Top Utilities Stocks by Net Income
Top utilities companies ranked by net income, latest annual filings.
What Net Income Means for Utilities Companies
Net income in utilities reflects earnings that state commissions effectively authorize through rate cases, tying reported profit to the rate base, the allowed return on equity, and the timely recovery of fuel costs and capital investment. Because the regulatory framework is designed to deliver steady earnings on approved capital, profit in the sector grows in slow, predictable increments rather than cyclical bursts.
Why It Matters in Utilities
For dividend-focused investors, sustained net income is the clearest evidence that a utility is earning close to its authorized return and supporting the distributions the market expects. Still, weather normalization, storm recovery costs, and regulatory lag can create meaningful gaps between reported profit in any given year and the steady trajectory the business model is designed to produce, making multi-year averages more informative than any single annual figure.
What to Read Alongside
Pair net income with Free Cash Flow to gauge cash after heavy capex, Capital Expenditures for the rate-base growth driving future profit, and Return on Equity for how close earnings sit to authorized returns.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NEE | NextEra Energy, Inc. | Utilities | $6.83B | $171.70B |
| 2 | DUK | Duke Energy Corporation | Utilities | $4.97B | $93.11B |
| 3 | EIX | Edison International | Utilities | $4.46B | $21.55B |
| 4 | SO | The Southern Company | Utilities | $4.34B | $100.28B |
| 5 | AEP | American Electric Power Company, Inc. | Utilities | $3.70B | $67.14B |
| 6 | D | Dominion Energy, Inc. | Utilities | $3.00B | $56.61B |
| 7 | EXC | Exelon Corporation | Utilities | $2.77B | $44.47B |
| 8 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $2.53B | $16.97B |
| 9 | CEG | Constellation Energy Corporation | Utilities | $2.32B | $100.89B |
| 10 | PEG | Public Service Enterprise Group Incorporated | Utilities | $2.11B | $36.08B |
| 11 | XEL | Xcel Energy Inc. | Utilities | $2.02B | $47.16B |
| 12 | SRE | Sempra | Utilities | $1.84B | $54.50B |
| 13 | ETR | Entergy Corporation | Utilities | $1.77B | $50.32B |
| 14 | ES | Eversource Energy | Utilities | $1.70B | $25.81B |
| 15 | WEC | WEC Energy Group, Inc. | Utilities | $1.56B | $34.32B |
| 16 | DTE | DTE Energy Company | Utilities | $1.46B | $27.59B |
| 17 | AEE | Ameren Corporation | Utilities | $1.46B | $29.04B |
| 18 | ATO | Atmos Energy Corporation | Utilities | $1.20B | $27.58B |
| 19 | PPL | PPL Corporation | Utilities | $1.18B | $25.65B |
| 20 | AWK | American Water Works Company, Inc. | Utilities | $1.11B | $27.36B |
| 21 | WTRG | Essential Utilities, Inc. | Utilities | $1.11B | $11.65B |
| 22 | CMS | CMS Energy Corporation | Utilities | $1.07B | $21.06B |
| 23 | CNP | CenterPoint Energy, Inc. | Utilities | $1.05B | $25.76B |
| 24 | FE | FirstEnergy Corp. | Utilities | $1.02B | $26.69B |
| 25 | VST | Vistra Corp. | Utilities | $0.94B | $49.80B |
| 26 | NI | NiSource Inc. | Utilities | $0.93B | $19.86B |
| 27 | AES | The AES Corporation | Utilities | $0.91B | $10.55B |
| 28 | NRG | NRG Energy, Inc. | Utilities | $0.86B | $23.85B |
| 29 | EVRG | Evergy, Inc. | Utilities | $0.86B | $18.82B |
| 30 | LNT | Alliant Energy Corporation | Utilities | $0.81B | $17.44B |
| 31 | BEP | Brookfield Renewable Partners L.P. | Utilities | $0.71B | $9.12B |
| 32 | BIPC | Brookfield Infrastructure Corporation | Utilities | $0.70B | $4.55B |
| 33 | UGI | UGI Corporation | Utilities | $0.68B | $8.15B |
| 34 | PNW | Pinnacle West Capital Corporation | Utilities | $0.63B | $11.65B |
| 35 | ENIC | Enel Chile S.A. | Utilities | $0.58B | $6.06B |
| 36 | OGE | OGE Energy Corp. | Utilities | $0.47B | $9.62B |
| 37 | SWX | Southwest Gas Holdings, Inc. | Utilities | $0.44B | $6.24B |
| 38 | NJR | New Jersey Resources Corporation | Utilities | $0.34B | $5.39B |
| 39 | IDA | IDACORP, Inc. | Utilities | $0.32B | $7.84B |
| 40 | POR | Portland General Electric Company | Utilities | $0.31B | $5.67B |
| 41 | BKH | Black Hills Corporation | Utilities | $0.29B | $5.44B |
| 42 | SR | Spire Inc. | Utilities | $0.27B | $4.74B |
| 43 | OGS | ONE Gas, Inc. | Utilities | $0.26B | $4.86B |
| 44 | AVA | Avista Corporation | Utilities | $0.19B | $3.08B |
| 45 | MDU | MDU Resources Group, Inc. | Utilities | $0.19B | $4.04B |
| 46 | NWE | NorthWestern Energy Group, Inc. | Utilities | $0.18B | $4.26B |
| 47 | AQN | Algonquin Power & Utilities Corp. | Utilities | $0.18B | $4.09B |
| 48 | ALE | ALLETE, Inc. | Utilities | $0.18B | $3.94B |
| 49 | TXNM | TXNM Energy, Inc. | Utilities | $0.17B | $5.94B |
| 50 | CWEN | Clearway Energy, Inc. | Utilities | $0.17B | $6.39B |
| 51 | ENLT | Enlight Renewable Energy Ltd | Utilities | $0.16B | $10.38B |
| 52 | KEN | Kenon Holdings Ltd. | Utilities | $0.15B | $3.43B |
| 53 | CPK | Chesapeake Utilities Corporation | Utilities | $0.14B | $3.13B |
| 54 | MGEE | MGE Energy, Inc. | Utilities | $0.14B | $2.89B |
| 55 | AWR | American States Water Company | Utilities | $0.13B | $3.43B |
| 56 | CWT | California Water Service Group | Utilities | $0.13B | $2.98B |
| 57 | ORA | Ormat Technologies, Inc. | Utilities | $0.13B | $5.84B |
| 58 | HE | Hawaiian Electric Industries, Inc. | Utilities | $0.12B | $1.79B |
| 59 | NWN | Northwest Natural Holding Company | Utilities | $0.11B | $2.04B |
| 60 | SPH | Suburban Propane Partners, L.P. | Utilities | $0.11B | $1.14B |
| 61 | HTO | H2O America | Utilities | $0.10B | $2.62B |
| 62 | RNW | ReNew Energy Global Plc | Utilities | $0.05B | $2.49B |
| 63 | UTL | Unitil Corporation | Utilities | $0.05B | $0.97B |
| 64 | HNRG | Hallador Energy Company | Utilities | $0.04B | $0.72B |
| 65 | CTRI | Centuri Holdings, Inc. | Utilities | $0.02B | $2.04B |
| 66 | YORW | The York Water Company | Utilities | $0.02B | $0.54B |
| 67 | ED | Consolidated Edison, Inc. | Utilities | $0.00B | $39.37B |
| 68 | PCG | PG&E Corporation | Utilities | $0.00B | $30.39B |
| 69 | MSEX | Middlesex Water Company | Utilities | $0.00B | $1.07B |
No companies match this search.
How this ranking is built
Companies are ranked by net income as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.