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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Largest utilities companies by operating income

Operating income is profit from the core business before interest and tax. It strips out financing decisions, so it compares operations rather than balance sheets. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–92 of 92 · Fiscal year 2025 · Data as of September 25, 2026

Cheniere Energy (LNG) tops the list with $9.1B in operating income for fiscal 2025, ahead of Energy Transfer ($9.0B) and Duke Energy ($8.6B). The top 10 together report $73.5B in operating income; the gap between #1 and #10 is ×1.71. 92 companies in Utilities report operating income, 4.3% of the 2135-filer universe. The last place on the list, Montauk Renewables, comes in at $852,000.

Operating income
#CompanyOperating incomeYoY15-year trend
1Cheniere EnergyLNGUS$9.1B+48.7%
2Energy TransferETUS$9.0B−1.2%
3Duke EnergyDUKUS$8.6B+8.8%
4NextEra EnergyNEEUS$8.3B+10.7%
5SouthernSOUS$7.3B+3.1%
6Enterprise Products PartnersEPDUS$7.3B−1.0%
7Edison InternationalEIXUS$7.1B+142.1%
8TC EnergyTRPCA$5.8B−1.1%
9OneokOKEUS$5.7B+15.1%
10American Electric PowerAEPUS$5.3B+23.6%
11Venture GlobalVGUS$5.2B+192.5%
12ExelonEXCUS$5.1B+19.2%
13Pg&EPCGUS$4.7B+6.5%
14Kinder MorganKMIUS$4.7B+7.8%
15Dominion EnergyDUS$4.4B+35.9%
16Waste ManagementWMUS$4.3B+6.0%
17Williams CompaniesWMBUS$4.2B+25.7%
18Cheniere Energy PartnersCQPUS$3.7B+13.0%
19Targa ResourcesTRGPUS$3.3B+23.6%
20Republic ServicesRSGUS$3.3B+3.3%
21EntergyETRUS$3.2B+20.8%
22Constellation EnergyCEGUS$3.1B−29.1%
23Eversource EnergyESUS$3.0B+24.1%
24Public Service EnterprisePEGUS$3.0B+26.6%
25Consolidated EdisonEDUS$2.9B+9.9%
26FortisFTSCA$2.5B+4.0%
27Brookfield InfrastructureBIPCUS$2.3B+1.9%
28Wec EnergyWECUS$2.2B+4.3%
29FirstenergyFEUS$2.2B−7.1%
30PPLPPLUS$2.1B+22.4%
31CenterPoint EnergyCNPUS$2.1B+6.0%
32AmerenAEEUS$2.0B+33.6%
33VistraVSTUS$1.9B−53.3%
34Essential UtilitiesWTRGUS$1.9B+9.4%
35American Water WorksAWKUS$1.9B+9.4%
36NRG EnergyNRGUS$1.8B−23.9%
37NiSourceNIUS$1.8B+26.1%
38SempraSREUS$1.8B−34.1%
39CMS EnergyCMSUS$1.7B+16.1%
40Waste ConnectionsWCNCA$1.7B+60.2%
41Hydro OneHRNNFCA$1.6B+11.5%
42Western Midstream PartnersWESUS$1.6B−18.7%
43Atmos EnergyATOUS$1.6B+15.1%
44EvergyEVRGUS$1.5B+4.4%
45EmeraEMACA$1.4B+79.2%
46Wisconsin Electric PowerWELPPUS$1.2B+10.3%
47UgiUGIUS$1.1B+43.8%
48Pinnacle West CapitalPNWUS$1.1B+5.5%
49Alliant EnergyLNTUS$1.0B+15.7%
50National Fuel GasNFGUS$813M+287.9%
51Oge EnergyOGEUS$799M+7.3%
52Clean HarborsCLHUS$673M+0.5%
53Antero MidstreamAMUS$645M−2.2%
54DT MidstreamDTMUS$614M+25.6%
55Portland General ElectricPORUS$555M+8.4%
56Black HillsBKHUS$538M+6.8%
57SpireSRUS$524M+7.3%
58New Jersey ResourcesNJRUS$509M+11.1%
59Algonquin Power & UtilitiesAQNCA$505M+13.1%
60TXNM EnergyTXNMUS$441M−2.7%
61ArchrockAROCUS$424M+82.3%
62AvistaAVAUS$354M+15.7%
63IdacorpIDAUS$354M+8.0%
64Otter TailOTTRUS$346M−9.1%
65Kodiak Gas ServicesKGSUS$340M+36.3%
66Enlight Renewable EnergyENLTIL$332M+89.2%
67Northwestern EnergyNWEUS$326M+0.8%
68USA Compression PartnersUSACUS$307M+4.1%
69Northwest NaturalNWNUS$281M+47.0%
70Excelerate EnergyEEUS$267M+24.0%
71Chesapeake UtilitiesCPKUS$256M+12.1%
72Hawaiian Electric IndustriesHEUS$235M+$1.9B
73American States WaterAWRUS$203M+10.2%
74H2o AmericaHTOUS$178M+4.1%
75California Water ServiceCWTUS$170M−24.3%
76Ormat TechnologiesORAUS$169M−1.9%
77Kinetik HoldingsKNTKUS$165M−8.0%
78Clearway EnergyCWENUS$160M−18.4%
79UnitilUTLUS$101M+11.7%
80TransaltaTACCA$100M−76.5%
81AesAESUS$96.0M−85.1%
82NGL Energy PartnersNGLUS$94.7M−71.2%
83Centuri HoldingsCTRIUS$92.8M+7.0%
84Casella Waste SystemsCWSTUS$63.7M−12.5%
85Kenon HoldingsKENSG$62.3M+31.2%
86Hallador EnergyHNRGUS$61.1M+$279M
87Middlesex WaterMSEXUS$54.4M+2.2%
88Via RenewablesVIASPUS$53.5M−36.4%
89Genie EnergyGNEUS$27.7M−38.3%
90Consolidated WaterCWCOKY$18.4M+0.4%
91Opal FuelsOPALUS$7.4M−65.1%
92Montauk RenewablesMNTKUS$852,000−94.7%

All figures from SEC filings · FY2025 · 92

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<p style="max-width:680px;font:13px system-ui,sans-serif">Source: <a href="https://companiesranked.com/en/largest-utilities-companies-by-operating-income">Largest utilities companies by operating income</a> — CompaniesRanked, compiled from SEC EDGAR filings</p>

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{{cite web |title=Largest utilities companies by operating income |url=https://companiesranked.com/en/largest-utilities-companies-by-operating-income |website=CompaniesRanked |date=2026-09-25 |language=en}}

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CompaniesRanked. (September 25, 2026). Largest utilities companies by operating income. CompaniesRanked. https://companiesranked.com/en/largest-utilities-companies-by-operating-income

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@misc{companiesranked-en-largest-utilities-companies-by-operating-income-2026,
  author       = {{CompaniesRanked}},
  title        = {{Largest utilities companies by operating income}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/largest-utilities-companies-by-operating-income}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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