Financial Performance - Duke Energy's adjusted EPS for Q2 2025 was $1.25, up from $1.18 in Q2 2024, driven by new rates and riders despite higher operational and maintenance expenses [389]. - Duke Energy's GAAP reported EPS for Q2 2025 was $1.25, compared to $1.13 in Q2 2024, reflecting improved operational performance [388]. - GAAP reported earnings for the three months ended June 30, 2025, were $971 million, with an EPS of $1.25, compared to $886 million and $1.13 for the same period in 2024, reflecting a 9.6% increase in earnings and a 10.6% increase in EPS [391]. - For the six months ended June 30, 2025, GAAP reported EPS was $3.00, up from $2.57 in 2024, marking a 16.7% increase [392]. - Adjusted EPS for the six months ended June 30, 2025, was $3.00, compared to $2.62 in 2024, driven by new rates, higher sales volumes, and favorable weather [393]. - Operating revenues for the three months ended June 30, 2025, were $7,045 million, an increase of $225 million from $6,820 million in 2024 [400]. - Total operating expenses for the three months ended June 30, 2025, were $5,264 million, a slight increase of $116 million from $5,148 million in 2024 [400]. - Segment income for Electric Utilities and Infrastructure for the three months ended June 30, 2025, was $1,194 million, up from $1,090 million in 2024, reflecting an increase of $104 million [400]. - Operating revenues for the six months ended June 30, 2025, increased by $350 million to $1,633 million compared to $1,283 million in 2024, a growth of 27.3% [414]. - Net income for Duke Energy Progress increased by $111 million (22.4%) to $606 million for the six months ended June 30, 2025 [442]. - Duke Energy Florida's net income rose by $90 million (18.4%) to $578 million for the same period [448]. Capital Expenditures and Investments - Duke Energy entered into an Investment Agreement to receive $6 billion for a 19.7% indirect investment in Duke Energy Florida, expected to close by mid-2028 [371]. - The sale of Piedmont's Tennessee Business to Spire, Inc. for $2.48 billion is anticipated to complete in Q1 2026, supporting Duke Energy's $87 billion capital plan for 2025-2029 [371]. - Duke Energy's capital plan for 2025-2029 aims to limit the need for additional long-term debt or common equity through 2029 [371]. - Capital expenditures for the six months ended June 30, 2025, were $6,428 million, an increase of $216 million compared to $6,212 million in 2024 [481]. - Duke Energy expects to complete the sale of Piedmont's Tennessee Business for $2.48 billion in Q1 2026, with proceeds aimed at debt reduction and funding capital plans [471]. - Duke Energy's Master Credit Facility was extended to March 2030 with increased capacity from $9 billion to $10 billion, providing sufficient liquidity for funding needs [469]. Regulatory and Legal Matters - The company is pursuing cost recovery for future expenditures through normal ratemaking processes, including regulatory challenges related to the 2024 CCR Rule [377]. - Duke Energy is participating in legal challenges to EPA Rule 111, which regulates GHG emissions from power plants, with ongoing litigation in the U.S. Court of Appeals [485]. - The EPA issued the 2024 CCR Rule, expanding regulatory requirements for inactive surface impoundments, with Duke Energy filing a petition to challenge it on August 6, 2024 [486]. - The South Carolina Energy Security Act, signed on May 12, 2025, promotes new generation resources and establishes a rate stabilization mechanism for electric utilities [487]. - North Carolina's Power Bill Reduction Act, passed on July 29, 2025, retains the 2050 carbon neutrality goal but eliminates the interim 2030 carbon reduction target, focusing on reducing electricity costs [488]. - The North Carolina Senate Bill 266 enhances cost recovery mechanisms for baseload generation and allows for timely recovery of fuel costs [488]. - Duke Energy anticipates cost recovery for future expenditures through the normal ratemaking process with federal and state utility commissions [486]. - The 2024 CCR Rule case is currently in a 120-day abeyance, with a potential 60-day extension granted for further review [486]. Operational Highlights - The company expects to recover approximately $1.1 billion in storm costs over 12 months starting March 2025, following significant damage from hurricanes Debby, Helene, and Milton [373]. - Duke Energy's nuclear site Oconee received renewed licenses allowing operation until 2053 and 2054, marking a significant milestone for the company [373]. - In June 2025, Amazon announced a planned $10 billion investment in a new high-tech campus in North Carolina, highlighting Duke Energy's role in regional economic development [374]. - The company is actively monitoring supply chain stability and potential impacts from public policy changes on