Compare · Utilities
Duke Energy vs. NextEra Energy: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Duke Energy
1 · What it sells
Duke Energy sells electricity to about 8.7 million retail customers in six states through regulated utilities, from about 55,713 MW of plants it owns, and had about 1.8 million natural gas customers at Dec 31, 2025.
Sources and detail on the Duke Energy page2 · Who pays it
In FY2025, residential customers paid 47.6% of Duke Energy's revenue, commercial customers 28.4%, industrial customers 11.2%, wholesale electricity buyers 7.5% and other sources 5.4%, and no single large customer is disclosed.
Sources and detail on the Duke Energy page3 · What it keeps from $100
Of every $100 that came in during FY2025, Duke Energy kept $14.88 as net income for common stockholders after $11.01 of interest, while operating income was $26.14, and Duke Energy reported no special items for FY2025, so adjusted EPS equaled GAAP EPS of $6.31.
Sources and detail on the Duke Energy page4 · Where the operating profit comes from
Electric Utilities and Infrastructure earned $5,337 million of FY2025 segment income and Gas Utilities and Infrastructure $559 million, while Other, mostly holding-company interest, lost $985 million.
Sources and detail on the Duke Energy page5 · The one thing to watch
Capital spending reached $12,566 million in the first nine months of FY2026, up from $9,881 million a year earlier, while total debt rose from $89,836 million at Dec 31, 2025 to $92,789 million on Sep 30, 2026.
Sources and detail on the Duke Energy page
NextEra Energy
1 · What it sells
NextEra Energy sells electricity in Florida through its regulated utility FPL and across the US and Canada through NEER's wind, solar, battery, nuclear and gas plants, with about 80 GW of net capacity at Dec 31, 2025.
Sources and detail on the NextEra Energy page2 · Who pays it
In FY2025, FPL's Florida customers paid 66.6% of revenue, buyers of NEER's power 32.0% and Corporate and Other 1.4%, and NextEra Energy discloses no single large customer.
Sources and detail on the NextEra Energy page3 · What it keeps from $100
Of every $100 that came in during FY2025, NextEra Energy kept $23.83 as net income, lifted by a tax benefit and $1,503 million of losses assigned to tax-equity partners, while operating income was $28.87.
Sources and detail on the NextEra Energy page4 · Where the operating profit comes from
FPL earned $5,012 million of FY2025 net income and NEER $2,975 million, while Corporate and Other, which includes holding-company interest and interest-rate hedges, lost $1,152 million.
Sources and detail on the NextEra Energy page5 · The one thing to watch
Total debt rose from $95,619 million at Dec 31, 2025 to $113,932 million on Sep 30, 2026, while the Dominion Energy merger still awaits FERC, NRC and state approvals.
Sources and detail on the NextEra Energy page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Duke Energy
Where $100 went · FY2025
| Depreciation and amortization | $19.2 |
|---|---|
| Interest expense | $11.0 |
| Fuel, purchased power and natural gas | $27.4 |
| Operation, maintenance and other | $20.3 |
| Minority owners' share and preferred dividends | $0.5 |
| Property and other taxes | $4.8 |
| Income tax | $1.9 |
| Kept as net income for common stockholders | $14.9 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $32,237 million + other income, gains on asset sales and earnings of part-owned companies $765 million = $33,002 million), each line = line ÷ $33,002 million × 100. Operation, maintenance and other includes a $4 million impairment credit. The minority owners' line is $103 million for noncontrolling interests and $56 million of preferred dividends, less $1 million of income from discontinued operations. Operating income was $26.14 of each $100.
NextEra Energy
Where $100 went · FY2025
| Depreciation and amortization | $22.9 |
|---|---|
| Interest expense | $15.9 |
| Operations and maintenance | $18.8 |
| Fuel, purchased power and interchange | $17.2 |
| Losses of part-owned companies such as XPLR | $0.6 |
| Losses assigned to tax-equity partners and other minority owners (adds) | −$5.2 |
| Taxes other than income taxes | $8.6 |
| Income tax benefit (adds) | −$2.8 |
| Kept as net income | $23.8 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $27,412 million + gains on asset sales and other income items $1,266 million = $28,678 million), each line = line ÷ $28,678 million × 100. Two lines are negative because they added to profit: an $802 million income tax benefit, and $1,503 million of losses assigned to noncontrolling interests, mainly tax-equity partners in NEER projects. Operating income was $28.87 of each $100.
