# Duke Energy Corporation (DUK)

> Source: Nexqual · https://nexqual.com/DUK · data as of 2026-10-23 17:26 UTC · cite as "Nexqual, Duke Energy Corporation (DUK), nexqual.com/DUK" · informational, not investment advice.

**Price:** USD 124.31 (-0.87% today) · US market open, as of October 23, 2026 at 17:26 UTC; quotes may be delayed. Prev close 125.4 · day 124.28–125.85 · 52w 112.4–134.49 · market cap $96.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $32.6B, net income $5.25B (16.1% margin), free cash flow -$4.27B (SEC filings).
- Valuation: P/E 18.5x (avg 21.0x at the last 3 fiscal year-ends), EV/EBITDA 10.9x, net debt $88.2B.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.9M; 2 not under a Rule 10b5-1 plan ($2.9M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.35 on a 1–5 scale) (23 analysts), mean target USD 132.11 (range 121–143).
- Total return with dividends: 1Y +1.1% vs S&P 500 +14.4%; 5Y +47.8% vs S&P 500 +77.0%.
- Next earnings: 2026-11-05, EPS estimate USD 1.86, revenue estimate $8.97B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.5B | $28.7B | $28.7B | $30.1B | $31.7B | $32.6B |
| Operating income | $5.50B | $6.01B | $7.07B | $7.93B | $8.63B | $9.23B |
| Net income | $3.91B | $2.55B | $2.84B | $4.52B | $4.97B | $5.25B |
| EPS (diluted) | $4.94 | $3.17 | $3.54 | $5.71 | $6.31 | — |
| Free cash flow | -$1.43B | -$5.44B | -$2.73B | $48.0M | -$1.69B | -$4.27B |
| Operating margin | 22.5% | 21.0% | 24.7% | 26.4% | 27.2% | 28.3% |
| Net margin | 16.0% | 8.9% | 9.9% | 15.1% | 15.7% | 16.1% |
| Revenue growth | +5.3% | +17.1% | +0.0% | +4.8% | +5.6% | — |
| Cash + short-term investments | $341M | $409M | $253M | $314M | $245M | — |
| Total debt | $63.8B | $69.8B | $75.3B | $80.7B | $87.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.5x · P/S 3.0x · EV/EBITDA 10.9x · EV/Sales 5.7x · P/B 1.8x · FCF yield -4.41% · Earnings yield 5.41% · Net debt $88.2B · EV $185B
P/E at fiscal year-ends: Dec 2025 18.3x, Dec 2024 18.4x, Dec 2023 26.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | Renjel Louis E. | EVP&CEO DEF&MW&ChiefCorpAffOff | 3,500 | $438K | 13.6% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-08 | Sideris Harry K. | President, CEO | 20,000 | $2.5M | 16.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.35 on a 1–5 scale), 23 analysts; mean target USD 132.11 (low 121, high 143).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $123 |
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $127 → $128 |
| 2026-10-13 | JP Morgan | Target lowered | Neutral | $137 → $130 |
| 2026-10-13 | Keybanc | Target lowered | Overweight | $139 → $128 |
| 2026-10-12 | Truist Securities | Target lowered | Buy | $135 → $130 |
| 2026-10-09 | Barclays | Target lowered | Overweight | $132 → $124 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $133 → $127 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $138 → $133 |
| 2026-08-17 | Truist Securities | Target lowered | Buy | $138 → $135 |
| 2026-08-05 | BMO Capital | Target lowered | Outperform | $134 → $132 |
| 2026-08-05 | Barclays | Target lowered | Overweight | $140 → $132 |
| 2026-07-23 | Keybanc | Upgrade | Sector Weight → Overweight | $139 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +1.1% | +47.8% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +1.1% | +8.1% |
| Volatility (annualized) | 16.6% | 18.0% |
| Max drawdown | -13.7% (Mar 2026→Sep 2026) | -23.4% (May 2022→Oct 2022) |

## Peers (Utilities - Regulated Electric)
SO (Southern Company (The)) USD 92.7 -1.20% · NGG (National Grid Transco, PLC Nati) USD 81.63 -1.22% · AEP (American Electric Power Company) USD 128.62 -1.55% · D (Dominion Energy, Inc.) USD 64.84 -0.86% · NEE (NextEra Energy, Inc.) USD 81.52 -0.46% · ETR (Entergy Corporation) USD 107.15 -0.96%

## More
Full page: https://nexqual.com/DUK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DUK's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Duke Energy Carolinas | "While customer satisfaction across our industry continues to be impacted by inflationary pressures and the impact of ongoing rate case activity on customer bills, our work continues to be recognized by customers through …" |
| Customer | Duke Energy Progress | "While customer satisfaction across our industry continues to be impacted by inflationary pressures and the impact of ongoing rate case activity on customer bills, our work continues to be recognized by customers through …" |
| Customer | Duke Energy Florida | "While customer satisfaction across our industry continues to be impacted by inflationary pressures and the impact of ongoing rate case activity on customer bills, our work continues to be recognized by customers through …" |
| Partner | SPIRE INC (SR) | "In July 2025, Piedmont entered into a purchase agreement with Spire Inc. for the sale of Piedmont's Tennessee business, which is included within the GU&I segment of Duke Energy and Piedmont." |

Other companies that name DUK in their own reports (relationship from DUK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | HALLADOR ENERGY CO (HNRG) | 10-K 2026-03-12 | "Significant third-party customers in 2025 include Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy (NYSE: CNP), Orlando Utility Commission (OUC), and Duke Energy Corporation (NYSE:…" |
| supplier | Willdan Group, Inc. (WLDN) | 10-K 2026-02-27 | "Since its launch in 2013, the program has grown to encompass all eligible Duke Energy customers in North Carolina, South Carolina, Indiana, and Kentucky." |
| supplier | WILLIAMS COMPANIES, INC. (WMB) | 10-K 2026-02-24 | "For the year ended December 31, 2025, Transco's largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP's largest customer was Puget…" |
| partner | SPIRE INC (SRJN) | 10-K 2025-11-14 | "On July 27, 2025, Spire entered into an agreement with Piedmont Natural Gas, a wholly-owned Subsidiary of Duke Energy, to acquire its Tennessee natural gas business that serves more than 200,000 custo…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric Utilities and Infrastructure | $7.03B | 94.6% | +1.4% |
| Gas Utilities and Infrastructure | $398.0M | 5.4% | -8.7% |
| Total revenue | $7.43B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.86 | $1.87 | -0.4% | $8.97B | 15 |
| Next quarter (ends 2026-12-31) | $1.49 | $1.60 | -6.9% | $8.05B | 12 |
| Current fiscal year (ends 2026-12-31) | $6.71 | $6.70 | +0.2% | $33.74B | 22 |
| Next fiscal year (ends 2027-12-31) | $7.17 | $7.17 | +0.0% | $35.28B | 22 |