CompaniesRanked

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

Utilities companies with the most long-term debt

Long-term debt is borrowing due more than a year out. A large figure is normal for capital-intensive businesses and says nothing on its own about financial health. 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 1–97 of 97 · Fiscal year 2025 · Data as of September 25, 2026

NextEra Energy (NEE) tops the list with $89.6B in long-term debt for fiscal 2025, ahead of Duke Energy ($80.1B) and Energy Transfer ($68.3B). The top 10 together report $568B in long-term debt; the gap between #1 and #10 is ×2.68. 97 companies in Utilities report long-term debt, 4.3% of the 2263-filer universe. The last place on the list, Consolidated Water, comes in at $25,954.

Long-term debt
#CompanyLong-term debtYoY15-year trend
1NextEra EnergyNEEUS$89.6B+23.7%
2Duke EnergyDUKUS$80.1B+4.9%
3Energy TransferETUS$68.3B+14.3%
4SouthernSOUS$65.6B+11.7%
5Pg&EPCGUS$57.4B+7.1%
6ExelonEXCUS$47.4B+10.4%
7Dominion EnergyDUS$46.3B+17.8%
8American Electric PowerAEPUS$44.1B+12.3%
9Edison InternationalEIXUS$36.1B+7.6%
10Venture GlobalVGUS$33.4B+14.8%
11Enterprise Products PartnersEPDUS$32.8B+6.6%
12Kinder MorganKMIUS$30.8B+3.0%
13OneokOKEUS$30.8B−0.8%
14SempraSREUS$29.0B−8.2%
15EntergyETRUS$27.9B+4.8%
16Williams CompaniesWMBUS$27.3B+10.4%
17Eversource EnergyESUS$26.9B+4.6%
18Consolidated EdisonEDUS$25.6B+3.4%
19FirstenergyFEUS$25.5B+13.4%
20Cheniere EnergyLNGUS$22.5B−0.2%
21FortisFTSCA$22.4B+3.4%
22Waste ManagementWMUS$22.2B−1.5%
23Public Service EnterprisePEGUS$21.7B+14.3%
24CenterPoint EnergyCNPUS$20.6B+0.8%
25Wec EnergyWECUS$18.5B+7.7%
26AmerenAEEUS$18.2B+5.5%
27PPLPPLUS$18.0B+12.8%
28CMS EnergyCMSUS$17.8B+17.2%
29Targa ResourcesTRGPUS$17.4B+23.0%
30VistraVSTUS$17.0B+4.6%
31NRG EnergyNRGUS$16.4B+67.3%
32NiSourceNIUS$15.5B+28.0%
33Cheniere Energy PartnersCQPUS$14.2B−4.1%
34Republic ServicesRSGUS$13.7B+6.8%
35EmeraEMACA$13.5B+6.7%
36Hydro OneHRNNFCA$13.2B+16.4%
37EvergyEVRGUS$13.0B+10.4%
38American Water WorksAWKUS$12.8B+2.1%
39Alliant EnergyLNTUS$11.0B+26.2%
40Atmos EnergyATOUS$9.6B+13.6%
41Pinnacle West CapitalPNWUS$9.2B+14.2%
42Waste ConnectionsWCNCA$8.8B+9.1%
43Western Midstream PartnersWESUS$8.2B+18.3%
44Essential UtilitiesWTRGUS$8.1B+10.1%
45Clearway EnergyCWENUS$7.9B+17.0%
46Constellation EnergyCEGUS$7.3B−1.8%
47Talen EnergyTLNUS$6.8B+127.1%
48Algonquin Power & UtilitiesAQNCA$6.2B−0.6%
49UgiUGIUS$6.0B−9.6%
50XPLR InfrastructureXIFRUS$5.4B+18.0%
51GFL EnvironmentalGFLUS$5.4B−11.9%
52Oge EnergyOGEUS$5.4B+6.9%
53TXNM EnergyTXNMUS$5.1B+18.7%
54Black HillsBKHUS$4.7B+10.6%
55Portland General ElectricPORUS$4.7B+7.1%
56Wisconsin Electric PowerWELPPUS$4.5B+21.1%
57SpireSRUS$4.4B+20.3%
58Kinetik HoldingsKNTKUS$3.7B+7.8%
59Brookfield Renewable PartnersBEPBM$3.5B+12.9%
60IdacorpIDAUS$3.3B+9.1%
61DT MidstreamDTMUS$3.3B+0.2%
62New Jersey ResourcesNJRUS$3.3B+9.5%
63Antero MidstreamAMUS$3.2B+3.4%
64Northwestern EnergyNWEUS$3.2B+18.0%
65NGL Energy PartnersNGLUS$2.9B−5.0%
66TC EnergyTRPCA$2.8B+40.0%
67Clean HarborsCLHUS$2.8B−0.3%
68Ormat TechnologiesORAUS$2.7B+13.5%
69Kodiak Gas ServicesKGSUS$2.6B−1.0%
70USA Compression PartnersUSACUS$2.5B+0.9%
71TransaltaTACCA$2.5B+11.0%
72ArchrockAROCUS$2.4B+9.7%
73Hawaiian Electric IndustriesHEUS$2.3B−15.1%
74AvistaAVAUS$2.3B+20.2%
75Northwest NaturalNWNUS$2.3B+35.3%
76National Fuel GasNFGUS$2.1B−4.8%
77H2o AmericaHTOUS$1.9B+9.4%
78Kenon HoldingsKENSG$1.7B+39.7%
79California Water ServiceCWTUS$1.5B+33.3%
80Chesapeake UtilitiesCPKUS$1.3B+5.2%
81Casella Waste SystemsCWSTUS$1.1B+3.5%
82New Fortress EnergyNFEUS$1.1B−86.8%
83Summit MidstreamSMCUS$1.0B+4.8%
84Otter TailOTTRUS$964M+2.1%
85Excelerate EnergyEEUS$913M+218.3%
86American States WaterAWRUS$783M+22.2%
87Centuri HoldingsCTRIUS$708M−16.1%
88UnitilUTLUS$633M−0.9%
89Middlesex WaterMSEXUS$379M+7.4%
90Opal FuelsOPALUS$361M+26.8%
91Clean Energy FuelsCLNEUS$227M−14.5%
92Montauk RenewablesMNTKUS$126M+187.9%
93Via RenewablesVIASPUS$120M+13.2%
94Quest ResourceQRHCUS$64.0M−16.1%
95Hallador EnergyHNRGUS$29.7M−20.6%
96Genie EnergyGNEUS$6.5M−24.7%
97Consolidated WaterCWCOKY$25,954−63.1%

All figures from SEC filings · FY2025 · 97

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

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

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