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Duke Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$709M in Q3 2026 · −$5.2B over twelve months

Operating cash flow$3.6B
Capital spending−$4.3B
Free cash flow−$709M
Cash / net income2.2×

Analysis

In Q3 2026, Duke Energy generated $3.6B of operating cash flow and spent $4.3B on capital projects, leaving free cash flow of −$709M. That is $888M less than in Q3 2025 ($179M).

Over the twelve months to Sep 30, 2026, operating cash flow was $11.5B; the largest uses were capital spending ($16.7B), dividends ($3.4B); besides operations, cash came from net borrowing (+) / repaid (−) ($3.9B), other financing ($3.0B); the cash balance fell by $181M.

Operating cash flow was $3.6B against net income of $1.6B — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.8B, deferred taxes +$507M, receivables −$348M.

Free cash flow

Duke Energy: free cash flow by quarterDuke Energy: free cash flow by quarter$288MQ4 2024−$971MQ1 2025−$417MQ2 2025$179MQ3 2025−$485MQ4 2025−$2.6BQ1 2026−$1.4BQ2 2026−$709MQ3 2026
Operating cash flow less capital spending.
Duke Energy: operating cash flow against capital spendingDuke Energy: operating cash flow against capital spendingOperating cash flowCapital spending$3.4B$3.1BQ4 2024$2.2B$3.1BQ1 2025$2.9B$3.3BQ2 2025$3.6B$3.5BQ3 2025$3.7B$4.1BQ4 2025$1.5B$4.1BQ1 2026$2.8B$4.2BQ2 2026$3.6B$4.3BQ3 2026
Latest (Q3 2026): Operating cash flow $3.6B, Capital spending $4.3B.

Capital allocation, year by year

Duke Energy: where the cash came from (up) and went (down), by fiscal yearDuke Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $8.3BFY2021: Net borrowing $4.2BFY2021: Shares issued $5.0MFY2021: Capital spending −$9.7BFY2021: Dividends −$3.1B$12.5BFY2021FY2022: Operating cash flow $5.9BFY2022: Net borrowing $8.1BFY2022: Shares issued $9.0MFY2022: Capital spending −$11.4BFY2022: Dividends −$3.2B$14.0BFY2022FY2023: Operating cash flow $9.9BFY2023: Net borrowing $4.8BFY2023: Shares issued $8.0MFY2023: Asset sales $734MFY2023: Capital spending −$12.6BFY2023: Dividends −$3.2B$15.4BFY2023FY2024: Operating cash flow $12.3BFY2024: Net borrowing $5.1BFY2024: Shares issued $405MFY2024: Capital spending −$12.3BFY2024: Dividends −$3.2B$17.8BFY2024FY2025: Operating cash flow $12.3BFY2025: Net borrowing $4.9BFY2025: Shares issued $16.0MFY2025: Asset sales $559MFY2025: Capital spending −$14.0BFY2025: Dividends −$3.3B$17.8BFY2025
Over these 5 years operating cash flow totalled $48.8B; the largest uses were capital spending ($60.0B) and dividends ($16.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$451M
Debt$89.6B
Net debt$89.1B
Due within a year$7.1B

Duke Energy's operations bring cash in ($11.5B over twelve months), and it spends more than that on capital projects: a gap of $5.2B funded from its $451M of cash and investments and from borrowing ($89.6B of debt, $7.1B due within a year). That is a choice to invest, not a cash runway running down.

Duke Energy: debt maturities by year (FY2025)Duke Energy: debt maturities by year (FY2025)$7.1BYear 1$3.6BYear 2$4.1BYear 3$4.6BYear 4$4.4BYear 5$63.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $451M of cash and investments now.

Where the cash came from and went

Duke Energy: sources (+) and uses (−) of cash, Q3 2026Duke Energy: sources (+) and uses (−) of cash, Q3 2026Capital spending−$4.3BOperating cash flow$3.6BNet borrowing (+) / repaid (−)$1.5BDividends−$862MCash drawn (+) / kept (−)$292MOther investing−$289MOther financing$63.0MPartners$12.0M
Duke Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Duke Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$16.7BOperating cash flow$11.5BNet borrowing (+) / repaid (−)$3.9BDividends−$3.4BOther financing$3.0BOther investing$1.5BCash drawn (+) / kept (−)$181M

From profit to cash

Duke Energy: net income to operating cash flow, Q3 2026Duke Energy: net income to operating cash flow, Q3 2026Net income$1.6BDepreciation & amortization$1.8BDeferred taxes$507MGains on disposals−$11.0MReceivables−$348MInventory−$59.0MPayables$42.0MPrepaid and other assets−$26.0MOther liabilities$129MIncome taxes payable$152MOperating cash flow$3.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.6B−$4.3B−$862M$1.5B—$292M−$709M
Q2 2026$2.8B−$4.2B−$847M$1.1B—$1.4B−$1.4B
Q1 2026$1.5B−$4.1B−$846M$263M—−$1.9B−$2.6B
Q4 2025$3.7B−$4.1B−$845M$1.0B—$376M−$485M
Q3 2025$3.6B−$3.5B−$845M$1.1B$2.0M−$297M$179M
Q2 2025$2.9B−$3.3B−$807M$798M$7.0M$94.0M−$417M
Q1 2025$2.2B−$3.1B−$803M$2.0B$7.0M−$115M−$971M
Q4 2024$3.4B−$3.1B−$802M$326M$379M$26.0M$288M

Duke Energy: income statement and cash flow

Duke Energy, Q3 2026: revenue $9.1B (+7% year over year), operating margin 30.2%. The chart follows the revenue to costs, profit and cash.

Duke Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.