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Duke Energy CORPDUK

Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $DUK

Latest filings

You are here#4 of 21 in Utilities by market cap

Filing record · 2016–202610-K1310-Q338-K210

DUK filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’18May ’18
  2. Impairment8-K · Jul ’20Jul ’20
  3. Impairment8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $31.74B
YoY changeLargest recent move+17.1%in FY22Latest +5.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All DUK Financial Metrics58 metrics

Income Statement13

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Duke Energy CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Duke Energy's strategic reshaping culminated in a $6 billiona private investment for a 19.7% stake in its Florida subsidiary and the $2.48 billion divestiture of its Tennessee natural gas business. This capital recycling highlights a clear investment thesis: by shedding non-core segments to fund an $87 billion infrastructure plan, Duke Energy is transforming into a tightly focused, fully regulated electric monopoly. The strategy is yielding bottom-line results, with net income surging 11.3% to $1.536 billion in Q1 2026.

Underpinning this growth is a steady demographic tailwind, as the company's core electric customer base expanded from 8.2 million in FY2021 to 8.7 million in FY2025. To serve this growing footprint, Duke relies on state-approved rate cases that lock in reliable returns on equity between 9.5% and 10.3%. The company successfully offset $2.4 billion to $2.9 billionb in estimated storm restoration costs by securing these favorable rate adjustments, driving Q1 2026 operating revenues to $9.178 billion. Duke Energy paired this operational momentum with substantial liquidity, holding $2.1 billion in cash alongside an expanded $10 billion credit facility at the end of that quarter. The market priced this regulated stability at a closing value of $117.21 per share at the close of FY2025, following a period that generated $5.71 in earnings per share across FY2024.

Recent Developments (Q4 2025 and Q1 2026)

Duke Energy expanded its capital structure in Q1 2026 by establishing a $6 billionc at-the-market equity program and issuing $1.5 billion in 3.000% convertible senior notes due 2029. This liquidity directly supports scaling grid modernization efforts, pushing Q1 2026 capital expenditures to $4.088 billion, up from $3.148 billion in the prior year period. Profitability metrics tracked higher alongside this spending, with first-quarter diluted earnings per share reaching $1.97, climbing from $1.76 in Q1 2025.

Operationally, the enterprise secured approval to combine its Carolinas and Progress subsidiaries effective January 1, 2027. Furthermore, a partial North Carolina rate settlement will trigger a $10 milliond pre-tax charge in Q2 2026. Bulls argue the 22.50% conversion premium on the new debt demonstrates institutional confidence in future equity upside. Bears counter that trading at 22.3x earnings as of May 5, 2026 leaves minimal valuation buffer for execution missteps during this heavy spending cycle.

What to watch: final rate case determinations for the Carolinas subsidiary; utilization volume under the newly established equity distribution program.

