How Does Duke Energy Make its Money?
Duke Energy is one of the largest electric power holding companies in the United States, serving approximately 8.4 million customers across six states in the Southeast and Midwest. The company generates, transmits, distributes, and sells electricity, and also distributes natural gas. Duke Energy is in the midst of a massive clean energy transition, investing billions in grid modernization, renewable energy, and battery storage while retiring coal plants. The surge in data center demand has created significant growth opportunities for the company.
Duke Energy (DUK) Business Model
Duke Energy operates in the utilities sector. Below is a summary of Duke Energy’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Duke Energy’s 2024 fiscal year filings with the SEC.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Duke Energy Competitors
Duke Energy’s key competitors and comparable public companies in the utilities sector include NextEra Energy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Duke Energy stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Duke Energy Carolinas | $8,900 | $8,500 | +4.7% |
| Duke Energy Progress | $6,200 | $5,900 | +5.1% |
| Duke Energy Florida | $7,100 | $6,800 | +4.4% |
| Duke Energy Indiana | $3,700 | $3,500 | +5.7% |
| Piedmont Natural Gas & Other | $3,400 | $3,200 | +6.2% |
| Total Revenue | $29,300 | $27,900 | +5.0% |
Duke Energy Carolinas — 30% of Revenue
Duke Energy Progress — 21% of Revenue
Duke Energy Florida — 24% of Revenue
Duke Energy Indiana — 13% of Revenue
Piedmont Natural Gas & Other — 12% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $29,300 | $27,900 |
| Cost of Revenue | $14,100 | $13,700 |
| Gross Profit | $15,200 | $14,200 |
| Operating Expenses | $10,400 | $9,800 |
| Operating Income | $4,800 | $4,400 |
| Net Income | $4,100 | $2,800 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 51.9%
- Operating Margin: 16.4%
- Revenue Growth: 5.0%
Is Duke Energy Profitable?
Yes, Duke Energy is profitable. The company reported net income of $4,100 on total revenue of $29,300. With an operating margin of 16.4%, Duke Energy demonstrates solid profitability for the utilities sector. The gross margin of 51.9% reflects Duke Energy’s pricing power and cost structure.
What to Watch
- Data center energy demand growth in the Carolinas and impact on load forecasts
- Regulatory approval for rate base growth and grid modernization investments
- Clean energy transition progress and coal plant retirement timeline
- Impact of interest rates on the cost of funding $73B+ capital plan
Duke Energy (DUK) Financial Summary
Duke Energy (DUK) is a utilities company that generated $29,300 in total revenue in fiscal year 2024. Revenue grew 5.0% year-over-year. The company earned $4,100 in net income, making it profitable. For a deeper look at Duke Energy’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.