Duke Energy Corporation (DUK) Cash Flow Statement
Where DUK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $12.35B +0.2% vs 2024
- Capital expenditures
- $14.02B 43.5% of revenue
- Free cash flow
- −$1.67B −5.2% margin
- Returned to shareholders
- $3.30B
- Change in cash
- −$58.0M cash at year-end $363.0M
Cash from operations
$12.35B
Capital expenditures
−$14.02B
Investments (net)
+$117.0M
Acquisitions & other
−$453.0M
Dividends
−$3.30B
Net borrowing (repayment)
+$5.12B
Other financing
+$98.0M
Change in cash
−$58.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DUK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DUK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.80B2016 | $12.35B2025 | +6.9%/yr | |
| Capital expenditures | $7.90B2016 | $14.02B2025 | +6.6%/yr | |
| Free cash flow | −$1.10B2016 | −$1.67B2025 | — | |
| Free cash flow margin | −4.8%2016 | −5.2%2025 | −0.3 pts | |
| Operating cash flow / net income | 3.132016 | 2.492025 | −0.65 | |
| Stock-based compensation | $53.0M2016 | $91.0M2023 | +8.0%/yr | |
| Dividends paid | $2.33B2016 | $3.30B2025 | +3.9%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 34.7%2016 | 43.5%2025 | +8.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DUK cash flow by activity
OperatingInvestingFinancingChange in cash
DUK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DUK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.97B | $4.61B | $2.87B | $2.59B | $3.58B | $1.08B | $3.57B | $2.64B | $3.06B | $2.17B |
| Depreciation & amortization | $6.32B | $6.42B | $6.08B | $5.84B | $5.66B | $5.49B | $5.18B | $4.70B | $4.05B | $3.88B |
| Stock-based compensation | — | — | $91.0M | $95.0M | −$5.16B | −$5.01B | −$5.11B | $73.0M | $64.0M | $53.0M |
| Change in working capital | −$616.0M | $1.18B | $250.0M | −$3.27B | −$690.0M | −$531.0M | −$873.0M | −$1.21B | −$1.22B | $151.0M |
| Other non-cash items | $1.68B | $117.0M | $579.0M | $672.0M | $4.90B | $7.83B | $5.44B | $979.0M | $675.0M | $544.0M |
| Cash from operating activities | $12.35B | $12.33B | $9.88B | $5.93B | $8.29B | $8.86B | $8.21B | $7.19B | $6.62B | $6.80B |
| Investing activities | ||||||||||
| Capital expenditures | −$14.02B | −$12.28B | −$12.60B | −$11.37B | −$9.71B | −$9.91B | −$11.12B | −$9.39B | −$8.05B | −$7.90B |
| Investments (net) | $117.0M | −$13.12B | −$13.09B | −$11.97B | −$10.94B | −$299.0M | −$318.0M | −$294.0M | −$106.0M | −$224.0M |
| Acquisitions & other investing | −$453.0M | $12.28B | $13.22B | $11.37B | $9.71B | −$398.0M | −$517.0M | −$377.0M | −$284.0M | −$3.41B |
| Cash from investing activities | −$14.36B | −$13.12B | −$12.47B | −$11.97B | −$10.94B | −$10.60B | −$11.96B | −$10.06B | −$8.44B | −$11.53B |
| Financing activities | ||||||||||
| Dividends paid | −$3.30B | −$3.21B | −$3.24B | −$3.18B | −$3.11B | −$2.81B | −$2.67B | −$2.47B | −$2.45B | −$2.33B |
| Share repurchases & issuance (net) | $16.0M | −$1.00B | $10.87B | $9.0M | $10.53B | $9.34B | $9.45B | $6.75B | $731.0M | $11.32B |
| Net borrowing (repayment) | $5.12B | $4.67B | $5.43B | $8.05B | $3.09B | $2.69B | $3.23B | $3.56B | $4.23B | $5.87B |
| Shares issued | $16.0M | $405.0M | $8.0M | $9.0M | $5.0M | $2.75B | $2.35B | $1.84B | $0 | $0 |
| Other financing | $98.0M | −$5.0M | −$10.71B | $1.24B | −$7.90B | −$10.23B | −$8.63B | −$6.72B | −$730.0M | −$10.60B |
| Cash from financing activities | $1.95B | $859.0M | $2.35B | $6.13B | $2.61B | $1.73B | $3.73B | $2.96B | $1.78B | $4.25B |
| Summary | ||||||||||
| Net change in cash | −$58.0M | $64.0M | −$246.0M | $83.0M | −$36.0M | −$17.0M | −$18.0M | $86.0M | −$36.0M | $60.0M |
| Cash at end of period | $363.0M | $421.0M | $357.0M | $603.0M | $520.0M | $556.0M | $573.0M | $591.0M | $358.0M | $392.0M |
| Free cash flow | −$1.67B | $48.0M | −$2.73B | −$5.44B | −$1.43B | −$1.05B | −$2.91B | −$2.20B | −$1.43B | −$1.10B |
| Free cash flow margin | −5.2% | 0.2% | −9.4% | −18.9% | −5.7% | −4.5% | −11.6% | −9.0% | −6.1% | −4.8% |
| Capex / revenue | 43.5% | 40.5% | 43.4% | 39.5% | 38.7% | 42.4% | 44.3% | 38.3% | 34.2% | 34.7% |
| Operating cash flow / net income | 2.49 | 2.67 | 3.44 | 2.29 | 2.32 | 8.18 | 2.30 | 2.72 | 2.17 | 3.13 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.15B | $1.58B | $1.21B | $2.59B | −$127.0M | $1.40B | $1.23B | $1.26B | $910.0M | $1.14B | $1.00B | $1.25B |
