---
title: "Duke Energy: Business Model"
description: "Duke Energy revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/duke-energy/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Duke Energy: Business Model & Revenue Engine

## Direct Answer

Duke Energy reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Electric Utilities and Infrastructure is the largest, with $29.3 billion of revenue (91% of the total), followed by Gas Utilities and Infrastructure at $3.0 billion (9%).

## How Does Duke Energy Make Money?

Electric Utilities and Infrastructure supplies 91% of revenue, so Duke Energy's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Gas Utilities and Infrastructure grew fastest (+25.6%) and Electric Utilities and Infrastructure slowest (+4.6%), so the revenue mix tilts toward Gas Utilities and Infrastructure while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Electric Utilities and Infrastructure | $29.3 billion | $28.0 billion | 90.9% | 4.6% |
| Gas Utilities and Infrastructure | $3.0 billion | $2.4 billion | 9.3% | 25.6% |

![Bar chart of Duke Energy revenue by segment for fiscal 2025: Electric Utilities and Infrastructure 90.9%, Gas Utilities and Infrastructure 9.3%.](https://www.getswoopr.com/images/charts/duke-energy-business-model-segment-mix.webp)
*Duke Energy revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Duke Energy Sell?

Duke Energy also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Retail Electric | $25.5 billion | $24.6 billion | 79.1% | 3.7% |
| Retail Gas | $2.8 billion | $2.3 billion | 8.6% | 19.9% |
| Wholesale Electric | $2.4 billion | $2.2 billion | 7.5% | 9.2% |
| Other Revenues | $1.7 billion | $1.4 billion | 5.1% | 22.2% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Duke Energy's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Duke Energy reported in the segment note and revenue disclosures of its Form 10-K filed February 26, 2026 (accession 0001326160-26-000014), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Duke Energy's business segments?

In its fiscal 2025 Form 10-K, Duke Energy reports revenue for Electric Utilities and Infrastructure and Gas Utilities and Infrastructure.

### Which part of Duke Energy brings in the most revenue?

Electric Utilities and Infrastructure, with $29.3 billion of revenue in fiscal 2025, or 91% of the total.

### Where does Duke Energy report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 26, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Duke Energy CORP Form 10-K filed February 26, 2026](https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm)
- [SEC EDGAR: Duke Energy CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1326160&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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