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Side-by-side financial comparison of Duke Energy (DUK) and Eversource Energy (ES), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Duke Energy is the larger business by last-quarter revenue ($7.8B vs $3.4B, roughly 2.3× Eversource Energy). Duke Energy runs the higher net margin — 15.2% vs 12.6%, a 2.7% gap on every dollar of revenue. On growth, Eversource Energy posted the faster year-over-year revenue change (13.4% vs 7.4%). Eversource Energy produced more free cash flow last quarter ($-67.3M vs $-485.0M). Over the past eight quarters, Duke Energy's revenue compounded faster (1.6% CAGR vs 0.6%).
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
Eversource Energy is a publicly traded, Fortune 500 energy company headquartered in Springfield, Massachusetts with additional corporate offices in Hartford, Connecticut, and Boston, Massachusetts, with several regulated subsidiaries offering retail electricity, natural gas service and water service to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire.
DUK vs ES — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $7.8B | $3.4B |
| Net Profit | $1.2B | $423.2M |
| Gross Margin | — | — |
| Operating Margin | 27.3% | 21.1% |
| Net Margin | 15.2% | 12.6% |
| Revenue YoY | 7.4% | 13.4% |
| Net Profit YoY | -1.7% | 468.8% |
| EPS (diluted) | $1.49 | $1.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $7.8B | $3.4B | ||
| Q3 25 | $8.4B | $3.2B | ||
| Q2 25 | $7.4B | $2.8B | ||
| Q1 25 | $8.2B | $4.1B | ||
| Q4 24 | $7.2B | $3.0B | ||
| Q3 24 | $8.1B | $3.1B | ||
| Q2 24 | $7.2B | $2.5B | ||
| Q1 24 | $7.5B | $3.3B |
| Q4 25 | $1.2B | $423.2M | ||
| Q3 25 | $1.4B | $369.4M | ||
| Q2 25 | $984.0M | $354.6M | ||
| Q1 25 | $1.4B | $552.7M | ||
| Q4 24 | $1.2B | $74.4M | ||
| Q3 24 | $1.3B | $-116.2M | ||
| Q2 24 | $900.0M | $337.2M | ||
| Q1 24 | $1.1B | $523.7M |
| Q4 25 | 27.3% | 21.1% | ||
| Q3 25 | 27.9% | 21.4% | ||
| Q2 25 | 24.8% | 23.4% | ||
| Q1 25 | 28.5% | 22.5% | ||
| Q4 24 | 29.2% | 11.7% | ||
| Q3 24 | 26.4% | 20.0% | ||
| Q2 24 | 23.9% | 23.8% | ||
| Q1 24 | 26.1% | 25.4% |
| Q4 25 | 15.2% | 12.6% | ||
| Q3 25 | 17.0% | 11.5% | ||
| Q2 25 | 13.3% | 12.5% | ||
| Q1 25 | 16.8% | 13.4% | ||
| Q4 24 | 16.6% | 2.5% | ||
| Q3 24 | 15.8% | -3.8% | ||
| Q2 24 | 12.6% | 13.3% | ||
| Q1 24 | 15.1% | 15.7% |
| Q4 25 | $1.49 | $1.11 | ||
| Q3 25 | $1.81 | $0.99 | ||
| Q2 25 | $1.25 | $0.96 | ||
| Q1 25 | $1.76 | $1.50 | ||
| Q4 24 | $1.54 | $0.16 | ||
| Q3 24 | $1.60 | $-0.33 | ||
| Q2 24 | $1.13 | $0.95 | ||
| Q1 24 | $1.44 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $245.0M | $135.4M |
| Total DebtLower is stronger | $80.1B | — |
| Stockholders' EquityBook value | $51.8B | $16.2B |
| Total Assets | $195.7B | $63.8B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $245.0M | $135.4M | ||
| Q3 25 | $688.0M | $259.3M | ||
