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% |
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.