Filing Flows › Duke Energy (DUK) › Q3 2025
Duke Energy (DUK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Duke Energy (DUK) reported revenue of $8.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +14% from the quarter before. Operating margin was 27.3%, net earnings $1.4B (16.6% of revenue).
Duke Energy, Q3 2025: revenue $8.5B (+5% year over year), operating margin 27.3%, net earnings $1.4B, operating cash flow $3.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.5B | +14% | +5% |
| Operating profit | $2.3B | +28% | +9% |
| Net earnings | $1.4B | +44% | +11% |
| Operating cash flow | $3.6B | +27% | +3% |
| Free cash flow | $179M | — | -67% |
What changed
Revenue was $8.5B in Q3 2025, up 5% year over year and up 14% from the previous quarter. Electric Utilities and Infrastructure was the largest line at 94% of revenue. Electric Utilities and Infrastructure added $0.24B year over year (up 3%), 62% of the total change.
Operating profit was $2.3B, a 27.3% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 26% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $1.4B, up 11% year over year. The effective tax rate was 10.8%.
Operating cash flow was $3.6B (up 3% year over year), 250% of net income including minority interests. Non-cash charges added back $2.1B of depreciation and amortization. Capital expenditures of $3.5B left free cash flow of $0.18B.
Questions
What was Duke Energy's revenue in the third quarter 2025?
Duke Energy (DUK) reported revenue of $8.5B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +14% from the quarter before.
Was Duke Energy profitable in the third quarter 2025?
Operating profit was $2.3B (27.3% of revenue) and net earnings $1.4B.
Source: Duke Energy 10-Q on SEC EDGAR.