# Regulated electric utilities peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[NEE](/company/NEE/), [DUK](/company/DUK/), [SO](/company/SO/), [D](/company/D/), [AEP](/company/AEP/), [EXC](/company/EXC/), [XEL](/company/XEL/), [SRE](/company/SRE/), [PEG](/company/PEG/)

## Methodology

The cluster starts from public SEC SIC 4911 Electric Services companies already present in grepcent's processed universe. DUK, EXC, XEL, SRE, and PEG are retained as disclosed requested regulated electric or electric/gas utility peers with cached SEC SIC 4931/4932 rather than being relabeled as SIC 4911. The review publishes no proprietary index-membership labels.

Pack hash: `afd3e1ec14887d23e11fb4f4c8a66781fd6037545d12253d30aa48b7f6e021f2`. Generated: 2026-06-27.

## Verified Quantitative Matrix

| Metric | NEE | DUK | SO | D | AEP | EXC | XEL | SRE | PEG | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 27,412,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_REVENUE_FY2025; concept us-gaap:RegulatedAndUnregulatedOperatingRevenue | 32,237,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_REVENUE_FY2025; concept us-gaap:RegulatedAndUnregulatedOperatingRevenue | 29,553,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_REVENUE_FY2025; concept us-gaap:Revenues | 16,506,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_REVENUE_FY2025; concept us-gaap:Revenues | 21,876,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_REVENUE_FY2025; concept us-gaap:Revenues | 24,258,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_REVENUE_FY2025; concept us-gaap:Revenues | 14,669,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_REVENUE_FY2025; concept us-gaap:RegulatedAndUnregulatedOperatingRevenue | 13,702,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_REVENUE_FY2025; concept us-gaap:Revenues | 12,168,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_REVENUE_FY2025; concept us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues; concept mapping AEP -> us-gaap:Revenues; D -> us-gaap:Revenues; DUK -> us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:Revenues; NEE -> us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:Revenues; SO -> us-gaap:Revenues; SRE -> us-gaap:Revenues; XEL -> us-gaap:RegulatedAndUnregulatedOperatingRevenue |
| Operating margin | 30.21%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 26.76%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 24.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 26.74%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 24.31%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 21.22%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 17.61%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | Not available | 24.49%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues; concept mapping AEP -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; D -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; DUK -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; NEE -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; SO -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; XEL -> us-gaap:OperatingIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue |
| Net margin | 24.93%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 15.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 14.69%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 18.16%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 16.90%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 11.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_NET_MARGIN_FY2025; concept us-gaap:ProfitLoss; us-gaap:Revenues | 13.76%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 13.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 17.35%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues; concept mapping AEP -> us-gaap:ProfitLoss + us-gaap:Revenues; D -> us-gaap:NetIncomeLoss + us-gaap:Revenues; DUK -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:ProfitLoss + us-gaap:Revenues; NEE -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue; PEG -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SO -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SRE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; XEL -> us-gaap:NetIncomeLoss + us-gaap:RegulatedAndUnregulatedOperatingRevenue |
| Capital expenditures | Not available | 14,024,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 12,737,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 3,453,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 8,529,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 10,908,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 10,612,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 3,272,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets AEP 0d aligned, DUK 0d aligned, EXC 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping AEP -> us-gaap:PaymentsToAcquireProductiveAssets; DUK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EXC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PEG -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SO -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SRE -> us-gaap:PaymentsToAcquireProductiveAssets; XEL -> us-gaap:PaymentsToAcquireProductiveAssets |
| Capex / revenue | Not available | 43.50%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 43.10%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:Revenues | Not available | 15.78%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets; us-gaap:Revenues | 35.16%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:Revenues | 74.36%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets; us-gaap:RegulatedAndUnregulatedOperatingRevenue | 77.45%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets; us-gaap:Revenues | 26.89%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_CAPEX_INTENSITY_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets AEP 0d aligned, DUK 0d aligned, EXC 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues; concept mapping AEP -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; DUK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; PEG -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SO -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SRE -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; XEL -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RegulatedAndUnregulatedOperatingRevenue |
| Free cash flow | Not available | -1,694,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -2,935,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 3,491,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | -2,275,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -6,825,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | -6,047,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | 26,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets AEP 0d aligned, DUK 0d aligned, EXC 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping AEP -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; DUK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; EXC -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PEG -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SO -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SRE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; XEL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 4,680,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | 3,015,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 2,278,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 2,008,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,617,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,282,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 1,603,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,258,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping AEP -> us-gaap:PaymentsOfDividendsCommonStock; D -> us-gaap:PaymentsOfDividendsCommonStock; EXC -> us-gaap:PaymentsOfDividendsCommonStock; NEE -> us-gaap:PaymentsOfDividends; PEG -> us-gaap:PaymentsOfDividendsCommonStock; SO -> us-gaap:PaymentsOfDividendsCommonStock; SRE -> us-gaap:PaymentsOfDividendsCommonStock; XEL -> us-gaap:PaymentsOfDividends |
| Dividends / net income | 68.47%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividends; us-gaap:NetIncomeLoss | Not available | 69.45%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | 75.98%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | Not available | Not available | 63.53%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividends; us-gaap:NetIncomeLoss | 87.26%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | 59.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_PAYOUT_RATIO_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock; us-gaap:NetIncomeLoss | period aligned; reference 2025-12-31; offsets D 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping D -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; NEE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends; PEG -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SO -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SRE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; XEL -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends |
| Total debt | Not available | 87,212,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | Not available | 46,332,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | 47,322,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | 49,428,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | 31,832,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | Not available | 22,545,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, PEG 0d aligned, XEL 0d aligned; tags clean |
| Liabilities / equity leverage | 2.68; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.78; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 3.24; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.83; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.64; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 3.05; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.45; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 2.51; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 2.39; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:Assets, us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping AEP -> us-gaap:Liabilities + us-gaap:StockholdersEquity; D -> us-gaap:Liabilities + us-gaap:StockholdersEquity; DUK -> us-gaap:Assets + us-gaap:StockholdersEquity; EXC -> us-gaap:Liabilities + us-gaap:StockholdersEquity; NEE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; PEG -> us-gaap:Assets + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; SO -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SRE -> us-gaap:Assets + us-gaap:StockholdersEquity; XEL -> us-gaap:Assets + us-gaap:StockholdersEquity |
| Cash and equivalents | 2,812,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 245,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 1,639,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 250,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 197,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 626,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | Not available | 29,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SRE_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 132,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned; tags clean |
| Property, plant and equipment | 156,197,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_NEE_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | 129,959,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DUK_PPE_FY2025; concept us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet | 114,369,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_SO_PPE_FY2025; concept us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet | 78,967,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_D_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | 91,638,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AEP_PPE_FY2025; concept us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet | 84,318,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_EXC_PPE_FY2025; concept us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet | 65,639,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XEL_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | Not available | 42,064,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PEG_PPE_FY2025; concept us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet | period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:PropertyPlantAndEquipmentNet, us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; concept mapping AEP -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; D -> us-gaap:PropertyPlantAndEquipmentNet; DUK -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; EXC -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; NEE -> us-gaap:PropertyPlantAndEquipmentNet; PEG -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; SO -> us-gaap:PublicUtilitiesPropertyPlantAndEquipmentNet; XEL -> us-gaap:PropertyPlantAndEquipmentNet |
| Rate base | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 9 companies have a verified fact; threshold is 3. |
| Allowed ROE | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 9 companies have a verified fact; threshold is 3. |
| Regulated KPIs | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 9 companies have a verified fact; threshold is 3. |