Line items differ because each company groups its costs its own way in its filings. Only on Duke Energy's receipt: Fuel, purchased power and natural gas; Operation, maintenance and other; Property and other taxes; Income tax; Minority owners' share and preferred dividends; Kept as net income for common stockholders. Only on NextEra Energy's receipt: Operations and maintenance; Fuel, purchased power and interchange; Taxes other than income taxes; Losses of part-owned companies such as XPLR; Income tax benefit (adds); Losses assigned to tax-equity partners and other minority owners (adds); Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Duke Energy
NextEra Energy
See the numbers
Net income
Duke Energy
NextEra Energy
See the numbers
Free cash flow
Duke Energy
NextEra Energy
See the numbers
Who pays each company
Duke Energy
- Residential customers · 47.6% of revenue47.6% of FY2025 revenue: $13,756 million for electricity and $1,596 million for gas.
- Commercial customers · 28.4% of revenue28.4% of FY2025 revenue: $8,337 million for electricity and $808 million for gas.
- Industrial customers · 11.2% of revenue11.2% of FY2025 revenue: $3,423 million for electricity and $190 million for gas.
- Wholesale electricity buyers · 7.5% of revenue7.5% of FY2025 revenue, or $2,402 million, from other utilities and power buyers.
- Other · 5.4% of revenue5.4% of FY2025 revenue, or $1,725 million: other electricity ($945 million) and gas ($256 million) sales, other contracts ($28 million) and $496 million from alternative revenue programs and other sources outside customer contracts.
NextEra Energy
- FPL's Florida customers · 66.6% of revenue66.6% of FY2025 revenue, or $18,262 million. Of FPL's 2025 revenue, residential customers paid 57%, commercial 32%, wholesale buyers 3% and others 8%.
- Buyers of NEER's power · 32.0% of revenue32.0% of FY2025 revenue, or $8,760 million. About 95% of NEER's net capacity was under long-term contracts at Dec 31, 2025.
- Corporate and Other · 1.4% of revenue1.4% of FY2025 revenue, or $390 million, reported outside the two main segments.
Revenue by segment
Duke Energy
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Electric Utilities and Infrastructure | $29.4B | 90.3% |
| Gas Utilities and Infrastructure | $3.0B | 9.2% |
| Other | $165M | 0.5% |
NextEra Energy
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Florida Power & Light (FPL) | $18.3B | 66.6% |
| NextEra Energy Resources (NEER) | $8.8B | 32.0% |
| Corporate and Other | $390M | 1.4% |
Sources: Duke Energy S1, S8, S10 · NextEra Energy S1, S9, S3
Debt and cash
Duke Energy
- Debt
- $92.8B
- Cash and investments
- $451M
On Sep 30, 2026.
On Sep 30, 2026, Duke Energy had $92,789 million of debt and $451 million of cash; net debt was about 7.5 times FY2025 operating cash flow of $12,330 million.
NextEra Energy
- Debt
- $113.9B
- Cash and investments
- $5.6B
On Sep 30, 2026.
On Sep 30, 2026, NextEra Energy had $113,932 million of debt and $5,579 million of cash; net debt was about 8.7 times FY2025 operating cash flow of $12,485 million.
Sources: Duke Energy S5, S1, S4 · NextEra Energy S5, S1, S4, S7
Who owns each company
Duke Energy
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Mar 1, 2026).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- BlackRock, Inc.: 7.5% (as of Jan 26, 2024).
- State Street Corporation: 5.4% (as of Jan 29, 2024).
NextEra Energy
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Mar 23, 2026).
- BlackRock, Inc.: 8.5% (as of Oct 27, 2026).
- Vanguard Capital Management: 7.6% (as of Apr 30, 2026).
- State Street Corporation: 5.6% (as of Dec 31, 2023).
- 1 more holders on the NextEra Energy page.
Sources: Duke Energy S16, S5, S18, S17 · NextEra Energy S18, S5, S25, S26, S28
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: regulation, debt, execution. Every risk is on each company's page.
Duke Energy
- Storms and severe weather (other)The FY2025 10-K names natural disasters and severe weather as risks; hurricanes Debby, Helene and Milton hit its service areas in 2024. Q4 FY2024 results included a $23 million Hurricane Helene insurance deductible.
- Nuclear plants (other)Nuclear made 27.5% of the electricity the utilities supplied in 2025. The 10-K names decommissioning, spent fuel and insurance limits as risks; asset retirement obligations were $9,625 million at Dec 31, 2025.
- More shares in issue (other)Equity units, convertible notes and a $6 billion at-the-market program can add common shares; the equity units alone settle into 13.2 million to 16.5 million shares on Aug 1, 2029.
NextEra Energy
- Hedge gains and losses swing results (commodity costs)Hedges on power, fuel and interest rates that do not qualify for hedge accounting run through results. They added $1,497 million after tax in FY2023 and took off $272 million in FY2025, and added $2,246 million in Q3 FY2026.