| Depreciation & amortization | $1.82B | $1.88B | $1.96B | $2.08B | $1.97B | $1.69B | $1.63B | $1.69B | $1.57B | $1.53B | $1.55B | $1.62B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $91.0M | −$2.31B |
| Change in working capital | −$545.0M | −$1.76B | $583.0M | $19.0M | −$293.0M | −$925.0M | $40.0M | $755.0M | $531.0M | −$148.0M | $183.0M | $663.0M |
| Other non-cash items | $342.0M | −$186.0M | −$91.0M | −$1.06B | $1.31B | $7.0M | $483.0M | −$179.0M | −$54.0M | −$53.0M | −$256.0M | $2.29B |
| Cash from operating activities | $2.76B | $1.51B | $3.66B | $3.63B | $2.86B | $2.18B | $3.38B | $3.52B | $2.95B | $2.47B | $2.57B | $3.52B |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.15B | −$4.09B | −$4.14B | −$3.45B | −$3.28B | −$3.15B | −$3.09B | −$2.99B | −$3.00B | −$3.21B | −$3.29B | −$3.04B |
| Investments (net) | $7.0M | $12.0M | $13.0M | −$3.71B | −$2.96B | −$3.30B | −$3.27B | −$3.28B | −$3.23B | −$3.34B | −$2.72B | −$3.24B |
| Acquisitions & other investing | −$218.0M | $2.23B | −$232.0M | $3.45B | $3.28B | $3.15B | $3.09B | $2.99B | $3.00B | $3.21B | $3.29B | $3.04B |
| Cash from investing activities | −$4.36B | −$1.85B | −$4.36B | −$3.71B | −$2.96B | −$3.30B | −$3.27B | −$3.28B | −$3.23B | −$3.34B | −$2.72B | −$3.24B |
| Financing activities | ||||||||||||
| Dividends paid | −$847.0M | −$846.0M | −$845.0M | −$1.61B | −$807.0M | −$803.0M | −$802.0M | −$821.0M | −$784.0M | −$806.0M | −$806.0M | −$832.0M |
| Share repurchases & issuance (net) | — | — | $16.0M | $16.0M | $14.0M | $7.0M | −$595.0M | −$974.0M | — | — | $1.53B | — |
| Net borrowing (repayment) | $868.0M | $400.0M | $1.14B | $1.14B | $798.0M | $2.04B | $260.0M | $1.51B | — | — | — | $528.0M |
| Shares issued | $0 | $0 | $0 | $2.0M | $7.0M | $7.0M | $379.0M | $6.0M | $16.0M | $4.0M | $0 | $0 |
| Other financing | $180.0M | $2.67B | $19.0M | $830.0M | −$5.0M | −$18.0M | $627.0M | −$2.0M | $1.01B | $1.83B | −$786.0M | $30.0M |
| Cash from financing activities | $201.0M | $2.22B | $328.0M | $377.0M | $7.0M | $1.24B | −$131.0M | −$284.0M | $245.0M | $1.03B | −$62.0M | −$274.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.40B | $1.89B | −$376.0M | $320.0M | −$95.0M | $115.0M | −$26.0M | −$37.0M | −$35.0M | $161.0M | −$217.0M | $7.0M |
| Cash at end of period | $850.0M | $2.25B | $363.0M | $739.0M | $419.0M | $536.0M | $421.0M | $447.0M | $483.0M | $518.0M | $357.0M | $574.0M |
| Free cash flow | −$1.39B | −$2.58B | −$485.0M | $179.0M | −$417.0M | −$971.0M | $288.0M | $537.0M | −$43.0M | −$734.0M | −$725.0M | $479.0M |
| Free cash flow margin | −18.3% | −28.1% | −6.1% | 2.1% | −5.6% | −11.8% | 3.9% | 6.6% | −0.6% | −9.6% | −10.1% | 6.0% |
| Capex / revenue | 54.7% | 44.5% | 52.2% | 39.8% | 43.7% | 38.2% | 42.0% | 36.6% | 41.8% | 41.8% | 45.7% | 38.1% |
| Operating cash flow / net income | 2.41 | 0.96 | 3.03 | 1.40 | — | 1.55 | 2.75 | 2.81 | 3.25 | 2.17 | 2.56 | 2.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DUK cash generation
In fiscal 2025 (ended December 31, 2025), Duke Energy generated $12.4 billion of cash from operations (up 0.2%) and spent $14.0 billion on capital expenditures, leaving free cash flow of -$1.7 billion, −5.2% of revenue. It returned $3.3 billion to shareholders through dividends ($3.3 billion) and net share buybacks ($0). Cash and equivalents fell by $58.0 million over the year.
Related: DUK income statement, DUK balance sheet, DUK dividend history. See the DUK stock overview for the latest quote and news.
DUK cash flow FAQ
What is Duke Energy's free cash flow?
Duke Energy's free cash flow was -$1.7 billion in fiscal 2025: $12.4 billion of operating cash flow minus $14.0 billion of capital expenditures It was $48.0 million a year earlier..
How much cash does Duke Energy generate from operations?
Duke Energy generated $12.4 billion of cash from operating activities in fiscal 2025, 2.49 times its net income of $5.0 billion.
How much does Duke Energy spend on capital expenditures?
Duke Energy spent $14.0 billion on capital expenditures in fiscal 2025, 43.5% of revenue, compared with $12.3 billion the year before.
How much does Duke Energy pay in dividends?
Duke Energy paid $3.3 billion in dividends in fiscal 2025.
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