| Q2 25 | $344.0M | $343.7M | ||
| Q1 25 | $475.0M | $111.4M | ||
| Q4 24 | $314.0M | $26.7M | ||
| Q3 24 | $376.0M | $97.9M | ||
| Q2 24 | $390.0M | — | ||
| Q1 24 | $459.0M | — |
| Q4 25 | $80.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $76.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $51.8B | $16.2B | ||
| Q3 25 | $51.5B | $16.0B | ||
| Q2 25 | $50.9B | $15.7B | ||
| Q1 25 | $50.7B | $15.3B | ||
| Q4 24 | $50.1B | $15.0B | ||
| Q3 24 | $49.1B | $15.0B | ||
| Q2 24 | $49.7B | $14.8B | ||
| Q1 24 | $49.6B | $14.5B |
| Q4 25 | $195.7B | $63.8B | ||
| Q3 25 | $192.3B | $61.7B | ||
| Q2 25 | $189.7B | $61.0B | ||
| Q1 25 | $187.5B | $60.2B | ||
| Q4 24 | $186.3B | $59.6B | ||
| Q3 24 | $183.6B | $58.6B | ||
| Q2 24 | $181.6B | $58.4B | ||
| Q1 24 | $178.7B | $57.3B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.7B | $916.1M |
| Free Cash FlowOCF − Capex | $-485.0M | $-67.3M |
| FCF MarginFCF / Revenue | -6.2% | -2.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 53.3% | 29.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.09× | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.7B | $-45.1M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.7B | $916.1M | ||
| Q3 25 | $3.6B | $1.1B | ||
| Q2 25 | $2.9B | $1.1B | ||
| Q1 25 | $2.2B | $1.0B | ||
| Q4 24 | $3.4B | $642.1M | ||
| Q3 24 | $3.5B | $555.6M | ||
| Q2 24 | $3.0B | $670.7M | ||
| Q1 24 | $2.5B | $291.3M |
| Q4 25 | $-485.0M | $-67.3M | ||
| Q3 25 | $179.0M | $-26.3M | ||
| Q2 25 | $-417.0M | $15.3M | ||
| Q1 25 | $-971.0M | $33.2M | ||
| Q4 24 | $288.0M | $-546.5M | ||
| Q3 24 | $537.0M | $-515.4M | ||
| Q2 24 | $-43.0M | $-400.8M | ||
| Q1 24 | $-734.0M | $-858.1M |
| Q4 25 | -6.2% | -2.0% | ||
| Q3 25 | 2.1% | -0.8% | ||
| Q2 25 | -5.7% | 0.5% | ||
| Q1 25 | -11.8% | 0.8% | ||
| Q4 24 | 4.0% | -18.4% | ||
| Q3 24 | 6.6% | -16.8% | ||
| Q2 24 | -0.6% | -15.8% | ||
| Q1 24 | -9.7% | -25.7% |
| Q4 25 | 53.3% | 29.2% | ||
| Q3 25 | 41.2% | 35.0% | ||
| Q2 25 | 44.5% | 36.7% | ||
| Q1 25 | 38.3% | 24.5% | ||
| Q4 24 | 42.7% | 40.0% | ||
| Q3 24 | 36.8% | 35.0% | ||
| Q2 24 | 41.9% | 42.3% | ||
| Q1 24 | 42.6% | 34.5% |
| Q4 25 | 3.09× | 2.16× | ||
| Q3 25 | 2.56× | 2.98× | ||
| Q2 25 | 2.91× | 2.98× | ||
| Q1 25 | 1.58× | 1.88× | ||
| Q4 24 | 2.80× | 8.63× | ||
| Q3 24 | 2.75× | — | ||
| Q2 24 | 3.28× | 1.99× | ||
| Q1 24 | 2.17× | 0.56× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
DUK
| Electric Utilitiesand Infrastructure | $7.0B | 90% |
| Other Revenues | $741.0M | 10% |
ES
| Residential | $1.2B | 35% |
| Commercial | $789.0M | 23% |
| Eversource Electric Transmission | $573.8M | 17% |
| Wholesale Transmission Revenue | $570.0M | 17% |
| Industrial | $102.6M | 3% |
| Water Distribution Segment | $58.4M | 2% |
| Eversource Water | $56.3M | 2% |
| Other Revenue Adjustmentsfrom Contractswith Customers | $25.9M | 1% |
