Short answer
Duke Energy (DUK) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $31.7B (+5.6% year over year) and net income of $5.0B.
- Top risk flagged: EPA April 2024 rules impose stringent GHG limits on coal/gas plants and new CCR groundwater monitoring requirements under 2024 CCR Rule
FY2025 key financial metrics · XBRL
- Revenue
- $31.7B
- +5.6% YoY
- Net income
- $5.0B
- +9.8% YoY
- Operating margin
- 27.2%
- +0.8 pp YoY
- EPS (diluted)
- $6.31
- +10.5% YoY
- ROE
- 9.6%
- +0.6 pp YoY
- Operating cash flow
- $12.3B
- +0.0% YoY
Source: XBRL data from the Duke Energy (DUK) FY2025 10-K on SEC EDGAR. USD.
Duke Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Regulated electric (~8.7M customers, 6 states) and gas (~1.8M customers) utility serving Southeast/Midwest; earns regulated return on invested capital
- $6B investment agreement signed Aug 2025 with Brookfield Super-Core Infrastructure Partners for anticipated 19.7% indirect stake in Duke Energy Florida
- Piedmont Tennessee natural gas business sold to Spire Inc. (July 2025 agreement), reclassified as held for sale; ~205,000 customers to be divested
- Nuclear NDTF investments grew to $12.9B (from $11.4B in 2024); Oconee received subsequent 20-year NRC license renewal through 2054 in March 2025
- New CEO Harry Sideris took office April 2025; multiple C-suite reshuffles across 5+ executive roles during 2025
Management Discussion & Analysis
- EU&I revenue $29.4B (+$1.3B YoY); GU&I revenue $3.0B (+$613M); total driven by rate cases, storm recovery, and volume growth
- GAAP EPS $6.31 vs $5.71; adjusted EPS $6.31 vs $5.90; EU&I segment income $5.34B vs $4.77B; EU&I ETR 13.7% vs 14.4%
- Best segment EU&I: segment income +$567M YoY; worst GU&I: ETR rose 20.7% vs 17.9%, higher O&M dragged earnings
- Operating cash flow ~flat at $12.33B; capex $14.0B (+$1.74B YoY); dividends paid $3.3B; ~2% annual dividend increase; no buybacks disclosed
- Forward plan: $17.75B–$21.2B annual capex 2026–2028; $9B debt issuance planned 2026; $10B equity 2027–2030; key risks include tariff/supply chain disruption and GU&I goodwill impairment sensitivity
Risk Factors
- EPA April 2024 rules impose stringent GHG limits on coal/gas plants and new CCR groundwater monitoring requirements under 2024 CCR Rule
- Supply chain exposed to rare earth export controls and tariff-driven cost inflation delaying critical grid equipment procurement
- Nuclear relicensing risk: NRC approval needed for 11 reactors at 6 stations, extending operations to midcentury for net-zero 2050 goal
- Duke holding company structure: entirely dependent on subsidiary cash flows; subsidiaries face regulatory restrictions before upstreaming funds
- IRA/OBBBA nuclear production tax credits at risk of elimination, threatening cost-reduction benefits passed through to customers
Generated from the filing text; verify against the original. How to read a 10-K
Other Duke Energy annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.