS −22.4% +20.5% +27.7% −19.8% +22.5% −29.3% +52.3% −23.2% +40.2% −13.8% +34.6% −66.0% +187.2% −35.8% +11.7% +61.3% +10.5% +7.8%
Margins
Gross margin — — — — — — — 70.9% 73.1% 72.1% 72.8% — — — — — — —
EBITDA margin 32.2% 31.2% 33.1% 28.3% 35.5% 37.1% 38.8% 39.9% 41.0% 38.3% 43.4% 43.0% 45.3% 41.2% 45.3% 47.3% 50.7% 51.0%
Operating margin 17.7% 17.2% 19.1% 14.8% 21.3% 21.5% 22.7% 22.9% 23.9% 19.1% 22.8% 19.6% 22.3% 20.9% 24.3% 26.1% 26.8% 27.8%
Net margin 8.4% 9.2% 11.7% 9.0% 11.7% 8.4% 12.6% 9.5% 13.0% 10.9% 14.9% 5.9% 15.9% 8.9% 9.8% 14.9% 15.4% 15.8%
Free-cash-flow margin −6.5% −2.0% −4.8% −1.3% 3.8% 5.3% −0.3% −4.6% −6.1% −9.0% −11.6% −4.5% −5.8% −18.9% −9.4% 0.2% −5.3% −12.9%
Cash flow
Cash from operations 3.5 4.5 3.7 5.2 6.4 6.6 6.7 6.9 6.6 7.2 8.2 8.9 8.3 5.9 9.9 12.3 12.3 11.6
Capital spending 4.3 4.8 4.4 5.5 5.5 5.4 6.8 7.9 8.1 9.4 11.1 9.9 9.7 11.4 12.6 12.3 14.0 15.8
Free cash flow −0.8 −0.3 −0.7 −0.3 0.9 1.2 −0.1 −1.0 −1.4 −2.2 −2.9 −1.1 −1.4 −5.4 −2.7 0.0 −1.7 −4.3
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 — 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay −0.9 −0.4 −0.7 −0.3 0.8 1.1 — −1.1 −1.5 −2.3 −3.0 −1.1 −1.5 −5.5 −2.8 −0.0 −1.8 —
Balance sheet
Cash 1.5 1.7 2.1 1.4 0.5 0.5 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.3 0.3 0.2 0.7
Total debt 17.0 19.6 21.0 41.3 41.1 42.4 42.5 50.4 54.4 57.9 61.3 62.7 67.1 73.7 79.5 84.3 89.8 91.2
Net debt (negative = net cash) 15.5 17.9 18.9 39.9 40.6 41.9 42.1 50.0 54.1 57.5 61.0 62.5 66.8 73.3 79.3 84.0 89.6 90.6
Diluted shares 431m 440m 444m 575m 706m 707m 694m 691m 700m 708m 729m 738m 769m 770m 771m 772m 777m 778m
Returned to shareholders
Dividends 1.2 −1.3 1.3 1.8 2.2 2.2 2.3 2.3 2.5 2.5 2.7 2.8 3.1 3.2 3.2 3.2 3.3 3.4
Buybacks — — — — — — 1.5 — — — — — — — — — — —
Total returned 1.2 −1.3 1.3 1.8 2.2 2.2 3.8 2.3 2.5 2.5 2.7 2.8 3.1 3.2 3.2 3.2 3.3 3.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $201.1bn
Short-term assets $13.1bnLonger-term assets $187.9bn
What it owes, and who funded it · $74.6bn
Short-term liabilities $19.9bnShareholders' equity $54.8bn
  • Short-term assets cover short-term liabilities $13.1bn of assets due within a year against $19.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $673m of cash against $88.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 162% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 123% to 162% over five years.
  • A year's operating cash flow covers at least 20% of debt $11.6bn of operating cash flow against $88.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.2bn against $3.8bn of interest.

From Duke Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$3.4B
Returned to shareholders
-79%
of free cash flow
Diluted share count
+0.4%
year over year
Total shareholder yield
3.4%
dividends 3.4% + buybacks 0.0% of market value
Dividend payout ratio
65%
of net income paid out

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated DUK CEG SO EXC AEP VST Median
Revenue, last 12 months $33.3bn $31.3bn $30.2bn $25.9bn $22.8bn $19.2bn $9.4bn
Revenue growth, last 12 months 6.3% 26.0% 6.4% 6.7% 10.3% 3.8% 6.4%
Revenue growth, 3-year average 4.6% 5.8% 3.0% 7.3% 5.4% 4.9% 3.7%
Revenue growth, latest quarter 1.1% 23.0% 0.1% 9.2% 7.0% −5.5% 4.3%
Operating margin 27.8% 14.7% 24.2% 19.8% 23.0% 18.5% 22.3%
Operating margin, 3-year average 26.7% 14.1% 25.4% 19.8% 22.5% 17.0% 22.4%
Net margin 15.8% 11.1% 15.4% 10.2% 13.8% 11.6% 13.3%
Cash from operations / revenue 34.8% 13.5% 35.3% 25.6% 33.8% 26.7% 27.0%
Free-cash-flow margin −12.9% 1.0% −10.8% −10.0% 18.8% 11.7% −10.0%
Free-cash-flow margin, 3-year average −6.0% −14.0% −5.7% −7.7% 22.6% 12.2% −8.2%
Stock pay / revenue 0.3% 0.5% 0.3% 0.2% — 0.7% 0.4%
Change in share count 0.4% 7.0% 1.7% 1.6% 1.8% −1.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 6.3% 6.4% 14 of 25
Change in growth rate Growth -0.9pp -0.1pp 17 of 25
Operating margin Profitability 27.8% 22.5% 3 of 24
Net margin Profitability 15.8% 13.3% 5 of 25
Free-cash-flow margin Cash generation -12.9% -10.0% 15 of 24
Long-term debt as % of assets Balance sheet 40.9% 40.9% 13 of 24
Change in share count Balance sheet 0.4% 1.7% 6 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Electric Utilities and Infrastructure $28.9B 90.9% ▲ 3.9%
Gas Utilities and Infrastructure $2.9B 9.0% ▲ 27.1%
All Other Segments $28M 0.1% ▼ 26.3%

