Historical source-based research. Compilation date and financial period are different dates.
Observation
Across 3 eligible utilities companies, the equal-weight median capital expenditure as a share of revenue was 43.10% for the latest selected annual periods.
Data context
The eligible sample covers 3 of 6 selected companies. The latest selected annual periods span 2025-12-31 to 2025-12-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.
Company evidence
SO 43.10% (period 2025-12-31); CEG 13.01% (period 2025-12-31); DUK 44.18% (period 2025-12-31).
Distribution
The sample range is 13.01% (CEG) to 44.18% (DUK). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.
Interpretation
Regulated networks and generation businesses have different exposure to tariffs, commodity costs and investment cycles. The numerator is capex; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.
What to watch
Capital expenditure, allowed returns, financing needs and operating cash flow.
Research limitations
Rate decisions, financing costs, weather, asset reliability and large construction projects. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.
| Company | Value | Period end |
|---|---|---|
| SO | 43.10% | 2025-12-31 |
| CEG | 13.01% | 2025-12-31 |
| DUK | 44.18% | 2025-12-31 |
Sources & dates
- SO · period 2025-12-31 ↗Source date 2026-02-19
- CEG · period 2025-12-31 ↗Source date 2026-02-24
- DUK · period 2025-12-31 ↗Source date 2026-02-26