DUK Duke Energy FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-26 · 777M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

Duke Energy is an energy holding company operating through regulated public utility subsidiaries in the United States. Its Electric Utilities and Infrastructure segment generates, transmits and distributes electricity to residential, commercial, industrial and wholesale customers across service territories in the Southeast and Midwest, using a generation mix that includes natural gas, nuclear, coal and hydroelectric/solar resources. Its Gas Utilities and Infrastructure segment distributes natural gas to residential, commercial, industrial and wholesale customers in the Carolinas, Tennessee, Ohio and Kentucky, and also holds investments in pipeline transmission, storage and renewable natural gas projects.

S&P 500 · UTILITIES · CIK 1326160
REVENUE$31.7B+5.6% YoY
NET INCOME$4.9B+11.6% YoY
OPERATING CASH FLOW$12.3B+0.0% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$-1.7B-3,629.2% YoY
59
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 6/10 on claims and 8/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
MIXED12 CHECKS · 3 red · 0 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues31,74130,05028,6741
· Electric utilitiesand infrastructure28,86327,76926,546
· Gas utilitiesand infrastructure2,8502,2432,091
· All other segments283837
Depreciation, depletion and amortization7,7046,4196,0842
Total operating expenses23,65622,45722,042
Operating income8,6267,9267,0701
Interest expense3,6343,3843,0142
Other income (expense), net720652711
Income before income taxes5,7125,1944,767
Income tax provision6425904381
— of which current(569)(332)751
Net income incl. noncontrolling interests5,0714,6142,874
Less: noncontrolling interests1039033
Net income attributable to common4,9124,4022,7353
Diluted earnings per share$6.31$5.71$3.541
Weighted-average diluted shares7777727711
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests5,0714,6142,874
Depreciation, depletion and amortization7,7046,4196,084
Deferred income taxes1,236939372
Change in receivables18723(443)
Change in inventories63212706
Change in payables(821)1,329(800)
Net cash provided by operating activities12,33012,3289,8783
Capital expenditure14,02412,28012,6042
Net cash used in investing activities(14,338)(13,123)(12,475)
Debt issued11,8918,95610,028
Debt repaid5,6523,3574,737
Net cash used in financing activities1,9508592,351
Cash and equivalents at end of period363421357
Balance sheet · $ millions20252024
Cash and cash equivalents245314
Receivables, net161,889
Total current assets11,61312,950
Property, plant and equipment, net129,959121,626
Goodwill19,01019,0101
Intangible assets, net291277
Total assets195,736186,3431
Accounts payable5,2235,436
Current debt7,1044,349
Total current liabilities21,04719,357
Long-term debt80,10876,340
Stockholders' equity51,84250,127
Noncontrolling interests1,1771,1291
Total equity53,01951,256
Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS195,736186,343+9,393+5.0%—
Property, plant and equipment, net · BS129,959121,626+8,333+6.9%—
Long-term debt · BS80,10876,340+3,768+4.9%—
Debt issued · CF11,8918,956+2,935+32.8%—
Current debt · BS7,1044,349+2,755+63.3%◐ outsized
Debt repaid · CF5,6523,357+2,295+68.4%◐ outsized
Change in payables · CF(821)1,329−2,150-161.8%◐ outsized
Receivables, net · BS161,889−1,873-99.2%◐ outsized
Total equity · BS53,01951,256+1,763+3.4%—
Capital expenditure · CF14,02412,280+1,744+14.2%—
Stockholders' equity · BS51,84250,127+1,715+3.4%—
Total revenues · IS31,74130,050+1,691+5.6%—
Total current liabilities · BS21,04719,357+1,690+8.7%—
Total current assets · BS11,61312,950−1,337-10.3%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
9.7%
sector median 10.8%
adequate
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.3%
sector median +0.3%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.68
sector median 1.66
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 1 of 5volatile
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 18.0%
sector median 16.3%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsSEP 24MAR 25JUN 25SEP 25MAR 26
Total revenues8,1278,2187,3738,3778,995
Depreciation, depletion and amortization—1,691——1,884
Total operating expenses6,0175,9125,6926,2256,837
Operating income2,1442,3431,8302,3342,725
Interest expense872889897902968
Other income (expense), net181143194198140
Income before income taxes1,4531,5971,1271,6301,897
Income tax provision163193119176333
Net income incl. noncontrolling interests1,3151,4041,0071,4541,577
Less: noncontrolling interests3425233327
Net income attributable to common1,2261,3659711,4071,536
Diluted earnings per share$1.60$1.76$1.25$1.81$1.97
Weighted-average diluted shares773777777778779
Net cash provided by operating activities—2,177——1,512
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities2,1771,512−665-30.5%
Total revenues8,3778,995+618+7.4%
Total operating expenses6,2256,837+612+9.8%
Operating income2,3342,725+391+16.8%
Income before income taxes1,6301,897+267+16.4%
Depreciation, depletion and amortization1,6911,884+193+11.4%
Income tax provision176333+157+89.2%
Net income attributable to common1,4071,536+129+9.2%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$91,703M10-K cover · as of 2025-06-30
Insider Form 4s, 90d19 filings · 0 buys / 2 sellsnet selling · −$2,925,425
· Sideris Harry K.SELL $2,487,400Form 4 filed 2026-05-11 · open market
· Renjel Louis E.SELL $438,025Form 4 filed 2026-05-12 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedKodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer , Duke Energy Carolinas & Natural Gas BusinessNovember 28, 2025 · 27,118 shares · 10-K insider trading arrangements
· 10b5-1 adoptedRegis Repko, Senior Vice President, System Planning and ConstructionNovember 19, 2025 · 6,884 shares · 10-K insider trading arrangements
· 10b5-1 adoptedBrian Savoy, Executive Vice President and Chief Financial OfficerNovember 14, 2025 · 12,000 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
NCINoncontrolling interest — the share of a consolidated subsidiary owned by someone else. Here, Sinopec's one-third of the Egypt joint venture. NCI income and NCI distributions belong to that partner, not to APA shareholders.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Duke Energy's Form 10-K for FY2025 (accession 0001326160-26-000014), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. DUK is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.