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Duke Energy Revenue 2024: Insights and Profitability Analysis

 

By Reel Coverage Mar 11, 2025

 

 

Duke Energy, the 6th largest electric power holding company by market capitalization as of March 11, has a reported revenue of approximately $30.357 billion for 2024.

 

Duke energy's 8-k filing with the SEC highlights the company's revenue growth, beating the preceding year, 2023, by 4.5%, with electricity remaining a major driver of income. The North Carolina headquartered power holding company is amongst the top three performers in revenue growth amongst the the top 10 publicly traded electric power holding companies in the global scene. 

 

Data from TradingView shows that Duke Energy's 2024 revenue came in very close to consensus estimates, remaining consistent with performance against forecasts for the preceding year, 2023. Revenue came in lower than estimates by just -0.07%, indicating that investor's confidence in Duke Energy reflects in the power holding company's ability to maintain growth and deliver on profitability. 

 

State Of The Market: A Broad Analysis

 

 

Duke Energy market share | Data sources: Companiesmarketcap.com 

 

Duke Energy is a high performer in a global market worth over $3.16 trillion. As an Energy company focused mainly on electricity utilities within the United States, Duke Energy's market capitalization of $90.62 billion affords it a market share of 2.79%, approximated as 3% in the chart above. 

 

While Duke Energy is positioned as the 6th most valuable electricity company in the global market, it is however leading as the 3rd most valuable electric power holding company within the United States, where it serves over 10 million customers, with 8.4 million accounting for electricity buyers from North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky and reported in January 23, 2025.

 

That said, despite coming in third place as an Electric power holding company in the United States, Duke Energy outperforms the second leading company in terms of revenue growth and profitability. 

 

Southern Company, the second more valuable electric power holding company in the United States, in terms of market capitalization reported a revenue of $26.72 billion in 2024. Despite being a +5.83% growth from the previous year, the company's net income margin of 14.40%, according to data from TradingView, trends lower than Duke Energy's 14.87% with revenue leading by approximately $3.64 billion. 

 

Income statement data from TradingView, shows that NextEra Energy, the #1 most valuable electric power company in the United States by market capitalization, has a much higher net margin of 28.46% on a $24.75 billion revenue, reported in 2024. This is a - 11.96% drop in revenue in comparison to the preceding year, however, the company remains significantly more profitable in the market of the top three leading electricity companies in the United States. 

 

Duke Energy Revenue Breakdown

 

 

Duke Energy 2024 Revenue Breakdown Highlighting Top Driving Segments(Chart) - Data sources: Duke Energy 8-K filing. 

 

In 2024, Duke Energy reported a $30.357 billion operating revenue, coming in at +4.5% growth from the preceding year, 2023. The reported net income of $4.524 billion, as seen in the chart above, brings the company's net margin to approximately 14.87%. 

 

Evident in the chart above, sourced from Duke Energy's 8-k filing with the United States SEC, the company's top revenue source is electric utilities, which accounts for $27.787 billion of Duke Energy's 2024 revenue. 

 

This value represents 91.5% of all company's operating revenue, indicating a significant service capture from Duke Energy within the United States. Also shown in the chart, 7.4% of the company's revenue comes from Gas Utilities. Duke Energy's 1.7 million Gas Utilities customers bring in $2.25 billion in revenue. 

 

Nonregulated revenues, referenced as “other” in the chart above makes up $318 million of Duke Energy's operating revenues. This value represents 1.1% of 2024’s revenues which affords the company another year performance trending close to consensus estimates. 

 

Duke Energy Profitability & Growth Analysis 

 

 

Duke Energy Growth Trend, Comprehensive chart view of Cost, Employee growth, Revenue and Net Income trend. Data sources: Duke Energy 8-k filing, TradingView and Companiesmarketcap.com. 

 

By industry standards, Duke Energy's net margin of 14.87% falls within a healthy and high-end profit margin, reflecting the company's impressive performance despite operating in a capital-intensive market segment. 

 

As seen in the chart above, within the last 4 years, Duke Energy has trended with high profitability, with rising costs having little influence on the company's steady revenue growth. 

 

Over the past 4 years, Duke Energy's revenue has grown by +20.99%, adding approximately $5.3 billion. While the company's net margin has fallen by -1.59% since 2021 due to increased operational costs, it remains up by +9.13% since 2020, indicating a 2.59x profitability growth.

 

That said, Duke Energy's net income has steadily grown within the last 4 years, following 2024’s revenue report, the company's net income sits at a +17.90% increase since 2021.

 

Duke energy's 2024 $4.524 billion net income is a significant +59.24% growth from the preceding year, 2023. 

 

Duke Energy Stock Performance Analysis

 

 

Duke Energy stock price. Period: 5 years | Data source: TradingView

 

Duke Energy stock has grown by 29.3% over the last five years, which is consistent with the company's growth in net income over the same period. 

 

As seen in the chart above, most of Duke Energy's price gains, amounting to 24.97%, were experienced in the last year. This concentration of price gains is reflective of the stocks' slowed growth over the previous years leading to 2024 despite the company's positive performance. 

 

With price targets set to as high as $135, a +14% increase from current valuation, investors are optimistic that Duke Energy's continued growth would lead to consistent gains on its stock price. 

 

The large-cap stock has been reported to outperform the SPX over the past 52 weeks with a difference of 12.4%, making it a must-watch utility stock for low-risk investors. 

 

Future Outlook: Duke Energy In A Digitized World

 

As advancements in technology reach new highs and poised for even greater breakouts, Duke Energy is strategically positioning itself to thrive in an increasingly digitized and electrified global economy. As one of the largest electric power holding companies in the United States, serving approximately 8.4 million electric power customers across six states, Duke Energy recognizes that digitization entails growing energy demands. 

 

Duke Energy has made substantial investments into modernizing its grid for enhanced efficiency over the years. The company is said to have deployed 8 million smart meters and meets energy demand for high-energy-consuming customers like Google, Apple and Toyota. 

 

Additionally, Duke Energy has reportedly increased its five-year capital expenditure (capex) plan by 13.7%, bringing the total to $83 billion. This strategic investment aims to enhance the company's infrastructure to meet the growing energy demands from data centers, industrial sectors, and increased electrification.

 

To support this substantial investment, Duke Energy plans to issue $6.5 billion in equity over the 2025-2029 period, including $1 billion in the current year. This equity issuance is expected to fund approximately 40% of the capex increase.

 

The Bottom Line

 

Duke Energy reported a total revenue of $30.357 billion for 2024, a 4.5% increase from $29.06 billion in 2023. The utility giant saw net income surge to $4.524 billion, up 59% from $2.841 billion the previous year, reflecting improved rate structures, customer growth, and efficiency gains. Most revenue—91.5%—came from electric utilities, with gas utilities contributing 7.4% and nonregulated services the remainder.

 

The company’s $83 billion five-year capital expenditure plan focuses on grid modernization, renewable energy, and generation expansion, driven by rising demand from data centers, industrial growth, and electrification. Notably, $37 billion will target transmission and distribution upgrades, while $25 billion will expand natural gas and renewable capacity.

 

Duke aims to add 5 GW of natural gas generation and significant solar capacity, supporting both reliability and decarbonization. Funded partly through $6.5 billion in equity issuance, the plan anticipates 5-7% annual earnings growth through 2029.

 

Duke enters 2025 with strong momentum, projecting further growth on the back of rising energy needs and infrastructure investments. The strategy positions Duke to meet both shareholder expectations and evolving market demands.