Core Insights - Duke Energy Corporation's (DUK) fourth-quarter 2025 earnings per share (EPS) were $1.50, slightly below the Zacks Consensus Estimate of $1.51, marking a 9.6% decline from $1.66 in the same quarter last year [1][8] - Total operating revenues for the quarter reached $7.94 billion, exceeding the Zacks Consensus Estimate of $7.66 billion by 3.9%, and increased by 7.9% from $7.36 billion year-over-year [2][8] - For the full year 2025, Duke Energy reported revenues of $32.24 billion, up from $30.36 billion in 2024 [2] Financial Performance - Total operating expenses for the fourth quarter were $5.83 billion, an increase of 11% year-over-year, driven by higher costs in natural gas, operations, maintenance, depreciation, and property taxes [3] - Operating income for the quarter was $2.119 billion, slightly up from $2.112 billion in the previous year [3] - Interest expenses rose to $946 million from $871 million in the fourth quarter of 2024 [3] Customer and Sales Metrics - The average number of customers in Duke Energy's Electric Utilities segment increased by 1.5% year-over-year [4] - Total electric sales volume for the reported quarter increased by 2.3% year-over-year, reaching 61,726 gigawatt-hours [4] Segment Performance - In the Electric Utilities & Infrastructure segment, adjusted earnings for the fourth quarter were $1.21 billion, down from $1.24 billion in the same quarter of 2024, primarily due to increased operational and depreciation costs [5] - The Gas Utilities & Infrastructure segment reported adjusted earnings of $230 million, slightly down from $231 million in the fourth quarter of 2024 [6] - The "Other" segment incurred a loss of $272 million, compared to a loss of $186 million in the fourth quarter of 2024, reflecting corporate interest expenses [6] Financial Condition - As of December 31, 2025, Duke Energy had cash and cash equivalents of $245 million, down from $314 million a year earlier [9] - Long-term debt increased to $80.11 billion from $76.34 billion as of December 31, 2024 [9] - The company generated net cash from operating activities of $12.330 billion in 2025, slightly up from $12.328 billion in the previous year [9] Future Guidance - Duke Energy expects to generate adjusted EPS in the range of $6.55 to $6.80 for 2026, with the Zacks Consensus Estimate for 2025 earnings at $6.70, which is above the midpoint of the company's projected range [10] - The company aims for long-term EPS growth of 5-7% through 2030 [10]

Q4 / 2025 Earnings Review and Business Update In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the Appendix herein and on our Investor Relations website at www.duke-energy.com/investors. // 2 FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 2 Safe harbor statement Harry Sideris / President and CEO Brian Savoy / Executive Vice President and ...

Core Insights - Duke Energy reported full-year 2025 adjusted earnings per share (EPS) of $6.31, an increase from $5.90 in 2024, and introduced 2026 adjusted EPS guidance of $6.55 to $6.80, supported by a $103 billion five-year capital plan [1][3][4] Financial Performance - For Q4 2025, adjusted EPS was $1.50, down from $1.66 a year earlier due to higher operating and maintenance costs, interest expense, and depreciation [2] - Full-year earnings growth was driven by regulated infrastructure investment, customer growth, and favorable rate case outcomes, with Electric Utilities and Infrastructure segment income at $5.34 billion and Gas Utilities and Infrastructure contributing $559 million [3] Capital Investment and Growth Strategy - Duke Energy plans to invest approximately $103 billion over the next five years to modernize its electric grid, expand generation capacity, and support load growth, particularly from data centers and advanced manufacturing [4][5] - The company broke ground on about 5 gigawatts of new dispatchable generation resources in 2025 to enhance reliability amid rising electricity demand [5] Industry Trends - Duke Energy's results reflect a trend in the regulated utility sector where earnings visibility is increasingly linked to infrastructure-driven rate base growth rather than commodity exposure [6] - Utilities with strong regulatory relationships and exposure to high-growth regions are positioned to benefit from electrification and data center expansion [6][7] - The company's growth outlook through 2030 indicates confidence in sustaining mid-single-digit earnings growth despite rising interest rates and cost inflation, contrasting with peers more exposed to volatile markets [7]

分组1 - Duke Energy reported quarterly earnings of $1.5 per share, missing the Zacks Consensus Estimate of $1.51 per share, and down from $1.66 per share a year ago, representing an earnings surprise of -0.55% [1] - The company posted revenues of $7.94 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.88%, and up from $7.36 billion year-over-year [2] - Duke Energy has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times in the same period [2] 分组2 - The stock has gained approximately 3.9% since the beginning of the year, outperforming the S&P 500's gain of 1.7% [3] - The current consensus EPS estimate for the coming quarter is $1.82 on revenues of $8.48 billion, and for the current fiscal year, it is $6.70 on revenues of $33.04 billion [7] - The Utility - Electric Power industry, to which Duke Energy belongs, is currently in the top 34% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - Duke Energy reported Q4 2025 earnings with revenue of $7.94 billion, exceeding analyst expectations of $7.57 billion [1] - Adjusted earnings per share (EPS) were $1.50, slightly above the analyst forecast of $1.49 [1] - For fiscal year 2026, Duke Energy provided a solid earnings guidance, expecting EPS to be between $6.55 and $6.80, compared to the analyst expectation of $6.70 [1]

Core Viewpoint - Duke Energy Corp. has initiated its adjusted earnings guidance for the full-year 2025, projecting earnings between $6.55 and $6.80 per share, with analysts expecting an average of $6.70 per share [1] Group 1: Earnings Guidance - The company has set its adjusted earnings guidance for 2025 in a range of $6.55 to $6.80 per share [1] - Analysts' average estimate for the company's earnings in 2025 is $6.70 per share, typically excluding special items [1] Group 2: Long-term Growth Outlook - Duke Energy is extending its long-term adjusted earnings per share growth rate of 5 to 7 percent through 2030, based on the 2025 guidance range midpoint of $6.30 [2] - The company expresses confidence in achieving earnings in the top half of the range starting in 2028 [2] Group 3: Stock Performance - In pre-market trading, Duke Energy's stock is priced at $121.85, reflecting an increase of $0.13 or 0.11 percent [3]

Core Viewpoint - Duke Energy has released its fourth-quarter and full-year 2025 financial results, highlighting its ongoing commitment to energy transition and customer reliability [1] Company Overview - Duke Energy is a Fortune 150 company based in Charlotte, N.C., serving 8.7 million electric customers across several states and owning 55,700 megawatts of energy capacity [1] - The company also provides natural gas services to 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky [1] Financial Results - The financial results for the fourth quarter and full year of 2025 are available on the company's investor website, with a presentation scheduled for discussion by the CEO and CFO [1] Strategic Initiatives - Duke Energy is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy generation methods, including natural gas, nuclear, renewables, and energy storage [1]

Financial Performance - Duke Energy reported full-year 2025 adjusted EPS of $6.31, an increase from $5.90 in 2024, representing a growth of 6.9%[1][20] - The company introduced 2026 adjusted EPS guidance of $6.55 to $6.80, extending its long-term adjusted EPS growth rate of 5% to 7% through 2030[3][5] - Fourth-quarter 2025 reported EPS was $1.50, down from $1.54 in the fourth quarter of 2024, reflecting a decrease of 2.6%[6][19] - Duke Energy reported a net income of $1,169 million for the three months ended December 31, 2025, with an earnings per share (EPS) of $1.50[36] - For the year ended December 31, 2025, Duke Energy's net income available to common stockholders was $4,912 million, resulting in an EPS of $6.31[39] - The total reportable segment income for Electric Utilities and Infrastructure was $5,337 million for the year ended December 31, 2025[39] - Duke Energy reported a net income available to common stockholders of $4,542 million, with an earnings per share (EPS) of $5.90, reflecting a 3.3% increase from the previous year[46] - Net income for the year ended December 31, 2025, increased to $5,071 million, up from $4,614 million in 2024, and $2,874 million in 2023, reflecting a growth of 10% year-over-year[64] - Net income attributable to Duke Energy Corporation common stockholders for 2025 is $4,912 million, an increase from $4,402 million in 2024, marking a growth of approximately 11.6%[60] Revenue and Operating Income - Total operating revenues for 2025 are projected at $32,237 million, up from $30,357 million in 2024, indicating a growth of approximately 6%[60] - Operating income increased to $8,626 million in 2025, compared to $7,926 million in 2024, representing a year-over-year growth of about 8.8%[60] - The company’s total income from electric utilities and infrastructure was $5,224 million, while gas utilities and infrastructure contributed $454 million, leading to a consolidated total of $5,337 million[46] - Total operating revenues for Duke Energy in 2025 reached $32,237 million, compared to $29,060 million in 2024, marking an increase of approximately 7.5%[69] - Operating income for the year ended December 31, 2025, was reported at $8,626 million, a rise from $7,813 million in 2024, indicating a growth of 10.4%[69] Capital Expenditures and Investments - The 2025 capital plan totals $103 billion, driving an expected earnings base growth of 9.6% through 2030[5] - Duke Energy's capital investment projects are subject to construction and development risks, including financing and regulatory approval challenges[34] - Net cash used in investing activities increased to $(14,338) million in 2025 from $(13,123) million in 2024, reflecting a rise in capital expenditures[64] Customer and Market Dynamics - Duke Energy serves 8.7 million electric customers and 1.8 million natural gas customers across multiple states, with a total energy capacity of 55,700 megawatts[28] - The average number of residential customers grew by 1.6% to 7,585,493 for the three months ended December 31, 2025[111] - The average number of residential customers for Duke Energy Carolinas rose by 2.1% to 2,563,107 in Q4 2025[116] - The average number of total retail customers for Duke Energy Progress increased by 1.5% to 1,793,227 in Q4 2025[119] - The average number of residential customers increased by 1.5% to 1,830,253 in Q4 2025[122] Segment Performance - Electric Utilities and Infrastructure segment income for Q4 2025 was $1,209 million, slightly up from $1,208 million in Q4 2024[9][10] - Gas Utilities and Infrastructure segment income for Q4 2025 was $230 million, compared to $189 million in Q4 2024, marking an increase of 21.7%[11] - The Other segment reported a loss of $272 million in Q4 2025, worsening from a loss of $204 million in Q4 2024[13][14] - Segment income for Duke Energy Carolinas was $495 million, while Duke Energy Progress reported $307 million[82] Operational Challenges and Risks - The company faced challenges including potential declines in customer usage due to economic downturns and inflation pressures, which could impact future earnings[32] - Duke Energy's operational risks include the impact of severe weather events and the influence of regulatory changes on energy efficiency measures[32] - The company noted the potential for increased competition in electric and natural gas markets, which could affect its market position[32] - Duke Energy's financial stability may be influenced by changes in commodity prices and the ability to recover costs through regulatory processes[34] Tax and Regulatory Matters - The effective tax rate for the fourth quarter of 2025 was 11.3%, up from 8.1% in the same quarter of 2024[15][16] - Adjusted pretax income for the year was $5,536 million, with an effective tax rate of 11.3%[50] - The company recorded $33 million in impairments and other charges, primarily related to regulatory matters and customer billing adjustments[48] - Regulatory matters contributed $29 million as a reduction in operating revenues due to nonrecurring customer billing adjustments[48] Energy Generation and Sales - Total retail electric sales for the year ended December 31, 2025, were 264,008 GWh, reflecting a 2.1% increase compared to 2024[111] - Coal generation increased by 35.3% to 10,089 GWh for the three months ended December 31, 2025, while renewable energy generation rose by 28.6% to 917 GWh[111] - Total electric sales in Duke Energy Ohio increased by 2.5% to 5,625 GWh in Q4 2025, compared to 5,488 GWh in Q4 2024[125] - Total retail sales for Duke Energy decreased by 1.9% to 8,893 GWh in Q4 2025 compared to 9,064 GWh in Q4 2024[122] - Total sources of energy for Duke Energy increased by 4.6% in Q4 2025, reaching 8,171 GWh compared to 7,810 GWh in Q4 2024[128]

