EPI Utility Profit Tracker

How Much Do Utilities Profit from Your Electric Bill?

By Shelby Green, Sue Sturgis, and Daniel Tait

Enter your monthly electric bill to see how much your utility keeps as profit.

$
of your bill goes to profit
Profit
Costs (generation, delivery, etc.)
% of Your Bill to Profit
Total Net Income (2021-2025)
National Rank (by % of bill)
Compared to Your Region
How much of your bill goes to profit, compared to other utilities in the same part of the country.
Your utility
Other utilities
National Comparison
Your utility ranked against all tracked utilities. Each bar shows the share of a bill that goes to profit.
Sort
To profit
Costs
Your utility
All Utilities: % of Bill Over Time
Each dot is one utility in one year. Your utility is highlighted.
Distribution: % of Bill to Profit
How many utilities fall into each bill-to-profit percentage range. Your utility's range is highlighted.
Other utilities
Your utility's range
Disclaimer: This tool is for educational purposes. Data spans January 1, 2021 to December 31, 2025, and is from the Securities and Exchange Commission and the Federal Energy Regulatory Commission. "Profit" refers to reported net income. See methodology for details.
© 2026 Energy and Policy Institute. All rights reserved. Data: SEC 10-K & FERC Form 1 filings

About This Tool

The EPI Utility Profit Tracker is an interactive tool built by the Energy and Policy Institute that shows how much of a customer's monthly electric bill goes to their utility company's profits. It draws on publicly available financial filings to help consumers, journalists, regulators, and researchers understand utility profitability.

For more information on how utility profits work, read our report.

Data Sources

Financial data comes from two primary sources, depending on the utility's ownership structure:

SEC 10-K Annual Reports
Investor-owned utilities that are publicly traded (or are subsidiaries of publicly traded companies) file annual 10-K reports with the U.S. Securities and Exchange Commission. These consolidated reports include total revenue and net income for the regulated electric utility segment where available.
FERC Form 1
Where a 10-K did not have the required data, we used data from the utility's Form 1 filing to the Federal Energy Regulatory Commission. The Form 1 is an annual financial report that all utilities meeting applicable size thresholds are required to submit to FERC, and it provides operating company-level detail that some consolidated SEC filings may obscure or that some utilities are not required to file. For instance, some utilities are owned by parent companies based outside the United States and may not be required to file a 10-K.

Similarly, utilities acquired by private equity or foreign holding companies may have limited or no SEC filing data for recent years.

Each utility's record indicates which filing type was used. Where possible, we used SEC 10-K data because it reflects the consolidated financial picture. We used FERC Form 1 as a complement or alternative for utilities without separate SEC filings.

What "Profit" Means

Throughout this tool, "profit" refers to net income — the amount remaining after all operating expenses, taxes, depreciation, interest, and other costs have been subtracted from total revenue. It is the bottom-line figure reported in each utility's financial filings.

The Profit % on Bill is calculated as:

Profit % = Net Income / Total Revenue

When you enter your monthly bill amount, the tool multiplies it by the utility's profit percentage to estimate how much of that bill represents profit.

Years Covered

EPI collected financial data for 110 investor-owned electric utilities providing service in the United States for the years 2021 through 2024, and for 79 utilities that reported 2025 results to the SEC in time for inclusion in this analysis.

Not all utilities have data for every year. Missing years may be due to delayed filings, corporate restructuring, or data not yet being available at the time of our last update.

Update Schedule

Data is updated after annual financial filings become available, typically in the first half of the year following the fiscal year. SEC 10-K filings are generally available by March; FERC Form 1 filings may follow later. EPI will update 2025 numbers in late April when FERC Form 1 filings are completed.

Known Limitations

  • This tool covers investor-owned electric utilities only. Municipal utilities, rural electric cooperatives, and federal power agencies are not included. These are non-profit entities.
  • Gas-only utilities are excluded. Utilities included are those with significant electric operations, though some may also have gas divisions reflected in their financials.
  • Profit percentages on the bill can fluctuate significantly year to year due to weather events, fuel costs, rate case outcomes, asset write-downs, or one-time charges. A single year's margin may not be representative of long-term trends.
  • The "profit from your bill" calculation is an estimate. Actual profit allocation varies based on customer class (residential, commercial, industrial), rate structure, and jurisdiction.

Questions or Corrections

If you believe any data is incorrect or have questions about methodology, please contact the Energy and Policy Institute at info@energyandpolicy.org.