its capital plan execution [380]. - The effective tax rates (ETR) for the three months ended June 30, 2025, and 2024, were 14.1% and 16.1%, respectively, indicating a decrease in ETR due to increased amortization of tax credits [407]. - Interest expense for the three months ended June 30, 2025, was $535 million, an increase of $47 million from $488 million in 2024, primarily due to higher outstanding debt balances [400]. - The cost of natural gas increased by $80 million for the three months ended June 30, 2025, primarily due to higher capacity charges, while total operating expenses rose by $111 million to $440 million [414][417]. - Operating income for the three months ended June 30, 2025, was $53 million, slightly up from $52 million in 2024, indicating a marginal increase of 1.9% [414]. - The effective tax rate (ETR) for the three months ended June 30, 2025, was (200)%, down from 25% in 2024, primarily due to lower state tax expenses [415]. - Residential deliveries increased by 9.3%, commercial deliveries by 14.3%, and total throughput deliveries by 5.4% compared to the prior year [464].

Core Insights - Duke Energy Corporation (DUK) reported second-quarter 2025 earnings of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.19 by 5% and reflecting a 10.6% increase from $1.13 in the same quarter last year, primarily due to new rates and riders [1][9] Revenue Performance - Total operating revenues reached $7.51 billion, a 4.7% increase from $7.17 billion in the prior year, surpassing the Zacks Consensus Estimate of $7.34 billion by 2.3% [2][9] - The Regulated electric unit generated operating revenues of $6.97 billion, up 3.3% year over year, contributing 92.8% to total revenues [2] - Revenues from the Regulated natural gas business increased significantly by 33.1% year over year to $462 million [2] Expense and Income Analysis - Total operating expenses were $5.69 billion, up 4% year over year, driven by higher costs in natural gas, operation, maintenance, depreciation, and property taxes [4] - Operating income rose 7.2% to $1.83 billion from $1.71 billion in the previous year [4] Segment Performance - Electric Utilities & Infrastructure segment earnings increased to $1,194 million from $1,090 million in the second quarter of 2024 [6] - Gas Utilities & Infrastructure segment earnings remained stable at $6 million, consistent with the previous year [6] - The Non-regulated Electric and Other segment reported revenues of $78 million, a decrease of 1.3% year over year, with losses widening to $228 million from a loss of $200 million in the prior year [3][7][9] Financial Condition - As of June 30, 2025, cash and cash equivalents stood at $344 million, up from $314 million at the end of 2024 [10] - Long-term debt increased to $78.91 billion from $76.34 billion as of December 31, 2024 [10] - Net cash from operating activities for the first half of 2025 was $5.04 billion, down from $5.43 billion in the same period last year [10] Future Guidance - Duke Energy reaffirmed its 2025 adjusted EPS guidance, expecting a range of $6.17-$6.42, with the Zacks Consensus Estimate at $6.31 [11] - The company projects long-term EPS growth of 5-7% through 2029 [11]

Core Viewpoint - The nuclear power sector experienced a significant increase in stock prices, driven by positive earnings guidance from BWX Technologies for the fiscal year 2025 [1] Company Summaries - BWX Technologies (BWXT.US) saw its stock rise over 16% after raising its earnings guidance for the fiscal year 2025 [1] - Oklo Inc (OKLO.US) experienced a stock increase of over 8.5% [1] - NuScale Power (SMR.US) had a stock price increase of over 3.6% [1] - Duke Energy (DUK.US) saw its stock rise by over 2% [1]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.25 for the second quarter of 2025, an increase from $1.18 in 2024, reflecting strong performance across electric utilities [19][7] - The company is reaffirming its 2025 guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [25][7] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.10 compared to last year, driven by top line growth from new rates implemented across Carolinas, Florida, and Indiana [19] - Gas Utilities and Infrastructure results remained flat compared to last year, consistent with the seasonality of the LDC business [19] Market Data and Key Metrics Changes - Population migration in the Southeast and Midwest continues to drive sustained customer growth, particularly over 2% in the Carolinas [20] - The economic development pipeline remains robust, with significant projects like the $10 billion AWS data center investment in North Carolina expected to create at least 500 new high-skilled jobs [22][9] Company Strategy and Development Direction - The company is increasing its Florida capital plan by $4 billion, funded by a portion of the sale proceeds