Group 1: Natural Gas Power Generation - The demand for baseload power generation is driving utilities to invest in modern natural gas-fired power plants, which offer operational flexibility and lower emissions [1] - Over 100 GW of new natural gas generation capacity has been announced in the U.S., although supply chain issues are causing delays [1] - Experts predict a strong near-term outlook for natural gas due to its ability to provide reliable power as the grid integrates more renewable energy sources [1] Group 2: CPV Basin Ranch Project - The CPV Basin Ranch Energy Center in Texas will have a generation capacity of 1,350 MW and is supported by a $1.1 billion loan from the Texas Energy Fund [2][3] - The project aims to enhance grid reliability following the February 2021 winter storm that caused widespread power outages [3] - CPV is committed to developing dispatchable power generation to meet Texas's growing energy demands [4] Group 3: Desert Sun Power Plant - Arizona Public Service (APS) plans to develop a 2,000-MW natural gas-fired Desert Sun Power Plant to support customer growth and data center investments [5] - The project will be executed in two phases, with Phase 1 expected to begin operations by late 2030 [5] - APS aims to maintain a balanced energy portfolio, adding 7,300 MW of new generation resources by 2028 [5] Group 4: Thurrock Power Project - The Thurrock Power project in the UK will feature a 450-MW flexible generation station designed to support grid reliability and integrate renewable energy [6][7] - The project is expected to be operational by late 2026 and will utilize Jenbacher engines for rapid start-up capabilities [7][8] - This project represents a significant milestone in the UK's energy transition towards a low-carbon power mix [8] Group 5: Xcel Energy Initiatives - Xcel Energy is investing in new gas-fired power plants in Texas and New Mexico, with a total capacity of 2,088 MW [9] - The company is transitioning from coal-fired generation to gas-fired units to meet growing energy demands [9] - Xcel's broader portfolio includes 17 new power initiatives aimed at adding over 5,000 MW of capacity by 2030 [9] Group 6: Siemens Energy Projects - Siemens Energy is involved in multiple international projects, including gas-fired plants in Saudi Arabia and Iraq, with a focus on hydrogen-ready technology [10] - The company is also developing modular gas-powered solutions for the data center sector, providing scalable power generation [10] Group 7: Net Power's Project Permian - Net Power is advancing its Project Permian clean firm power hub in West Texas, utilizing carbon capture technology [11][12] - The project aims for commercial operations by 2028, with a focus on meeting market demand for clean firm power [12] Group 8: Vistra Corp. Developments - Vistra Corp. plans to invest over $1 billion in new natural gas-fired generation capacity in Texas, targeting 860 MW from two new units [13] - The company aims to add more than 2,000 MW of new capacity in ERCOT between 2024 and 2028 [13] - Vistra is also repurposing the coal-fired Coleto Creek Power Plant to natural gas, restoring approximately 630 MW of generation to the grid [14] Group 9: Duke Energy's Expansion Plans - Duke Energy is proposing a $3.2 billion natural gas-fired plant in South Carolina, with a capacity of 1,400 MW [14] - The company plans to add about 9.7 GW of natural gas-fired generation capacity by 2033 across North and South Carolina [14]

Core Viewpoint - Duke Energy Corporation is expected to report its quarterly earnings on February 10, 2026, with an estimated EPS of $1.51 and projected revenue of approximately $7.64 billion, indicating a mixed outlook for the company [1][6]. Financial Performance - The anticipated EPS represents a 9% decline compared to the previous year, while revenue is expected to increase by 3.83% to $7.64 billion, showcasing the company's resilience amid challenges [2][6]. - Duke Energy has a history of exceeding earnings expectations, with an average earnings surprise of 5.72% over the last four quarters, which may influence investor sentiment [3][6]. Analyst Ratings and Price Targets - Analysts have varying opinions on Duke Energy's stock, with Barclays lowering its target price from $135 to $127 while maintaining an "overweight" rating, and BMO Capital Markets raising its target from $130 to $132 with an "outperform" rating [4]. - JPMorgan Chase and Co. adjusted their target price from $136 to $126, providing a "neutral" rating, reflecting the complexity of the current market environment for Duke Energy [4]. Stock Performance - Duke Energy's stock has outperformed the Zacks S&P 500 composite, achieving a positive return of 3.3% over the past month, compared to the composite's 0.9% increase, indicating strong market interest [5]. - The Zacks Utility - Electric Power industry, which includes Duke Energy, experienced a gain of 3.9% during the same period, further highlighting the company's competitive position [5].