What it does
The company states that it is an energy company headquartered in Charlotte, North Carolina, operating in the U.S. primarily through direct and indirect subsidiaries. Its two reportable segments are Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I), with remaining operations reported as Other. EU&I generates, transmits, distributes and sells electricity through regulated public utilities. GU&I transports and distributes natural gas through regulated public utilities. The company states that its operations are subject to federal, state and other regulatory agencies.
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing describes a regulated utility model. State commissions approve retail rates designed to recover the cost of service and provide a reasonable return on invested capital; FERC approves certain cost-based wholesale electric rates. EU&I also makes wholesale electricity sales, while GU&I earns retail margin on natural-gas transmission and distribution rather than the underlying commodity. The segment table reports FY2025 EU&I revenue of $28.9 billion and GU&I revenue of $2.9 billion; EU&I represented 90.9% of revenue and GU&I represented 8.98%.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Electric Utilities and Infrastructure | $28.9 billion | 90.9% | 3.94% |
| Gas Utilities and Infrastructure | $2.9 billion | 8.98% | 27.1% |
| Other | $28.0 million | 0.09% | −26.3% |
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
EU&I provides retail electric service to approximately 8.7 million customers in the Southeast and Midwest across six states, in a service territory of approximately 90,000 square miles. Its operations also sell electricity wholesale to municipalities, electric cooperative utilities and other load-serving entities. GU&I has approximately 1.8 million customers: 1 million in the Carolinas, 205,000 in Tennessee, and 565,000 in southwestern Ohio and northern Kentucky. GU&I serves residential, commercial, industrial and power-generation natural-gas customers, including municipal wholesale customers.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Electric Utilities and Infrastructure | $28.9 billion | 90.9% | 3.94% |
| Gas Utilities and Infrastructure | $2.9 billion | 8.98% | 27.1% |
| Other | $28.0 million | 0.09% | −26.3% |
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that EU&I is generally the sole electricity supplier in its territories, except for Ohio’s competitive generation-supply market. It identifies alternative energy sources, including on-site generation and private solar, as regulated electric-distribution competition. In wholesale power, the company competes with other utilities and merchant generators, principally on capacity and power availability, reliability and price. GU&I is the sole natural-gas provider in its retail territories, but competes with electric companies, propane and fuel-oil dealers, renewable-energy providers, coal companies and nuclear energy. The filing does not name individual competing companies.
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing identifies the following risks:
- Ability to implement its business strategy while providing reliable energy, maintaining low costs and balancing modernization and carbon-emissions objectives.
- State legislation and regulation that may limit cost recovery.
- Market, economic and other conditions beyond the registrants’ control, including fuel procurement, weather, transmission constraints and changing demand.
- Supply-chain disruptions, inflation, tariffs and foreign export restrictions affecting operations and capital projects.
- Substantial costs and liabilities associated with nuclear generating facilities.
- Reliance on short-term borrowings and longer-term debt and equity markets for capital requirements and liquidity.
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company had 26,441 full-time, part-time and temporary employees, most of whom were full-time. This total included 5,027 employees represented by labor unions under collective bargaining agreements. EU&I owned approximately 55,713 MW of generation capacity. The filing states that electricity revenue and costs are seasonal: peak electricity sales occur in summer and winter, while lower spring and fall sales allow scheduled plant maintenance. It also notes that residential and commercial customers are typically more affected by weather than industrial customers.
Source: Duke Energy Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov