Filing Flows › Duke Energy (DUK) › Q4 2025
Duke Energy (DUK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Duke Energy (DUK) reported revenue of $7.9B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -7% from the quarter before. Operating margin was 26.7%, net earnings $1.2B (14.9% of revenue).
Duke Energy, Q4 2025: revenue $7.9B (+8% year over year), operating margin 26.7%, net earnings $1.2B, operating cash flow $3.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9B | -7% | +8% |
| Operating profit | $2.1B | -9% | +0.3% |
| Net earnings | $1.2B | -17% | -2% |
| Operating cash flow | $3.7B | +0.7% | +8% |
What changed
Revenue was $7.9B in Q4 2025, up 8% year over year and down 7% from the previous quarter. Electric Utilities and Infrastructure was the largest line at 86% of revenue.
Operating profit was $2.1B, a 26.7% margin (down 2.0 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 29% margin then. Total costs grew 11% against revenue growth of 8%. Net earnings were $1.2B, down 2% year over year. The effective tax rate was 11.3%.
Operating cash flow was $3.7B (up 8% year over year), 303% of net earnings. Non-cash charges added back $2.0B of depreciation and amortization. Working capital and other items added $0.49B. Capital expenditures of $4.1B exceeded it, leaving free cash flow of −$0.48B.
Questions
What was Duke Energy's revenue in the fourth quarter 2025?
Duke Energy (DUK) reported revenue of $7.9B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -7% from the quarter before.
Was Duke Energy profitable in the fourth quarter 2025?
Operating profit was $2.1B (26.7% of revenue) and net earnings $1.2B.
Source: Duke Energy 10-K on SEC EDGAR.