- Storms in Florida (other)The 10-K names weather and severe storms as risks. Hurricane Isaias hit Northwest Florida in October 2026; FPL had restored power to more than 97% of affected customers by Oct 13, and the storm's cost was not yet stated.
- Losses on its XPLR stake (other)NextEra Energy owns about 52.4% of XPLR Infrastructure. XPLR investment items, including impairments, were after-tax losses of $963 million in FY2023, $852 million in FY2024 and $656 million in FY2025.
Sources: Duke Energy S1, S15, S5, S19 · NextEra Energy S1, S9, S5
Key facts
- How does Duke Energy make money compared with NextEra Energy?
- Duke Energy's revenue by segment in FY2025: Electric Utilities and Infrastructure 90.3%, Gas Utilities and Infrastructure 9.2%, Other 0.5%. NextEra Energy's revenue by segment in FY2025: Florida Power & Light (FPL) 66.6%, NextEra Energy Resources (NEER) 32.0%, Corporate and Other 1.4%.
- Which is bigger by revenue, Duke Energy or NextEra Energy?
- Duke Energy reported $32.2B of revenue in FY2025, and NextEra Energy reported $27.4B in FY2025.
- How much net income did Duke Energy and NextEra Energy report?
- Duke Energy reported net income of $4.9B in FY2025, and NextEra Energy reported $6.8B in FY2025.
- How much of every $100 did Duke Energy and NextEra Energy keep as net income?
- Duke Energy kept $14.9 of every $100 that came in during FY2025, and NextEra Energy kept $23.8 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Duke Energy and NextEra Energy have?
- Duke Energy had $92.8B of debt and $451M of cash and investments on Sep 30, 2026. NextEra Energy had $113.9B of debt and $5.6B of cash and investments on Sep 30, 2026.
- When do Duke Energy's and NextEra Energy's fiscal years end?
- Duke Energy: Fiscal year ends Dec 31. NextEra Energy: Fiscal year ends Dec 31.
Sources: Duke Energy S3, S1, S8, S10, S5, S4 · NextEra Energy S3, S4, S1, S2, S9, S5, S7
Built from each company's page. Duke Energy updated Nov 6, 2026; NextEra Energy updated Nov 6, 2026.
Sources
Duke Energy
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Duke Energy Corporation (SEC EDGAR), Feb 26, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Duke Energy Corporation (SEC EDGAR), Feb 23, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Duke Energy Corporation (SEC EDGAR), Feb 27, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), Duke Energy Corporation (SEC EDGAR), Nov 5, 2026
- S8Q3 FY2026 earnings release (8-K Item 2.02, Ex. 99.1), Duke Energy Corporation (SEC EDGAR), Nov 5, 2026
- S10Q1 FY2026 earnings release (8-K Item 2.02, Ex. 99.1), Duke Energy Corporation (SEC EDGAR), May 5, 2026
- S15Q4 and full-year FY2024 earnings release (8-K Item 2.02, Ex. 99.1), Duke Energy Corporation (SEC EDGAR), Feb 13, 2025
- S162026 proxy statement (DEF 14A), Duke Energy Corporation (SEC EDGAR), Mar 20, 2026
- S17Schedule 13G/A filed by The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S18Schedule 13G filed by Vanguard Capital Management LLC (event Mar 31, 2026), Vanguard Capital Management LLC (SEC EDGAR), Apr 29, 2026
- S19Form 8-K filed Aug 13, 2026 (Item 8.01: equity units and remarketable senior notes), Duke Energy Corporation (SEC EDGAR), Aug 13, 2026
NextEra Energy
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), NextEra Energy, Inc. (SEC EDGAR), Feb 13, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024), NextEra Energy, Inc. (SEC EDGAR), Feb 14, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), NextEra Energy, Inc. (SEC EDGAR), Feb 16, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), NextEra Energy, Inc. (SEC EDGAR), Feb 17, 2023
- S5Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), NextEra Energy, Inc. (SEC EDGAR), Oct 21, 2026
- S7Form 10-Q, Q1 2026 (quarter ended Mar 31, 2026), NextEra Energy, Inc. (SEC EDGAR), Apr 23, 2026
- S9Q3 2026 earnings release (Form 8-K, Exhibit 99), NextEra Energy, Inc. (SEC EDGAR), Oct 21, 2026
- S182026 proxy statement (DEF 14A), NextEra Energy, Inc. (SEC EDGAR), Apr 1, 2026
- S25Schedule 13G/A filed by BlackRock, Inc. (NEE common stock, as of Sep 30, 2026), BlackRock, Inc. (SEC EDGAR), Oct 27, 2026
- S26Schedule 13G filed by Vanguard Capital Management (NEE common stock, as of Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S28Schedule 13G/A filed by The Vanguard Group (0 shares reported, as of Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
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