Financial Data and Key Metrics Changes - Adjusted earnings per share for Q3 2025 was $1.81, up from $1.62 in the previous year, representing over 11% growth [3][11] - The company narrowed its full-year guidance range to $6.25-$6.35 [3][20] - Long-term EPS growth rate is reaffirmed at 5-7% through 2029, with confidence to earn in the top half of the range beginning in 2028 [4][20] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment increased by $0.24, driven by higher retail sales volumes and new rates [11] - Gas utilities and infrastructure results remained largely flat compared to last year [11] - The other segment decreased by $0.04, primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company expects a new five-year capital plan between $95 billion and $105 billion, marking the largest investment plan in the industry [4][20] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, below inflation [7] Company Strategy and Development Direction - The company is focused on an ambitious generation build, adding over 13 gigawatts of capacity in the next five years [3][4] - The strategy includes leveraging AI for cost management and pursuing technology-enabled cost structures [5] - The company aims to solidify its late-stage economic development pipeline, converting prospects into firm projects, with significant commitments from data centers and other commercial customers [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the narrowed EPS guidance range and highlighted strong year-to-date results [12][20] - The company is optimistic about regulatory outcomes and expects continued growth from multi-year rate plans in various states [13][15] - Management emphasized the importance of affordability and customer value, noting that average rate changes have been below inflation over the last decade [5][6] Other Important Information - The company has secured all major permit approvals and contracts for new generation projects, with construction already underway [7][8] - The 10-year capital plan is projected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [9] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [25][29] Question: What does the advanced pipeline for large load look like? - Management confirmed a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [58] Question: How does the high end of the 5-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the provided capital range and is not dependent on being at the high end [55]

Core Points - Duke Energy, with support from the Duke Energy Foundation, has launched its annual campaign to address food insecurities in South Carolina, highlighting the urgent need for assistance as colder weather and the holiday season approach [2][5][8] - The campaign aims to support over 60 feeding programs, providing more than $600,000 in funding, and includes a significant contribution of $100,000 to the One SC Fund to aid food banks across the state [7][8][15] - The initiative is crucial as over 750,000 individuals in South Carolina face hunger, with 1 in 6 being children, emphasizing the importance of community support for local food banks and organizations [4][8] Company Initiatives - Duke Energy has committed over $2.6 million since 2021 to support local agencies addressing food insecurity [7] - The campaign commenced with a volunteer event called Yam Jam, where 50,000 pounds of sweet potatoes were packaged for holiday food boxes [7][9] - Duke Energy Foundation has also contributed $105,000 to FoodShare South Carolina and its partner organizations, demonstrating a strong commitment to community engagement [9] Community Impact - The campaign will culminate in surprise grant announcements on Giving Tuesday, reinforcing the ongoing need for support in local communities [8] - Local organizations, such as Mill Village Farms, are stepping up to fill gaps left by reduced federal support, ensuring food access for residents [9] - Duke Energy aims to raise awareness about the critical work of community partners fighting hunger, encouraging continued support from the public [9]

Core Insights - Duke Energy reported $8.54 billion in revenue for Q3 2025, a year-over-year increase of 4.8% and a surprise of +1.48% over the Zacks Consensus Estimate of $8.42 billion [1] - The EPS for the quarter was $1.81, compared to $1.62 a year ago, with a surprise of +4.02% over the consensus estimate of $1.74 [1] Revenue Breakdown - Regulated natural gas operating revenues were $361 million, below the average estimate of $504.2 million, with a year-over-year change of +21.1% [4] - Regulated electric operating revenues reached $8.11 billion, exceeding the $7.5 billion average estimate, reflecting a +4.3% year-over-year change [4] - Nonregulated electric and other revenues were $75 million, below the estimated $82.64 million, showing a -7.4% change compared to the previous year [4] - Gas Utilities and Infrastructure revenues were $394 million, surpassing the average estimate of $357.26 million, with an +18.7% year-over-year change [4] - Electric Utilities and Infrastructure revenues were $8.18 billion, slightly above the estimated $8.12 billion, indicating a +4.2% change year-over-year [4] Stock Performance - Duke Energy's shares returned -0.6% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Financial Performance & Guidance - Q3 2025 reported/adjusted EPS was $181[8] - The company is narrowing its 2025 adjusted EPS guidance range to $625-$635[8] - The company reaffirms a growth rate of 5%-7% through 2029, expecting to earn in the top half of the range beginning in 2028[9] Capital Plan & Growth - The company expects to announce a $95 billion capital plan for 2026-2030, with a potential additional upside opportunity of $10 billion[14] - The expected earnings base growth is ~85%+ for 2025-2030, compared to ~8% for 2024-2029[17] - The company has signed agreements for ~3 GW of data center projects[36] Regulatory & Financial Strategy - The company issued ~$1 billion of North Carolina storm securitization bonds in September and expects to issue ~$600 million of South Carolina storm securitization bonds by year-end[40] - The company is on target for 14%+ FFO/Debt by the end of 2025 and is targeting 15% FFO/Debt over the long term[40] - The company is targeting a 60%-70% dividend payout ratio[40] Carolinas Energy Transition - The Carolinas resource plan filed in North Carolina in October 2025 includes 5 CC units (6,825 MW) and 7 CT units (2,825 MW) by 2033, 5,600 MW of battery storage by 2034, and 4,000 MW of new solar by 2034[47]

