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Side-by-side financial comparison of Duke Energy (DUK) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Duke Energy is the larger business by last-quarter revenue ($7.8B vs $4.0B, roughly 2.0× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 15.2%, a 15.8% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-485.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 1.6%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
DUK vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.8B | $4.0B |
| Net Profit | $1.2B | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 27.3% | 28.3% |
| Net Margin | 15.2% | 31.0% |
| Revenue YoY | 7.4% | — |
| Net Profit YoY | -1.7% | — |
| EPS (diluted) | $1.49 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $7.8B | — | ||
| Q3 25 | $8.4B | $4.0B | ||
| Q2 25 | $7.4B | $3.9B | ||
| Q1 25 | $8.2B | $4.0B | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $8.1B | $3.7B | ||
| Q2 24 | $7.2B | $3.5B | ||
| Q1 24 | $7.5B | $3.7B |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $984.0M | $1.3B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.3B | $955.7M | ||
| Q2 24 | $900.0M | $939.6M | ||
| Q1 24 | $1.1B | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
| Q4 25 | 27.3% | — | ||
| Q3 25 | 27.9% | 28.3% | ||
| Q2 25 | 24.8% | 32.5% | ||
| Q1 25 | 28.5% | 36.2% | ||
| Q4 24 | 29.2% | — | ||
| Q3 24 | 26.4% | 27.3% | ||
| Q2 24 | 23.9% | 27.4% | ||
| Q1 24 | 26.1% | 28.4% |
| Q4 25 | 15.2% | — | ||
| Q3 25 | 17.0% | 31.0% | ||
| Q2 25 | 13.3% | 32.6% | ||
| Q1 25 | 16.8% | 36.6% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 15.8% | 25.6% | ||
| Q2 24 | 12.6% | 26.8% | ||
| Q1 24 | 15.1% | 29.1% |
| Q4 25 | $1.49 | — | ||
| Q3 25 | $1.81 | — | ||
| Q2 25 | $1.25 | — | ||
| Q1 25 | $1.76 | — | ||
| Q4 24 | $1.54 | — | ||
| Q3 24 | $1.60 | — | ||
| Q2 24 | $1.13 | — | ||
| Q1 24 | $1.44 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $245.0M | $31.3B |
| Total DebtLower is stronger | $80.1B | — |
| Stockholders' EquityBook value | $51.8B | $160.8B |
| Total Assets | $195.7B | $214.5B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | — | ||
| Q3 25 | $688.0M | $31.3B | ||
| Q2 25 | $344.0M | $54.4B | ||
| Q1 25 | $475.0M | $41.7B | ||
| Q4 24 | $314.0M | — | ||
| Q3 24 | $376.0M | $20.2B | ||
| Q2 24 | $390.0M | $19.0B | ||
| Q1 24 | $459.0M | $43.0B |
| Q4 25 | $80.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $76.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $51.8B | — | ||
| Q3 25 | $51.5B | $160.8B | ||
| Q2 25 | $50.9B | $154.0B | ||
| Q1 25 | $50.7B | $147.8B | ||
| Q4 24 | $50.1B | — | ||
| Q3 24 | $49.1B | $135.6B | ||
| Q2 24 | $49.7B | $134.2B | ||
| Q1 24 | $49.6B | $130.5B |
| Q4 25 | $195.7B | — | ||
| Q3 25 | $192.3B | $214.5B | ||
| Q2 25 | $189.7B | $208.5B | ||
| Q1 25 | $187.5B | $200.9B | ||
| Q4 24 | $186.3B | — | ||
| Q3 24 | $183.6B | $184.9B | ||
| Q2 24 | $181.6B | $183.3B | ||
| Q1 24 | $178.7B | $195.1B |
| 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. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.7B | $1.8B |
| Free Cash FlowOCF − Capex | $-485.0M | $1.8B |
| FCF MarginFCF / Revenue | -6.2% | 44.7% |
| Capex IntensityCapex / Revenue | 53.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.09× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.7B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.6B | $1.8B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.5B | $1.5B | ||
| Q2 24 | $3.0B | $898.8M | ||
| Q1 24 | $2.5B | $1.3B |
| Q4 25 | $-485.0M | — | ||
| Q3 25 | $179.0M | $1.8B | ||
| Q2 25 | $-417.0M | $1.5B | ||
| Q1 25 | $-971.0M | $1.6B | ||
| Q4 24 | $288.0M | — | ||
| Q3 24 | $537.0M | $1.5B | ||
| Q2 24 | $-43.0M | $875.6M | ||
| Q1 24 | $-734.0M | $1.3B |
| Q4 25 | -6.2% | — | ||
| Q3 25 | 2.1% | 44.7% | ||
| Q2 25 | -5.7% | 38.3% | ||
| Q1 25 | -11.8% | 40.4% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 6.6% | 38.9% | ||
| Q2 24 | -0.6% | 25.0% | ||
| Q1 24 | -9.7% | 34.0% |
| Q4 25 | 53.3% | — | ||
| Q3 25 | 41.2% | 1.0% | ||
| Q2 25 | 44.5% | 0.7% | ||
| Q1 25 | 38.3% | 1.6% | ||
| Q4 24 | 42.7% | — | ||
| Q3 24 | 36.8% | 1.4% | ||
| Q2 24 | 41.9% | 0.7% | ||
| Q1 24 | 42.6% | 1.5% |
| Q4 25 | 3.09× | — | ||
| Q3 25 | 2.56× | 1.47× | ||
| Q2 25 | 2.91× | 1.20× | ||
| Q1 25 | 1.58× | 1.15× | ||
| Q4 24 | 2.80× | — | ||
| Q3 24 | 2.75× | 1.58× | ||
| Q2 24 | 3.28× | 0.96× | ||
| Q1 24 | 2.17× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUK
| Electric Utilitiesand Infrastructure | $7.0B | 90% |
| Other Revenues | $741.0M | 10% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
