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

Largest utilities companies by shareholders' equity

Shareholders' equity is what remains after subtracting liabilities from assets — the accounting book value of the company, not its market value. 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

NextEra Energy (NEE) tops the list with $54.6B in shareholders' equity for fiscal 2025, ahead of Duke Energy ($51.8B) and Energy Transfer ($49.0B). The top 10 together report $376B in shareholders' equity; the gap between #1 and #10 is ×1.90. 92 companies in Utilities report shareholders' equity, 3.5% of the 2599-filer universe. The last place on the list, Quest Resource, comes in at $40.5M.

Shareholders' equity
#CompanyShareholders' equityYoY15-year trend
1NextEra EnergyNEEUS$54.6B+9.0%
2Duke EnergyDUKUS$51.8B+3.4%
3Energy TransferETUS$49.0B+6.5%
4SouthernSOUS$36.0B+8.5%
5Pg&EPCGUS$32.5B+7.9%
6SempraSREUS$31.6B+1.2%
7Kinder MorganKMIUS$31.2B+2.1%
8American Electric PowerAEPUS$31.1B+15.6%
9Dominion EnergyDUS$29.1B+8.3%
10ExelonEXCUS$28.8B+7.0%
11Consolidated EdisonEDUS$24.2B+10.1%
12OneokOKEUS$22.5B+32.0%
13TC EnergyTRPCA$19.9B+4.0%
14Edison InternationalEIXUS$17.6B+12.9%
15FortisFTSCA$17.4B+5.1%
16Public Service EnterprisePEGUS$17.0B+5.4%
17EntergyETRUS$16.9B+12.2%
18Eversource EnergyESUS$16.2B+7.7%
19PPLPPLUS$14.9B+5.7%
20Constellation EnergyCEGUS$14.5B+10.3%
21Atmos EnergyATOUS$14.3B+11.8%
22Wec EnergyWECUS$14.1B+9.8%
23AmerenAEEUS$13.4B+10.6%
24Williams CompaniesWMBUS$12.8B+3.0%
25FirstenergyFEUS$12.5B+0.4%
26Republic ServicesRSGUS$12.0B+4.9%
27CenterPoint EnergyCNPUS$11.2B+4.6%
28XPLR InfrastructureXIFRUS$10.9B−15.3%
29American Water WorksAWKUS$10.8B+4.9%
30EvergyEVRGUS$10.2B+2.7%
31Waste ManagementWMUS$10.0B+21.1%
32EmeraEMACA$9.8B+5.9%
33NiSourceNIUS$9.5B+8.8%
34Hydro OneHRNNFCA$9.2B+9.9%
35CMS EnergyCMSUS$9.1B+11.1%
36Waste ConnectionsWCNCA$8.2B+4.9%
37Cheniere EnergyLNGUS$7.9B+38.9%
38Alliant EnergyLNTUS$7.3B+4.7%
39Pinnacle West CapitalPNWUS$7.0B+4.3%
40Essential UtilitiesWTRGUS$6.9B+10.6%
41Wisconsin Electric PowerWELPPUS$6.8B+23.1%
42Venture GlobalVGUS$6.7B+132.8%
43Clearway EnergyCWENUS$5.8B+4.4%
44GFL EnvironmentalGFLUS$5.3B+10.0%
45VistraVSTUS$5.1B−8.5%
46UgiUGIUS$5.0B+9.2%
47Oge EnergyOGEUS$5.0B+7.2%
48DT MidstreamDTMUS$4.7B+2.4%
49Algonquin Power & UtilitiesAQNCA$4.6B−1.4%
50Portland General ElectricPORUS$4.1B+8.9%
51AesAESUS$4.1B+11.5%
52Brookfield Renewable PartnersBEPBM$4.0B+10.2%
53Black HillsBKHUS$3.8B+9.2%
54National Fuel GasNFGUS$3.6B+$3.7B
55SpireSRUS$3.4B+3.7%
56TXNM EnergyTXNMUS$3.4B+34.2%
57IdacorpIDAUS$3.3B+14.6%
58Targa ResourcesTRGPUS$3.1B+18.3%
59Northwestern EnergyNWEUS$2.9B+1.0%
60Clean HarborsCLHUS$2.7B+6.7%
61AvistaAVAUS$2.7B+4.6%
62Ormat TechnologiesORAUS$2.5B+4.9%
63New Jersey ResourcesNJRUS$2.5B+6.9%
64Excelerate EnergyEEUS$2.2B+18.0%
65Antero MidstreamAMUS$2.0B−6.8%
66Otter TailOTTRUS$1.9B+11.6%
67California Water ServiceCWTUS$1.7B+3.3%
68Enlight Renewable EnergyENLTIL$1.7B+43.0%
69NRG EnergyNRGUS$1.7B−32.2%
70Hawaiian Electric IndustriesHEUS$1.6B+8.6%
71Chesapeake UtilitiesCPKUS$1.6B+15.0%
72Kenon HoldingsKENSG$1.6B−1.2%
73Casella Waste SystemsCWSTUS$1.6B+1.2%
74H2o AmericaHTOUS$1.5B+12.7%
75ArchrockAROCUS$1.5B+12.7%
76Northwest NaturalNWNUS$1.5B+6.5%
77Kodiak Gas ServicesKGSUS$1.2B−12.1%
78Talen EnergyTLNUS$1.1B−21.2%
79American States WaterAWRUS$1.0B+13.6%
80TransaltaTACCA$1.0B−15.8%
81Centuri HoldingsCTRIUS$873M+57.1%
82UnitilUTLUS$610M+18.9%
83Clean Energy FuelsCLNEUS$559M−21.6%
84Summit MidstreamSMCUS$546M+16.8%
85Middlesex WaterMSEXUS$494M+11.0%
86Montauk RenewablesMNTKUS$263M+2.2%
87Genie EnergyGNEUS$251M+1.9%
88Consolidated WaterCWCOKY$222M+5.6%
89New Fortress EnergyNFEUS$183M−90.3%
90Hallador EnergyHNRGUS$160M+53.3%
91Via RenewablesVIASPUS$67.7M+1.4%
92Quest ResourceQRHCUS$40.5M−25.2%

All figures from SEC filings · FY2025 · 92

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

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

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

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