from the Tennessee LDC business [6][5] - The strategic transactions, including the minority investment from Brookfield Infrastructure, are aimed at efficiently financing record growth and enhancing the credit profile [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the targeted EPS and credit objectives for 2025, supported by strong regulatory outcomes and operational performance [19][20] - The company is focused on advancing large-scale economic development projects and securing favorable regulatory outcomes to meet growing demand [10][8] Other Important Information - The company has announced the sale of its Tennessee LDC business for $2.5 billion, reflecting a premium valuation [6] - The company is actively advancing regulatory approval processes for new generation investments and plans to file its next Carolinas resource plan by October 1 [14] Q&A Session Summary Question: How do you think about positioning yourself within the EPS CAGR? - Management indicated that recent transactions enhance confidence in achieving the EPS growth range and solidify the company's position for the back end of the plan [31] Question: Can you elaborate on the latest Carolinas legislation? - Management noted that the legislation enhances growth attractiveness in North Carolina and supports customer affordability while maintaining the overall plan [34] Question: How are you thinking about additional opportunities across the portfolio? - Management stated that they are comfortable with the equity plans laid out and will focus on implementing current transactions [40] Question: What feedback have you received from rating agencies regarding the increased FFO to debt target? - Management reported that rating agencies have been supportive of their metrics and the recent transactions will enhance that support [42] Question: Should we assume you need to complete the Florida sell-down steps to get to the 15% FFO to debt? - Management indicated that progress through the deal is necessary to reach the 15% target [49] Question: Can you provide any color on the timing of the Amazon investment? - Management stated that the Amazon deal will ramp up starting in 2027 and will be included in future capital plans [76] Question: What drove the decisions for the recent sales? - Management emphasized the need for efficient funding of growth and maximizing opportunities in Florida [81]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.25 for Q2 2025, an increase from $1.18 in Q2 2024, reflecting strong operational performance [18][6] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [25][26] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.10 in earnings per share compared to the previous year, driven by new rate implementations across Carolinas, Florida, and Indiana [18] - Gas Utilities and Infrastructure results remained flat year-over-year, consistent with the seasonal nature of the LDC business [19] Market Data and Key Metrics Changes - Population migration in the Southeast and Midwest continues to drive customer growth, particularly over 2% in the Carolinas [20] - The economic development pipeline remains robust, with significant projects like the $10 billion AWS data center investment in North Carolina expected to create at least 500 new high-skilled jobs [22][8] Company Strategy and Development Direction - The company is increasing its Florida capital plan by $4 billion, funded by a portion of the proceeds from the Brookfield Infrastructure investment [5] - The company is focused on advancing large-scale economic development projects and securing favorable regulatory outcomes to support growth [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving targeted EPS and credit objectives for 2025, supported by strong regulatory outcomes and operational performance [19][24] - The company highlighted the importance of legislative support, such as the Power Bill Reduction Act in North Carolina, which aids in managing customer affordability while supporting credit quality [11][12] Other Important Information - The company announced the sale of its Tennessee LDC business for $2.5 billion, reflecting a premium valuation and allowing for efficient financing of future growth [5][4] - The company is targeting a long-term FFO to debt ratio of 15%, which provides a cushion above downgrade thresholds set by rating agencies [24][40] Q&A Session Summary Question: How do you think about positioning yourself within the EPS CAGR? - Management indicated that recent transactions enhance confidence in achieving the EPS growth range and solidify the company's position for the latter years of the plan [32] Question: Can you elaborate on the latest Carolinas legislation? - Management noted that the legislation enhances growth attractiveness in North Carolina and supports the company's existing plans [34] Question: What are the plans for additional opportunities across the portfolio? - Management stated that they are comfortable with the current equity plans and will focus on implementing existing transactions [39] Question: What feedback have you received from rating agencies regarding the increased FFO to debt target? - Management reported that rating agencies have been supportive of their metrics and the recent transactions will enhance that support [41] Question: Will you need to complete the Florida sell-down steps to reach the 15% FFO to debt target? - Management indicated that progress through the deal is necessary to reach the target [48] Question: What drove the decisions for the recent sales? - Management emphasized the need for efficient funding of growth and maximizing opportunities in Florida [77] Question: What types of investments will the $4 billion in Florida go towards? - Management confirmed that the investments will focus on grid and generation improvements to support customer growth in Florida [79] Question: Any thoughts on the pace of dividend growth? - Management stated that the board has approved a 2% growth in dividends, which aligns with their capital allocation strategy [81]

Core Insights - Duke Energy reported $7.51 billion in revenue for the quarter ended June 2025, a year-over-year increase of 4.7% and an EPS of $1.25 compared to $1.18 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Revenue Performance - Regulated natural gas operating revenues were $462 million, a 33.1% increase year-over-year, but below the estimated $685.12 million [4] - Regulated electric operating revenues reached $6.97 billion, reflecting a 3.3% year-over-year increase and surpassing the estimated $6.86 billion [4] - Nonregulated electric and other revenues were $78 million, a 1.3% decrease year-over-year, slightly below the estimated $80.56 million [4] - Gas Utilities and Infrastructure revenues were $493 million, a 29.4% increase year-over-year, exceeding the estimated $407.76 million [4] - Electric Utilities and Infrastructure revenues totaled $7.05 billion, a 3.3% year-over-year increase, slightly above the estimated $7.04 billion [4] Stock Performance - Duke Energy shares returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Q2 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 5, 2025 This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulation G disclosure SECOND QUARTER 2025 EARNINGS ...

此外，杜克能源表示，将以60亿美元现金将其佛罗里达业务19.7%的间接股权出售给布鲁克菲尔德资产 管理公司(BAM.US)，为其增加40亿美元的资本支出计划提供资金。布鲁克菲尔德资产管理公司将分阶 段收购少数股权，首先在2026年初支付28亿美元。 智通财经APP获悉，杜克能源(DUK.US)公布的第二季度财报显示，当季营收同比增长5%至75.1亿美 元，高于分析师普遍预期的74.2亿美元;得益于电价上涨，调整后的每股收益为1.25美元，高于上年同期 的1.18美元和分析师普遍预期的1.18美元。该公司重申2025年调整后每股收益为6.17-6.42美元的预期， 分析师普遍预期为6.32美元。 ...

Duke Energy reports second-quarter 2025 financial results News Release Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 August 5, 2025 CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.25. This is compared to reported EPS of $1.13 and adjusted EPS of $1.18 for the second quarter of 2024. Adjusted EPS excludes the ...

Core Viewpoint - Duke Energy has entered into a definitive agreement with Brookfield to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion, which will enhance its financial position and support its capital investment plans [1][2][3]. Financial Impact - The all-cash transaction is expected to strengthen Duke Energy's balance sheet and fund ongoing capital needs related to its energy modernization strategy [2]. - The investment will provide $2 billion to support Duke Energy's increased $87 billion five-year capital plan and $4 billion to reduce holding company debt [3][7]. - The transaction is anticipated to enable a 100 basis point increase in Duke Energy's long-term FFO/Debt target to 15% and support an EPS growth rate of 5% to 7% through 2029 [7]. Operational Aspects - Duke Energy will retain an 80.3% interest in Duke Energy Florida and will continue to operate the utility with its existing workforce, ensuring no changes to operations or leadership [8][7]. - The investment will facilitate a $4 billion increase in Duke Energy Florida's five-year capital plan, bringing total investments in the state to over $16 billion through 2029, focusing on grid modernization and capacity enhancements [4][5]. Transaction Structure - Brookfield's investment will be phased, with $2.8 billion at the first closing expected in early 2026, followed by additional payments in subsequent years [6]. - The transaction is subject to customary closing conditions, including regulatory approvals from relevant authorities [9]. Strategic Partnership - The partnership with Brookfield is viewed as a long-term collaboration that will support the growth of Duke Energy Florida's regulated asset base and enhance service delivery to customers [4][5].