From Duke Energy's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$68.9B
Institutions reporting
2,445
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
137 / 135

Top buyers and sellers, Q2 2026: 1,253 institutions bought and 929 sold ; the biggest buyer was Blackrock, Inc (+1.2M shares) and the biggest seller Massachusetts Financial Services Co (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.9B 70.5M 13.0% ▲ 1.8%
Vanguard Capital Management LLC $6.4B 50.8M 9.3% ▲ 0.6%
State Street Corp $5.7B 45.0M 8.3% ▲ 0.9%
Geode Capital Management, LLC $2.6B 20.4M 3.8% ▲ 1.6%
Vanguard Portfolio Management LLC $2.6B 20.4M 3.7% ▲ 1.4%
Morgan Stanley $1.7B 13.1M 2.4% ▲ 3.4%
Massachusetts Financial Services Co $1.6B 12.7M 2.4% ▼ 11.5%
Franklin Resources Inc $1.3B 10.5M 1.9% ▲ 1.6%
FMR LLC $1.2B 9.7M 1.8% ▼ 9.8%
Charles Schwab Investment Management Inc $1.2B 9.2M 1.7% ▲ 1.3%
Bank Of America Corp $1.1B 8.9M 1.6% ▼ 5.1%
Royal Bank Of Canada $924M 7.3M 1.3% ▼ 7.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Duke Energy's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.6M 12 trades by 6 insiders · 49% under pre-set plans
Net ▼ $9.6M net selling
Insider Date Trade Shares Price Value
Renjel Louis E. EVP&CEO DEF&MW&ChiefCorpAffOff May 11, 2026 Sell 3,500 $125.15 $438,025
Sideris Harry K. President, CEO May 8, 2026 Sell 20,000 $124.37 $2.5M
Repko Regis T. SVP, System Planning&Construct March 2, 2026 Sell pre-set plan 663 $131.00 $86,853
Ghartey-Tagoe Kodwo EVP&CEO DECarolinas&NatGasBus March 2, 2026 Sell pre-set plan 1,180 $132.06 $155,826
Ghartey-Tagoe Kodwo EVP&CEO DECarolinas&NatGasBus March 2, 2026 Sell pre-set plan 17,066 $131.54 $2.2M
Repko Regis T. SVP, System Planning&Construct February 24, 2026 Sell pre-set plan 962 $127.86 $123,001
Savoy Brian D EVP & CFO February 23, 2026 Sell pre-set plan 3,272 $128.23 $419,557
Savoy Brian D EVP & CFO February 23, 2026 Sell pre-set plan 8,728 $127.49 $1.1M
Repko Regis T. SVP, System Planning&Construct February 20, 2026 Sell pre-set plan 4,376 $127.18 $556,540
Renjel Louis E. EVP&CEO DEF&MW&ChiefCorpAffOff February 12, 2026 Sell 6,800 $127.67 $868,156
Glenn Robert Alexander EVP & Chief Legal Officer November 19, 2025 Sell 8,200 $123.80 $1M
Renjel Louis E. EVP&CEO DEF&MW&ChiefCorpAffOff November 18, 2025 Sell 800 $125.65 $100,520

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 65 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Duke Energy shares.

  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 10, 2026
  • November 7, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Duke Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Duke Energy in brief

What does Duke Energy do?
Duke Energy is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Duke Energy's stock ticker?
Duke Energy trades under the ticker DUK on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Duke Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Duke Energy reported revenue of $33.3B, 6.3% higher than a year earlier, according to its SEC filings.
What is Duke Energy's free cash flow?
Duke Energy's free-cash-flow margin is -12.9% of revenue over the trailing twelve months, ranking 15 of the 24 electric utilities companies we cover.
Who are Duke Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Duke Energy's market cap?
On November 2, 2026, Duke Energy's market capitalisation was about $99.9B, with a price-to-earnings ratio of 19.0 and net debt of $90.6B. Market figures come from third-party market data and may be delayed.
Does Duke Energy pay a dividend?
Yes: Duke Energy paid $3.4B in dividends over the trailing twelve months, a dividend yield of 3.38% and a payout ratio of 64.5%.
How much debt does Duke Energy have?
Duke Energy's debt-to-equity ratio is 162.4%, from its latest balance sheet (122.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Duke Energy's competitors?
In our Electric Utilities peer group, the companies closest to Duke Energy are Constellation Energy, Southern Company, Exelon, American Electric Power and Vistra Corp. The side-by-side comparison below sets their revenue, margins and growth against Duke Energy's.
Are insiders buying or selling Duke Energy stock?
Over the last 12 months, Duke Energy's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Duke Energy's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Duke Energy announces its own schedule.