Top Utilities Stocks by Revenue
Top utilities companies ranked by revenue, latest annual filings.
What Revenue Means for Utilities Companies
Revenue in utilities is dollars billed to customers for regulated electricity, gas, or water service, along with smaller amounts from unregulated generation and energy services. Because most utility revenue flows through rate structures set by state commissions, the top line grows largely in line with the approved rate base, customer count, and allowed pass-through of fuel costs, rather than through market pricing decisions.
Why It Matters in Utilities
Utility revenue is typically among the most stable in the market because regulated monopoly service areas and cost-of-service ratemaking produce predictable cash flows that support long reinvestment cycles. Still, revenue growth is constrained by regulation: commissions ultimately decide how much of a utility's capital investment earns a return, and adverse rulings, disallowed costs, or slower-than-expected rate-case outcomes can compress top-line growth even as the company keeps spending capex.
What to Read Alongside
Pair revenue with Capex to understand rate-base growth that drives future earnings, Free Cash Flow for self-funding capacity against dividend commitments, and Debt since leverage is structurally high and shapes financial flexibility.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | DUK | Duke Energy Corporation | Utilities | $31.74B | $91.02B |
| 2 | NRG | NRG Energy, Inc. | Utilities | $30.71B | $21.71B |
| 3 | SO | The Southern Company | Utilities | $29.55B | $98.31B |
| 4 | NEE | NextEra Energy, Inc. | Utilities | $25.80B | $166.11B |
| 5 | CEG | Constellation Energy Corporation | Utilities | $25.53B | $92.87B |
| 6 | PCG | PG&E Corporation | Utilities | $24.93B | $38.85B |
| 7 | EXC | Exelon Corporation | Utilities | $24.26B | $43.25B |
| 8 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $23.10B | $16.49B |
| 9 | AEP | American Electric Power Company, Inc. | Utilities | $21.88B | $65.34B |
| 10 | EIX | Edison International | Utilities | $19.32B | $21.15B |
| 11 | VST | Vistra Corp. | Utilities | $17.74B | $47.25B |
| 12 | ED | Consolidated Edison, Inc. | Utilities | $16.92B | $38.41B |
| 13 | D | Dominion Energy, Inc. | Utilities | $16.51B | $55.25B |
| 14 | FE | FirstEnergy Corp. | Utilities | $15.09B | $26.19B |
| 15 | SRE | Sempra | Utilities | $13.70B | $53.10B |
| 16 | ES | Eversource Energy | Utilities | $13.55B | $25.20B |
| 17 | ETR | Entergy Corporation | Utilities | $12.95B | $48.53B |
| 18 | AES | The AES Corporation | Utilities | $12.23B | $10.58B |
| 19 | PEG | Public Service Enterprise Group Incorporated | Utilities | $12.17B | $34.55B |
| 20 | WEC | WEC Energy Group, Inc. | Utilities | $9.80B | $33.72B |
| 21 | CNP | CenterPoint Energy, Inc. | Utilities | $9.36B | $25.02B |
| 22 | PPL | PPL Corporation | Utilities | $9.04B | $24.87B |
| 23 | AEE | Ameren Corporation | Utilities | $8.80B | $28.19B |
| 24 | CMS | CMS Energy Corporation | Utilities | $8.54B | $20.29B |
| 25 | UGI | UGI Corporation | Utilities | $7.29B | $7.99B |
| 26 | NI | NiSource Inc. | Utilities | $6.52B | $19.43B |
