Duke Energy (DUK) Reports Nearly $1 Billion Profit, Eyes $87 Billion Growth Plan

We recently published 11 Most Profitable Utility Stocks to Buy According to Hedge Funds. Duke Energy Corporation (NYSE:DUK) is one of these profitable utility stocks.

Duke Energy Corporation (NYSE:DUK), one of the largest U.S. electric utilities, serves 8.6 million electricity and 1.7 million natural gas customers across multiple states. With 55,100 MW of capacity, the company is focused on transitioning its energy mix toward natural gas, nuclear, renewables, and energy storage, while maintaining reliability and customer value.

In Q2 2025, Duke Energy Corporation (NYSE:DUK) reported nearly $1 billion in profits, driven by rate increases and strong commercial growth, including a $10 billion Amazon data center investment in North Carolina. The business is expanding natural gas generation with two major projects, a 1,360 MW combined-cycle plant in Person County and an 850 MW plant at Marshall Steam Station, both expected online by 2028.

Strategically, the corporation plans to merge its two North Carolina utilities, Duke Energy Carolinas and Duke Energy Progress, into a single entity by January 2027, pending approval. This consolidation aims to standardize rates across the region and is expected to save customers about $1 billion through 2038.

To fund its $87 billion five-year growth plan, Duke Energy Corporation (NYSE:DUK) sold a 19.7% stake in its Florida utility for $6 billion and agreed to sell its Piedmont Tennessee Natural Gas business for $2.48 billion, strengthening its financial position.

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Additionally, the business is enhancing energy efficiency and demand response programs in South Carolina, increasing incentives to help customers reduce consumption and costs.

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