Duke Energy Corporation

Duke Energy is a regulated electric and natural gas utility based in Charlotte, North Carolina. It works through subsidiaries such as Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio. Together they sell electricity to about 8.7 million customers in six Southeast and Midwest states. In most of that territory Duke is the only electricity supplier. Ohio is the exception: there, Duke buys power through competitive auctions and makes money only on delivering it.

State commissions set Duke's prices in rate cases, which are formal reviews of a utility's costs. Approved rates are meant to cover those costs plus a reasonable return on the money invested in plants and power lines. As a result, earnings tend to grow as Duke invests more and regulators approve the spending. Duke owns about 55,713 megawatts of generating capacity. In the year ended December 31, 2025, natural gas and fuel oil supplied 33.5% of its electricity, nuclear 27.5% and coal 14.5%. Duke bought about 22.5% from others.

For that year, Electric Utilities and Infrastructure brought in $29.3 billion, or 90.9%, of Duke's $32.2 billion revenue. Gas Utilities and Infrastructure added $2.9 billion, or 9.0%. Retail electric sales made up 79.1% of revenue and retail natural gas 8.6%. Wholesale power sold to towns, cooperatives and other utilities made up 7.5%.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.59B, up 1.1% from a year earlier, and net income was $1.09B (+11.0%).
• For fiscal 2025, revenue was $32.24B (+6.2% year over year; +6.6% a year from FY2020 to FY2025) with a 15.4% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $16.05B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +2.0% a year over 5 years (FY2020–FY2025).
• Dividends took 66.4% of earnings in the latest fiscal year.
• Shares outstanding changed +1.3% from Oct 31, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Duke Energy’s market value went from $53.48B at the end of 2016 to $100.10B on Nov 2, 2026, up 87%; since the end of 2025 it is up 10%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 2 sales ($2.9M).

Large shareholders (13G filings)

ETFs with the most weight in DUK

1. A large nuclear fleet carries extra risks. Duke operates 11 reactors at six nuclear stations, which can bring substantial costs and liabilities. It needs federal approval to run them 20 more years, and tax credits for its Carolinas plants could be cut.
2. Asset sales may not close as planned. In August 2025, Duke agreed to sell a Brookfield affiliate an eventual 19.7% indirect stake in Duke Energy Florida for $6 billion, in stages. If such deals fall through, its finances and credit could suffer.
3. Heavy debt and reliance on borrowing. Duke had about $91.2 billion of debt and $673 million of cash as of June 30, 2026. It borrows heavily to build, and a downgrade below investment grade would force it to post collateral.
4. Regulators decide what Duke can charge. Utility commissions in seven states set Duke's rates. They may block recovery of some costs or approve lower returns than Duke seeks. They can also cut rates if earnings exceed approved levels.
5. New plants can cost more than planned. Duke has faced higher costs and delays building new plants and may not recover all of that spending. The demand forecasts that guide its building plans could also prove wrong.
6. Storms and weather swing results. Severe storms and other natural disasters can damage plants and power lines and raise costs. Mild weather lowers electricity use, so revenue swings by season and peaks in summer and winter.

• Sep 25, 2026 Executive or board change; Other company announcement
• Aug 13, 2026 Other company announcement
• Aug 5, 2026 Investor presentation or announcement
• Aug 4, 2026 Quarterly results released
• Jul 17, 2026 Investor presentation or announcement
• Jul 6, 2026 Investor presentation or announcement
• May 13, 2026 Shareholder vote results
• May 5, 2026 Quarterly results released
• Apr 1, 2026 Acquisition or sale of assets completed; Investor presentation or announcement
• Mar 16, 2026 Major agreement signed

Duke Energy raised its regular dividend in every fiscal year of its SEC data, FY2016 to FY2025, so the streak is at least nine years and may be longer. The raises have been modest: dividends per share went from $3.82 for 2020 to $4.22 for 2025, about 2% a year. The dividend used 66.4% of 2025 earnings. Free cash flow (operating cash minus capital spending) was negative in five of the six years from 2020 to 2025. So borrowing and outside capital helped pay for construction and dividends. Duke bought back no shares from FY2021 to FY2025. The dividend yield was 3.76% as of October 28, 2026.

The shares fell in past downturns: 30.5% in the 2008 financial crisis, 37.4% in the 2020 COVID crash and 24.2% in the 2022 bear market. They got back to their earlier highs about 8.5, 12.7 and 21 months after each low. Like any single stock, Duke carries more risk than a diversified fund.