## Code-computed comparisons

- grepcent-computed capex intensity range: range endpoints are [AEP](/company/AEP/) (15.78%) and [SRE](/company/SRE/) (77.45%). Computed from facts NUM_AEP_CAPEX_INTENSITY_FY2025 and NUM_SRE_CAPEX_INTENSITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets AEP 0d aligned, DUK 0d aligned, EXC 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RegulatedAndUnregulatedOperatingRevenue, us-gaap:Revenues; concept mapping AEP -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; DUK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RegulatedAndUnregulatedOperatingRevenue; EXC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; PEG -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SO -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; SRE -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; XEL -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RegulatedAndUnregulatedOperatingRevenue. Excluded: D: no capex_intensity fact available; NEE: no capex_intensity fact available.
- Reported liabilities / equity leverage range: range endpoints are [PEG](/company/PEG/) (2.39) and [SO](/company/SO/) (3.24). Computed from facts NUM_PEG_LIABILITIES_TO_EQUITY_FY2025 and NUM_SO_LIABILITIES_TO_EQUITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets AEP 0d aligned, D 0d aligned, DUK 0d aligned, EXC 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:Assets, us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping AEP -> us-gaap:Liabilities + us-gaap:StockholdersEquity; D -> us-gaap:Liabilities + us-gaap:StockholdersEquity; DUK -> us-gaap:Assets + us-gaap:StockholdersEquity; EXC -> us-gaap:Liabilities + us-gaap:StockholdersEquity; NEE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; PEG -> us-gaap:Assets + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; SO -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SRE -> us-gaap:Assets + us-gaap:StockholdersEquity; XEL -> us-gaap:Assets + us-gaap:StockholdersEquity.
- grepcent-computed dividend payout range: range endpoints are [PEG](/company/PEG/) (59.59%) and [SRE](/company/SRE/) (87.26%). Computed from facts NUM_PEG_PAYOUT_RATIO_FY2025 and NUM_SRE_PAYOUT_RATIO_FY2025; comparability: period aligned; reference 2025-12-31; offsets D 0d aligned, NEE 0d aligned, PEG 0d aligned, SO 0d aligned, SRE 0d aligned, XEL 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping D -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; NEE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends; PEG -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SO -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; SRE -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividendsCommonStock; XEL -> us-gaap:NetIncomeLoss + us-gaap:PaymentsOfDividends. Excluded: AEP: no payout_ratio fact available; DUK: no payout_ratio fact available; EXC: no payout_ratio fact available.

Market-risk companion: [/compare/utilities/risk/](/compare/utilities/risk/).

## Gate summary

Facts: 116. Claims survived: 7. Claims dropped: 0. Cells quarantined: 47.