CompaniesRanked

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

Utilities companies with the highest operating margin

Operating margin is operating income divided by revenue. Only companies with at least $1 billion in revenue are ranked here. 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 1–76 of 76 · Fiscal year 2025 · Data as of September 25, 2026

Only companies with at least $1bn in revenue are ranked.

Brookfield Infrastructure (BIPC) tops the list with 61.5% in operating margin for fiscal 2025, ahead of Antero Midstream (54.2%) and TC Energy (52.7%). Across the top 10, operating margin ranges from 61.5% down to 36.7%. 76 companies in Utilities report operating margin, 5.1% of the 1486-filer universe. The last place on the list, Aes, comes in at 0.8%.

Operating margin
#CompanyOperating marginYoY15-year trend
1Brookfield InfrastructureBIPCUS61.5%+1.8%
2Antero MidstreamAMUS54.2%−9.0%
3TC EnergyTRPCA52.7%−8.8%
4DT MidstreamDTMUS49.4%−0.9%
5Cheniere EnergyLNGUS45.6%+16.9%
6Western Midstream PartnersWESUS41.7%−23.8%
7New Jersey ResourcesNJRUS37.7%+1.1%
8Venture GlobalVGUS37.4%+5.6%
9Edison InternationalEIXUS36.7%+120.6%
10Essential UtilitiesWTRGUS36.7%−0.6%
11American Water WorksAWKUS36.7%−0.6%
12National Fuel GasNFGUS35.7%+231.2%
13Cheniere Energy PartnersCQPUS34.4%−8.6%
14Atmos EnergyATOUS33.2%+1.9%
15NextEra EnergyNEEUS32.1%+0.8%
16FortisFTSCA28.7%+0.3%
17ArchrockAROCUS28.4%+41.7%
18Williams CompaniesWMBUS28.2%+6.5%
19NiSourceNIUS28.1%+2.1%
20Kinder MorganKMIUS27.9%−3.9%
21Duke EnergyDUKUS27.2%+3.0%
22Dominion EnergyDUS26.7%+19.0%
23Otter TailOTTRUS26.5%−7.2%
24Wisconsin Electric PowerWELPPUS26.1%−2.3%
25Kodiak Gas ServicesKGSUS26.0%+20.8%
26EvergyEVRGUS25.7%+2.4%
27Hydro OneHRNNFCA24.8%+6.8%
28EntergyETRUS24.7%+10.8%
29SouthernSOUS24.7%−6.8%
30Oge EnergyOGEUS24.5%−1.8%
31Public Service EnterprisePEGUS24.5%+7.1%
32American Electric PowerAEPUS24.3%+12.8%
33Alliant EnergyLNTUS23.5%+5.6%
34Black HillsBKHUS23.3%−1.6%
35PPLPPLUS23.2%+12.9%
36AmerenAEEUS23.0%+15.8%
37Wec EnergyWECUS22.9%−8.5%
38CenterPoint EnergyCNPUS22.5%−2.1%
39EmeraEMACA22.5%+50.0%
40Eversource EnergyESUS22.1%+9.0%
41Northwest NaturalNWNUS21.8%+31.4%
42Excelerate EnergyEEUS21.7%−14.0%
43ExelonEXCUS21.2%+13.2%
44SpireSRUS21.2%+12.3%
45Algonquin Power & UtilitiesAQNCA20.7%+7.8%
46TXNM EnergyTXNMUS20.4%−11.4%
47IdacorpIDAUS20.3%+9.3%
48Northwestern EnergyNWEUS20.2%−5.3%
49CMS EnergyCMSUS20.2%+2.2%
50Pinnacle West CapitalPNWUS20.0%+1.2%
51Targa ResourcesTRGPUS19.6%+18.9%
52Pg&EPCGUS19.0%+4.3%
53Waste ConnectionsWCNCA18.1%+50.9%
54AvistaAVAUS18.0%+14.2%
55Republic ServicesRSGUS17.4%+0.0%
56Consolidated EdisonEDUS17.2%−0.3%
57Waste ManagementWMUS17.1%−7.2%
58OneokOKEUS17.1%−25.8%
59Portland General ElectricPORUS15.5%+4.3%
60UgiUGIUS15.2%+42.2%
61FirstenergyFEUS14.6%−17.1%
62Enterprise Products PartnersEPDUS13.8%+5.8%
63SempraSREUS13.1%−36.5%
64Constellation EnergyCEGUS12.1%−34.5%
65Clearway EnergyCWENUS11.2%−21.7%
66Clean HarborsCLHUS11.2%−1.9%
67VistraVSTUS10.7%−54.6%
68Energy TransferETUS10.6%−4.5%
69Kinetik HoldingsKNTKUS9.3%−22.7%
70Hawaiian Electric IndustriesHEUS7.6%+60.6 pp
71NRG EnergyNRGUS6.0%−30.3%
72TransaltaTACCA5.8%−71.7%
73Casella Waste SystemsCWSTUS3.5%−25.8%
74Centuri HoldingsCTRIUS3.1%−5.4%
75NGL Energy PartnersNGLUS3.0%−68.4%
76AesAESUS0.8%−86.8%

All figures from SEC filings · FY2025 · 76

see sources

Download this data as a CSV →

Embed this table

Free to use on any site. The table updates itself whenever the data is rebuilt — you paste it once. The only condition is that you keep the credit line below the table, so readers can reach the source.

<iframe src="https://companiesranked.com/embed/en/utilities-companies-with-the-highest-operating-margin" title="Utilities companies with the highest operating margin" width="100%" height="478" loading="lazy" style="max-width:680px;border:1px solid #e5e2dc;border-radius:6px"></iframe>
<p style="max-width:680px;font:13px system-ui,sans-serif">Source: <a href="https://companiesranked.com/en/utilities-companies-with-the-highest-operating-margin">Utilities companies with the highest operating margin</a> — CompaniesRanked, compiled from SEC EDGAR filings</p>

Open the embed on its own →

Cite this page

Ready-made references for the figures on this page, as published on September 25, 2026.

Wikipedia

{{cite web |title=Utilities companies with the highest operating margin |url=https://companiesranked.com/en/utilities-companies-with-the-highest-operating-margin |website=CompaniesRanked |date=2026-09-25 |language=en}}

APA 7

CompaniesRanked. (September 25, 2026). Utilities companies with the highest operating margin. CompaniesRanked. https://companiesranked.com/en/utilities-companies-with-the-highest-operating-margin

BibTeX

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

The figures are rebuilt with every data refresh, so the reference carries the publication date. Add your own access date if your style requires one.

Companies with the highest operating margin →

By sector

By country