03—Filings

Recent SEC Filings

  1. 8-KDuke Energy CORP 8-K Report, Executive Changes (Sep 25, 2026)Duke Energy (NYSE: DUK) filed a Form 8-K on September 25, 2026 to disclose the appointment of Joyce Mullen to its Board of Directors, effective September 28, 2026. Mullen's initial term runs until the 2027 Annual Meeting of Shareholders, and she will join the Audit Committee and the Operations and Nuclear Oversight Committee. The Board has determined she is independent under NYSE standards and SEC rules. The filing reports no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. Mullen brings a background in technology and operations. She retired as president and CEO of Insight Enterprises in April 2026 and now serves as executive vice president of strategic development there. Before Insight, she spent 21 years at Dell Technologies in sales, operations, supply chain, and services roles. Management and the independent board chair framed her experience in AI, digital innovation, and customer-focused execution as relevant to Duke's energy modernization strategy and its growth in customer demand. For investors, this is a governance update rather than a financial event. The filing discloses no financial results, guidance, or material transactions. Her compensation follows the standard non-employee director program, with a pro-rated retainer and stock ownership requirements of $700,000 in value (five times the cash retainer). The appointment adds an independent director with technology and audit-committee relevance, which may be viewed as a modest positive for board oversight.
  2. 8-KDuke Energy CORP 8-K Report, Corporate Update (Aug 13, 2026)Duke Energy Corporation (DUK) filed this 8-K on August 13, 2026 to report the closing of a public offering of equity units. The company issued 40,000,000 Corporate Units at a stated amount of $50 each, for gross proceeds of $2.0 billion, including the full exercise of the underwriters' 5,000,000-unit over-allotment option. Estimated net proceeds to the company are approximately $1,965 million after underwriting discounts, before other offering expenses. Each unit combines a stock purchase contract obligating the holder to buy DUK common stock on August 1, 2029, with a 1/40 interest in each of two $1,000 principal series of 4.85% Remarketable Senior Notes due 2032 and 2036. This is a mandatory equity-linked financing, so it will add shares to the company's share count once the contracts settle. The key economic terms are a 7.75% total annual distribution on the units, made up of a 2.90% contract adjustment payment and 4.85% interest on the RSNs. Settlement is mandatory on August 1, 2029, at a rate between 0.3301 and 0.4126 shares per contract, depending on the stock price. The reference price is about $121.18, so the maximum settlement rate applies at or below that level, and the minimum applies above roughly $151.47 (a 25% premium). The RSNs will be remarketed before settlement, which can reset their coupon. Deferred contract adjustment payments accrue at 7.75%, and a fundamental change early settlement feature provides make-whole shares. The offering is consistent with a balance sheet strategy that pairs equity with the company's capital-intensive utility capex program. Investors should weigh the dilution from future share issuance against the financing's benefit to credit metrics. The filing is largely administrative. It documents the indenture supplements, the purchase contract and pledge agreement, the underwriting agreement, and legal opinions incorporated into the company's Form S-3 shelf registration (No. 333-290475). It does not disclose any change in earnings guidance, operations, or material litigation. Investors should read the full prospectus supplement for risk factors and details on remarketing and early settlement.
  3. 8-KDuke Energy CORP 8-K Report, Regulation FD Disclosure (Aug 5, 2026)Duke Energy Progress, LLC (DEP), a Duke Energy (DUK) subsidiary, filed a Comprehensive Revenue Requirement Settlement with the North Carolina Utilities Commission (NCUC) on August 5, 2026, resolving all revenue requirement issues in its 2025 rate case (Docket E-2 Sub 1380). The settlement, reached with the Public Staff and other intervenors, sets a 9.8% return on equity on a 53% equity capital structure, a North Carolina retail rate base of approximately $17.8 billion for the historic base case, and approximately $3.4 billion of capital in a two-year Multi-Year Rate Plan (MYRP). The settlement is subject to NCUC approval, with an evidentiary hearing scheduled to begin August 11, 2026. For investors, the key outcome is the reduction from the company's original request. The original filing sought a 10.95% ROE and roughly $729 million in revenue increases; after rebuttal testimony cut the request to about $610 million (10.48% ROE), the settlement lowers the two-year revenue requirement increase to approximately $338 million, an average annual increase of about 3.4%. The ROE is flat with the prior rate case, and the settlement includes a 150 basis point ROE reduction tied to coal ash deferral amortization, which is a meaningful concession relative to the company's ask. The settlement also contains several structural items: extension of coal ash cost amortization from five to eight years, increased production tax credit flow-back to customers ($120 million annually in 2027 and 2028, up from $40 million), a $10 million shareholder contribution to customer assistance programs, and an agreement to evaluate a rate case stay-out until no earlier than November 1, 2028, conditioned on NCUC approval of deferral treatment for the Person County CC1 and Marshall CT plants. The company expects one-time pre-tax charges of approximately $30 million in 2026, to be excluded from adjusted earnings. Total Year 1 rates are requested to take effect by January 1, 2027.
  4. 8-KDuke Energy CORP 8-K Report, Financial Results (Aug 4, 2026)Duke Energy reported second-quarter 2026 GAAP EPS of $1.38 and adjusted EPS of $1.43, up from $1.25 in the second quarter of 2025. The adjusted results were driven mainly by recovery of infrastructure investments in its growing jurisdictions, partly offset by higher depreciation on a larger asset base and higher interest expense. The $0.05 gap between reported and adjusted EPS reflects $51 million pretax ($39 million after tax) of charges tied to the Duke Energy Carolinas North Carolina rate case settlements. Quarterly reported net income available to common stockholders rose to $1,077 million from $971 million. For the first half, reported EPS was $3.35 and adjusted EPS was $3.36, compared with $3.00 in the prior year. The year-to-date figures include a $0.22 benefit from the March 31, 2026 sale of Piedmont's Tennessee business and $0.24 of legal and regulatory settlement charges. Electric Utilities and Infrastructure adjusted segment income rose to $1,310 million from $1,194 million, while Other losses narrowed to $204 million from $228 million, helped by higher investment returns and lower interest expense at the holding company. Management reaffirmed 2026 adjusted EPS guidance of $6.55 to $6.80 and a long-term adjusted EPS growth rate of 5% to 7% through 2030, off a 2025 midpoint of $6.30. It also said it has confidence in earning in the top half of the range beginning in 2028. The balance sheet shows total long-term debt of $82.2 billion, up from $80.1 billion at year-end 2025, and operating cash flow for the first half declined to $4.27 billion from $5.04 billion while investing outflows were $6.21 billion. Investors will want to watch financing needs and cash generation relative to the capital program.
  5. 8-KDuke Energy CORP 8-K Report, Regulation FD Disclosure (Jul 17, 2026)Duke Energy Carolinas (DEC) filed a Comprehensive Revenue Requirement Settlement on July 17, 2026, with the Public Staff of the North Carolina Utilities Commission (NCUC) and other intervenors, resolving all remaining revenue requirement issues in DEC's November 20, 2025 rate case. The settlement sets a 9.8% return on equity on a 53% equity component, a North Carolina retail rate base of about $25.7 billion for the historic base case, and about $3.8 billion of capital in a two-year Multi-Year Rate Plan (MYRP) with an annual refund mechanism. The company requested a 10.48% ROE in its June 19, 2026 rebuttal and 10.95% in its original filing, so the settlement is a meaningful step down from the company's own requests, though it is only modestly below the 10.1% ROE approved in the last rate case. The revenue requirement increase falls from the original request of about $1,002 million to about $496 million over two years, an average annual increase of 3.7% (about 7.4% cumulative net annualized customer rate increase). Management indicates it could agree to delay its next base rate case until no earlier than November 1, 2028, provided the NCUC allows deferral of costs for the Person County CC1 and Marshall combustion turbines from in-service until they are reflected in rates with a full weighted average cost of capital. The settlement also includes a $10 million shareholder contribution to customer assistance and home repair funds, and DEC expects roughly $40 million of one-time pre-tax charges in 2026, which it will exclude from adjusted earnings. The settlement remains subject to NCUC approval. An evidentiary hearing began July 7, 2026, and DEC has requested Year 1 rates effective no later than January 1, 2027. Intervening parties have also agreed to pursue similar settlement discussions in the separate Duke Energy Progress rate case (Docket E-2, Sub 1380). Investors should weigh the lower authorized return and revenue ask against the greater certainty of a settlement with the Public Staff, and watch for the commission's ruling, the DEP outcome, and the treatment of the proposed deferrals.
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04—See also

Related Companies

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