| 27 | BEP | Brookfield Renewable Partners L.P. | Utilities | $6.41B | $8.92B |
| 28 | EVRG | Evergy, Inc. | Utilities | $5.96B | $18.27B |
| 29 | PNW | Pinnacle West Capital Corporation | Utilities | $5.34B | $11.31B |
| 30 | AWK | American Water Works Company, Inc. | Utilities | $5.12B | $26.62B |
| 31 | WTRG | Essential Utilities, Inc. | Utilities | $5.12B | $11.49B |
| 32 | ATO | Atmos Energy Corporation | Utilities | $4.70B | $26.75B |
| 33 | ENIC | Enel Chile S.A. | Utilities | $4.51B | $5.96B |
| 34 | LNT | Alliant Energy Corporation | Utilities | $4.36B | $16.85B |
| 35 | BEPC | Brookfield Renewable Corporation | Utilities | $3.73B | $5.56B |
| 36 | BIPC | Brookfield Infrastructure Corporation | Utilities | $3.67B | $4.45B |
| 37 | POR | Portland General Electric Company | Utilities | $3.58B | $5.54B |
| 38 | OGE | OGE Energy Corp. | Utilities | $3.26B | $9.31B |
| 39 | HE | Hawaiian Electric Industries, Inc. | Utilities | $3.09B | $1.65B |
| 40 | CTRI | Centuri Holdings, Inc. | Utilities | $2.98B | $2.05B |
| 41 | TLN | Talen Energy Corporation | Utilities | $2.58B | $14.37B |
| 42 | SR | Spire Inc. | Utilities | $2.48B | $4.71B |
| 43 | AQN | Algonquin Power & Utilities Corp. | Utilities | $2.43B | $4.03B |
| 44 | BKH | Black Hills Corporation | Utilities | $2.31B | $5.49B |
| 45 | FLNC | Fluence Energy, Inc. | Utilities | $2.26B | $1.06B |
| 46 | TXNM | TXNM Energy, Inc. | Utilities | $2.17B | $6.45B |
| 47 | AVA | Avista Corporation | Utilities | $1.96B | $3.02B |
| 48 | MDU | MDU Resources Group, Inc. | Utilities | $1.88B | $3.90B |
| 49 | IDA | IDACORP, Inc. | Utilities | $1.75B | $7.55B |
| 50 | NWE | NorthWestern Energy Group, Inc. | Utilities | $1.61B | $4.30B |
| 51 | ALE | ALLETE, Inc. | Utilities | $1.53B | $3.94B |
| 52 | SPH | Suburban Propane Partners, L.P. | Utilities | $1.43B | $1.13B |
| 53 | CWEN | Clearway Energy, Inc. | Utilities | $1.43B | $6.34B |
| 54 | NJR | New Jersey Resources Corporation | Utilities | $1.35B | $5.37B |
| 55 | NWN | Northwest Natural Holding Company | Utilities | $1.29B | $2.02B |
| 56 | XIFR | XPLR Infrastructure, LP | Utilities | $1.19B | $1.02B |
| 57 | RNW | ReNew Energy Global Plc | Utilities | $1.14B | $2.49B |
| 58 | ORA | Ormat Technologies, Inc. | Utilities | $0.99B | $5.94B |
| 59 | CWT | California Water Service Group | Utilities | $0.96B | $2.92B |
| 60 | CPK | Chesapeake Utilities Corporation | Utilities | $0.93B | $3.16B |
| 61 | KEN | Kenon Holdings Ltd. | Utilities | $0.87B | $3.44B |
| 62 | HTO | H2O America | Utilities | $0.80B | $2.62B |
| 63 | AWR | American States Water Company | Utilities | $0.66B | $3.36B |
| 64 | UTL | Unitil Corporation | Utilities | $0.54B | $0.95B |
| 65 | ENLT | Enlight Renewable Energy Ltd | Utilities | $0.49B | $10.54B |
| 66 | HNRG | Hallador Energy Company | Utilities | $0.47B | $0.71B |
| 67 | NRGV | Energy Vault Holdings, Inc. | Utilities | $0.20B | $0.85B |
| 68 | MSEX | Middlesex Water Company | Utilities | $0.19B | $1.04B |
| 69 | YORW | The York Water Company | Utilities | $0.08B | $0.52B |
No companies match this search.
How this ranking is built
Companies are ranked by revenue 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.