Core Insights - Duke Energy Corporation (DUK) reported third-quarter 2025 earnings of $1.81 per share, exceeding the Zacks Consensus Estimate of $1.74 by 4% and reflecting an 11.7% increase from $1.62 in the same quarter last year [1][9] DUK's Total Revenues - Total operating revenues reached $8.54 billion, surpassing the Zacks Consensus Estimate of $8.42 billion by 1.4% and showing a 4.7% increase from $8.15 billion in the prior year [2][9] Highlights of DUK's Earnings Release - Total operating expenses were $6.23 billion, up 3.4% year over year, driven by higher costs in natural gas, operations, maintenance, depreciation, and property taxes [3] - Operating income increased by 8.9% to $2.33 billion from $2.14 billion in the previous year [3] Interest Expenses and Customer Growth - Interest expenses rose to $902 million from $872 million in the third quarter of 2024 [4] - The average number of customers in Electric Utilities increased by 1.4% year over year, with total electric sales volumes rising by 0.2% to 72,880 gigawatt-hours [4] DUK's Segmental Highlights - Electric Utilities & Infrastructure segment adjusted earnings totaled $1.66 billion, up from $1.46 billion in the third quarter of 2024 [5] - Gas Utilities & Infrastructure segment reported an adjusted loss of $26 million, compared to a loss of $22 million in the same quarter last year [5] Other Segment Performance - The other segment, which includes corporate interest expenses, incurred a loss of $225 million, compared to a loss of $206 million in the third quarter of 2024 [6] Financial Condition of DUK - As of September 30, 2025, cash and cash equivalents were $688 million, up from $314 million as of December 31, 2024 [7] - Long-term debt increased to $79.3 billion from $76.34 billion as of December 31, 2024 [7] - Net cash from operating activities for the first nine months of 2025 was $8.67 billion, down from $8.95 billion a year ago [7] 2025 Guidance by DUK - DUK now expects 2025 adjusted EPS in the range of $6.25-$6.35, narrowing from the previous forecast of $6.17-$6.42 [10] - The Zacks Consensus Estimate for 2025 earnings is $6.33, which is higher than the midpoint of the company's projected range [10] - DUK continues to project long-term EPS growth of 5-7% through 2029 [10] DUK's Zacks Rank - Duke Energy currently holds a Zacks Rank 2 (Buy) [11]

Market Overview - Wall Street's major indexes have reached multiple all-time closing highs recently, but the market has experienced volatility due to economic uncertainties [1][5] - The tech sector, particularly driven by AI optimism, has seen fluctuations, with significant pullbacks in stock prices due to concerns over high valuations [2][6] Economic Concerns - Investors are worried about the health of the economy, particularly with a shrinking labor market and fewer jobs being added [7] - Layoffs surged in October, totaling 153,074, which is a 183% increase sequentially and a 175% increase year-over-year [8] - The ongoing government shutdown has limited access to fresh economic data, contributing to investor uncertainty [9] Defensive Investment Recommendations - In light of market volatility, it is advisable to consider defensive stocks, particularly from the utilities sector, which are characterized by low beta values and high dividend yields [3][4][12] - Five recommended low-beta utility stocks include: - **Atmos Energy Corporation (ATO)**: Expected earnings growth of 6%, beta of 0.73, and a dividend yield of 2.02% [10][11] - **American States Water Company (AWR)**: Expected earnings growth of 4.1%, beta of 0.64, and a dividend yield of 2.72% [13][14] - **Consolidated Water Co. Ltd. (CWCO)**: Expected earnings growth of 0.9%, beta of 0.51, and a dividend yield of 1.61% [15][16] - **Entergy Corporation (ETR)**: Expected earnings growth of 6.9%, beta of 0.63, and a dividend yield of 2.49% [17][18] - **Duke Energy Corporation (DUK)**: Expected earnings growth of 7.3%, beta of 0.45, and a dividend yield of 3.44% [18][19]

Duke Energy Corporation (NYSE:DUK) will release earnings results for the third quarter before the opening bell on Friday, Nov. 7.Analysts expect the Charlotte, North Carolina-based company to report quarterly earnings at $1.75 per share. That's up from $1.62 per share in the year-ago period. The consensus estimate for Duke Energy's quarterly revenue is $8.55 billion, compared to $8.15 billion a year earlier, according to data from Benzinga Pro.On Aug. 8, the company reported second-quarter adjusted earnings ...

Group 1 - Duke Energy Corporation is set to release its third-quarter earnings results on November 7, with expected earnings of $1.75 per share, an increase from $1.62 per share in the same period last year [1] - The consensus estimate for Duke Energy's quarterly revenue is $8.55 billion, up from $8.15 billion a year earlier [1] - In the second quarter, Duke Energy reported adjusted earnings per share of 29 cents, surpassing the analyst consensus estimate of 26 cents [2] Group 2 - Wells Fargo initiated coverage on Duke Energy with an Equal-Weight rating and a price target of $126 [4] - Mizuho maintained an Outperform rating and raised the price target from $132 to $140 [4] - Morgan Stanley maintained an Equal-Weight rating and increased the price target from $127 to $136 [4] - Barclays maintained an Overweight rating and raised the price target from $131 to $135 [4] - BMO Capital maintained an Outperform rating and increased the price target from $132 to $135 [4]

Financial Performance - Third-quarter 2025 reported and adjusted EPS of $1.81, representing over 11% growth compared to third-quarter 2024[6] - The company narrows 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirms long-term adjusted EPS growth rate of 5% to 7% through 2029[4] - Duke Energy Corporation reported net income available to common stockholders of $1,407 million for the three months ended September 30, 2025, resulting in an earnings per share (EPS) of $1.81[36] - For the nine months ended September 30, 2025, net income available to common stockholders was $3,743 million, with an EPS of $4.81[38] - The adjusted earnings per share (EPS) for Q3 2025 was $2.13, an increase from $1.90 in Q3 2024, marking a 12.1% rise[54] - Year-to-date adjusted EPS for 2025 reached $5.31, compared to $4.66 in 2024, indicating a 13.9% increase[59] - Basic and diluted earnings per share for Q3 2025 were $1.81, compared to $1.57 in Q3 2024, reflecting a 15.3% increase[63] - Operating income for the nine months ended September 30, 2025, was $6,507 million, a 12.0% increase from $5,814 million in the prior year[63] Segment Performance - Electric Utilities and Infrastructure segment income for Q3 2025 was $1,658 million, up from $1,451 million in Q3 2024[9] - Gas Utilities and Infrastructure segment loss for Q3 2025 was $26 million, compared to a loss of $25 million in Q3 2024[11] - Other segment recognized a loss of $225 million in Q3 2025, slightly higher than the $222 million loss in Q3 2024[13] - The Electric Utilities and Infrastructure segment generated income of $4,128 million for the nine months ended September 30, 2025, while the Gas Utilities and Infrastructure segment contributed $329 million[38] - The total reportable segment income for the nine months ended September 30, 2025, was $4,457 million[38] - Duke Energy Corporation's total reportable segment income for the three months ended September 30, 2025, was $1,632 million[36] Revenue and Expenses - Total operating revenues for Q3 2025 reached $8,542 million, a 4.8% increase from $8,154 million in Q3 2024[63] - Total operating revenues for the nine months ended September 30, 2025, were $24,299 million, with regulated electric revenues contributing $22,138 million[72] - Total operating expenses for the nine months ended September 30, 2025, were $17,829 million, with fuel costs for electric generation at $6,266 million[72] - The company reported a net cash used in investing activities of $9,976 million for the nine months ended September 30, 2025, compared to $9,851 million in 2024[67] Tax and Cost Management - The effective tax rate for Q3 2025 was 10.8%, down from 11.2% in Q3 2024, primarily due to increased amortization of income tax credits[15] - The effective tax rate for reported income tax expense from continuing operations was 10.8% for Q3 2025, slightly down from 11.2% in Q3 2024[51] - The effective tax rate for adjusted tax expense for the nine months ended September 30, 2025, was 11.3%, compared to 12.8% for the same period in 2024[51] - Management emphasizes cost management to keep customer rates below the national average and average changes below the rate of inflation[5] Capital and Investment Plans - The company expects to announce a new capital plan for 2026-2030 between $95 billion and $105 billion in February 2026[5] - Duke Energy is focused on energy modernization, investing in electric grid upgrades and cleaner generation sources[29] Customer and Market Data - The company serves 8.6 million electric customers and 1.7 million gas customers across multiple states[28] - The average number of residential customers grew by 1.6% to 7,549,514 in Q3 2025, while total retail customers increased by 1.4% to 8,636,364[118] - The average number of customers in Duke Energy Carolinas rose by 1.8% to 2,968,440 in Q3 2025[121] - The average number of residential customers for Duke Energy Florida increased by 1.4% to 1,822,296 in Q3 2025[128] Energy Generation and Sales - Total consolidated electric sales for Duke Energy increased by 0.2% to 72,880 GWh in Q3 2025 compared to 72,756 GWh in Q3 2024[118] - Renewable energy generation saw a significant increase of 18.8% to 1,119 GWh in Q3 2025, contributing to a total generation of 59,901 GWh[118] - Coal generation decreased by 9.9% to 2,649 GWh in Q3 2025, while nuclear generation increased by 4.8% to 11,688 GWh[121] - Total electric sales for Duke Energy Indiana reached 8,704 GWh, marking a 1.8% increase year-over-year[134] Financial Position and Assets - Cash and cash equivalents increased to $688 million as of September 30, 2025, compared to $314 million at December 31, 2024[65] - Total assets rose to $192,293 million as of September 30, 2025, up from $186,343 million at December 31, 2024[65] - Long-term debt increased to $79,301 million as of September 30, 2025, compared to $76,340 million at December 31, 2024[65] - Duke Energy's total equity was reported at $52,627 million, reflecting the company's financial stability[84]

Core Insights - The transition towards renewable energy is accelerating, with wind power emerging as a significant contributor to the clean energy shift [1][2] - The U.S. wind power capacity reached over 154 gigawatts (GW) by the end of 2024, accounting for approximately 10% of total utility-scale electricity generation [2][9] - Key factors driving the growth of wind energy include abundant supply, lower production costs, and increasing demand from power and transportation sectors [2][3] Industry Trends - The wind energy market is benefiting from robust electricity demand, particularly from AI-powered data centers and the adoption of electric vehicles (EVs) [3] - The U.S. grid is expected to add over seven GW of wind generation capacity in 2025, indicating strong growth prospects [3] - Despite changes in federal policy regarding offshore wind projects, the sector continues to expand, supported by large projects like the 800-megawatt Vineyard Wind 1 in Massachusetts [4] Investment Opportunities - The wind energy sector is viewed as an attractive investment theme, with companies like Duke Energy, Dominion Energy, PG&E, and Portland General Electric being highlighted for their growth potential [5][9] - Duke Energy is focusing on expanding its renewable generation portfolio, with plans to bring 1,200 MW of onshore wind online by 2033 and significant offshore wind targets by 2035 [9][11] - Dominion Energy plans to invest $12.1 billion in 2025 and nearly $50 billion from 2025 to 2029 to enhance its renewable energy capacity, aiming for over 15% annual growth in renewable energy over the next 15 years [11][12] Company Profiles - Duke Energy is enhancing its renewable generation portfolio and has completed projects like the Sundance Renewable Energy Center, which reduces CO2 emissions [8][9] - Dominion Energy is advancing its Coastal Virginia Offshore Wind project, which is nearly 66% complete and will provide 2.6 GW of clean electricity [12] - PG&E is focusing on optimizing its generation margins and diversifying into alternative power sources, with expected growth driven by favorable regulatory decisions [14][15] - Portland General Electric is expanding its renewable portfolio and plans to add significant clean power generation assets, benefiting from strong industrial load growth [16][17]